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Knoll Reports Fourth Quarter and Full Year Results
2018-02-14

Record fourth quarter sales reported

 

            Knoll, Inc. (NYSE:KNL), a leading designer and manufacturer of furnishings and coverings for the workplace and home, today announced results for the fourth quarter and year ended December 31, 2017.

            Net sales were $316.1 million for the fourth quarter, an increase of 7.9%, from the fourth quarter of 2016. Operating profit for the quarter was $12.6 million, a decrease of 64.8% when compared to operating profit of $35.8 million for the fourth quarter of 2016. Adjusted operating profit was $31.6 million, a decrease of 11.7% when compared to adjusted operating profit of $35.8 million in the fourth quarter of 2016. 

            Net earnings for the fourth quarter of 2017 were $32.7 million, an increase of 52.4% when compared to the fourth quarter of 2016. Adjusted net earnings for the fourth quarter of 2017 were $17.6 million, a decrease of 17.8% when compared to the fourth quarter of 2016.

            Adjusted EBITDA was $41.0 million for the fourth quarter, a decrease of 8.7% when compared to $44.9 million in the fourth quarter of 2016. Diluted earnings per share was $0.67 and $0.44 for the fourth quarter of 2017 and 2016, respectively. The fourth quarter diluted earnings per share was heavily impacted by the changes in tax law, offset by asset impairment, pension settlement, and acquisition charges. Adjusted diluted earnings per share was $0.36 and $0.44 for the fourth quarter of 2017 and 2016, respectively.

            Net sales were $1,132.9 million for the year ended December 31, 2017, a decrease of 2.7% from 2016. Operating profit for the year decreased 35.5% to $88.0 million, compared to operating profit of $136.3 million for the year ended December 31, 2016. Adjusted operating profit was $109.2 million, a decrease of 19.9% when compared to adjusted operating profit of $136.3 million in 2016.

            Net earnings for 2017 were $80.2 million, a decrease of 2.3% when compared to 2016. Adjusted net earnings for 2017 were $68.0 million, a decrease of 17.2%, when compared to 2016. Adjusted EBITDA was $144.5 million for 2017, a decrease of 14.3% when compared to $168.7 million in 2016. Diluted earnings per share was $1.63 and $1.68 for the year ended December 31, 2017 and 2016, respectively. Adjusted diluted earnings per share was $1.38 and $1.68 for the years ended December 31, 2017 and 2016, respectively.

            During the first quarter of 2018, the Company completed the acquisition of Muuto A.P.S. ("Muuto"), the Copenhagen-based designer and provider of affordable luxury furniture, lighting and accessories for the workplace and home, for approximately $300.0 million in cash, less certain customary adjustments.

            Concurrent with the Muuto acquisition, the Company amended its credit facility, which provides for a $750.0 million credit facility that matures in five years, consisting of a revolving commitment of $400.0 million, a US term loan commitment of $250.0 million and a multi-currency term loan commitment of €81.7 million. The proceeds of the credit facility were used to fund the Muuto acquisition, refinance certain indebtedness and for ongoing working capital requirements.

            Andrew Cogan, President and CEO, stated, "2017 was an important rebuilding year for Knoll as we made fundamental investments across our residential and commercial businesses. In particular, adjustments to our go to market strategy and product portfolio in our Office segment responded to rapidly changing market conditions. The return to growth that we delivered in the fourth quarter demonstrates the traction we believe we are gaining in our core markets and bodes well for the year ahead. With the Muuto acquisition now closed, and integration with our North American sales teams well underway, our momentum in the market should build."

            "While in the short term these investments dampened our profitability, we believe in the year ahead the combination of continued growth, a plateauing of the ramp up in investment spending, our lean initiatives, and a significantly lower tax rate, should lead to meaningful earnings per share growth," he added.


 

 

 

 

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