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EAST GREENVILLE, PA, July 16, 2010—Knoll, Inc. (NYSE: KNL) today announced results for the second quarter ended June 30, 2010. Net sales were $192.3 million for the quarter, a decrease of 4.9% from the second quarter 2009. Sequentially, when compared with the first quarter of 2010, net sales increased 9.7%. Operating profit was $11.9 million, or 6.2% of net sales, a decrease of 35.7% from the second quarter 2009. Excluding restructuring charges of $2.2 million, operating profit was $14.1 million for the second quarter of 2010, or 7.3% of net sales, a decrease of 31.6% when compared to adjusted operating profit from the second quarter of 2009. During the second quarter of 2010, we recorded a tax benefit of $2.5 million related to foreign tax credits. Net income was $8.7 million, an increase of 7.4% over the second quarter 2009. Earnings per share for the second quarter of 2010 was $0.19 compared to $0.18 earnings per share in the prior year. Adjusted earnings per share for the second quarter of 2010 was $0.22 compared to $0.21 adjusted earnings per share in the prior year, an increase of 4.8%.
"I am extremely proud of the results we reported today," commented Andrew Cogan, CEO.
"As we navigated Knoll through the downturn our objective has been to protect our industry leading levels of profitability while aggressively investing in new products to position Knoll as the design leader for the contemporary workplace. I firmly believe that we have accomplished both these goals as demonstrated by our financial performance and a 2010 Best of NeoCon Innovation award for our new Antenna™ Workspaces product. Coming on the heels of last year's Best of NeoCon Gold award for our Generation by Knoll work chair we have established significant design momentum in the marketplace that should drive growth in the years ahead."
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About Knoll
Since 1938, Knoll has been recognized internationally for creating workplace and residential furnishings that inspire, evolve and endure. Today, our commitment to modern design, our understanding of the workplace and our dedication to sustainable design has yielded a unique portfolio of products that respond and adapt to changing needs. Knoll is aligned with the U.S. Green Building Council and can help companies, healthcare organizations and educational institutions achieve Leadership in Energy and Environmental Design (LEED®) workplace certification. Knoll is the contract furniture industry's first member of the Chicago Climate Exchange (CCX®) and is the founding sponsor of the World Monuments Fund Modernism at Risk program.
Contact:
David E. Bright
Knoll, Inc.
212 343-4135
dbright@knoll.com
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