(State of incorporation) | (IRS Employer No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||||||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||||||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||||||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | |||||||||||||||||
Emerging growth company | |||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||
Exhibit No. | Description | ||||
99.1 |
HNI CORPORATION | ||||||||||||||
Date: | April 28, 2021 | By: | /s/ Marshall H. Bridges | |||||||||||
Marshall H. Bridges Senior Vice President and Chief Financial Officer |
HNI Corporation – Financial Performance | |||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2021 | March 28, 2020 | Change | |||||||||||||||
GAAP | |||||||||||||||||
Net Sales | $484.3 | $468.7 | 3.3 | % | |||||||||||||
Gross Profit % | 37.2 | % | 37.6 | % | -40 | bps | |||||||||||
SG&A % | 32.5 | % | 35.6 | % | -310 | bps | |||||||||||
Impairment Charges % | — | % | 7.0 | % | |||||||||||||
Operating Income (Loss) | $22.6 | ($23.7) | 195.2 | % | |||||||||||||
Operating Income (Loss) % | 4.7 | % | (5.1 | %) | 980 | bps | |||||||||||
Effective Tax Rate | 28.0 | % | 6.4 | % | |||||||||||||
Net Income (Loss) % | 3.1 | % | (5.1 | %) | 820 | bps | |||||||||||
EPS – diluted | $0.34 | ($0.56) | 160.7 | % | |||||||||||||
Non-GAAP | |||||||||||||||||
Gross Profit % | 37.2 | % | 37.6 | % | -40 | bps | |||||||||||
Operating Income | $23.3 | $13.9 | 67.3 | % | |||||||||||||
Operating Income % | 4.8 | % | 3.0 | % | 180 | bps | |||||||||||
EPS – diluted | $0.36 | $0.21 | 71.4 | % | |||||||||||||
Workplace Furnishings – Financial Performance | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2021 | March 28, 2020 | Change | |||||||||||||||
GAAP | |||||||||||||||||
Net Sales | $302.7 | $338.4 | (10.5 | %) | |||||||||||||
Operating Loss | ($3.1) | ($33.2) | 90.8 | % | |||||||||||||
Operating Loss % | (1.0 | %) | (9.8 | %) | 880 | bps | |||||||||||
Non-GAAP | |||||||||||||||||
Operating Profit (Loss) | ($2.4) | $2.8 | (183.3 | %) | |||||||||||||
Operating Profit (Loss) % | (0.8 | %) | 0.8 | % | -160 | bps |
Residential Building Products – Financial Performance | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2021 | March 28, 2020 | Change | |||||||||||||||
GAAP | |||||||||||||||||
Net Sales | $181.5 | $130.3 | 39.3 | % | |||||||||||||
Operating Profit | $39.8 | $20.7 | 92.8 | % | |||||||||||||
Operating Profit % | 21.9 | % | 15.9 | % | 600 | bps | |||||||||||
Non-GAAP | |||||||||||||||||
Operating Profit | $39.8 | $20.7 | 92.8 | % | |||||||||||||
Operating Profit % | 21.9 | % | 15.9 | % | 600 | bps |
Three Months Ended | |||||||||||
April 3, 2021 | March 28, 2020 | ||||||||||
Net sales | $ | 484,293 | $ | 468,704 | |||||||
Cost of sales | 304,347 | 292,686 | |||||||||
Gross profit | 179,946 | 176,018 | |||||||||
Selling and administrative expenses | 157,346 | 167,085 | |||||||||
Impairment charges | — | 32,661 | |||||||||
Operating income (loss) | 22,600 | (23,728) | |||||||||
Interest expense, net | 1,755 | 1,811 | |||||||||
Income (loss) before income taxes | 20,845 | (25,539) | |||||||||
Income taxes | 5,827 | (1,643) | |||||||||
Net income (loss) | 15,018 | (23,896) | |||||||||
Less: Net loss attributable to non-controlling interest | (1) | (1) | |||||||||
Net income (loss) attributable to HNI Corporation | $ | 15,019 | $ | (23,895) | |||||||
Average number of common shares outstanding – basic | 43,163 | 42,628 | |||||||||
Net income (loss) attributable to HNI Corporation per common share – basic | $ | 0.35 | $ | (0.56) | |||||||
Average number of common shares outstanding – diluted | 43,584 | 42,628 | |||||||||
Net income (loss) attributable to HNI Corporation per common share – diluted | $ | 0.34 | $ | (0.56) | |||||||
Foreign currency translation adjustments | $ | (132) | $ | (600) | |||||||
Change in unrealized gains (losses) on marketable securities, net of tax | (100) | 59 | |||||||||
Change in derivative financial instruments, net of tax | 263 | (2,216) | |||||||||
Other comprehensive income (loss), net of tax | 31 | (2,757) | |||||||||
Comprehensive income (loss) | 15,049 | (26,653) | |||||||||
Less: Comprehensive loss attributable to non-controlling interest | (1) | (1) | |||||||||
Comprehensive income (loss) attributable to HNI Corporation | $ | 15,050 | $ | (26,652) |
April 3, 2021 | January 2, 2021 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 94,281 | $ | 116,120 | |||||||
Short-term investments | 1,776 | 1,687 | |||||||||
Receivables | 198,039 | 207,971 | |||||||||
Allowance for doubtful accounts | (4,904) | (5,514) | |||||||||
Inventories | 154,176 | 137,811 | |||||||||
Prepaid expenses and other current assets | 42,204 | 37,660 | |||||||||
Total Current Assets | 485,572 | 495,735 | |||||||||
Property, Plant, and Equipment: | |||||||||||
Land and land improvements | 29,989 | 29,691 | |||||||||
Buildings | 294,760 | 293,708 | |||||||||
Machinery and equipment | 580,398 | 578,643 | |||||||||
Construction in progress | 20,460 | 17,750 | |||||||||
925,607 | 919,792 | ||||||||||
Less accumulated depreciation | 562,717 | 553,835 | |||||||||
Net Property, Plant, and Equipment | 362,890 | 365,957 | |||||||||
Right-of-use Finance Leases | 10,119 | 6,095 | |||||||||
Right-of-use Operating Leases | 66,897 | 70,219 | |||||||||
Goodwill and Other Intangible Assets | 455,486 | 458,896 | |||||||||
Other Assets | 24,617 | 21,130 | |||||||||
Total Assets | $ | 1,405,581 | $ | 1,418,032 | |||||||
Liabilities and Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 367,072 | $ | 413,638 | |||||||
Current maturities of long-term debt | 1,261 | 841 | |||||||||
Current maturities of other long-term obligations | 3,731 | 2,990 | |||||||||
Current lease obligations - Finance | 2,398 | 1,589 | |||||||||
Current lease obligations - Operating | 20,195 | 19,970 | |||||||||
Total Current Liabilities | 394,657 | 439,028 | |||||||||
Long-Term Debt | 174,545 | 174,524 | |||||||||
Long-Term Lease Obligations - Finance | 7,677 | 4,516 | |||||||||
Long-Term Lease Obligations - Operating | 50,222 | 53,249 | |||||||||
Other Long-Term Liabilities | 84,895 | 81,264 | |||||||||
Deferred Income Taxes | 75,824 | 74,706 | |||||||||
Equity: | |||||||||||
HNI Corporation shareholders' equity | 617,436 | 590,419 | |||||||||
Non-controlling interest | 325 | 326 | |||||||||
Total Equity | 617,761 | 590,745 | |||||||||
Total Liabilities and Equity | $ | 1,405,581 | $ | 1,418,032 |
Three Months Ended | |||||||||||
April 3, 2021 | March 28, 2020 | ||||||||||
Net Cash Flows From (To) Operating Activities: | |||||||||||
Net income (loss) | $ | 15,018 | $ | (23,896) | |||||||
Non-cash items included in net income: | |||||||||||
Depreciation and amortization | 20,463 | 19,487 | |||||||||
Other post-retirement and post-employment benefits | 332 | 364 | |||||||||
Stock-based compensation | 5,220 | 4,358 | |||||||||
Reduction in carrying amount of right-of-use assets | 6,537 | 5,599 | |||||||||
Deferred income taxes | 1,076 | 12,258 | |||||||||
Impairment of goodwill and intangible assets | — | 32,661 | |||||||||
Other – net | 1,315 | (2,252) | |||||||||
Net increase (decrease) in operating assets and liabilities | (51,436) | (81,573) | |||||||||
Increase (decrease) in other liabilities | 3,159 | (312) | |||||||||
Net cash flows from (to) operating activities | 1,684 | (33,306) | |||||||||
Net Cash Flows From (To) Investing Activities: | |||||||||||
Capital expenditures | (16,197) | (8,488) | |||||||||
Proceeds from sale of property, plant, and equipment | 48 | 49 | |||||||||
Acquisition spending, net of cash acquired | (1,408) | (9,321) | |||||||||
Capitalized software | (2,767) | (4,671) | |||||||||
Purchase of investments | (598) | (1,456) | |||||||||
Sales or maturities of investments | 515 | 996 | |||||||||
Net cash flows from (to) investing activities | (20,407) | (22,891) | |||||||||
Net Cash Flows From (To) Financing Activities: | |||||||||||
Payments of long-term debt | (118) | (15,000) | |||||||||
Proceeds from long-term debt | 547 | 70,129 | |||||||||
Dividends paid | (13,234) | (13,033) | |||||||||
Purchase of HNI Corporation common stock | — | (5,839) | |||||||||
Proceeds from sales of HNI Corporation common stock | 13,030 | 722 | |||||||||
Other – net | (3,341) | 2,558 | |||||||||
Net cash flows from (to) financing activities | (3,116) | 39,537 | |||||||||
Net increase (decrease) in cash and cash equivalents | (21,839) | (16,660) | |||||||||
Cash and cash equivalents at beginning of period | 116,120 | 52,073 | |||||||||
Cash and cash equivalents at end of period | $ | 94,281 | $ | 35,413 |
Three Months Ended | |||||||||||
April 3, 2021 | March 28, 2020 | ||||||||||
Net Sales: | |||||||||||
Workplace furnishings | $ | 302,748 | $ | 338,386 | |||||||
Residential building products | 181,545 | 130,318 | |||||||||
Total | $ | 484,293 | $ | 468,704 | |||||||
Income (Loss) Before Income Taxes: | |||||||||||
Workplace furnishings | $ | (3,071) | $ | (33,231) | |||||||
Residential building products | 39,849 | 20,671 | |||||||||
General corporate | (14,178) | (11,168) | |||||||||
Operating Income | 22,600 | (23,728) | |||||||||
Interest expense, net | 1,755 | 1,811 | |||||||||
Total | $ | 20,845 | $ | (25,539) | |||||||
Depreciation and Amortization Expense: | |||||||||||
Workplace furnishings | $ | 11,984 | $ | 11,332 | |||||||
Residential building products | 2,410 | 2,306 | |||||||||
General corporate | 6,069 | 5,849 | |||||||||
Total | $ | 20,463 | $ | 19,487 | |||||||
Capital Expenditures (including capitalized software): | |||||||||||
Workplace furnishings | $ | 10,487 | $ | 7,101 | |||||||
Residential building products | 4,710 | 2,973 | |||||||||
General corporate | 3,767 | 3,085 | |||||||||
Total | $ | 18,964 | $ | 13,159 | |||||||
As of April 3, 2021 | As of January 2, 2021 | ||||||||||
Identifiable Assets: | |||||||||||
Workplace furnishings | $ | 757,753 | $ | 762,780 | |||||||
Residential building products | 390,520 | 381,550 | |||||||||
General corporate | 257,308 | 273,702 | |||||||||
Total | $ | 1,405,581 | $ | 1,418,032 |
HNI Corporation Reconciliation | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
April 3, 2021 | March 28, 2020 | ||||||||||||||||||||||
Workplace Furnishings | Residential Building Products | Total | Workplace Furnishings | Residential Building Products | Total | ||||||||||||||||||
Sales as reported (GAAP) | $ | 302.7 | $ | 181.5 | $ | 484.3 | $ | 338.4 | $ | 130.3 | $ | 468.7 | |||||||||||
% change from PY | (10.5 | %) | 39.3 | % | 3.3 | % | |||||||||||||||||
Less: Acquisitions | 6.4 | 2.4 | 8.8 | — | — | — | |||||||||||||||||
Organic Sales (non-GAAP) | $ | 296.4 | $ | 179.1 | $ | 475.5 | $ | 338.4 | $ | 130.3 | $ | 468.7 | |||||||||||
% change from PY | (12.4 | %) | 37.4 | % | 1.5 | % |
HNI Corporation Reconciliation | |||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||||||||||||
Three Months Ended April 3, 2021 | |||||||||||||||||||||||||||||
Gross Profit | Operating Income | Tax | Net Income | EPS | |||||||||||||||||||||||||
As reported (GAAP) | $ | 179.9 | $ | 22.6 | $ | 5.8 | $ | 15.0 | $ | 0.34 | |||||||||||||||||||
% of net sales | 37.2 | % | 4.7 | % | 3.1 | % | |||||||||||||||||||||||
Tax % | 28.0 | % | |||||||||||||||||||||||||||
COVID-19 costs | — | 0.7 | 0.2 | 0.5 | 0.01 | ||||||||||||||||||||||||
Results (non-GAAP) | $ | 179.9 | $ | 23.3 | $ | 6.0 | $ | 15.5 | $ | 0.36 | |||||||||||||||||||
% of net sales | 37.2 | % | 4.8 | % | 3.2 | % | |||||||||||||||||||||||
Tax % | 28.0 | % |
HNI Corporation Reconciliation | |||||||||||||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||||||||||||
Three Months Ended March 28, 2020 | |||||||||||||||||||||||||||||
Gross Profit | Operating Income (Loss) | Tax | Net Income (Loss) | EPS | |||||||||||||||||||||||||
As reported (GAAP) | $ | 176.0 | $ | (23.7) | $ | (1.6) | $ | (23.9) | $ | (0.56) | |||||||||||||||||||
% of net sales | 37.6 | % | (5.1 | %) | (5.1 | %) | |||||||||||||||||||||||
Tax % | 6.4 | % | |||||||||||||||||||||||||||
Impairment charges | — | 32.7 | 4.0 | 28.7 | 0.67 | ||||||||||||||||||||||||
COVID-19 costs | — | 5.0 | 0.6 | 4.4 | 0.10 | ||||||||||||||||||||||||
Results (non-GAAP) | $ | 176.0 | $ | 13.9 | $ | 2.9 | $ | 9.2 | $ | 0.21 | |||||||||||||||||||
% of net sales | 37.6 | % | 3.0 | % | 2.0 | % | |||||||||||||||||||||||
Tax % | 24.1 | % |
Workplace Furnishings Reconciliation | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
April 3, 2021 | March 28, 2020 | Percent Change | |||||||||||||||
Operating loss as reported (GAAP) | $ | (3.1) | $ | (33.2) | 90.8 | % | |||||||||||
% of net sales | (1.0 | %) | (9.8 | %) | |||||||||||||
Impairment charges | — | 32.7 | |||||||||||||||
COVID-19 costs | 0.7 | 3.4 | |||||||||||||||
Operating profit (loss) (non-GAAP) | $ | (2.4) | $ | 2.8 | (183.3 | %) | |||||||||||
% of net sales | (0.8 | %) | 0.8 | % |
Cover Page |
Apr. 28, 2021 |
---|---|
Cover page. [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 28, 2021 |
Entity File Number | 1-14225 |
Entity Registrant Name | HNI Corporation |
Entity Incorporation, State or Country Code | IA |
Entity Tax Identification Number | 42-0617510 |
Entity Address, Address Line One | 600 East Second Street |
Entity Address, Address Line Two | P. O. Box 1109 |
Entity Address, City or Town | Muscatine |
Entity Address, State or Province | IA |
Entity Address, Postal Zip Code | 52761-0071 |
City Area Code | 563 |
Local Phone Number | 272-7400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | HNI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000048287 |
Amendment Flag | false |
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