2013-02-05 14:07:25 -
EAST GREENVILLE, PA, February 5, 2013 -- Knoll, Inc. (NYSE: KNL) today announced
results for the fourth quarter and year ended December 31, 2012. Net sales were
$250.0 million for the quarter, an increase of 12.1% from fourth quarter 2011.
Operating profit was $28.1 million, or 11.2% of net sales, an increase of 1.1%
from the fourth quarter of 2011. Operating profit during the fourth quarter of
2011 includes a $5.4 million curtailment benefit associated with the
modification of the Company's post-retirement medical benefits. Excluding this
benefit, operating profit during the fourth quarter of 2012 increased $5.7
million or 25.4% when compared with the same period in the prior year. Net
income was $17.5 million during the fourth quarter of 2012 compared to $17.4
million in the fourth quarter of
2011. Diluted earnings per share was $0.37
during the fourth quarter of 2012 compared to $0.37 for 2011. Excluding the
curtailment benefit noted above, diluted earnings per share would have been
$0.30 per share during the fourth quarter of 2011.
For the full year, net sales were $887.5 million, a decrease of 3.8% when
compared to 2011. Operating profit was $87.9 million, or 9.9% of net sales, a
decrease of 9.5% when compared to 2011. Excluding the curtailment benefit noted
above and $0.7 million of restructuring charges in 2011, operating profit during
2012 decreased 4.8% when compared with the same period in the prior year. Net
income was $50.0 million for 2012, a decrease of 13.8% when compared to 2011.
Diluted earnings per share was $1.06 for the year compared to $1.24 per share
in the prior year. Excluding the curtailment benefit and restructuring charges
noted above, diluted earnings per share would have been $1.18 per share during
2011.
"We are pleased with the top and bottom line growth we reported in the fourth
quarter as sales increased in all our segments," commented Andrew Cogan, CEO.
"We ended the year with a strong balance sheet that gives us the ability to step
up our strategic investments in the front and back ends of our business to
achieve our longer term revenue and margin objectives. While we expect the
combination of these incremental investments and a flattish overall demand
environment to depress earnings in the short term, we are confident that they
will make our longer term aspirations more achievable. As we celebrate the 75th
anniversary of our founding, our commitment to the principles of modern design
and its benefits for our clients, associates and shareholders is as strong as
ever."
Fourth Quarter Results
Fourth quarter 2012 financial results highlights follow:
Three Months Ended Percent
Dollars in Millions Except Per Share
Data
----------------------
12/31/12 12/31/11 Change
----------- ---------- ------------
Net Sales $ 250.0 $ 223.1 12.1 %
Gross Profit 82.7 70.7 17.0 %
Gross Profit % 33.1 % 31.7 % 4.4 %
Operating Expenses 54.5 48.3 12.8 %
Operating Profit 28.1 27.8 1.1 %
Operating Profit % 11.2 % 12.5 % (10.4) %
Adjusted Operating Profit 28.1 22.4 25.4 %
Adjusted Operating Profit % 11.2 % 10.0 % 12.0 %
Net Income 17.5 17.4 0.6 %
Earnings Per Share - Diluted .37 .37 - %
Adjusted Earnings Per Share - Diluted .37 .30 23.3 %
Adjusted earnings per share and adjusted operating profit are non-GAAP financial
measures and are calculated by excluding from earnings per share and operating
profit items we believe to be infrequent or not indicative of our operating
performance. For a reconciliation of adjusted earnings per share and adjusted
operating profit to earnings per share and operating profit, respectively, see
"Reconciliation of Non-GAAP Financial Measures" below.
Net sales for the quarter were $250.0 million, an increase of $26.9 million, or
12.1%, when compared with the fourth quarter of 2011. Net sales for the Office
segment were $181.1 million in the fourth quarter of 2012, an increase of $23.8
million, or 15.1% when compared with the fourth quarter of 2011. The increase
in sales in the Office segment during the fourth quarter of 2012 was mainly
attributable to double digit growth in sales of our office systems and seating
products. Net sales for the Studio segment were $42.1 million, an increase of
$2.0 million, or 5.0%, when compared with the fourth quarter of 2011. Net sales
in the Studio segment in North America increased 16.8% while sales in Europe
declined 6.1%. Net sales for the Coverings segment were $26.8 million, an
increase of $1.1 million, or 4.3%, when compared with the fourth quarter of
2011.
Gross profit for the fourth quarter of 2012 was $82.7 million, an increase of
$12.0 million, or 17.0%, from the same period in 2011. Gross margin increased
from 31.7% in the fourth quarter of 2011 to 33.1% in the fourth quarter of
2012. The increase in gross margin from the fourth quarter of 2011 was largely
the result of a more profitable mix in our business as we saw government
shipments, which are generally contracted at higher discount rates, make up a
smaller portion of our overall sales. Continuous improvement projects in our
factories, better absorption of our fixed costs in conjunction with the higher
sales volumes, and lower transportation costs also positively impacted our gross
margin during the fourth quarter of 2012.
Operating expenses for the quarter were $54.5 million, or 21.8% of net sales,
compared to $48.3 million, or 21.6% of net sales, for fourth quarter of 2011.
Excluding the curtailment benefit noted above operating expenses were $53.7
million during the fourth quarter of 2011. The increase in operating expenses
during the fourth quarter of 2012 was in large part due to continued spending on
new products and growth initiatives in our Studio and Coverings segments.
Operating profit as a percent of net sales was 11.2% during the fourth quarter
of 2012 compared to 12.5% during the fourth quarter of 2011. Operating profit
for the fourth quarter of 2011 includes a curtailment benefit of $5.4 million.
Excluding the curtailment benefit, operating profit would have been $22.4
million, or 10.0% of net sales, during the fourth quarter of 2011. For a
reconciliation of adjusted operating profit to GAAP operating profit, see
"Reconciliation of Non-GAAP Financial Measures" below. Operating profit for the
Office segment was $20.0 million in the fourth quarter of 2012, an increase of
$9.3 million, or 86.9%, when compared with the fourth quarter of 2011.
Operating profit for the Studio segment was $6.2 million, an increase of $0.2
million, or 3.3%, when compared with the fourth quarter of 2011. Operating
profit for the Coverings segment was $1.9 million, a decrease of $3.8 million,
or 66.7% when compared to the fourth quarter of 2011. During the fourth quarter
of 2012, one of our leather subsidiaries incurred a $2.9 million one-time charge
for inventory costs that were not being properly transferred to cost of goods
sold due to a computer programming change.
During the fourth quarter of 2012, other (income) expense consisted of income of
$0.6 million related to foreign exchange gains offset by $0.1 million of
miscellaneous expense. During the fourth quarter of 2011, other (income)
expense consisted primarily of income of $0.6 million related to foreign
exchange gains offset by expense of $0.6 million related to a negative judicial
ruling.
The effective tax rate was 35.4% for the fourth quarter of 2012, as compared to
34.7% for the same period last year. The increase in the effective tax rate is
largely due to the mix of pretax income between the countries in which we
operate.
Net income for the fourth quarter of 2012 was $17.5 million compared to $17.4
million during the fourth quarter of 2011.
Cash generated from operations during the fourth quarter 2012 was $41.5 million,
compared to $35.8 million in the same period of 2011. Capital expenditures for
the fourth quarter 2012 totaled $6.5 million compared to $5.7 million for
2011. We repaid $10.0 million of debt during the fourth quarter of 2012
compared to $5.0 million during the fourth quarter of 2011. At the end 2012 the
Company's net leverage ratio was 1.63:1. For more detailed information on the
calculation of net leverage ratio, see Reconciliation of Non-GAAP financial
measures below. The Company also paid dividends of $5.6 million, or $0.12 per
share during the fourth quarter of 2012 compared to $4.6 million, $0.10 per
share during the fourth quarter of 2011.
Full Year Results
2012 financial results highlights follow:
Dollars in Millions Except Per Share Twelve Months Ended Percent
Data
---------------------
12/31/12 12/31/11 Change
---------- ---------- ------------
Net Sales $ 887.5 $ 922.2 (3.8) %
Gross Profit 294.4 294.4 - %
Gross Profit % 33.2 % 31.9 % 4.1 %
Operating Expenses 206.4 202.1 2.1 %
Operating Profit 87.9 97.1 (9.5) %
Operating Profit % 9.9 % 10.5 % (5.7) %
Adjusted Operating Profit 87.9 92.3 (4.8) %
Adjusted Operating Profit % 9.9 % 10.0 % (1.0) %
Net Income 50.0 58.0 (13.8) %
Earnings Per Share - Diluted 1.06 1.24 (14.5) %
Adjusted Earnings Per Share Diluted 1.06 1.18 (10.2) %
For the year, net sales totaled $887.5 million, a decrease of $34.7 million, or
3.8%, from 2011 net sales of $922.2 million. Net sales for the Office segment
were $633.3 million, a decrease of $30.8 million, or 4.6%, when compared with
2011. This decrease in the Office Segment for the year was the result of lower
sales to government and financial services clients. Sales to commercial clients
grew during 2012, however, this growth was not enough to offset the decline in
government and financial services clients. Net sales for the Studio segment
were $147.6 million, a decrease of $5.1 million, or 3.3%, when compared with
2011. Lower sales resulting primarily from the poor economic conditions in
Europe more than offset the growth of Studio sales in North America for the
year.Net sales for the Coverings segment were $106.6 million, an increase of
$1.2 million, or 1.1%, when compared with 2011.
During the full year, gross margin increased from 31.9% in 2011 to 33.2% in
2012. The largest contributors to this increase for 2012 were a more profitable
business mix, pricing, and continuous improvement projects in our factories.
Gross profit dollars were $294.4 million in 2011 and 2012.
Operating expenses for 2012 were $206.4 million, or 23.3% of net sales, compared
to $202.1 million, or 21.9% of net sales, for 2011. The increase in operating
expenses during 2012 was in large part due to increased spending on growth
initiative programs in our Studio and Coverings segments as well as technology
infrastructure upgrades.
Our operating profit for 2012 was $87.9 million, a decrease of $9.2 million, or
9.5%, when compared with the same period in 2011. Operating profit as a percent
of net sales was 9.9% for 2012 compared to 10.5% in 2011. Operating profit for
2011 includes a curtailment benefit of $5.4 million and restructuring charges of
$0.7 million. Excluding these amounts, operating profit would have been $92.3
million, or 10.0% of net sales, during 2011. For a reconciliation of adjusted
operating profit to GAAP operating profit, see "Reconciliation of Non-GAAP
Financial Measures" below. Operating profit for the Office segment was $48.6
million in 2012, an increase of $2.0 million, or 4.3%, when compared with
2011. Operating profit for the Studio segment was $21.8 million, a decrease of
$1.2 million, or 5.2%, when compared with 2011. Operating profit for the
Coverings segment was $17.5 million, a decrease of $5.2 million, or 22.9%, when
compared to 2011.
Interest expense for 2012 decreased $3.4 million when compared with the full
year 2011. The decrease in interest expense is due to our lower outstanding
debt and the expiration of two interest rate swap agreements that expired on
June 9, 2011. Other (income) expense in 2012 consisted of expense related to
$2.8 million of foreign exchange losses, expense of $0.5 million related to the
write-off of deferred financing fees in conjunction with our new debt agreement
completed in February of 2012, offset by $0.1 million of miscellaneous income.
Other (income) expense in 2011 consisted of income of $2.7 million of foreign
exchange gains, $1.6 million of miscellaneous expense related to a negative
judicial ruling, and $0.4 million of miscellaneous income.
The effective tax rate was 36.2% for the year, as compared to 34.7% for the same
period last year. Our effective tax rate is dependent upon the mix of pretax
income in the countries in which we operate.
We generated 2012 net income of $50.0 million, or $1.06 diluted earnings per
share, compared to $58.0 million, or $1.24 diluted earnings per share, in 2011.
Annual cash generated from operations in 2012 was $70.6 million, compared to
$66.9 million the year before. Capital expenditures in 2012 totaled $16.6
million compared to $15.2 million for 2011. During 2012 we repaid $19.0 million
of debt compared to $33.1 million in 2011. We also paid dividends of $20.5
million in 2012 compared with $16.7 million in 2011.
"A strong balance sheet remains a top priority and once again our balance sheet
is stronger than the year before as we target working capital improvements and
reduce our debt. With our strong balance sheet, we are well positioned to
support and fund our longer term strategic investments and initiatives. Today
we posted on our website a new investor presentation to further explain our
three-year strategic investment plan," commented Barry L. McCabe, EVP & CFO.
Business Segment Results
The following information categorizes the Company's results into its defined
reporting segments.
The Office segment serves corporate, government, healthcare, retail and other
customers in the United States and Canada providing a portfolio of office
furnishing solutions including office systems, seating, storage, tables, desks
and KnollExtra (® )ergonomic accessories. The Office segment also includes
international sales of our North American office products. The Studio segment
includes KnollStudio(®), Knoll Europe which sells primarily KnollStudio
products, and Richard Schultz(®) Design. The KnollStudio(® )portfolio includes
a range of lounge seating; side, café and dining chairs; barstools; and
conference, dining and occasional tables. The Coverings segment includes,
KnollTextiles(®), Spinneybeck(®), Edelman(®) Leather, and Filzfelt(TM). These
businesses serve a wide range of customers offering high quality textiles and
leather.( )
Three Months Ended
December 31,
-----------------------------------------
Net Sales (in millions) 2012 2011
---------------- --------------------
Office $ 181.1 $ 157.3
Studio 42.1 40.1
Coverings 26.8 25.7
------------- ---------------
Total Sales $ 250.0 $ 223.1
------------- ---------------
Twelve Months Ended
December 31,
-----------------------------------------
2012 2011
---------------- --------------------
Office $ 633.3 $ 664.1
Studio 147.6 152.7
Coverings 106.6 105.4
------------- ---------------
Total Sales $ 887.5 $ 922.2
------------- ---------------
Three Months Ended
December 31,
-----------------------------------------
Operating Profit (in
millions) 2012 2011
----------- ------------------------
Office $ 20.0 $ 10.7
Studio 6.2 6.0
Coverings 1.9 5.7
--------- ----------------
Total Segment Operating
Profit 28.1 ( ) 22.4
Curtailment Benefit - ( ) 5.4
--------- ----------------
Total Operating Profit $ 28.1 ( ) $ 27.8
--------- ----------------
Twelve Months Ended
December 31,
-----------------------------------------
2012 2011
----------- ------------------------
Office $ 48.6 $ 46.6
Studio 21.8 23.0
Coverings 17.5 22.7
--------- ----------------
Total Segment Operating
Profit 87.9 ( ) 92.3
Curtailment Benefit - ( ) 5.4
Restructuring Charges
-primarily Office - ( ) (0.7 )
--------- ----------------
Total Operating Profit $ 87.9 ( ) $ 97.1
((1))
--------- ----------------
1. Results do not add due to rounding.
Reconciliation of Non-GAAP Financial Measures
This release contains adjusted earnings per share and adjusted operating profit
measures, which are both non-GAAP financial measures. Adjusted earnings per
share and adjusted operating profit are calculated by excluding from earnings
per share and operating profit items that we believe to be infrequent or not
indicative of our operating performance. For the periods covered by this
release such items consist a curtailment benefit associated with the
modification of the Company's post-retirement medical benefits and restructuring
charges. We present adjusted earnings per share and adjusted operating profit
because we consider them to be important supplemental measures of our
performance and believe them to be useful to show ongoing results from
operations distinct from items that are infrequent or not indicative of our
operating performance.
Adjusted earnings per share and adjusted operating profit are not measurements
of our financial performance under GAAP and should not be considered as an
alternative to earnings per share or operating profit under GAAP. Adjusted
earnings per share and adjusted operating profit have limitations as analytical
tools, and you should not consider them in isolation or as a substitute for
analysis of our results as reported under GAAP. In addition, in evaluating
adjusted earnings per share and adjusted operating profit, you should be aware
that in the future we may incur expenses similar to the adjustments in this
presentation. Our presentation of adjusted earnings per share and adjusted
operating profit should not be construed as an inference that our future results
will be unaffected by unusual or infrequent items. We compensate for these
limitations by providing equal prominence of our GAAP results and using adjusted
earnings per share and adjusted operating profit only supplementally.
The following tables reconcile adjusted earnings per share to GAAP earnings per
share for the periods indicated.
Three Months Ended
December 31, 2012
-------------------------
2012 2011
-------- ------------
Earnings per Share - Diluted $ 0.37 $ 0.37
Add back (deduct):
Curtailment Benefit - (0.07)
------ ----------
Adjusted Earnings per Share - Diluted $ 0.37 $ 0.30
------ ----------
Twelve Months Ended
December 31,
-------------------------
2012 2011
-------- ------------
Earnings per Share - Diluted $ 1.06 $ 1.24
Add back (deduct):
Curtailment Benefit - (0.07)
Restructuring charges - primarily Office - 0.01
------ ----------
Adjusted Earnings per Share - Diluted $ 1.06 $ 1.18
------ ----------
The following tables reconcile adjusted operating profit to GAAP operating
profit for the periods indicated.
Three Months Ended
December 31,
---------------------------------------
2012 2011
-------------------- --------------
Operating Profit ($mm) $ 28.1 $ 27.8
Add back:
Curtailment Benefit - (5.4)
------------------ ------------
Adjusted Operating Profit $ 28.1 $ 22.4
-------------------- ------------
Net Sales $ 250.0 $ 223.1
Operating Margin 11.2% 12.5%
11.2% 10.0%
Adjusted Operating Margin
Twelve Months Ended
December 31,
-------------------------------------------
2012 2011
-------------------- --------------
Operating Profit ($mm) $ 87.9 $ 97.1
Add back:
Curtailment Benefit - (5.4)
Restructuring Charges -primarily
Office - 0.7
------------------ ------------
Adjusted Operating Profit $ 87.9 $ 92.3 ((1))
-------------------- ------------
Net Sales $ 887.5 $ 922.2
Operating Margin 9.9% 10.5%
9.9% 10.0%
Adjusted Operating Margin
1. Results do not add due to rounding.
Bank Net Leverage Ratio
Bank Net leverage ratio is calculated in accordance with our revolving credit
facility by dividing (i) outstanding debt minus cash in excess of $15.0 million
by (ii) EBITDA (as defined in our revolving credit facility) for the last twelve
months. For details of the leverage ratio calculation, please see below.
Dollars in millions 12/31/2012
-----------------------------
Debt Levels (1) $ 184.3
LTM Net Income $ 50.0
LTM Adjustments
6.4
Interest
28.3
Taxes
16.5
Depreciation and Amortization
12.2
Non-cash items (2)
-----------------------------
LTM Adjusted EBITDA $ 113.4
Bank Leverage Calculation (3) 1.63 x
(1) - Debt levels include outstanding letters of credit minus cash in excess
of $15.0 million.
(2) - Non-cash items include stock-based compensation expenses and unrealized
gains and losses on foreign exchange.
(3) - Debt divided by LTM Adjusted EBITDA.
Note: Bank Net Leverage Ratio is calculated in accordance with Knoll's senior
credit facility. For more details on this calculation, please see Knoll's
Senior Credit Agreement dated February 3, 2012, a copy of which was filed with
the Securities and Exchange Commission on February 7, 2012.
Conference Call Information
Knoll will host a conference call on Tuesday, February 5, 2013 at 10:00 A.M. EST
to discuss its financial results.
The call will include slides; participants are encouraged to listen to and view
the presentation via webcast at
www.knoll.com; go to "About Knoll" and
click on "Investor Relations".
The conference call may also be accessed by dialing:
North America 866 831-6270
International 617 213-8858
Passcode 62199829
A replay of the webcast can be viewed by visiting the Investor Relations section
of the Knoll corporate website.
In addition, an audio replay of the conference call will be available through
February 12, 2013 by dialing 888 286-8010. International replay: 617 801-6888
(Passcode: 59674646).
About Knoll
Knoll is the recipient of the 2011 National Design Award for Corporate and
Institutional Achievement from the Smithsonian's Copper-Hewitt, National Design
Museum. Since 1938, Knoll has been recognized internationally for creating
workplace and residential furnishings that inspire, evolve and endure. Today,
our commitment to modern design, our understanding of the workplace and our
dedication to sustainable design has yielded a unique portfolio of products that
respond and adapt to changing needs. Knoll is aligned with the U.S. Green
Building Council and the Canadian Green Building Council and can help companies
achieve Leadership in Energy and Environmental Design LEED workplace
certification. Knoll is the founding sponsor of the World Monuments Fund
Modernism at Risk program.
Cautionary Statement Regarding Forward-Looking Information
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements regarding Knoll,
Inc.'s expected future financial position, results of operations, revenue and
profit levels, cash flows, business strategy, budgets, projected costs, capital
expenditures, products, competitive positions, growth opportunities, plans and
objectives of management for future operations, as well as statements that
include words such as "anticipate," "if," "believe,"
"plan," "goals, "
"estimate," "expect," "intend," "may,"
"could," "should," "will," and other
similar expressions are forward-looking statements. This includes, without
limitation, our statements and expectations regarding any current or future
recovery in our industry and our publicly announced plans for increased capital
and investment spending to achieve our long-term revenue and profitability
growth goals. Such forward-looking statements are inherently uncertain, and
readers must recognize that actual results may differ materially from the
expectations of Knoll management. Knoll does not undertake a duty to update such
forward-looking statements. Factors that may cause actual results to differ
materially from those in the forward-looking statements include corporate
spending and service-sector employment, price competition, acceptance of Knoll's
new products, the pricing and availability of raw materials and components,
foreign currency exchange, transportation costs, demand for high quality, well
designed office furniture solutions, changes in the competitive marketplace,
changes in the trends in the market for office furniture or coverings, the
financial strength and stability of our suppliers, customers and dealers, access
to capital, and other risks identified in Knoll's annual report on Form 10-K,
and other filings with the Securities and Exchange Commission. Many of these
factors are outside of Knoll's control.
Contacts
Investors: Barry L. McCabe
Executive Vice President and Chief Financial
Officer
Tel 215 679-1301
bmccabe@knoll.com
Media: David E. Bright
Senior Vice President, Communications
Tel 212 343-4135
dbright@knoll.com
KNOLL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31,
December
31,
---------------------------------- -------------------------------
2012 2011 2012 2011
-------------- -------------- -------------- --------------
Sales $ 250,026 $ 223,148 $ 887,499 $ 922,200
Cost of sales 167,351 152,498 593,149 627,803
Gross profit 82,675 70,650 294,350 294,397
Selling,
general, and
administrative
expenses 54,549 48,281 206,449 202,075
Restructuring
and other
charges - - - 696
Curtailment
benefit - (5,445 ) - (5,445 )
Operating
profit 28,126 27,814 87,901 97,071
Interest
expense 1,572 1,138 6,350 9,753
Other (income) )
expense, net (509 (35 ) 3,215 (1,508 )
Income before
income tax
expense 27,063 26,711 78,336 88,826
Income tax
expense 9,570 9,268 28,335 30,815
Net income $ 17,493 $ 17,443 $ 50,001 $ 58,011
Earnings per
share:
Basic $ 0.37 $ 0.38 $ 1.07 $ 1.25
Diluted $ 0.37 $ 0.37 $ 1.06 $ 1.24
Weighted-
average shares
outstanding:
Basic 46,753,272 46,339,443 46,634,834 46,249,571
Diluted 47,082,864 46,767,149 47,059,186 46,835,712
KNOLL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
December
31, December
2012 31, 2011
------------ -----------------
ASSETS
Current assets:
Cash and cash equivalents $ 29,956 $ 28,263
Customer receivables, net 105,877 126,078
Inventories 98,195 89,244
Prepaid and other current assets 24,494 21,308
Total current assets 258,522 264,893
Property, plant, and equipment, net 124,838 121,792
Intangible assets, net 302,830 297,250
Other noncurrent assets 8,863 4,156
Total Assets $ 695,053 $ 688,091
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 83,600 83,824
Other current liabilities 92,345 99,304
Total current liabilities 175,945 183,128
Long-term debt 193,000 212,000
Other noncurrent liabilities 136,691 127,540
Total liabilities 505,636 522,668
Stockholders' equity 189,417 165,423
Total Liabilities and Stockholders' Equity $ 695,053 $ 688,091
KNOLL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Year Ended December 31,
----------------------------------
2012 2011
-------------- -----------
Net income $ 50,001 $ 58,011
Cash Flows provided by Operating
Activities 70,568 66,921
Cash Flows used in Investing Activities (23,001 ) (16,332 )
Cash Flows used in Financing Activities (45,791 ) (49,913 )
Effect of exchange rate changes on cash
and cash equivalents (83 ) 652
Increase in cash and cash equivalents 1,693 1,328
Cash and cash equivalents at beginning
of period 28,263 26,935
Cash and cash equivalents at end of
period $ 29,956 $ 28,263
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Knoll, Inc. via Thomson Reuters ONE
[HUG#1675409]
