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UPDATE 1-Herman Miller Q4 profit dips; buys healthcare furnisher

Wed Jun 24, 2009 5:19pm EDT

Stocks

   

* Q4 EPS $0.14 vs $0.71 yr-ago

* Q4 rev $319.9 mln vs $519.1 mln yr-ago

* Buys healthcare furnisher Nemschoff Inc

June 24 (Reuters) - Office-furniture maker Herman Miller Inc (MLHR.O) posted an 82 percent drop in quarterly profit, hurt by a steep decline in sales, and said it bought Nemschoff Inc to expand into the healthcare furnishings sector.

For the fourth quarter ended May 30, the company earned $7.2 million, or 14 cents per share, compared with $39.5 million, or 71 cents a share, a year ago.

Excluding restructuring charges, adjusted earnings per share were 20 cents a share. Revenue fell 38 percent to $319.9 million.

Analysts on average expected the company to earn 18 cents a share, before items, on revenue of $335.8 million, according to Reuters Estimates.

Orders for the quarter fell 35 percent to $324.1 million, with North American orders declining 33 percent and non-North American orders down 45 percent, the company said in a statement.

Herman Miller bought healthcare furnishing company Nemschoff Inc for $32 million in cash and about 2 million Herman shares.

Shares of the Zeeland, Michigan-based company were down 8 cents at $13.98 Wednesday after the bell. They closed at $14.06 on Nasdaq.

For the alerts, double click [ID:nWNAB1861] (Reporting by Eric Yep in Bangalore; Editing by Ratul Ray Chaudhuri)



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