SourceYour | So You Know Better
Breaking News
Cool offices: LinkedIn headquarters by AP+I Design in Sunnyvale, USA
AP+I Design has completed the design of a new...
Cool offices: Made Simple Group offices in London, UK
Made Simple’s new office in London, designed by Office...
Furniture: Air – room in room system by Orangebox
Orangebox’s award winning Air3 acoustic pod range is the...
Cool offices: Office Space in Town Serviced offices by Peldon Rose in Waterloo, UK
Peldon Rose has developed a new office space for...
Cool offices: Sony Music HQ in Madrid, Spain
New Sony Music headquarter in Madrid, designed by AECOM’s Strategy Plus...
Furniture: Nube armchair by STUA add color to the Vienna University of Economics and Business
STUA have furnished the Learning Center and the Central...
Cool offices: ZS Associates offices in Gurgaon, India
DSP Design Associates has created a  new office space...
Cool offices: Playtech office in Kiev, Ukraine
SOESTHETIC GROUP have designed the Ukrainian offices for Playtech,...
Bizarre furniture designs that are genius
Look at these tips of bizarre furniture designes: Story...
Cool offices: Essence Digital Office in London, UK
Essence Digital office in Londnon, designed by Peldon Rose....
Furniture: Ikea furniture charges devices
Swedish furniture giant Ikea has incorporated induction-charging stations into products...
Furniture: Blå Station launches mobile Morris Jr chair
Blå Station‘s Morris Jr chair was designed as a...
Furniture: Satellite chair by Richard Hutten for OFFECCT
With the means in which we work and where...
Cool offices: Dave Keune adapts Design Innovation Space in Eindhoven for flexible office use
The ‘Design Innovation Space’ (DIS) is an open layout,...
Cool offices: Macys.com in San Francisco, USA
MSA Planning + Design has recently completed the design...
Green building: a100-year-old building LEED Platinum-certified
Seattle-based Weber Thompson expanded an existing 1916 brick building...
Furniture: feel save with Portus by Lammhults
Lammhults‘ designers Johannes Foersom and Peter Hiort-Lorenzen named their...
Two award-winning offices
Office designers took top awards in two categories at...
Sustainable offices: Silicon Valley tilt-up office gets amazing net zero retrofit
Although energy efficient design has come a long way...
Smart offices: adaptable office space with garage doors
Kinematix, an IT company whose office specializes in developing...
Furniture: luxurious chairs designed by Daniel Libeskind
Daniel Libeskind‘s dynamic new convention centre in Mons, Belgium,...
Cool offices: The Municipality of Rotterdam’s new headquarters
Design firms Group A, Studio Makkink & Bey and...
Furniture: modular sofa system by OFFECCT
Swedish architect and design studio Claesson Koivisto Rune (CKR)...
Green office space progress is slowing
According to the authors of the 2015 State of Green...
Cool offices: PETZL North American Headquarters is LEED Platinum Certified
Petzl is best known for their innovative caving and...
Furniture: MECCANO metal modules
MECCANO has been one of the most popular construction...
Cool offices: Google Budapest spa office, Hungary
The offices of Google have a worldwide reputation of...
Furniture: Blå Station’s Poppe chair
A trio of designers shaped this upholstered chair for...
Cool offices: Lenovo in Guadalajara, Mexico
Contract Workplaces has completed a new office design for...
King Arthur Swing Table
Duffy London is encouraging people to “bring the playground...
Cool offices: AutoTrader in London, UK
Claremont Group Interiors has developed a new office design...
Cool offices: Teosto in Helsinki, Finnland
Teosto offices in Helsinki designed by Parvianien Architects Ltd...
Furniture: table increasing interactions among students
Menéndez and Gamonal Arquitectos have designed large meeting/gathering table...
Furniture: ‘Ciel!’ lounge chair for TABISSO by Noé Duchaufour Lawrance
French designer Noé Duchaufour Lawrance has designed an armchair ‘Ciel!’ for...
Cool offices: Super Bowl 50 offices in San Francisco, USA
The Super Bowl 50 Host Committee has recently moved...
Furniture: Parabola chair inspired by mathematics
In an effort to calibrate the surfaces of his...
Cool offices: Unispace offices in Los Angeles, USA
Unispace recently moved into a new office space in...
Furniture: adjustable side table by OFFECCT
The versatility of furniture for the changing work and...
Cool offices: BBC office in Salford, UK
When ID:SR designed the BBC North office in Salford,...
Furniture: perfect balance with active stool
This vaguely cartoonish mushroom-looking chair is a fun update...
Cool offices: Chartboost in San Francisco, USA
Min | Day developed a short-term office space for...
Sustainable furniture: Jean Louis Iratzoki shapes first bioplastic chair for Alki
Basque designer Jean Louis Iratzoki has created a chair...
Cool offices: Wink Offices in Madrid, Spain
New Wink Offices by Stone Designes in Madrid, Spain....
Cool offices: Lazada in Ho Chi Minh City, Vietnam
ZOES Creative Studio has designed and built the new...
Furniture: Form furniture by Simon Legald for Normann Copenhagen
First designed as Simon Legald’s graduation project from the Royal...
Furniture: organically shaped chair
Designer Alex Petunin has created the Double Position chair....
Kali chair by Jasper Morrison – designed to fund orphanage
This wooden chair by British designer Jasper Morrison was created...
Cool offices: UKTV offices in London, UK
PENSON has designed a new office space for UKTV...
Cool offices: Lyft offices in San Francisco, USA
Rapt Studio has designed a new office space for...
Green furniture: Chair Farm – the living chair
Designer Werner Aisslinger unveiled a brilliant living chair at...

Latest News

A former textile mill in Lowell, Massachusetts has a new life as Mill No....

AP+I Design has completed the design of a new headquarters campus for professional network...

Haworth Tompkins – Stirling Prize-winner for its redesign of the Liverpool Everyman theatre – was...

Student & designer John Wetzel researched the elements needed when designing spaces for creativity....

Made Simple’s new office in London, designed by Office Principles ​ Made Simple’s old offices were...

SourceYour and Charity

Everybody deserves a chance to know better We believe in education and in re-thinking the way things are done. So much talent is wasted in this world because many people (children and adults alike) do not have the opportunity to get the education they would need to make a difference in this world. Our charity donations are aimed at knowing better and improving the life circumstances for people around the globe through the means of education. We donate 5% of our revenue to charities which have education support as their main aim.

American maker of professional furniture, HNI Corporation, announced sales for the third quarter ended September 27, 2014, of $614.7 million (+8.7%) and net income of $33.6 million, or $0.74 per diluted share.
Non-GAAP net income per diluted share improved 33% from the prior year quarter to $0.81, which excludes restructuring and transition costs.

HNI Q3 2014 results

“We delivered strong results which exceeded our sales and profit expectations for the third quarter. Both our office furniture and hearth products segments increased sales and operating margins.
Performance in our hearth business was outstanding, led by continued double-digit growth in both the remodel/retrofit and new construction channels and strong operational execution.
Office furniture sales growth accelerated, led by our contract business,” said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.

Q3 Summary comments

Consolidated net sales increased $49.0 million or 8.7% to $614.7 million. Compared to prior year quarter, divestitures reduced sales $2.0 million. On an organic basis sales increased 9.0%.

Non-GAAP gross margin improved 110 basis points from prior year primarily due to increased volume, better price realization and strong operational performance, partially offset by unfavourable mix and investments in operations.

Selling and administrative expenses, as a percentage of sales, decreased 30 basis points due to volume, partially offset by strategic investments, higher incentive-based compensation and timing of expenses.

During the third quarter, as part of HNI’s ongoing strategy to reduce structural costs, it made the decision to close a small international office furniture manufacturing facility. In connection with closures announced earlier this year and this decision, HNI recorded $4.9 million of restructuring and transition costs with $3.9 million included in cost of sales.

Office Furniture results

HNI Q3 2014 furniture results

Sales increased $22.4 million or 4.8% to $488.6 million. Compared to prior year quarter, divestitures reduced sales by $2.0 million. On an organic basis, sales increased 5.2% driven by growth in the supplies-driven and contract channels.

Non-GAAP operating profit increased $6.8 million or 16.7%. Increased volume, higher price realization and strong operational performance were partially offset by unfavourable mix, investments in operations, increased incentive-based compensation and timing of expenses.

Outlook

“We enter the fourth quarter with solid momentum in our hearth and office furniture businesses, and remain on track to grow sales and significantly increase profits in 2014. We continue to aggressively invest for long-term profitable growth, and I remain confident our investments are increasing shareholder value,” said Mr. Askren.

HNI estimates sales to be up 13 to 17% in the fourth quarter over the same period in the prior year, including sales from the recently acquired Vermont Castings Group.

For the full year, HNI is raising its estimate of non-GAAP earnings per diluted share to the range of $1.95 to $2.00, which includes the Vermont Castings Group acquisition fourth quarter results and excludes restructuring and impairment charges, transition costs and gain/loss on sale of assets.

HNI says it ‘remains focused on creating long-term shareholder value by growing its business through investment in building brands, product solutions and selling models, enhancing its strong member-owner culture and continuing to execute its long-standing rapid continuous improvement discipline to build best total cost and a lean enterprise.’

Source

pinerest
Filed Under: Furniture
Tagged With: ,

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe

* indicates required
Email Address*
Profession

Email Format


×