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Hni Corp (HNI) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 28, 2020

Hni Corp

CIK: 48287 Ticker: HNI

HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

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News Release
                                    
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

HNI CORPORATION PROVIDES PANDEMIC RESPONSE UPDATE; REPORTS STRONG FIRST QUARTER 2020 RESULTS

MUSCATINE, Iowa (April 22, 2020) – HNI Corporation (NYSE: HNI) today announced sales for the first quarter ended March 28, 2020 of $468.7 million and net loss of $23.9 million. GAAP net income (loss) per diluted share was ($0.56), compared to $0.02 in the prior year. GAAP operating profit was impacted by intangible impairments and one-time charges related to the COVID-19 crisis of $37.7 million. Non-GAAP net income per diluted share was $0.21, compared to $0.02 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Pandemic Response Update
Health, safety, and community support
Earlier this month, the Corporation announced the implementation of workplace health and safety measures consistent with guidelines from the Centers for Disease Control and Prevention.  The Corporation is taking strong measures to create social distancing and keep members safe.  All members able to work remotely are currently doing so.  In addition, the Corporation has reorganized production facilities to protect members and increased the frequency and depth of cleanings, among other measures.

To support local communities and health providers, the Corporation is producing, donating, and supporting the production of personal protective equipment (PPE) to first responders, healthcare systems, and hospitals utilizing HNI’s facilities in Iowa, New York, and North Carolina.  These efforts include the manufacture of washable cloth facemasks, washable cloth facemask coverings, and washable and disposable protective gowns.  Further, the Corporation is loaning equipment processing time to support local vendors’ PPE production efforts.

Cost savings and cash flow support
In its COVID-19 response update on April 6th, the Corporation provided details around its debt and liquidity levels and withdrew its fiscal 2020 sales and earnings guidance. The Corporation also announced plans to reduce

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The following information was filed by Hni Corp (HNI) on Wednesday, April 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hni Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Components) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Narrative) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Reclassification) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Stock Repurchases) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Tables)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Dividends Declared (Details)
Acquisitions And Divestitures
Acquisitions And Divestitures Narrative (Details)
Basis Of Presentation
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Earnings Per Share Antidilutive Securities Excluded From Earnings Per Share (Details)
Fair Value Measurements (Assets) (Details)
Fair Value Measurements (Tables)
Fair Value Measurements Of Financial Instruments
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Goodwill) (Details)
Goodwill And Other Intangible Assets (Indefinite Lived Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets Schedule Of Goodwill And Intangible Assets (Details)
Guarantees, Commitments And Contingencies
Guarantees, Commitments And Contingencies (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt Narrative (Details)
Long-Term Debt Schedule Of Long-Term Debt (Details)
Post-Retirement Health Care
Post-Retirement Health Care (Details)
Post-Retirement Health Care (Tables)
Product Warranties
Product Warranties (Details)
Product Warranties (Tables)
Product Warranties - Current And Long Term Warranty (Details)
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards (Policies)
Recently Adopted Accounting Standards - Narrative (Details)
Reportable Segment Information
Reportable Segment Information (Details)
Reportable Segment Information (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Change In Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers - Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)

Material Contracts, Statements, Certifications & more

Hni Corp provided additional information to their SEC Filing as exhibits

Ticker: HNI
CIK: 48287
Form Type: 10-Q Quarterly Report
Accession Number: 0000048287-20-000078
Submitted to the SEC: Tue Apr 28 2020 8:54:27 AM EST
Accepted by the SEC: Tue Apr 28 2020
Period: Saturday, March 28, 2020
Industry: Office Furniture No Wood

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