EXHIBIT 99 | |
HON INDUSTRIES P.O. Box 1109, Muscatine, Iowa 52761-0071 | |
News Release | |
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HON INDUSTRIES Announces Results for Third Quarter - | |
MUSCATINE, Iowa (October 22, 2003) - HON INDUSTRIES Inc. (NYSE: HNI) announced today sales of Office Furniture normal 13-week period. Operating profit was $45.2 million compared to $42.1 million in 2002. Operating profit as | |
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 |
Forward-looking Statements
Statements in this news release that are not strictly historical, including statements as to plans, objectives, and future financial performance, are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, which may cause the Company's actual results in the future to differ materially from expected results, particularly those with respect to expected earnings for the remainder of the fiscal year. These risks include, among others: the Company's ability (a) to realize financial benefits from its cost containment, facilities closing, production consolidation, and business simplification initiatives, (b) to realize financial benefits from investments in new products, and (c) to mitigate the effects of uncertain steel prices and supplies; lower than expected demand for the Company's products
due to uncertain political and economic conditions; competitive pricing pressure from foreign and domestic competitors; and other factors described in the Company's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q.
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HON INDUSTRIES | ||||
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| Three Months Ended | Nine Months Ended | ||
Net sales | $500,091 | $446,274 | $1,298,855 | $1,244,712 |
Gross profit | 183,679 | 160,278 | 469,235 | 442,622 |
Operating income | 52,326 | 43,004 | 108,212 | 100,603 |
Income before income taxes | 52,943 | 42,427 | 108,415 | 98,736 |
Net income | $ 34,413 | $ 27,153 | $ 70,470 | $ 63,191 |
Net income per common share (basic |
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Average number of common shares |
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| Liabilities and Shareholders' Equity | |||||||
As of | As of | |||||||
(Dollars in thousands) | Oct. 4, | Dec. 28, | Oct. 4, | Dec. 28, | ||||
Cash and cash equivalents | $ 73,645 | $139,165 | Accounts payable and | $210,134 |
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Current assets | $448,913 | $405,054 | Current liabilities | $259,800 | $298,680 | |||
Property and equipment - | 324,187 | 353,270 | Long-term debt |
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Total assets | $1,025,413 | $1,020,552 | Total liabilities and | $1,025,413 | $1,020,552 |
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Nine Months Ended | |||
(Dollars in thousands) | Oct. 4, 2003 | Sep. 28, 2002 | |
Net cash flows from (to) operating activities | $ 94,678 | $ 103,236 | |
Net increase (decrease) in cash and cash equivalents | (65,520) | 30,816 | |
Cash and cash equivalents at end of period | $ 73,645 | $ 109,654 |
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| Three Months Ended | Nine Months Ended | ||
Net sales: |
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$500,091 | $446,274 | $1,298,855 | $1,244,712 | |
Operating profit: |
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Office furniture - net | 45,242 | 42,116 | 97,751 | 98,212 |
Total operating profit | 62,694 | 53,843 | 131,571 | 125,263 |
Income before income taxes | $ 52,943 | $ 42,427 | $ 108,415 | $ 98,736 |
Depreciation and amortization |
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$ 22,665 | $ 17,190 | $ 56,394 | $ 51,758 | |
Capital expenditures - net: |
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$ 7,771 | $ 7,402 | $ 32,124 | $ 16,753 |
As of | As of | ||
Identifiable assets: | |||
Office furniture | $ 478,299 | $ 516,417 | |
Hearth products | 316,508 | 312,136 | |
General corporate | 230,606 | 176,249 | |
$1,025,413 | $1,004,802 |