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Steelcase Reports Fourth Quarter Results

Stocks in this article: SCS

GRAND RAPIDS, Mich., March 27, 2013 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported fourth quarter revenue of $721.4 million and a net loss of $27.5 million, or $0.22 per share, including restructuring costs of approximately $0.10 per share. Current quarter results included goodwill impairment charges, tax valuation allowance adjustments, foreign tax credit benefits and environmental reserve adjustments, which had the aggregate net effect of reducing earnings by approximately $0.31 per share. Steelcase reported $690.2 million of revenue and earnings of $0.11 per share in the fourth quarter of the prior year, including restructuring costs of approximately $0.03 per share.

Organic revenue growth in the fourth quarter was 4 percent after adjusting for $2.1 million of favorable currency translation effects and a favorable impact of $4.0 million from recent dealer acquisitions, net of a divestiture. The Americas posted 5 percent organic growth over the prior year, which included initial revenue from two particularly large projects in the energy sector, and EMEA experienced 3 percent organic growth. Revenue continued to include a higher than normal mix of project business from some of the company's largest corporate customers.

"While a number of unusual items impacted our results this quarter, the underlying business otherwise performed largely as expected," said James P. Hackett, president and CEO. "We are especially proud of the Americas business, which posted an adjusted operating income margin of more than 10 percent in the fourth quarter and continued to gain market share in the U.S."

The current quarter operating loss of $45.2 million, which included goodwill impairment charges totaling $59.9 million, compares to operating income of $18.5 million in the prior year. Restructuring costs in the current quarter totaled $19.9 million (including a $12.4 million real estate impairment charge and $4.2 million relating to restructuring activities in EMEA) compared to $4.5 million in the prior year. Excluding goodwill impairment charges and restructuring costs, fourth quarter adjusted operating income of $34.6 million compares with $23.0 million in the prior year. This improvement was driven by strength in the Americas, partially offset by higher Corporate costs, which included a $3.6 million increase in reserves for environmental remediation costs associated with a previously-owned manufacturing site.

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