Herman Miller, Inc., Reports Financial Results for the First Quarter FY2004: Profitability and Strong Cash Flow Continue

Furniture World Magazine

Herman Miller, Inc. announced results for the first quarter ended August 30, 2003. Net earnings were $6.2 million, or $.08 per share. In addition, cash flow from operations was over $35 million and drove an ending cash balance in excess of $207 million. Sales for the quarter were $324.5 million, up .8% from the prior quarter, but down 6.5% from the year-ago period. Operating expenses continued their year-over-year improvement as a result of the major restructuring efforts undertaken. The results also included approximately $3.8 million in pre-tax restructuring charges, or $.03 per share net of tax, related to previously announced actions.