1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
X QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
_____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 4, 1995
HERMAN MILLER, INC.
A Michigan Corporation ID No. 38-0837640
855 Main Avenue, PO Box 302, Zeeland, MI 49464-0302 Phone (616) 654 3000
Herman Miller, Inc.
(1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months
Yes X No ____
(2) has been subject to such filing requirements for the past 90
days.
Yes X No ____
Common Stock Outstanding at March 31, 1995--24,795,821.
The Exhibit Index appears at page 16.
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HERMAN MILLER, INC. FORM 10-Q
FOR THE QUARTER ENDED MARCH 4, 1995
INDEX
Page No.
--------
Part I--Financial Information
Condensed Consolidated Balance Sheets--
March 4, 1995, and May 28, 1994 3
Condensed Consolidated Statements of Income--
Three Months and Nine Months Ended March 4, 1995,
and February 26, 1994 4
Condensed Consolidated Statements of Cash Flows--
Nine Months Ended March 4, 1995
and February 26, 1994 5
Notes to Condensed Consolidated Financial Statements 6-8
Management's Discussion and Analysis of
Financial Condition and Results of Operations 9-13
Part II--Other Information
Exhibits and Reports on Form 8-K 14
Signatures 15
Exhibit Index 16
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HERMAN MILLER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
March 4, May 28,
1995 1994
----------- -----------
(unaudited) (audited)
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents $ 22,589 $ 22,701
Accounts receivable, net 161,721 121,564
Inventories--
Finished goods 27,349 20,299
Work in process 9,785 6,183
Raw materials 37,375 33,331
--------- --------
Total inventories 74,509 59,813
--------- --------
Prepaid expenses and other 30,724 24,590
--------- --------
Total current assets 289,543 228,668
--------- --------
PROPERTY AND EQUIPMENT, AT COST 497,988 454,894
Less-accumulated depreciation 235,947 215,932
--------- --------
Net property and equipment 262,041 238,962
--------- --------
OTHER ASSETS:
Notes receivable, net 36,538 36,659
Other noncurrent assets 42,009 29,457
--------- --------
Total assets $630,131 $533,746
========= ========
March 4, May 28,
1995 1994
----------- -----------
(unaudited) (audited)
LIABILITIES & SHAREHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES:
Current maturities of long-term
debt $ 466 $ 506
Notes payable 91,085 48,911
Accounts payable 41,217 42,121
Accruals 92,994 86,187
-------- --------
Total current liabilities 225,762 177,725
-------- --------
LONG-TERM DEBT, less current maturities 50,254 20,600
OTHER LIABILITIES 52,161 39,096
SHAREHOLDERS' EQUITY:
Common stock $.20 par value 4,959 4,918
Additional paid-in capital 20,788 16,649
Retained earnings 283,157 279,161
Cumulative translation adjustment (6,191) (3,460)
Unearned stock grant compensation (759) (943)
-------- --------
Total shareholders' equity 301,954 296,325
-------- --------
Total liabilities and
shareholders' equity $630,131 $533,746
======== ========
See accompanying notes to condensed consolidated financial statements.
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HERMAN MILLER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Nine Months Ended
------------------ -----------------
March 4, Feb. 26, March 4, Feb. 26,
1995 1994 1995(1) 1994(2)
--------- --------- --------- ---------
NET SALES $259,950 $241,949 $791,858 $705,337
COST AND EXPENSES:
Cost of goods sold 171,069 157,791 512,608 460,526
Operating expenses 78,777 67,455 238,304 197,982
Restructuring charges(3) -- -- 15,500 --
Interest expense 2,053 342 4,323 1,086
Other (income) expense, net 1,492 (920) (116) (2,595)
--------- --------- --------- ---------
253,391 224,668 770,619 656,999
--------- --------- --------- ---------
INCOME BEFORE TAXES ON INCOME 6,559 17,281 21,239 48,338
PROVISION FOR TAXES ON INCOME 2,300 6,100 7,600 18,500
--------- --------- --------- ---------
NET INCOME $ 4,259 $ 11,181 $ 13,639 $ 29,838
========= ======== ======== =========
EARNINGS PER SHARE $ .17 $ .44 $ .55 $ 1.18
========= ======== ======== =========
DIVIDENDS PER SHARE OF COMMON STOCK $ .13 $ .13 $ .39 $ .39
========= ======== ======== =========
See accompanying notes to condensed consolidated financial statements.
(1) Represents 40 weeks
(2) Represents 39 weeks
(3) Restructuring charges were taken in the second quarter ended December 3,
1994. These charges had the effect of reducing net income by $9.6 million
and earnings per share by $.39.
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HERMAN MILLER, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Nine Months Ended
-----------------
March 4, Feb. 26,
1995(1) 1994(2)
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 13,639 $ 29,838
Depreciation and amortization 29,554 25,369
Restructuring charges 15,500 --
Other, net (58,939) (5,286)
--------- --------
Net cash provided by (used for) operating activities (246) 49,921
--------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Notes receivable repayments 308,363 276,432
Notes receivable issued (309,003) (281,194)
Capital expenditures (43,660) (27,491)
Other, net (17,521) (14,086)
--------- --------
Net cash used for investing activities (61,821) (46,339)
--------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net common stock issued 4,362 11,046
Net long-term debt repayments 29,823 (198)
Net short-term debt borrowings 40,480 9,509
Dividends paid (9,617) (9,824)
Common stock purchased and retired (253) (7,020)
Other, net (210) (207)
--------- --------
Net cash provided by financing activities 64,585 3,306
--------- --------
EFFECT OF EXCHANGE RATE
CHANGES ON CASH (2,630) (780)
--------- --------
NET INCREASE IN CASH AND
CASH EQUIVALENTS (112) 6,108
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 22,701 16,531
--------- --------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 22,589 $ 22,639
========= ========
See accompanying notes to condensed consolidated financial statements.
(1) Represents 40 weeks
(2) Represents 39 weeks
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HERMAN MILLER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOOTNOTE DISCLOSURES
The condensed consolidated financial statements have been prepared by the
company, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations. The company believes that the disclosures made in this document
are adequate to make the information presented not misleading. It is suggested
that these condensed financial statements be read in conjunction with the
financial statements and notes thereto included in the company's Annual Report
on Form 10-K for the year ended May 28, 1994.
FISCAL YEAR
The company's fiscal year ends on the Saturday closest to May 31. Accordingly,
the year ended June 3, 1995, contains 53 weeks, and the year ended May 28,
1994, contains 52 weeks.
RESTRUCTURING CHARGES
Included in the accompanying consolidated statements of income is a $15.5
million pretax restructuring charge taken in the second quarter ended December
3, 1995, to account for the closure of the company's Fort Worth, Texas, and
Dayton, New Jersey, manufacturing and logistics facilities prior to the
relocation of their production activities to other U.S. Herman Miller
facilities. In addition, the charge also included the costs associated with the
closure of and discontinuance of wood casegoods manufacturing in the Sanford,
North Carolina, facility and the transfer of products produced there to Geiger
International of Atlanta, Georgia, a respected contract provider of quality
wood casegoods. The restructuring charge reduced second quarter net income by
$9.6 million, or $.39 per share.
The $15.5 million pretax restructuring charge consisted of facilities and
equipment write-offs ($10.0 million), termination benefits ($4.5 million), and
other exit costs associated with the restructuring ($1.0 million).
Approximately 375 employees will be terminated as a result of the facility
closings.
The closure of the Fort Worth, Dayton, and Sanford facilities is expected to be
substantially completed by the end of fiscal 1995. After the activities covered
by the charge are complete, Herman Miller's remaining U.S. plants will be
consolidated or converted to meet growing needs for both (1) the more capital
intensive core processes of wood (Zeeland, Michigan), foam molding (Holland,
Michigan), steel fabrication (Stone Mountain, Georgia, and Spring Lake,
Michigan), and (2) the customer-focused processes of final assembly (Rocklin,
California; Roswell, Georgia; and West Michigan).
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SUPPLEMENTAL CASH FLOW INFORMATION
Cash and cash equivalents include all highly liquid debt instruments purchased
as part of the company's cash management function. Due to the short maturities
of these items, the carrying amount approximates fair value.
Cash payments for income taxes and interest (in thousands) were as follows:
Nine Months Ended
-----------------
March 4, February 26,
1995 1994
--------- ------------
Interest paid $ 4,156 $1,056
Income taxes paid $ 12,500 $9,450
CONTINGENCIES
1. On January 7, 1992, Haworth, Inc., filed a lawsuit in the U.S. District
Court for the Northern District of Georgia, Atlanta Division, against
Herman Miller, Inc., alleging that the electrical systems used in certain
of the company's products infringes one or more of Haworth's patents. On
December 9, 1992, the company's motion for change of venue was granted,
and the lawsuit was transferred to the U.S. District Court for the Western
District of Michigan (Southern Division).
The litigation is considered to be in an intermediate stage, and the
company is defending its position vigorously. The company has requested
a jury trial, which tentatively has been set for August 1995 by the court.
The patents that are the source of controversy expired on or before
December 1, 1994. Since 1991, the company has sold a system of enhanced
electrical components on the majority of its product lines, both by number
and dollar volume. Haworth has admitted the enhanced electrical components
do not infringe the patents in suit. If Haworth were to be successful on
its claims, the statute of limitation would bar recovery of any damages
arising prior to January 1986.
In November 1985, Haworth filed a lawsuit against Steelcase, Inc., the
industry's leader in market share, alleging violations of the same
patents, and thus far has prevailed on the issue of liability. The
litigation between Haworth and Steelcase currently is continuing on the
issue of damages. The company's defenses are substantially different from
those relied upon by Steelcase.
The company believes, based upon written opinion of counsel, that its
products do not infringe Haworth's patents and that the company is more
likely than not to prevail on the merits, although, as with all
litigation, there can be no absolute assurance of success. At this time,
management does not expect the ultimate resolution of this matter to have
a material adverse effect on the company's consolidated financial
position. However, the outcome of this matter is not subject to prediction
with certainty.
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REPORT OF MANAGEMENT
In the opinion of the company, the accompanying unaudited condensed
consolidated financial statements taken as a whole contain all adjustments,
consisting of only a normal and recurring nature, necessary to present fairly
the financial position of the company as of March 4, 1995, and the results of
its operations and cash flows for the nine months then ended. Interim results
are not necessarily indicative of results for a full year.
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MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is management's discussion and analysis of certain significant
factors which have affected the company's financial condition and earnings
during the periods included in the accompanying condensed consolidated
financial statements.
A. Financial Summary
A summary of the period-to-period changes is shown below. It should be
noted that the nine months ended March 4, 1995, contained 40
weeks. All amounts are increases (decreases) unless otherwise noted.
Dollars are shown in thousands.
Three Months Nine Months
----------------------- ------------------------
$ % $ %
---------- ---------- ---------- ----------
NET SALES 18,001 7.4 86,521 12.3
COST OF GOODS SOLD 13,278 8.4 52,082 11.3
OPERATING EXPENSES 11,322 16.8 40,322 20.4
RESTRUCTURING CHARGES -- -- 15,500 100.0
INTEREST EXPENSE 1,711 500.3 3,237 298.1
OTHER INCOME NET* 2,412 262.2 2,479 95.5
INCOME BEFORE TAXES ON INCOME (10,722) (62.0) (27,099) (56.1)
PROVISION FOR TAXES ON INCOME (3,800) (62.3) (10,900) (58.9)
NET INCOME (6,922) (61.9) (16,199) (54.3)
* Represents a decrease (increase) in other income
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B. Results of Operations
Net sales increased $18.0 million, or 7.4 percent, over third quarter
results a year ago. For the third three months of 1995, the
company had net sales of $260.0 million, compared with net sales of
$241.9 million in the third three months last year. For the first nine
months of 1995, the company had net sales of $791.9 million, compared
to net sales of $705.3 million in the first nine months last year.
According to the most recent statistics of the Business and
Institutional Furniture Manufacturing Association (BIFMA),
United States office furniture net sales for the latest twelve-month
period increased approximately 10 percent over the same period a year
ago. This compares with the company's year-over-year United States net
sales growth rate of 12.3 percent for the first nine months.
Net sales of international operations and export sales from the United
States in the third quarter ended March 4, 1995, totaled $50.0
million compared with $35.5 million last year. For the first nine
months of 1995, net sales of international operations and export sales
from the United States were $138.8 million compared with $101.3 million
last year.
The backlog of unfilled orders at March 4, 1995, was $150.7 million
compared with $115.2 million a year earlier, and $157.7 million
at December 3, 1994.
New orders received in the third quarter were $253.0 million, an
increase of $36.6 million, or 16.9 percent, when compared to the
same period a year ago. New orders for the first nine months were
$804.0 million, an increase of $113.2 million, or 16.4 percent, when
compared to the first nine months of fiscal 1994.
Gross margin decreased to 34.2 percent during the third quarter of
1995, compared to a gross margin of 34.8 percent for the same
period last year. The gross margin for the first nine months increased
to 35.3 percent of net sales compared with 34.7 percent in the prior
year. Material costs increased in the third quarter because of higher
aluminum, steel, and fabric prices. While these costs increased over
both the second quarter of 1995 and the third quarter a year ago, the
amount of increase in material prices experienced by the company was
significantly less than the general level of price increases in these
commodities which have been widely reported recently. Improved
integration between Herman Miller and its supplier partners has helped
to mitigate the adverse effects of material cost increases on overall
gross margin.
In addition, labor costs also were higher in the third quarter because
of overtime associated with the higher unit volumes shipped.
Manufacturing overheads declined during the period as a majority of
these expenses are fixed over the relevant volume ranges experienced by
the company.
Operating expenses, including design and research, were $78.8 million
for the third quarter, an increase of $11.3 million, or 16.8
percent, over third quarter last year. $1.8 million pretax of this
increase was to account for the cost to repair approximately 70,000
mechanical height
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adjustments on certain models of the Ergon 2 chair produced
between March 1993 and September 1994. Affected dealers and customers
are being contacted.
Operating expenses for the first nine months of 1995 were $238.3
million (excluding restructuring charges), a $40.3 million
increase, or 20.4 percent, over the $198.0 million operating expenses
for the first nine months of 1994. As a percent of net sales, operating
expenses (excluding restructuring charges) were 30.1 and 28.1 for the
first nine months of the current and prior year, respectively. Just as
in the case of the second quarter of fiscal 1995, the major components
of this change were (1) a 3.5 percent year-over-year increase in
compensation and benefits, (2) the continued assimilation of our
recently acquired Mexican and German operations into the Herman Miller
family of companies, (3) increased depreciation and amortization
expense, principally associated with new processes and products and,
most significantly and importantly, (4) the increased cost to develop
and bring new products to market.
As indicated in the second quarter, these new products, all of which
are expected to be introduced in the next 12 months, are in the
seating, European freestanding furniture, and health-care product
areas. While augmenting (rather than obsoleting) the company's current
offerings, these products (as those which preceded them in Herman
Miller's tradition of product innovations) can be expected to help
establish value and performance reference points in each of these
areas. The company expects these products to be long lived and help
gain additional market share over product life cycles of 10 or more
years. In the more immediate time frame, management believes these new
products will add 2 to 3 percent to its net sales for the fiscal year
ending June 3, 1995, with the primary amounts coming in the current
quarter and, more significantly, in the fourth quarter. Margin rates on
these products are expected to be comparable to those of the company's
existing product lines.
The investment spending incurred in the third quarter and first nine
months can be expected to continue at a slightly decreased rate
during the remainder of the year and into the first quarter of fiscal
1996 as these new products advance to and through the research, design,
and launch phases.
The company incurred $15.5 million pretax restructuring charge in the
United States for manufacturing and logistical restructuring.
These charges reduced second quarter net income by $9.6 million, or
$.39 per share. The production facility reconfiguration will enable the
company to develop the capability to process and direct ship customer
orders in their entirety rather than in stages (which requires
additional warehousing and transportation between stages) as presently
is the case. This simplification will save an estimated $.8 million in
this fiscal year, $7 million in fiscal 1996, $10 million in fiscal
1997, and $20 million in fiscal 1998 when the entire process is fully
implemented. These savings will take the following forms: (1) lower
transportation and freight costs resulting from the regional assembly
sites being able to optimize both freight loads and traveled distances,
(2) customer direct shipping savings, which will minimize both the need
for and amount of product packaging as well as the possibility of
incorrect or damaged shipments, (3) improved inventory turns and
smaller higher-cost finished goods inventories, and (4) further
operational leverage of all indirect production and logistic costs.
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In addition, the company's unit production capacity will
increase by approximately 40 percent upon completion of the project.
The capital for machinery and equipment as well as additional facility
space to implement this program is estimated at $40 million over the
next four years. This amount will be spent as dictated by the company's
customer demand-driven implementation rate which management projects as
follows: $.5 million this fiscal year, and $10 million, $14 million,
and $15.5 million in fiscal years 1996-98, respectively.
Interest expense increased $1.7 million over third quarter 1994 and
$3.2 million for the first nine months of 1995 compared with the
first nine months of 1994. Total interest bearing debt was $141.8
million at the end of the third quarter of fiscal 1995, compared with
$48.9 million at February 26, 1994, and $70.0 million at May 28, 1994.
Net other income decreased $2.4 million over third quarter 1994. For
the first nine months of 1995, net other income decreased $2.5
million to net other income $.1 million from net other income $2.6
million in the prior year.
The effective tax rate was 35.8 percent for the first nine months of
1995, compared with 38.3 percent for the same period last year.
The effective tax rate decreased for the first nine months due to the
use of net operating loss carryforwards. The company expects its tax
rate for all of fiscal 1995 to be between 35 and 37 percent.
Net income decreased to $4.3 million in the third quarter, compared to
$11.2 million income for the same period last year. Net income
for the first nine months of 1995 was $13.6 million compared to $29.8
million for the same period last year. As previously discussed the
decrease in net income was primarily due to the $15.5 million pretax
restructuring charges.
Net loss from the company's international operations and export sales
from the United States for the third quarter increased to net
loss of $2.5 million compared with a net loss of $.4 million last year.
The first nine months increased $2.6 million to a $3.8 million loss,
compared with net loss of $1.2 million for the same period last year.
International results were down $2.1 million over the same period a
year ago. $1.8 million of this difference was exchange rate
related. The devaluation of the Mexican peso lowered Other Income by
$2.8 million pretax. This amount was the result of the peso-dollar rate
falling from 3.4 on December 19, 1994, to 6.3 on March 4, 1995. Despite
this 46 percent devaluation in an approximately 75-day period, Herman
Miller Mexico reported an operating profit for the quarter because of
rapid and significant cost cutting during the period. If the Mexican
peso continues to devalue against the U.S. dollar, further adverse
effects can be expected. All other currency fluctuations against the
U.S. dollar reduced net income by an additional $.2 million.
The remaining difference in international results in the third quarter
were attributable to lower sales and lower results in Canada,
Australia, and Continental Europe which were not fully offset by solid
gains in Japan, the United Kingdom, and East Asia over third quarter
year-ago levels.
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C. Financial Condition, Liquidity, and Capital Resources
First Nine Months FY 1995 versus First Nine Months FY 1994
Increased net sales and continued investment spending also
significantly affected the balance sheet and statement of cash
flows for the period ended March 4, 1995. The number of days sales in
the sum of accounts receivable plus inventory increased to 94.4 days
versus 80.1 days a year ago and 80.9 days at May 28, 1994. This
increase primarily was due to an increased level of shipments in
February. Cash used for working capital items during the third quarter
and first nine months of fiscal 1995 increased by $26.6 million and
$77.8 million, respectively. These increased working capital cash uses
were the primary factor causing net cash provided by operating
activities to decrease significantly from $24.2 million and $49.9
million in the third quarter and first nine months of fiscal 1994,
respectively, to net cash provided of $1.9 million and net cash used of
$.2 million for the third quarter and first nine months of fiscal 1995,
respectively.
Capital expenditures were $18.1 million and $43.7 million,
respectively, for the third quarter and first nine months of
fiscal 1995 versus $9.3 million and $27.5 million, respectively, for
the same periods a year ago. Capital items principally included
expenditures for new internal processes and the new products described
above. Accelerated work on new processes and new products has caused us
to increase projected capital expenditures for fiscal 1995 to $65.0
million.
The nine months year-over-year decrease of $50.1 million in cash
provided by operating activities and the same period
year-over-year increase in cash used for investing activities of $15.5
million were the primary factors causing an increase of $92.9 million
in interest-bearing debt during the past 12 months. Total
interest-bearing debt increased to $141.8 million at March 4, 1995,
which, in turn, increased interest expense for the quarter to $2.1
million and $4.3 million for the first nine months of fiscal 1995
compared with $.3 million in the third quarter a year ago and $1.1
million for the first nine months of fiscal 1994. The increase in
interest-bearing debt decreased net income by $.05 and $.09 per share,
respectively, in the third quarter and first nine months. We expect
interest-bearing debt to remain in the range of $140-$150 million for
the remainder of fiscal 1995.
The third quarter continued the accelerated investment and capital
spending begun in the fourth quarter of fiscal 1994. This
strategy combines the financial strength the company has built during
the past five years with its desire to continue to set distinctive
reference points for products and services in its markets. Despite its
retarding effect on the company's net income, management believes these
investments are necessary in order to continue the process of building
long-term value for its shareholders.
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Part II
Item 6: Exhibits and Reports on Form 8-K
1. Exhibits
See Exhibit Index
2. Reports on Form 8-K
No reports on Form 8-K were filed during the three months
ended March 4, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
HERMAN MILLER, INC.
April 13, 1995 /s/ J. Kermit Campbell
------------------------
J. Kermit Campbell
(President and
Chief Executive Officer)
April 13, 1995 /s/ James H. Bloem
-----------------------
James H. Bloem
(Vice President, Chief
Financial Officer, and
Principal Accounting
Officer)
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Exhibit Index
(11) Computations of earnings per common share.
(27) Financial Data Schedule (exhibit available upon request).
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EXHIBIT 11
HERMAN MILLER, INC.
COMPUTATIONS OF EARNINGS PER COMMON SHARE
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Nine Months Ended
------------------------------ ----------------------------
March 4, Feb. 26, March 4, Feb. 26
1995 1994 1995(1) 1994(2)
----------- ----------- ------------ ------------
NET INCOME APPLICABLE
TO COMMON SHARES $ 4,259 $ 11,181 $ 13,639(3) $ 29,838
=========== =========== ============ ===========
Weighted Average Common
Shares Outstanding 24,774,316 25,158,820 24,693,824 25,179,665
Net Common Shares
Issuable Upon Exercise
of Certain Stock Options 62,327 216,990 87,674 183,279
----------- ----------- ------------ -----------
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING AS ADJUSTED 24,836,642 25,375,810 24,781,449 25,362,944
========== =========== ============ ===========
EARNINGS PER SHARE $ .17 $ .44 $ .55 $ 1.18
=========== =========== ============ ===========
(1) Represents 40 weeks
(2) Represents 39 weeks
(3) Contains $15.5 million of pretax restructuring charges taken in the second
quarter ended December 3, 1994. These charges reduced net income by $9.6
million and earnings per share by $.39.
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5
1,000
9-MOS
JUN-03-1995
MAY-29-1994
MAR-04-1995
22,589
0
169,172
7,451
74,509
289,543
497,988
235,947
630,131
225,762
50,254
4,959
0
0
296,995
630,131
791,858
791,858
512,608
512,608
252,733
1,071
4,323
21,239
7,600
13,639
0
0
0
13,639
.55
.55
