EXHIBIT 99 |
HON INDUSTRIES P.O. Box 1109, Muscatine, Iowa 52761-0071 |
News Release |
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HON INDUSTRIES Announces Results for Second Quarter - |
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HON INDUSTRIES Inc. provides products and solutions for the home and workplace environments and is the second largest office furniture manufacturer in the United States. HON INDUSTRIES is also the nation's leading manufacturer and marketer of gas- and wood-burning fireplaces. The Company's strong brands, including HON, Allsteel, Gunlocke, Heatilator and Heat-N-Glo, have leading positions in their markets. HON INDUSTRIES is committed to maintaining its long-standing corporate values of integrity, financial soundness and a culture of service and responsiveness. By doing so, the Company was recognized for the third consecutive year as one of the 400 Best Big Companies in America by Forbes magazine in 2003, and as America's Most Admired Company in the furniture industry by Fortune magazine in 2003. HON INDUSTRIES' common stock is traded on the New York Stock Exchange under the symbol HNI. More information can be found on the Company's website at www.honi.com. |
Forward-looking Statements |
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HON INDUSTRIES | ||||
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| Three Months Ended | Six Months Ended | ||
Net sales | $406,793 | $399,299 | $798,764 | $798,438 |
Gross profit | 146,426 | 142,603 | 285,556 | 282,344 |
Operating income | 31,182 | 32,183 | 55,886 | 57,599 |
Income before income taxes | 31,033 | 31,473 | 55,472 | 56,309 |
Net income | $ 20,172 | $ 20,143 | $ 36,057 | $ 36,038 |
Net income per common share (basic and |
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Average number of common shares |
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| Liabilities and Shareholders' Equity | |||||||
As of | As of | |||||||
(Dollars in thousands) | Jun. 28, | Dec. 28, | Jun. 28, | Dec. 28, | ||||
Cash and cash equivalents | $128,292 | $ 139,165 | Accounts payable and |
$194,288 |
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Current assets | $376,167 | $405,054 | Current liabilities | $241,270 | $298,680 | |||
Property and equipment - | 343,853 | 353,270 | Long-term debt |
| 8,553 | |||
Total assets | $968,996 | $1,020,552 | Total liabilities and | $968,996 | $1,020,552 |
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Six Months Ended | |||
(Dollars in thousands) | Jun. 28, 2003 |
| Jun. 29, 2002 |
Net cash flows from (to) operating activities | $ 54,485 | $ 45,135 | |
Net increase (decrease) in cash and cash equivalents | (10,873) | 9,375 | |
Cash and cash equivalents at end of period | $ 128,292 | $ 88,213 |
Unaudited Business Segment Data | ||||
| Three Months Ended | Six Months Ended | ||
Net sales: |
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Operating profit: |
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Office furniture - net | 27,316 | 31,848 | 52,509 | 56,096 |
Total operating profit | 37,870 | 40,667 | 68,877 | 71,420 |
Income before income taxes | $31,033 | $31,473 | $55,472 | $56,309 |
Depreciation and amortization expense: |
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| $17,447 | $17,420 | $33,729 | $34,568 |
Capital expenditures - net: |
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| $9,231 | $4,063 | $23,694 | $9,329 |
As of | As of | ||
Identifiable assets: | |||
Office furniture | $468,411 | $527,132 |