Steelcase Reports Fourth Quarter Results
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1 March 27, Steelcase Reports Fourth Quarter Results Results Reflect Continued Strength in the Americas and Significant Impairment and Tax-Related Charges Primarily in EMEA GRAND RAPIDS, Mich., March 27, (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. Cost of sales improved to 69.6 percent of revenue in the current quarter compared to 70.0 percent in the prior year. Yearover-year benefits from recent pricing adjustments (net of commodity cost changes) and restructuring actions (net of related disruption costs) were partially offset by the impact of a shift in business mix. Operating expenses in the fourth quarter were $184.5 million compared with $184.1 million in the prior year. The current quarter included higher Corporate costs and variable compensation expenses and the impact of recent acquisitions, offset in part by lower spending on product development and other initiatives as compared to the prior year. Goodwill impairment charges in the fourth quarter totaled $59.9 million and included $35.1 million for EMEA and $24.8 million for Designtex (included in the Other category). Investment income of $0.2 million in the current quarter compared to $5.5 million in the prior year. The decline was primarily due to lower gains in the cash surrender value of variable life company-owned life insurance (COLI). The income tax benefit of $19.6 million in the current quarter reflects a $56.7 million benefit from foreign tax credits, a net unfavorable impact of $42.4 million related to valuation allowance adjustments associated with deferred tax assets in EMEA, and the non-deductible nature of the EMEA goodwill impairment charge. "The goodwill and tax related charges in EMEA, which totaled $77.5 million, were driven by our performance in fiscal and the challenging macroeconomic outlook in Western Europe," said David C. Sylvester, senior vice president and CFO. "Accordingly, we have continued to reduce our cost structure in EMEA and today initiated formal discussions with French works councils regarding a project to reorganize the sales, marketing and support functions in France." Cash, short-term investments and the cash surrender value of variable life COLI totaled $367 million and total debt was $289 million at the end of the fourth quarter.
2 The Board of Directors today declared a cash dividend of $0.10 per share, an increase of $0.01 per share compared to the previous quarter. The dividend will be paid on or before April 15, to shareholders of record as of April 8,. Fiscal Results For fiscal, the company recorded $2.87 billion of revenue and net income of $38.8 million, or $0.30 per share, including restructuring costs of approximately $0.18 per share. Fiscal results included the fourth quarter 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. In fiscal, the company reported $2.75 billion of revenue and earnings of $0.43 per share, including restructuring costs of approximately $0.14 per share. Organic revenue growth in fiscal was 5 percent which compared to 14 percent in fiscal. Operating income of $59.3 million for fiscal, which included goodwill impairment charges totaling $59.9 million, compares to operating income of $97.1 million in fiscal. In addition, current year results included $34.7 million of restructuring costs compared to $30.5 million in the prior year. Excluding these items, adjusted operating income of $153.9 million in fiscal compares to adjusted operating income of $127.6 million in fiscal. "Adjusted operating income in the Americas nearly reached 10 percent for fiscal, an improvement of 210 basis points compared to fiscal and a testament to the success of our business model changes," said Mr. Sylvester. "However, EMEA posted an operating loss again this year." Outlook Fourth quarter orders in the Americas were flat compared to the prior year, which included orders associated with two large projects in the energy sector. EMEA orders in the fourth quarter remained volatile, but in total were relatively flat with the prior year. The company expects first quarter fiscal 2014 revenue to be in the range of $680 to $705 million. This estimate includes an assumption of approximately $1 million from favorable currency translation effects compared to the prior year and approximately $2 million from recent acquisitions, net of a divestiture. Adjusting for these impacts, the company projects first quarter organic revenue growth in the range of 0 to 4 percent over the prior year. The company reported revenue of $675.2 million in the first quarter of fiscal, which included approximately $20 million of revenue associated with two large projects in the energy sector. Steelcase expects to report earnings between $0.09 to $0.13 per share for the first quarter of fiscal 2014, including restructuring costs of approximately $0.02 per share. Steelcase reported earnings of $0.10 per share in the first quarter of fiscal, including restructuring costs of approximately $0.03 per share. "Our market share gains in the U.S. have been fueled by new products, solutions and experiences for the interconnected world," Mr. Hackett said. "Most recently, we introduced Gesture, a new seating experience based on our research into new postures influenced by the way users interact with technology. Gesture is just one of the new products we will reveal this year at the NeoCon industry trade show in June." Business Segment Results (in millions) % Change % Change Revenue Americas (1) $ $ % $ 2,015.1 $ 1, % EMEA (2) % (2.6)% Other (3) (6.8)% (4.4)% Consolidated revenue $ $ % $ 2,868.7 $ 2, % Operating income (loss) Americas $ 34.3 $ 24.5 $ $ EMEA (38.5) 0.7 (50.9) (9.9)
3 Other (25.0) 1.6 (20.1) 14.6 Corporate (4) (16.0) (8.3) (38.0) (30.4) Consolidated operating income (loss) $ (45.2) $ 18.5 $ 59.3 $ 97.1 Operating income percent (6.3)% 2.7 % 2.1 % 3.5 % Revenue Mix Americas (1) 68.3 % 67.9 % 70.2 % 68.0 % EMEA (2) 23.4 % 22.8 % 20.8 % 22.2 % Other (3) 8.3 % 9.3 % 9.0 % 9.8 % YEAR OVER YEAR ORGANIC REVENUE GROWTH (DECLINE) BY SEGMENT Q4 vs. Q4 Steelcase Inc. Americas EMEA Other category Q4 revenue $ $ $ $ 64.4 Divestiture (1.0) (1.0) Currency translation effects* (0.1) Q4 revenue, adjusted Q4 revenue Dealer acquisitions (5.0) (5.0) Q4 revenue, adjusted Organic growth (decline) $ $ 25.1 $ 23.9 $ 5.5 $ (4.3) Organic growth (decline) % 4 % 5 % 3 % (7)% * Currency translation effects represent the estimated net effect of translating Q4 foreign currency revenues using the average exchange rates during Q4. YEAR OVER YEAR ORGANIC REVENUE GROWTH (DECLINE) BY SEGMENT vs. Steelcase Inc. Americas EMEA Other category revenue $ 2,749.5 $ 1,868.4 $ $ Divestitures (9.6) (1.0) (8.6) Currency translation effects* (33.9) (0.6) (33.4) 0.1 revenue, adjusted 2,706 1, revenue 2, , Dealer acquisitions (22.2) (10.5) (11.7) revenue, adjusted 2, , Organic growth (decline) $ $ $ $ 7.0 $ (3.3) Organic growth (decline) % 5 % 7 % 1 % (1)% * Currency translation effects represent the estimated net effect of translating prior year foreign currency revenues using the average exchange rates during the current year. PROJECTED ORGANIC REVENUE GROWTH Q vs. Q1
4 Steelcase Inc. Q1 revenue $ 675 Divestiture (2) Currency translation effects* 1 Q1 revenue, adjusted 674 Q revenue, projected Dealer acquisitions (4) Q projected revenue, adjusted Organic growth $ $ 2-27 Organic growth % 0% - 4% * Currency translation effects represent the estimated net effect of translating Q1 foreign currency revenues using the exchange rate at the end of Q4. Steelcase Inc. Revenue $ % $ % $2, % $2, % Cost of sales % % 1, % 1, % Restructuring costs % % % % Gross profit % % % % Operating expenses % % % % Goodwill impairment charges % % Restructuring costs % % % % Operating income (loss) $ (45.2) (6.3)% $ % $ % $ % Interest expense, investment income (loss) and other income, net (1.9) (0.2)% % (4.4) (0.2)% (15.1) (0.5)% Income (loss) before income tax expense (47.1) (6.5)% % % % Income tax expense (19.6) (2.7)% % % % Net income (loss) $ (27.5) (3.8)% $ % $ % $ % Operating income (loss) $ (45.2) (6.3)% $ % $ % $ % Add: restructuring costs % % % % Add: goodwill impairment charges % % % % Adjusted operating income $ % $ % $ % $ % Americas Revenue $ % $ % $2, % $1, % Cost of sales % % 1, % 1, % Restructuring costs % % % % Gross profit % % % %
5 Operating expenses % % % % Restructuring costs % % % 1.5 % Operating income $ % $ % $ % $ % Add: restructuring costs % % % % Add: goodwill impairment charges % % % % Adjusted operating income $ % $ % $ % $ % EMEA Revenue $ % $ % $ % $ % Cost of sales % % % % Restructuring costs % (3.2) (2.0)% % % Gross profit % % % % Operating expenses % % % % Goodwill impairment charges % % % % Restructuring costs % % % % Operating income (loss) $ (38.5) (22.8)% $ % $ (50.9) (8.6)% $ (9.9) (1.6)% Add: restructuring costs % (1.2) (0.7)% % % Add: goodwill impairment charges % % % % Adjusted operating income (loss) $ % $ (0.5) (0.3)% $ (10.8) (1.8)% $ (1.9) (0.3)% Other Revenue $ % $ % $ % $ % Cost of sales % % % % Restructuring costs % % % % Gross profit % % % % Operating expenses % % % % Goodwill impairment charges % % % % Restructuring costs % % % (0.2) % Operating income (loss) $ (25.0) (41.7)% $ % $ (20.1) (7.8)% $ % Add: restructuring costs % % % % Add: goodwill impairment charges % % % % Adjusted operating income $ % $ % $ % $ % Corporate Operating expenses $ 16.0 $ 8.3 $ 38.0 $ 30.4 Operating loss $ (16.0) $ (8.3) $ (38.0) $ (30.4)
6 Add: restructuring costs Add: goodwill impairment charges Adjusted operating loss $ (16.0) $ (8.3) $ (38.0) $ (30.4) Webcast Steelcase will discuss fourth quarter results and business outlook on a conference call and webcast at 11:00 a.m. Eastern time tomorrow. Links to the webcast are available at ir.steelcase.com. Related presentation slides will be available on the company's website shortly after this press release is issued. Non-GAAP Financial Measures This earnings release contains certain non-gaap financial measures. A "non-gaap financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. Pursuant to the requirements of Regulation G, the company has provided a reconciliation above of non-gaap financial measures to the most directly comparable GAAP financial measure. The non-gaap financial measures used within the company's earnings release are: (1) organic revenue growth (decline), which represents the change in revenue excluding currency translation effects and the impacts of acquisitions and divestitures; and (2) adjusted operating income (loss), which represents operating income (loss), excluding restructuring costs and goodwill impairment charges. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors. Forward-looking Statements From time to time, in written and oral statements, the company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements generally are accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "possible," "potential," "predict," "project," or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from the company's expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events; changes in the legal and regulatory environment; restructuring activities; changes in raw materials and commodity costs; currency fluctuations; changes in customer demands; and the other risks and contingencies detailed in the company's most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. About Steelcase Inc. For 100 years, Steelcase Inc. has helped create great experiences for the world's leading organizations - wherever work happens. Steelcase and our family of brands - including Steelcase, Coalesse, Designtex, Details, Nurture, PolyVision and Turnstone - offer a comprehensive portfolio of furnishings, products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including approximately 670 dealers. Steelcase is a global, industry-leading and publicly traded company with fiscal revenue of $2.9 billion. STEELCASE INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Revenue $ $ $ 2,868.7 $ 2,749.5 Cost of sales , ,913.6 Restructuring costs
7 Gross profit Operating expenses Goodwill impairment charges Restructuring costs Operating income (45.2) Interest expense (4.5) (5.5) (17.8) (25.6) Investment income Other income, net Income before income tax expense (47.1) Income tax expense (19.6) * Net income (loss) $ (27.5) $ 14.9 $ 38.8 $ 56.7 * Earnings (loss) per share: Basic $ (0.22) $ 0.11 $ 0.30 $ 0.43 * Diluted $ (0.22) $ 0.11 $ 0.30 $ 0.43 * Weighted average shares outstanding - basic Weighted average shares outstanding - diluted Dividends declared and paid per common share $ 0.09 $ 0.06 $ 0.36 $ 0.24 * The condensed consolidated statements of operations for the three and twelve months ended has been restated to reflect errors in deferred income taxes which relate to periods prior to fiscal year STEELCASE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share data) Current assets: ASSETS Cash and cash equivalents $ $ Short-term investments Accounts receivable, net Inventories Deferred income taxes Prepaid expenses Other current assets Total current assets Property, plant and equipment, net Company-owned life insurance Deferred income taxes * Goodwill Other intangible assets, net Investments in unconsolidated affiliates Other assets Total assets $ 1,689.6 $ 1,678.9
8 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ $ Short-term borrowings and current portion of long-term debt Accrued expenses Total current liabilities Long-term liabilities: Long-term debt less current maturities Employee benefit plan obligations Other long-term liabilities Total long-term liabilities Total liabilities 1, Shareholders' equity: Preferred stock-no par value; 50,000,000 shares authorized, none issued and outstanding Class A common stock-no par value; 475,000,000 shares authorized, 86,010,584 and 85,260,736 issued and outstanding Class B common stock-no par value; 475,000,000 shares authorized, 39,154,003 and 41,228,593 issued and outstanding Common stock 1.1 Additional paid-in capital Accumulated other comprehensive income (loss) (4.2) 0.8 Retained earnings * Total shareholders' equity Total liabilities and shareholders' equity $ 1,689.6 $ 1,678.9 * During fiscal year, the company identified errors in its accounting for deferred income taxes which relate to periods prior to fiscal year Management believes the errors are not material to any prior period financial statements. The correction of the errors had the effect of reducing long-term deferred income taxes and retained earnings by $22.1 million. The condensed consolidated balance sheet as of February 24, has been restated to reflect this correction. STEELCASE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (in millions) OPERATING ACTIVITIES Net income $ 38.8 $ 56.7 * Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Changes in cash surrender value of COLI 1.8 (4.5) Goodwill impairment charges 59.9 Deferred income taxes (8.1) 13.6 * Pension and post-retirement plans cost (benefit) Restructuring costs Non-cash stock compensation Changes in operating assets and liabilities, net of acquisitions and divestiture:
9 Changes in operating assets and liabilities, net of acquisitions, divestitures and deconsolidations: Accounts receivable Inventories Other assets Accounts payable Accounts receivable, inventories and accounts payable (7.3) (11.1) Employee compensation liabilities 5.8 (32.5) Employee benefit obligations Accrued expenses and other liabilities Other assets and liabilities (4.0) (23.1) Other (2.2) 4.1 Net cash provided by operating activities INVESTING ACTIVITIES Capital expenditures (74.0) (64.9) Proceeds from disposal of fixed assets Purchases of investments (78.6) (195.8) Liquidations of investments Proceeds from IDEO ownership transition Acquisitions, net of cash acquired (6.2) (20.9) Other (4.3) 7.0 Net cash provided by (used in) investing activities (85.5) FINANCING ACTIVITIES Borrowings of long-term debt, net of issuance costs Repayments of long-term debt (2.6) (255.5) Borrowings of lines of credit Repayments of lines of credit Dividends paid (45.8) (31.7) Common stock repurchases (19.9) (47.7) Excess tax benefit from vesting of stock awards Other Net cash provided by (used in) financing activities (64.2) (334.3) Effect of exchange rate changes on cash and cash equivalents 0.7 (0.7) Net increase (decrease) in cash and cash equivalents 38.3 (30.1) Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period $ $ Supplemental Cash Flow Information: Income taxes paid, net of refunds received Interest paid, net of amounts capitalized * The condensed consolidated statements of cash flows for the year ended has been restated to reflect errors in deferred income taxes which relate to periods prior to fiscal year Contact: Investor Contact: Raj Mehan
10 Investor Relations (616) Media Contact: Lauren Begley Public Relations (212)
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