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HNI Corporation Announces Results for Third Quarter Fiscal 2009.

Article Excerpt
HNI Corporation (NYSE: HNI) announced sales of $454.0 million and net income of $17.6 million or $0.39 per diluted share for the third quarter ending October 3, 2009. Included in third quarter results are charges related to the shutdown of three office furniture manufacturing plants and restructuring of hearth operations. Net income per diluted share for the quarter was $0.47 on a non-GAAP basis excluding restructuring and transition costs. Third Quarter Summary Comments "Our strong third quarter profitability demonstrates the power of our reset cost structure. Our members have done an outstanding job of attacking costs and increasing efficiency throughout the corporation. We increased profitability and generated almost twice as much operating cash flow during the quarter despite the challenging market and revenue down almost 32 percent," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer. Third Quarter

Dollars in millions Three Months Ended Percent

except per share data 10/03/2009 9/27/2008 Change

Net Sales

$454.0

$663.1

-31.5

%

Gross Margin

$166.6

$224.7

-25.9

%

Gross Margin %

36.7%

33.9%

SG&A

$134.3

$191.1

-29.7

%

SG&A %

29.6%

28.8%

Operating Income

$32.3

$33.6

-4.1

%

Operating Income %

7.1%

5.1%

Net Income attributable to Parent Company

$17.6

$19.5

-9.6

%

Earnings per share attributable to Parent Company - Diluted

$0.39

$0.44

Third Quarter Results Consolidated net sales decreased $209.2 million or 31.5 percent from the prior year quarter to $454.0 million.

Gross margins...

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