UPDATE 1-HNI posts Q1 loss
* Q1 adj shr loss $0.20
* Sales fall 28 pct to $405.7 mln
* Says closes South Gate, California facility
April 22 (Reuters) - U.S. office furniture maker HNI Corp (HNI.N) posted a quarterly loss, hurt by lower volume and higher material costs.
For the first quarter, net loss was $11.9 million, or 27 cents a share, compared with net income of $4.0 million, or 9 cents a share, a year ago.
Excluding charges, the company posted a loss of 20 cents a share.
Net sales fell to $405.7 million for the quarter ended April 4.
Analysts on average were looking for a loss of 32 cents a share, before items, on revenue of $411.4 million, according to Reuters Estimates.
The company, which closed its South Gate, California facility, expects charges related to the closure to impact pre-tax earnings by about $7.2 million over the remainder of 2009.
Due to the closure, HNI expects to save $3.5 million in 2009 and $7 million annually beginning in 2010.
Shares of the company closed at $14.12 Wednesday on the New York Stock Exchange.
For the alerts, double click on [ID:nWNAB6492] (Reporting by Mary Meyase in Bangalore; Editing by Anne Pallivathuckal)
