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| 8-K - 8-K - STEELCASE INC | scs-11262012x8k.htm |
EXHIBIT 99.1
Reclassified Segment Information | ||||||||||
As of November 23, 2012, Steelcase Inc. (the “Company”) realigned portions of its reportable segments for financial reporting purposes as a result of the integration of the PolyVision global technology business into the Steelcase Education Solutions group. Prior to this change, the PolyVision global technology business was combined with the PolyVision surfaces business and was reported collectively as PolyVision in the Other segment along with Asia Pacific and Designtex. | ||||||||||
As a result of these changes, the results of the PolyVision technology business will be reported in the Americas and EMEA segments based on the location of the customers. The PolyVision surfaces business will remain in the Other segment. | ||||||||||
Reclassifications | ||||||||||
Certain amounts in the prior years' financial statements have been reclassified to conform to the new segment presentation. The below represents reclassified segment information for the following periods: | ||||||||||
2013 Segment Detail by Quarter and Year to Date | ||||||||||
2012 and 2011 Annual Segment Detail | ||||||||||
2012 Segment Detail by Quarter | ||||||||||
Note: Amounts expressed in $ million unless otherwise noted. | ||||||||||
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. | ||||||||||
The non-GAAP financial measure used is adjusted operating income (loss), which represents operating income (loss) excluding restructuring costs. 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. | ||||||||||
Date: November 26, 2012 | ||||||||||
2013 Segment Detail by Quarter | |||||||||||||||||||||
Steelcase Inc. | Q1 2013 | Q2 2013 | YTD Q2 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
Revenue | $ | 675.2 | 100.0 | % | $ | 744.9 | 100.0 | % | $ | 1,420.1 | 100.0 | % | |||||||||
Cost of sales | 474.1 | 70.2 | 513.4 | 68.9 | 987.5 | 69.5 | |||||||||||||||
Restructuring costs | 5.1 | 0.8 | 3.4 | 0.5 | 8.5 | 0.6 | |||||||||||||||
Gross profit | 196.0 | 29.0 | 228.1 | 30.6 | 424.1 | 29.9 | |||||||||||||||
Operating expenses | 176.7 | 26.2 | 181.0 | 24.3 | 357.7 | 25.2 | |||||||||||||||
Restructuring costs | — | — | 0.3 | — | 0.3 | — | |||||||||||||||
Operating income | $ | 19.3 | 2.8 | % | $ | 46.8 | 6.3 | % | $ | 66.1 | 4.7 | % | |||||||||
Operating income | $ | 19.3 | 2.8 | % | $ | 46.8 | 6.3 | % | $ | 66.1 | 4.7 | % | |||||||||
Restructuring costs | 5.1 | 0.8 | 3.7 | 0.5 | 8.8 | 0.6 | |||||||||||||||
Adjusted operating income | $ | 24.4 | 3.6 | % | $ | 50.5 | 6.8 | % | $ | 74.9 | 5.3 | % | |||||||||
The Americas | Q1 2013 | Q2 2013 | YTD Q2 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
Revenue | $ | 479.2 | 100.0 | % | $ | 539.8 | 100.0 | % | $ | 1,019.0 | 100.0 | % | |||||||||
Cost of sales | 333.7 | 69.6 | 369.2 | 68.4 | 702.9 | 69.0 | |||||||||||||||
Restructuring costs | 4.8 | 1.0 | 3.4 | 0.7 | 8.2 | 0.8 | |||||||||||||||
Gross profit | 140.7 | 29.4 | 167.2 | 31.0 | 307.9 | 30.2 | |||||||||||||||
Operating expenses | 106.2 | 22.2 | 109.8 | 20.3 | 216.0 | 21.2 | |||||||||||||||
Restructuring costs | — | — | — | — | — | — | |||||||||||||||
Operating income | $ | 34.5 | 7.2 | % | $ | 57.4 | 10.6 | % | $ | 91.9 | 9.0 | % | |||||||||
Operating income | $ | 34.5 | 7.2 | % | $ | 57.4 | 10.6 | % | $ | 91.9 | 9.0 | % | |||||||||
Restructuring costs | 4.8 | 1.0 | 3.4 | 0.7 | 8.2 | 0.8 | |||||||||||||||
Adjusted operating income | $ | 39.3 | 8.2 | % | $ | 60.8 | 11.3 | % | $ | 100.1 | 9.8 | % | |||||||||
EMEA | Q1 2013 | Q2 2013 | YTD Q2 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
Revenue | $ | 129.2 | 100.0 | % | $ | 140.0 | 100.0 | % | $ | 269.2 | 100.0 | % | |||||||||
Cost of sales | 96.0 | 74.3 | 102.6 | 73.3 | 198.6 | 73.8 | |||||||||||||||
Restructuring costs | 0.3 | 0.2 | — | — | 0.3 | 0.1 | |||||||||||||||
Gross profit | 32.9 | 25.5 | 37.4 | 26.7 | 70.3 | 26.1 | |||||||||||||||
Operating expenses | 41.7 | 32.3 | 41.8 | 29.8 | 83.5 | 31.0 | |||||||||||||||
Restructuring costs | 0.1 | 0.1 | — | — | 0.1 | — | |||||||||||||||
Operating income (loss) | $ | (8.9 | ) | (6.9 | )% | $ | (4.4 | ) | (3.1 | )% | $ | (13.3 | ) | (4.9 | )% | ||||||
Operating income (loss) | $ | (8.9 | ) | (6.9 | )% | $ | (4.4 | ) | (3.1 | )% | $ | (13.3 | ) | (4.9 | )% | ||||||
Restructuring costs | 0.4 | 0.3 | — | — | 0.4 | 0.1 | |||||||||||||||
Adjusted operating income (loss) | $ | (8.5 | ) | (6.6 | )% | $ | (4.4 | ) | (3.1 | )% | $ | (12.9 | ) | (4.8 | )% | ||||||
Other | Q1 2013 | Q2 2013 | YTD Q2 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
Revenue | $ | 66.8 | 100.0 | % | $ | 65.1 | 100.0 | % | $ | 131.9 | 100.0 | % | |||||||||
Cost of sales | 44.4 | 66.5 | 41.6 | 63.9 | 86.0 | 65.2 | |||||||||||||||
Restructuring costs | — | — | — | — | — | — | |||||||||||||||
Gross profit | 22.4 | 33.5 | 23.5 | 36.1 | 45.9 | 34.8 | |||||||||||||||
Operating expenses | 21.8 | 32.6 | 21.0 | 32.3 | 42.8 | 32.4 | |||||||||||||||
Restructuring costs | — | — | 0.3 | 0.4 | 0.3 | 0.3 | |||||||||||||||
Operating income | $ | 0.6 | 0.9 | % | $ | 2.2 | 3.4 | % | $ | 2.8 | 2.1 | % | |||||||||
Operating income | $ | 0.6 | 0.9 | % | $ | 2.2 | 3.4 | % | $ | 2.8 | 2.1 | % | |||||||||
Restructuring costs | — | — | 0.3 | 0.4 | 0.3 | 0.3 | |||||||||||||||
Adjusted operating income | $ | 0.6 | 0.9 | % | $ | 2.5 | 3.8 | % | $ | 3.1 | 2.4 | % | |||||||||
Corporate | Q1 2013 | Q2 2013 | YTD Q2 2013 | ||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
Operating expenses | $ | 7.0 | $ | 8.4 | $ | 15.4 | |||||||||||||||
Two Year Segment Detail | ||||||||||||||
Steelcase Inc. | February 24, 2012 | February 25, 2011 | ||||||||||||
Revenue | $ | 2,749.5 | 100.0 | % | $ | 2,437.1 | 100.0 | % | ||||||
Cost of sales | 1,913.6 | 69.6 | 1,693.8 | 69.5 | ||||||||||
Restructuring costs | 26.2 | 1.0 | 25.8 | 1.1 | ||||||||||
Gross profit | 809.7 | 29.4 | 717.5 | 29.4 | ||||||||||
Operating expenses | 708.3 | 25.8 | 661.2 | 27.1 | ||||||||||
Restructuring costs | 4.3 | 0.1 | 4.8 | 0.2 | ||||||||||
Operating income | $ | 97.1 | 3.5 | % | $ | 51.5 | 2.1 | % | ||||||
Operating income | $ | 97.1 | 3.5 | % | $ | 51.5 | 2.1 | % | ||||||
Restructuring costs | 30.5 | 1.1 | 30.6 | 1.3 | ||||||||||
Adjusted operating income | $ | 127.6 | 4.6 | % | $ | 82.1 | 3.4 | % | ||||||
The Americas | February 24, 2012 | February 25, 2011 | ||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 1,868.4 | 100.0 | % | $ | 1,536.0 | 100.0 | % | ||||||
Cost of sales | 1,302.3 | 69.7 | 1,083.2 | 70.5 | ||||||||||
Restructuring costs | 20.0 | 1.1 | 7.0 | 0.5 | ||||||||||
Gross profit | 546.1 | 29.2 | 445.8 | 29.0 | ||||||||||
Operating expenses | 421.8 | 22.6 | 377.2 | 24.5 | ||||||||||
Restructuring costs | 1.5 | — | 1.1 | 0.1 | ||||||||||
Operating income | $ | 122.8 | 6.6 | % | $ | 67.5 | 4.4 | % | ||||||
Operating income | $ | 122.8 | 6.6 | % | $ | 67.5 | 4.4 | % | ||||||
Restructuring costs | 21.5 | 1.1 | 8.1 | 0.5 | ||||||||||
Adjusted operating income | $ | 144.3 | 7.7 | % | $ | 75.6 | 4.9 | % | ||||||
EMEA | February 24, 2012 | February 25, 2011 | ||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 610.5 | 100.0 | % | $ | 555.8 | 100.0 | % | ||||||
Cost of sales | 432.9 | 70.9 | 395.7 | 71.2 | ||||||||||
Restructuring costs | 5.0 | 0.8 | 18.7 | 3.4 | ||||||||||
Gross profit | 172.6 | 28.3 | 141.4 | 25.4 | ||||||||||
Operating expenses | 179.5 | 29.4 | 159.9 | 28.8 | ||||||||||
Restructuring costs | 3.0 | 0.5 | 0.4 | — | ||||||||||
Operating income (loss) | $ | (9.9 | ) | (1.6 | )% | $ | (18.9 | ) | (3.4 | )% | ||||
Operating income (loss) | $ | (9.9 | ) | (1.6 | )% | $ | (18.9 | ) | (3.4 | )% | ||||
Restructuring costs | 8.0 | 1.3 | 19.1 | 3.4 | ||||||||||
Adjusted operating income (loss) | $ | (1.9 | ) | (0.3 | )% | $ | 0.2 | — | % | |||||
Other | February 24, 2012 | February 25, 2011 | ||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Revenue | $ | 270.6 | 100.0 | % | $ | 345.3 | 100.0 | % | ||||||
Cost of sales | 178.4 | 65.9 | 214.9 | 62.2 | ||||||||||
Restructuring costs | 1.2 | 0.4 | 0.1 | — | ||||||||||
Gross profit | 91.0 | 33.7 | 130.3 | 37.8 | ||||||||||
Operating expenses | 76.6 | 28.3 | 110.0 | 31.9 | ||||||||||
Restructuring costs | (0.2 | ) | — | 3.3 | 1.0 | |||||||||
Operating income | $ | 14.6 | 5.4 | % | $ | 17.0 | 4.9 | % | ||||||
Operating income | $ | 14.6 | 5.4 | % | $ | 17.0 | 4.9 | % | ||||||
Restructuring costs | 1.0 | 0.4 | 3.4 | 1.0 | ||||||||||
Adjusted operating income | $ | 15.6 | 5.8 | % | $ | 20.4 | 5.9 | % | ||||||
Corporate | February 24, 2012 | February 25, 2011 | ||||||||||||
(unaudited) | (unaudited) | |||||||||||||
Operating expenses | $ | 30.4 | $ | 14.1 | ||||||||||
One Year Segment Detail by Quarter | ||||||||||||||||||||||||||||
Steelcase Inc. | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
Revenue | $ | 639.4 | 100.0 | % | $ | 700.5 | 100.0 | % | $ | 719.4 | 100.0 | % | $ | 690.2 | 100.0 | % | ||||||||||||
Cost of sales | 446.3 | 69.8 | 487.9 | 69.7 | 496.3 | 69.0 | 483.1 | 70.0 | ||||||||||||||||||||
Restructuring costs | 10.0 | 1.6 | 11.4 | 1.6 | 3.3 | 0.4 | 1.5 | 0.2 | ||||||||||||||||||||
Gross profit | 183.1 | 28.6 | 201.2 | 28.7 | 219.8 | 30.6 | 205.6 | 29.8 | ||||||||||||||||||||
Operating expenses | 168.2 | 26.3 | 174.9 | 25.0 | 181.1 | 25.2 | 184.1 | 26.7 | ||||||||||||||||||||
Restructuring costs | (0.1 | ) | — | 0.9 | 0.1 | 0.5 | 0.1 | 3.0 | 0.4 | |||||||||||||||||||
Operating income | $ | 15.0 | 2.3 | % | $ | 25.4 | 3.6 | % | $ | 38.2 | 5.3 | % | $ | 18.5 | 2.7 | % | ||||||||||||
Operating income | $ | 15.0 | 2.3 | % | $ | 25.4 | 3.6 | % | $ | 38.2 | 5.3 | % | $ | 18.5 | 2.7 | % | ||||||||||||
Restructuring costs | 9.9 | 1.6 | 12.3 | 1.8 | 3.8 | 0.5 | 4.5 | 0.6 | ||||||||||||||||||||
Adjusted operating income | $ | 24.9 | 3.9 | % | $ | 37.7 | 5.4 | % | $ | 42.0 | 5.8 | % | $ | 23.0 | 3.3 | % | ||||||||||||
The Americas | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
Revenue | $ | 415.4 | 100.0 | % | $ | 496.0 | 100.0 | % | $ | 488.5 | 100.0 | % | $ | 468.5 | 100.0 | % | ||||||||||||
Cost of sales | 291.4 | 70.2 | 343.9 | 69.3 | 340.5 | 69.7 | 326.5 | 69.7 | ||||||||||||||||||||
Restructuring costs | 7.3 | 1.7 | 5.2 | 1.1 | 2.9 | 0.6 | 4.6 | 1.0 | ||||||||||||||||||||
Gross profit | 116.7 | 28.1 | 146.9 | 29.6 | 145.1 | 29.7 | 137.4 | 29.3 | ||||||||||||||||||||
Operating expenses | 96.9 | 23.3 | 105.5 | 21.3 | 107.5 | 22.0 | 111.9 | 23.9 | ||||||||||||||||||||
Restructuring costs | — | — | — | — | 0.5 | 0.1 | 1.0 | 0.2 | ||||||||||||||||||||
Operating income | $ | 19.8 | 4.8 | % | $ | 41.4 | 8.3 | % | $ | 37.1 | 7.6 | % | $ | 24.5 | 5.2 | % | ||||||||||||
Operating income | $ | 19.8 | 4.8 | % | $ | 41.4 | 8.3 | % | $ | 37.1 | 7.6 | % | $ | 24.5 | 5.2 | % | ||||||||||||
Restructuring costs | 7.3 | 1.7 | 5.2 | 1.1 | 3.4 | 0.7 | 5.6 | 1.2 | ||||||||||||||||||||
Adjusted operating income | $ | 27.1 | 6.5 | % | $ | 46.6 | 9.4 | % | $ | 40.5 | 8.3 | % | $ | 30.1 | 6.4 | % | ||||||||||||
EMEA | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
Revenue | $ | 155.7 | 100.0 | % | $ | 135.7 | 100.0 | % | $ | 161.8 | 100.0 | % | $ | 157.3 | 100.0 | % | ||||||||||||
Cost of sales | 110.0 | 70.7 | 98.5 | 72.5 | 111.6 | 69.0 | 112.8 | 71.7 | ||||||||||||||||||||
Restructuring costs | 2.7 | 1.7 | 5.1 | 3.8 | 0.4 | 0.2 | (3.2 | ) | (2.0 | ) | ||||||||||||||||||
Gross profit | 43.0 | 27.6 | 32.1 | 23.7 | 49.8 | 30.8 | 47.7 | 30.3 | ||||||||||||||||||||
Operating expenses | 43.5 | 27.9 | 45.5 | 33.6 | 45.6 | 28.2 | 45.0 | 28.6 | ||||||||||||||||||||
Restructuring costs | — | — | 0.8 | 0.6 | 0.2 | 0.1 | 2.0 | 1.3 | ||||||||||||||||||||
Operating income (loss) | $ | (0.5 | ) | (0.3 | )% | $ | (14.2 | ) | (10.5 | )% | $ | 4.0 | 2.5 | % | $ | 0.7 | 0.4 | % | ||||||||||
Operating income (loss) | $ | (0.5 | ) | (3.0 | )% | $ | (14.2 | ) | (10.5 | )% | $ | 4.0 | 2.5 | % | $ | 0.7 | 0.4 | % | ||||||||||
Restructuring costs | 2.7 | 1.7 | 5.9 | 4.4 | 0.6 | 0.3 | (1.2 | ) | (0.7 | ) | ||||||||||||||||||
Adjusted operating income (loss) | $ | 2.2 | (1.4 | )% | $ | (8.3 | ) | (6.1 | )% | $ | 4.6 | 2.8 | % | $ | (0.5 | ) | (0.3 | )% | ||||||||||
Other | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
Revenue | $ | 68.3 | 100.0 | % | $ | 68.8 | 100.0 | % | $ | 69.1 | 100.0 | % | $ | 64.4 | 100.0 | % | ||||||||||||
Cost of sales | 44.9 | 65.7 | 45.5 | 66.1 | 44.2 | 64.0 | 43.8 | 68.0 | ||||||||||||||||||||
Restructuring costs | — | — | 1.1 | 1.6 | — | — | 0.1 | 0.2 | ||||||||||||||||||||
Gross profit | 23.4 | 34.3 | 22.2 | 32.3 | 24.9 | 36.0 | 20.5 | 31.8 | ||||||||||||||||||||
Operating expenses | 19.2 | 28.1 | 19.4 | 28.2 | 19.0 | 27.5 | 18.9 | 29.3 | ||||||||||||||||||||
Restructuring costs | (0.1 | ) | (0.1 | ) | 0.1 | 0.2 | (0.2 | ) | (0.3 | ) | — | — | ||||||||||||||||
Operating income | $ | 4.3 | 6.3 | % | $ | 2.7 | 3.9 | % | $ | 6.1 | 8.8 | % | $ | 1.6 | 2.5 | % | ||||||||||||
Operating income | $ | 4.3 | 6.3 | % | $ | 2.7 | 3.9 | % | $ | 6.1 | 8.8 | % | $ | 1.6 | 2.5 | % | ||||||||||||
Restructuring costs | (0.1 | ) | (0.1 | ) | 1.2 | 1.8 | (0.2 | ) | (0.3 | ) | 0.1 | 0.2 | ||||||||||||||||
Adjusted operating income | $ | 4.2 | 6.2 | % | $ | 3.9 | 5.7 | % | $ | 5.9 | 8.5 | % | $ | 1.7 | 2.7 | % | ||||||||||||
Corporate | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | ||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
Operating expenses | $ | 8.6 | $ | 4.5 | $ | 9.0 | $ | 8.3 | ||||||||||||||||||||