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Steelcase Reports Doubled Annual Income
Mar 30, 2007
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Office furniture maker Steelcase, Inc., (Grand Rapids, Michigan, U.S.) today said fiscal year 2007 revenue grew to U.S. $3.1 billion and net income more than doubled to $106.9 million, or $0.72 per share.

Fourth quarter fiscal 2007 revenue was $779.0 million and net income was $29.3 million or $0.20 per share.

"We improved business performance, both financially and with our customers," said Steelcase President and CEO James P. Hackett.

Fiscal year revenue of $3.1 billion increased 8.0 percent compared to $2.9 billion last year. Reported net income more than doubled to $106.9 million or $0.72 per share. Net income in fiscal 2006 was $48.9 million, or $0.33 per share.

Based on recent strengthening in order patterns, the company expects first quarter fiscal 2008 revenue to be 6-10 percent higher than the prior year quarter, with growth more balanced across its business segments.

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