Pennsylvania furniture maker Knoll, Inc. today announced results for the fourth quarter and year ended December 31, 2010.
Quarterly net sales were $239.8 million, an increase of 30.4 percent from fourth quarter 2009, representing increased volume across all product categories and geographies. Office systems experienced double digit growth during the quarter, but seating again had the largest percentage growth rate, due to increasing sales of the company’s Generation by Knollchair. During the fourth quarter of 2010 sales growth in Europe outpaced North America.
Excluding restructuring charges of $1.7 million, adjusted operating profit was $25.9 million during the fourth quarter of 2010, an increase of 73.8 percent when compared to adjusted operating profit from the fourth quarter of 2009.
Net income was $10.8 million, an increase of 170.0 percent compared with the fourth quarter of 2009.
For the full year, net sales were $809.5 million, up 3.8 percent compared to 2009. Operating profit was $64.7 million, an increase of 1.9 percent over the previous year.
Operating profit for the full year of 2010 includes restructuring charges of $7.6 million. Excluding these charges adjusted operating profit was $72.2 million, a decrease of 4.4 percent compared to the full year 2009 adjusted operating profit. Net income was $28.0 million, an increase of 2.2 percent compared to 2009.
"We ended 2010 on a high note," commented Andrew Cogan, CEO. "The combination of improved economic conditions and our investments in innovative new designs drove better than industry growth and the highest operating margins and backlog since the end of 2008. For over a decade now we have been building a diversified design driven product portfolio and flexible business model that has delivered industry leading financial results in all market conditions. In the years ahead we see tremendous opportunity to continue to differentiate Knoll through an ongoing commitment to design based businesses."
