Business Segment Information

6 Months Ended

Jul. 02, 2011

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

Management views the Corporation as operating in two business segments: office furniture and hearth products with the former being the principal business segment.

The office furniture segment manufactures and markets a broad line of metal and wood office furniture which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions and panel systems and other related products.  The hearth products segment manufactures and markets a broad line of manufactured gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories, principally for the home.

For purposes of segment reporting, intercompany sales transfers between segments are not material and operating profit is income before income taxes exclusive of certain unallocated corporate expenses.  These unallocated corporate expenses include the net cost of the Corporation's corporate operations, interest income and interest expense.  Management views interest income and expense as corporate financing costs rather than a business segment cost.  In addition, management applies one effective tax rate to its consolidated income before income taxes so income taxes are not reported or viewed internally on a segment basis.

The Corporation's primary market and capital investments are concentrated in the United States.

Reportable segment data reconciled to the Corporation's condensed consolidated financial statements for the three and six month periods ended July 2, 2011, and July 3, 2010, is as follows:

	Three Months Ended						Six Months Ended
(In thousands)	July 2, 2011			July 3, 2010			July 2, 2011			July 3, 2010
Net Sales:
Office Furniture	$	372,643		$	342,698		$	703,770		$	642,730
Hearth Products	60,167			55,524			125,191			118,998
	432,810			398,222			828,961			761,728
Operating Profit (Loss):
Office furniture
Operations before restructuring charges	$	18,270		$	23,945		$	27,385		$	31,925
Restructuring and impairment charges	(412		)	(1,238		)	(1,434		)	(2,971		)
Office furniture – net	17,858			22,707			25,951			28,954
Hearth products
Operations before restructuring charges	(899		)	(2,633		)	(1,126		)	(5,438		)
Restructuring and impairment charges	(51		)	—			(419		)	(101		)
Hearth products – net	(950		)	(2,633		)	(1,545		)	(5,539		)
Total operating profit	16,908			20,074			24,406			23,415
Unallocated corporate expense	(9,561		)	(10,989		)	(19,594		)	(22,419		)
Income before income taxes	$	7,347		$	9,085		$	4,812		$	996
Depreciation & Amortization Expense:
Office furniture	$	9,023		$	11,731		$	18,453		$	23,373
Hearth products	1,955			2,714			4,107			6,493
General corporate	636			599			1,202			1,239
	$	11,614		$	15,044		$	23,762		$	31,105
Capital Expenditures:
Office furniture	$	7,599		$	7,046		$	11,234		$	10,607
Hearth products	541			387			1,005			829
General corporate	1,834			196			2,333			992
	$	9,974		$	7,629		$	14,572		$	12,428
							As of			As of
							July 2, 2011			July 3, 2010
Identifiable Assets:
Office furniture							$	629,014		$	603,106
Hearth products							270,126			286,072
General corporate							104,733			83,628
							$	1,003,873		$	972,806