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SCS > SEC Filings for SCS > Form 8-K on 26-Nov-2012All Recent SEC Filings

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Form 8-K for STEELCASE INC


26-Nov-2012

Results of Operations and Financial Condition, Financial Statements and Exhibits


ITEM 2.02 Results of Operations and Financial Condition.

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. The PolyVision technology business designs and distributes visual communication products, such as interactive whiteboards. Steelcase Education Solutions is a sales and marketing organization focused on K-20 education and its results are reported in the Americas and EMEA segments. 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 Company's reportable segments are being realigned to reflect the organizational structure used by the Company's Chief Executive Officer for making operating and investment decisions and assessing performance. Thus, 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, which manufactures steel and ceramic surfaces for use in multiple applications, but primarily for sale to third-party fabricators, will remain in the Other segment.

The Company evaluates the performance of its operating segments based on revenues and operating income adjusted to exclude restructuring costs.

As required by Accounting Standards Codification (ASC) 280, "Segment Reporting," all future consolidated financial statements issued by the Company will reflect the reclassification of previously published segment data as a result of the above-mentioned changes to Steelcase Inc.'s organizational structure.

The information included in this Form 8-K affects disclosures related to previously disclosed segment results and does not in any way restate or revise the consolidated financial position, results of operations or cash flows in any previously reported Consolidated Statements of Income, Consolidated Balance Sheets or Consolidated Statements of Cash Flows of Steelcase Inc.

The quarterly segment information for the the first and second quarters of 2013, the first, second, third and fourth quarters of fiscal year 2012 and the full-year segment information for the fiscal years 2011 and 2012 set forth in Exhibit 99.1 reflects the reclassification resulting from the reportable business segment changes described above.

The information furnished pursuant to this Item 2.02 to this Current Report on Form 8-K (including the exhibit hereto) shall not be considered "filed" under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.



ITEM 9.01 Financial Statements and Exhibits.

(d) EXHIBITS.

Exhibit
Number  Description

 99.1   Reclassified segment information


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