Allsteel's parent company, HNI Corporation, announced 2nd quarter 2009 results down 37%, with a net loss of $1.4 million for the quarter. Allsteel's results are pretty consistent with the overall industry (Knoll reported a quarterly sales drop of 30% last week).
HNI CEO Stan Askren actually had some glimmers of hope for the 3rd quarter; "Market conditions remain difficult, but we are seeing signs of stabilization, particularly in our office furniture businesses. We expect our historical seasonal demand patterns to hold and drive third quarter revenue above second quarter levels" Askren said.
On a more positive local note, Allsteel and one of our esteemed local Allsteel competitors won a LARGE project for a LARGE tech company in the South Bay. I don't have any specifics, other than it is rumored that the project will be in excess of $6 to $7 Million dollars over the next couple of years.
Friday, July 24, 2009
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