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SCS > SEC Filings for SCS > Form 10-Q on 24-Sep-2013All Recent SEC Filings

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Form 10-Q for STEELCASE INC


24-Sep-2013

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations:

This management's discussion and analysis of financial condition and results of operations should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 22, 2013. Reference to a year relates to the fiscal year, ended in February of the year indicated, rather than the calendar year, unless indicated by a specific date. Additionally, Q1, Q2, Q3 and Q4 reference the first, second, third and fourth quarter, respectively, of the fiscal year indicated. All amounts are in millions, except share and per share data, data presented as a percentage or as otherwise indicated. Non-GAAP Financial Measures
This item contains certain non-GAAP financial measures. 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 condensed consolidated statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, we have provided a reconciliation below of non-GAAP financial measures to the most directly comparable GAAP financial measure.
The non-GAAP financial measures used are: (1) organic revenue growth (decline), which represents the change in revenue excluding estimated currency translation effects and the impacts of acquisitions and divestitures, and (2) adjusted operating income (loss), which represents operating income (loss) excluding restructuring costs. These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.

Financial Summary
Results of Operations
                                     Three Months Ended                              Six Months Ended
Statement of Operations       August 23,             August 24,              August 23,              August 24,
         Data                    2013                   2012                    2013                    2012
Revenue                 $ 757.6     100.0  %   $ 744.9     100.0  %   $ 1,424.7     100.0  %   $ 1,420.1     100.0  %
Cost of sales             513.4      67.8        513.4      68.9          970.6      68.1          987.5      69.5
Restructuring costs        (0.1 )       -          3.4       0.5            0.1         -            8.5       0.6
Gross profit              244.3      32.2        228.1      30.6          454.0      31.9          424.1      29.9
Operating expenses        188.9      24.9        181.0      24.3          374.0      26.3          357.7      25.2
Restructuring costs         3.4       0.4          0.3         -            7.6       0.5            0.3         -
Operating income           52.0       6.9         46.8       6.3           72.4       5.1           66.1       4.7
Interest expense,
investment income and
other income, net          (5.7 )    (0.8 )       (1.6 )    (0.2 )         (8.3 )    (0.6 )         (1.2 )    (0.1 )
Income before income
tax expense                46.3       6.1         45.2       6.1           64.1       4.5           64.9       4.6
Income tax expense         18.7       2.5         15.7       2.1           23.3       1.6           22.2       1.6
Net income              $  27.6       3.6  %   $  29.5       4.0  %   $    40.8       2.9  %   $    42.7       3.0  %
Earnings per share:
Basic                   $  0.22                $  0.23                $    0.32                $    0.33
Diluted                 $  0.22                $  0.23                $    0.32                $    0.33


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