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Hni Corp (HNI) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 27, 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 REPORTS EARNINGS
FOR SECOND QUARTER FISCAL YEAR 2020

MUSCATINE, Iowa (July 22, 2020) –
HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended June 27, 2020 of $417.5 million and net income of $12.6 million. GAAP net income per diluted share was $0.29, compared to $0.36 in the prior year. Non-GAAP net income per diluted share was $0.20, compared to $0.38 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Second Quarter Highlights
The Corporation delivered solid profits and increased second quarter operating cash flows by $20 million or 49 percent versus the prior year despite pandemic related top-line pressures.
Residential Building Products segment operating profit increased, and segment operating margin expanded on a year-over-year basis in the second quarter 2020.
Workplace Furnishings segment generated second quarter 2020 operating profit of nearly $8 million, despite a 25 percent year-over-year contraction on the top line.
Quarter-ending debt levels were $183 million, equal to a gross leverage ratio of approximately 0.8x. Liquidity, as measured by cash and borrowing availability, at the end of the second quarter was $392 million.

“Our members did a great job of managing through challenging second quarter conditions. We aggressively managed costs and drove productivity—offsetting much of the impact from lower volumes. Our teams stayed focused on our customers—generating and seizing market opportunities. The strength of our strategy, including our diverse revenue streams, price point breadth, channel reach, and lean operating model, along with the dedication of our members, helped demonstrate again what makes HNI unique,” stated Jeff Lorenger, Chairman, President, and Chief Executive Officer.

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The following information was filed by Hni Corp (HNI) on Wednesday, July 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 (Stock Repurchases) (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Tables)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Components (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Dividends Declared (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Narrative (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Reclassification (Details)
Acquisitions
Acquisitions - Narrative (Details)
Basis Of Presentation
Business Combinations (Policies)
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 (Tables)
Fair Value Measurements - Assets (Details)
Fair Value Measurements Of Financial Instruments
Goodwill And Other Intangible Assets
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 - Goodwill (Details)
Goodwill And Other Intangible Assets - Indefinite Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets (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 (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 - Disaggregation Of Revenue (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: 0000048287-20-000120
Submitted to the SEC: Tue Jul 28 2020 8:49:26 AM EST
Accepted by the SEC: Tue Jul 28 2020
Period: Saturday, June 27, 2020
Industry: Office Furniture No Wood

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