HNI Corp. (HNI, Financial) filed Quarterly Report for the period ended 2011-04-02.
Hni Corp. has a market cap of $1.19 billion; its shares were traded at around $26.64 with a P/E ratio of 30.6 and P/S ratio of 0.7. The dividend yield of Hni Corp. stocks is 3.5%.
The Corporation experienced a net loss from continuing operations of $(1.8) million or $(0.04) per diluted share in the first quarter of 2011 compared to $(4.1) million or $(0.09) per diluted share in the first quarter of 2010.
First quarter 2011 sales for the office furniture segment increased 10.4 percent or $31.1 million to $331.1 million from $300.0 million for the same quarter last year driven by a increase in the supplies-driven channel and a more substantial increase in the contract and international channel. Operating profit prior to unallocated corporate expenses increased $1.8 million to $8.1 million as a result of higher volume and lower restructuring and transition costs. These were partially offset by lower price realization, increased input costs, investments in strategic growth initiatives and higher incentive-based compensation. First quarter 2011 included $1.0 million of restructuring and transition costs compared to $3.1 million of restructuring and transition costs including accelerated depreciation in first quarter 2010.
First quarter 2011 net sales for the hearth products segment increased 2.4 percent or $1.6 million to $65.0 million from $63.5 million for the same quarter last year driven by an increase in the remodel-retrofit channel partially offset by a decline in the new construction channel. Operating profit prior to unallocated corporate expenses increased $2.3 million to a $0.6 million loss due to better price realization and cost control initiatives partially offset by investments in strategic growth initiatives and higher incentive based compensation. First quarter 2011 included $0.4 million of restructuring and transition costs compared to $0.2 million of restructuring and transition costs in first quarter 2010.
Operating activities used $22.0 million of cash in the first three months of 2011 compared to a $25.4 million use in the first three months of 2010. Working capital performance resulted in a $43.3 million use of cash in the first three months of the current fiscal year compared to a $43.1 million use of cash in the same period of the prior year. The Corporation's first quarter is historically the lowest quarter for operating cash flow due to seasonal business patterns and funding requirements. Cash flow from operating activities is expected to be positive for the year.
Capital expenditures including capitalized software for the first three months of fiscal 2011 were $4.6 million compared to $4.8 million in the same period of fiscal 2010 and were primarily for tooling and equipment for new products. In addition $1.8 million of equipment was purchased via a capital lease transaction during the first quarter of 2011. For the full year 2011, capital expenditures are expected to be approximately $30 to $35 million, primarily focused on new product development and related tooling.
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Hni Corp. has a market cap of $1.19 billion; its shares were traded at around $26.64 with a P/E ratio of 30.6 and P/S ratio of 0.7. The dividend yield of Hni Corp. stocks is 3.5%.
Highlight of Business Operations:
Total selling and administrative expenses, including restructuring charges, as a percent of sales decreased to 33.8 percent compared to 34.3 percent for the same quarter last year due to higher volume, lower restructuring charges and an adjustment to correct a fourth quarter 2010 freight over accrual of $0.4 million partially offset by increased fuel costs, investments in selling, marketing and product initiatives and higher incentive-based compensation. First quarter 2011 included $1.4 million of restructuring charges associated with plant consolidations compared to $1.8 million in the same period in the prior year. The Corporation recorded a gain of $0.5 million on the sale of one of the closed office furniture manufacturing facilities during the first quarter of 2010.The Corporation experienced a net loss from continuing operations of $(1.8) million or $(0.04) per diluted share in the first quarter of 2011 compared to $(4.1) million or $(0.09) per diluted share in the first quarter of 2010.
First quarter 2011 sales for the office furniture segment increased 10.4 percent or $31.1 million to $331.1 million from $300.0 million for the same quarter last year driven by a increase in the supplies-driven channel and a more substantial increase in the contract and international channel. Operating profit prior to unallocated corporate expenses increased $1.8 million to $8.1 million as a result of higher volume and lower restructuring and transition costs. These were partially offset by lower price realization, increased input costs, investments in strategic growth initiatives and higher incentive-based compensation. First quarter 2011 included $1.0 million of restructuring and transition costs compared to $3.1 million of restructuring and transition costs including accelerated depreciation in first quarter 2010.
First quarter 2011 net sales for the hearth products segment increased 2.4 percent or $1.6 million to $65.0 million from $63.5 million for the same quarter last year driven by an increase in the remodel-retrofit channel partially offset by a decline in the new construction channel. Operating profit prior to unallocated corporate expenses increased $2.3 million to a $0.6 million loss due to better price realization and cost control initiatives partially offset by investments in strategic growth initiatives and higher incentive based compensation. First quarter 2011 included $0.4 million of restructuring and transition costs compared to $0.2 million of restructuring and transition costs in first quarter 2010.
Operating activities used $22.0 million of cash in the first three months of 2011 compared to a $25.4 million use in the first three months of 2010. Working capital performance resulted in a $43.3 million use of cash in the first three months of the current fiscal year compared to a $43.1 million use of cash in the same period of the prior year. The Corporation's first quarter is historically the lowest quarter for operating cash flow due to seasonal business patterns and funding requirements. Cash flow from operating activities is expected to be positive for the year.
Capital expenditures including capitalized software for the first three months of fiscal 2011 were $4.6 million compared to $4.8 million in the same period of fiscal 2010 and were primarily for tooling and equipment for new products. In addition $1.8 million of equipment was purchased via a capital lease transaction during the first quarter of 2011. For the full year 2011, capital expenditures are expected to be approximately $30 to $35 million, primarily focused on new product development and related tooling.
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