UPDATE 2-Steelcase Q1 results better than expected

* Q1 revenue $545.6 mln, down 30 pct

* Says revenue might have bottomed

* To cut another 200 jobs

* Shares up 15 percent

(Adds details, share movement)

June 23 (Reuters) - Steelcase Inc (SCS.N), the world's largest office furniture maker, posted a surprise quarterly adjusted profit as it benefitted from cost-cutting measures, and said revenue might have bottomed for the current downturn, sending its shares up as much as 15 percent.

The company also said it will cut an additional 200 jobs and consolidate a number of smaller manufacturing facilities across its global operations to save about $30 million annually.

It sees total restructuring charges of $25 million, pretax, in fiscal 2010.

The company said it might achieve a modest operating income, excluding costs, for the full year if revenue does not decline more than 25 percent compared with the prior year.

For the second quarter, the company expects to report net income of about breakeven on revenue of $600 million.

Analysts were looking for a loss of 4 cents a share, before items, on revenue of $610 million.

"First quarter revenue may prove to be our low watermark for this downturn as we move into stronger seasonal quarters ahead," said CEO James Hackett.

The company said recent order patterns have reflected modest seasonal improvements and are projected to continue into the second quarter.

Over the past year, Steelcase has cut jobs and salaries, consolidated facilities and halved dividend to cut costs as weak demand has taken a toll on the office furniture maker.

CFO David Sylvester said uncertainty in the demand environment for office furniture remains high in the midst of mixed economic signals.

SURPRISE Q1 PROFIT

For the first quarter ended May 29, net income was breakeven compared with a profit of $22.1 million, or 16 cents a share, a year earlier. Operating expenses fell 27 percent to $161 million.

Revenue fell 33 percent to $545.6 million, but topped analysts' consensus view of $543.4 million.

According to Reuters Estimates, Steelcase earned 2 cents a share, excluding items, compared with analysts' consensus estimate of a loss of 13 cents.

Steelcase also said subsequent to the end of the first quarter, it financed existing corporate aircraft, increasing cash and long-term debt by $47 million in the second quarter.

Shares of the company were up 42 cents at $5.48 Tuesday on the New York Stock Exchange. They earlier touched a high of $5.84. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Deepak Kannan, Jarshad Kakkrakandy)