Attached files
| file | filename |
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| 8-K - FORM 8-K - STEELCASE INC | f8k_052711.htm |
Exhibit 99.1
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FILE CONTENTS: Steelcase Inc. (NYSE: SCS)
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Four Year Segment Detail
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One Year Segment Detail by Quarter
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Notes:
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Amounts expressed in $ million unless otherwise noted.
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Reclassifications
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Certain amounts in the prior years' financial statements have been reclassified to conform to the current year's segment presentation.
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FY2011 Segments
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FY2012 Segments
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North America
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The Americas
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Steelcase North America
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Steelcase North America
Coalesse
Latin America
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International
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EMEA
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Europe, Middle East, Africa ("EMEA")
Latin America
Asia Pacific
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Europe, Middle East, Africa ("EMEA")
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Other
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Other
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PolyVision
Coalesse
Designtex
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PolyVision
Asia Pacific
Designtex
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This presentation contains a non-GAAP financial measure. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the company. We have provided a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure.
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The non-GAAP financial measure used is adjusted operating income (loss), which represents operating income (loss) excluding restructuring costs, goodwill and intangible assets impairment charges and income (loss) associated with changes in the cash surrender value of variable life company-owned life insurance policies (“variable life COLI income (loss)”). This measure is presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.
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Four Year Segment Detail
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Steelcase Inc.
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February 25, 2011
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February 26, 2010
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February 27, 2009
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February 29, 2008
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||||||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Revenue
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$ | 2,437.1 | 100.0 | % | $ | 2,291.7 | 100.0 | % | $ | 3,183.7 | 100.0 | % | $ | 3,420.8 | 100.0 | % | ||||||||||||||||
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Cost of sales
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1,693.8 | 69.5 | 1,619.9 | 70.7 | 2,236.7 | 70.3 | 2,322.6 | 67.9 | ||||||||||||||||||||||||
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Restructuring costs
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25.8 | 1.1 | 22.0 | 0.9 | 23.9 | 0.7 | (0.4 | ) | - | |||||||||||||||||||||||
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Gross profit
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717.5 | 29.4 | 649.8 | 28.4 | 923.1 | 29.0 | 1,098.6 | 32.1 | ||||||||||||||||||||||||
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Operating expenses
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661.2 | 27.1 | 648.4 | 28.3 | 842.9 | 26.5 | 874.7 | 25.6 | ||||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 65.2 | 2.0 | 21.1 | 0.6 | ||||||||||||||||||||||||
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Restructuring costs
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4.8 | 0.2 | 12.9 | 0.6 | 14.0 | 0.5 | - | - | ||||||||||||||||||||||||
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Operating income (loss)
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$ | 51.5 | 2.1 | % | $ | (11.5 | ) | (0.5 | ) | $ | 1.0 | 0.0 | % | $ | 202.8 | 5.9 | % | |||||||||||||||
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Operating income (loss)
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$ | 51.5 | 2.1 | % | $ | (11.5 | ) | (0.5 | %) | $ | 1.0 | 0.0 | % | $ | 202.8 | 5.9 | % | |||||||||||||||
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Restructuring costs
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30.6 | 1.3 | 34.9 | 1.5 | 37.9 | 1.2 | (0.4 | ) | - | |||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 65.2 | 2.0 | 21.1 | 0.6 | ||||||||||||||||||||||||
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Variable life COLI income (loss)
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- | - | 33.1 | 1.4 | (41.1 | ) | (1.3 | ) | (0.5 | ) | - | |||||||||||||||||||||
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Adjusted operating income (loss)
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$ | 82.1 | 3.4 | % | $ | (9.7 | ) | (0.4 | %) | $ | 145.2 | 4.5 | % | $ | 224.0 | 6.5 | % | |||||||||||||||
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The Americas
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February 25, 2011
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February 26, 2010
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February 27, 2009
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February 29, 2008
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||||||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Revenue
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$ | 1,504.6 | 100.0 | % | $ | 1,389.4 | 100.0 | % | $ | 1,956.6 | 100.0 | % | $ | 2,157.6 | 100.0 | % | ||||||||||||||||
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Cost of sales
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1,066.3 | 70.9 | 993.0 | 71.5 | 1,417.0 | 72.4 | 1,501.1 | 69.6 | ||||||||||||||||||||||||
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Restructuring costs
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6.6 | 0.4 | 8.5 | 0.6 | 22.6 | 1.2 | 1.7 | 0.1 | ||||||||||||||||||||||||
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Gross profit
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431.7 | 28.7 | 387.9 | 27.9 | 517.0 | 26.4 | 654.8 | 30.3 | ||||||||||||||||||||||||
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Operating expenses
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360.0 | 23.9 | 333.4 | 24.0 | 443.8 | 22.7 | 465.8 | 21.5 | ||||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 1.7 | 0.1 | - | - | ||||||||||||||||||||||||
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Restructuring costs
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1.1 | 0.1 | 4.1 | 0.3 | 10.8 | 0.5 | - | - | ||||||||||||||||||||||||
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Operating income (loss)
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$ | 70.6 | 4.7 | % | $ | 50.4 | 3.6 | % | $ | 60.7 | 3.1 | % | $ | 189.0 | 8.8 | % | ||||||||||||||||
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Operating income (loss)
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$ | 70.6 | 4.7 | % | $ | 50.4 | 3.6 | % | $ | 60.7 | 3.1 | % | $ | 189.0 | 8.8 | % | ||||||||||||||||
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Restructuring costs
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7.7 | 0.5 | 12.6 | 0.9 | 33.4 | 1.7 | 1.7 | 0.1 | ||||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 1.7 | 0.1 | - | - | ||||||||||||||||||||||||
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Variable life COLI income (loss)
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- | - | 32.9 | 2.3 | (40.5 | ) | (2.1 | ) | (0.5 | ) | - | |||||||||||||||||||||
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Adjusted operating income (loss)
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$ | 78.3 | 5.2 | % | $ | 30.1 | 2.2 | % | $ | 136.3 | 7.0 | % | $ | 191.2 | 8.9 | % | ||||||||||||||||
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EMEA
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February 25, 2011
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February 26, 2010
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February 27, 2009
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February 29, 2008
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||||||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Revenue
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$ | 547.3 | 100.0 | % | $ | 530.3 | 100.0 | % | $ | 755.9 | 100.0 | % | $ | 757.4 | 100.0 | % | ||||||||||||||||
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Cost of sales
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390.5 | 71.4 | 376.9 | 71.1 | 514.1 | 68.0 | 508.3 | 67.1 | ||||||||||||||||||||||||
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Restructuring costs
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18.7 | 3.4 | 10.1 | 1.9 | 0.3 | - | (2.0 | ) | (0.3 | ) | ||||||||||||||||||||||
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Gross profit
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138.1 | 25.2 | 143.3 | 27.0 | 241.5 | 32.0 | 251.1 | 33.2 | ||||||||||||||||||||||||
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Operating expenses
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156.1 | 28.5 | 160.4 | 30.2 | 194.9 | 25.8 | 199.1 | 26.3 | ||||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 0.3 | - | - | - | ||||||||||||||||||||||||
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Restructuring costs
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0.4 | 0.1 | 4.9 | 0.9 | 1.5 | 0.2 | - | - | ||||||||||||||||||||||||
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Operating income (loss)
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$ | (18.4 | ) | (3.4 | %) | $ | (22.0 | ) | (4.1 | %) | $ | 44.8 | 6.0 | % | $ | 52.0 | 6.9 | % | ||||||||||||||
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Operating income (loss)
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$ | (18.4 | ) | (3.4 | %) | $ | (22.0 | ) | (4.1 | %) | $ | 44.8 | 6.0 | % | $ | 52.0 | 6.9 | % | ||||||||||||||
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Restructuring costs
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19.1 | 3.5 | 15.0 | 2.8 | 1.8 | 0.2 | (2.0 | ) | (0.3 | ) | ||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 0.3 | - | - | - | ||||||||||||||||||||||||
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Variable life COLI income (loss)
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- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
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Adjusted operating income (loss)
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$ | 0.7 | 0.1 | % | $ | (7.0 | ) | (1.3 | %) | $ | 46.9 | 6.2 | % | $ | 50.0 | 6.6 | % | |||||||||||||||
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Other
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February 25, 2011
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February 26, 2010
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February 27, 2009
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February 29, 2008
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||||||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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Revenue
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$ | 385.2 | 100.0 | % | $ | 372.0 | 100.0 | % | $ | 471.2 | 100.0 | % | $ | 505.8 | 100.0 | % | ||||||||||||||||
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Cost of sales
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237.0 | 61.5 | 250.0 | 67.2 | 305.6 | 64.9 | 313.2 | 61.9 | ||||||||||||||||||||||||
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Restructuring costs
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0.5 | 0.1 | 3.4 | 0.9 | 1.0 | 0.2 | (0.1 | ) | - | |||||||||||||||||||||||
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Gross profit
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147.7 | 38.4 | 118.6 | 31.9 | 164.6 | 34.9 | 192.7 | 38.1 | ||||||||||||||||||||||||
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Operating expenses
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131.0 | 34.0 | 136.8 | 36.8 | 176.8 | 37.5 | 183.5 | 36.3 | ||||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 63.2 | 13.4 | 21.1 | 4.2 | ||||||||||||||||||||||||
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Restructuring costs
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3.3 | 0.9 | 3.9 | 1.0 | 1.7 | 0.4 | - | - | ||||||||||||||||||||||||
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Operating income (loss)
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$ | 13.4 | 3.5 | % | $ | (22.1 | ) | (5.9 | %) | $ | (77.1 | ) | (16.4 | %) | $ | (11.9 | ) | (2.4 | %) | |||||||||||||
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Operating income (loss)
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$ | 13.4 | 3.5 | % | $ | (22.1 | ) | (5.9 | %) | $ | (77.1 | ) | (16.4 | %) | $ | (11.9 | ) | (2.4 | %) | |||||||||||||
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Restructuring costs
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3.8 | 1.0 | 7.3 | 1.9 | 2.7 | 0.6 | (0.1 | ) | - | |||||||||||||||||||||||
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Goodwill and intangible assets impairment charges
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- | - | - | - | 63.2 | 13.4 | 21.1 | 4.2 | ||||||||||||||||||||||||
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Variable life COLI income (loss)
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- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
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Adjusted operating income (loss)
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$ | 17.2 | 4.5 | % | $ | (14.8 | ) | (4.0 | %) | $ | (11.2 | ) | (2.4 | %) | $ | 9.1 | 1.8 | % | ||||||||||||||
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Corporate
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February 25, 2011
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February 26, 2010
|
February 27, 2009
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February 29, 2008
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||||||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||||||||||||||||||
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Operating expenses
|
$ | 14.1 | $ | 17.8 | $ | 27.4 | $ | 26.3 | ||||||||||||||||||||||||
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One Year Segment Detail by Quarter
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Steelcase Inc. - $
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Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 |
Steelcase Inc. - %
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Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | ||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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||||||||||||||||||||||||||||||||
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Revenue
|
$ | 541.8 | $ | 599.8 | $ | 672.6 | $ | 622.9 |
Revenue
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100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
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Cost of sales
|
378.8 | 417.5 | 461.8 | 435.7 |
Cost of sales
|
69.9 | 69.6 | 68.7 | 70.0 | ||||||||||||||||||||||||
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Restructuring costs
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1.5 | 11.7 | 6.9 | 5.7 |
Restructuring costs
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0.3 | 2.0 | 1.0 | 0.9 | ||||||||||||||||||||||||
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Gross profit
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161.5 | 170.6 | 203.9 | 181.5 |
Gross margin
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29.8 | 28.4 | 30.3 | 29.1 | ||||||||||||||||||||||||
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Operating expenses
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161.9 | 162.8 | 176.0 | 160.5 |
Operating expenses
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29.9 | 27.1 | 26.1 | 25.8 | ||||||||||||||||||||||||
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Restructuring costs
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1.0 | 1.3 | 1.1 | 1.4 |
Restructuring costs
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0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||
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Operating income (loss)
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$ | (1.4 | ) | $ | 6.5 | $ | 26.8 | $ | 19.6 |
Operating income (loss)
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(0.3 | %) | 1.1 | % | 4.0 | % | 3.1 | % | |||||||||||||||
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Operating income (loss)
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$ | (1.4 | ) | $ | 6.5 | $ | 26.8 | $ | 19.6 |
Operating income (loss)
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(0.3 | %) | 1.1 | % | 4.0 | % | 3.1 | % | |||||||||||||||
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Restructuring costs
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2.5 | 13.0 | 8.0 | 7.1 |
Restructuring costs
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0.5 | 2.2 | 1.2 | 1.1 | ||||||||||||||||||||||||
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Adjusted operating income (loss)
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$ | 1.1 | $ | 19.5 | $ | 34.8 | $ | 26.7 |
Adjusted operating income (loss)
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0.2 | % | 3.3 | % | 5.2 | % | 4.2 | % | ||||||||||||||||
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The Americas - $
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Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 |
The Americas - %
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Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | ||||||||||||||||||||||||
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(unaudited)
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(unaudited)
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Revenue
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$ | 332.2 | $ | 369.6 | $ | 406.6 | $ | 396.2 |
Revenue
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100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
|
Cost of sales
|
237.0 | 262.7 | 286.4 | 280.2 |
Cost of sales
|
71.4 | 71.1 | 70.4 | 70.7 | ||||||||||||||||||||||||
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Restructuring costs
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1.4 | 1.9 | 2.4 | 0.9 |
Restructuring costs
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0.4 | 0.5 | 0.6 | 0.2 | ||||||||||||||||||||||||
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Gross profit
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93.8 | 105.0 | 117.8 | 115.1 |
Gross margin
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28.2 | 28.4 | 29.0 | 29.1 | ||||||||||||||||||||||||
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Operating expenses
|
82.5 | 87.0 | 91.4 | 99.1 |
Operating expenses
|
24.8 | 23.5 | 22.5 | 25.0 | ||||||||||||||||||||||||
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Restructuring costs
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- | 0.7 | 0.2 | 0.2 |
Restructuring costs
|
- | 0.2 | 0.1 | 0.1 | ||||||||||||||||||||||||
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Operating income (loss)
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$ | 11.3 | $ | 17.3 | $ | 26.2 | $ | 15.8 |
Operating income (loss)
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3.4 | % | 4.7 | % | 6.4 | % | 4.0 | % | ||||||||||||||||
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Operating income (loss)
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$ | 11.3 | $ | 17.3 | $ | 26.2 | $ | 15.8 |
Operating income (loss)
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3.4 | % | 4.7 | % | 6.4 | % | 4.0 | % | ||||||||||||||||
|
Restructuring costs
|
1.4 | 2.6 | 2.6 | 1.1 |
Restructuring costs
|
0.4 | 0.7 | 0.7 | 0.3 | ||||||||||||||||||||||||
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Adjusted operating income (loss)
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$ | 12.7 | $ | 19.9 | $ | 28.8 | $ | 16.9 |
Adjusted operating income (loss)
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3.8 | % | 5.4 | % | 7.1 | % | 4.3 | % | ||||||||||||||||
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EMEA - $
|
Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 |
EMEA - %
|
Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | ||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
||||||||||||||||||||||||||||||||
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Revenue
|
$ | 110.7 | $ | 121.8 | $ | 161.4 | $ | 153.4 |
Revenue
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
|
Cost of sales
|
81.1 | 88.6 | 112.5 | 108.3 |
Cost of sales
|
73.3 | 72.7 | 69.7 | 70.6 | ||||||||||||||||||||||||
|
Restructuring (benefits) costs
|
- | 9.7 | 4.1 | 4.9 |
Restructuring (benefits) costs
|
- | 8.0 | 2.5 | 3.2 | ||||||||||||||||||||||||
|
Gross profit
|
29.6 | 23.5 | 44.8 | 40.2 |
Gross margin
|
26.7 | 19.3 | 27.8 | 26.2 | ||||||||||||||||||||||||
|
Operating expenses
|
37.1 | 34.9 | 41.4 | 42.7 |
Operating expenses
|
33.5 | 28.7 | 25.7 | 27.8 | ||||||||||||||||||||||||
|
Restructuring costs
|
0.2 | (0.1 | ) | 0.2 | 0.1 |
Restructuring costs
|
0.2 | (0.1 | ) | 0.1 | 0.1 | ||||||||||||||||||||||
|
Operating income (loss)
|
$ | (7.7 | ) | $ | (11.3 | ) | $ | 3.2 | $ | (2.6 | ) |
Operating income (loss)
|
(7.0 | %) | (9.3 | %) | 2.0 | % | (1.7 | %) | |||||||||||||
|
Operating income (loss)
|
$ | (7.7 | ) | $ | (11.3 | ) | $ | 3.2 | $ | (2.6 | ) |
Operating income (loss)
|
(7.0 | %) | (9.3 | %) | 2.0 | % | (1.7 | %) | |||||||||||||
|
Restructuring (benefits) costs
|
0.2 | 9.6 | 4.3 | 5.0 |
Restructuring (benefits) costs
|
0.2 | 7.9 | 2.6 | 3.3 | ||||||||||||||||||||||||
|
Adjusted operating income (loss)
|
$ | (7.5 | ) | $ | (1.7 | ) | $ | 7.5 | $ | 2.4 |
Adjusted operating income (loss)
|
(6.8 | %) | (1.4 | %) | 4.6 | % | 1.6 | % | ||||||||||||||
|
Other - $
|
Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 |
Other - %
|
Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | ||||||||||||||||||||||||
|
(unaudited)
|
(unaudited)
|
||||||||||||||||||||||||||||||||
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Revenue
|
$ | 98.9 | $ | 108.4 | $ | 104.6 | $ | 73.3 |
Revenue
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
|
Cost of sales
|
60.7 | 66.2 | 62.9 | 47.2 |
Cost of sales
|
61.4 | 61.1 | 60.1 | 64.4 | ||||||||||||||||||||||||
|
Restructuring (benefits) costs
|
0.1 | 0.1 | 0.4 | (0.1 | ) |
Restructuring (benefits) costs
|
0.1 | 0.1 | 0.4 | (0.1 | ) | ||||||||||||||||||||||
|
Gross profit
|
38.1 | 42.1 | 41.3 | 26.2 |
Gross margin
|
38.5 | 38.8 | 39.5 | 35.7 | ||||||||||||||||||||||||
|
Operating expenses
|
36.1 | 34.3 | 36.1 | 24.5 |
Operating expenses
|
36.5 | 31.6 | 34.5 | 33.4 | ||||||||||||||||||||||||
|
Restructuring costs
|
0.8 | 0.7 | 0.7 | 1.1 |
Restructuring costs
|
0.8 | 0.7 | 0.7 | 1.5 | ||||||||||||||||||||||||
|
Operating income (loss)
|
$ | 1.2 | $ | 7.1 | $ | 4.5 | $ | 0.6 |
Operating income (loss)
|
1.2 | % | 6.5 | % | 4.3 | % | 0.8 | % | ||||||||||||||||
|
Operating income (loss)
|
$ | 1.2 | $ | 7.1 | $ | 4.5 | $ | 0.6 |
Operating income (loss)
|
1.2 | % | 6.5 | % | 4.3 | % | 0.8 | % | ||||||||||||||||
|
Restructuring (benefits) costs
|
0.9 | 0.8 | 1.1 | 1.0 |
Restructuring (benefits) costs
|
0.9 | 0.8 | 1.1 | 1.4 | ||||||||||||||||||||||||
|
Adjusted operating income (loss)
|
$ | 2.1 | $ | 7.9 | $ | 5.6 | $ | 1.6 |
Adjusted operating income (loss)
|
2.1 | % | 7.3 | % | 5.4 | % | 2.2 | % | ||||||||||||||||
|
Corporate - $
|
Q1 2011 | Q2 2011 | Q3 2011 | Q4 2011 | |||||||||||||||||||||||||||||
|
(unaudited)
|
|||||||||||||||||||||||||||||||||
|
Operating expenses
|
$ | 6.2 | $ | 6.6 | $ | 7.1 | $ | (5.8 | ) | ||||||||||||||||||||||||