<SEC-DOCUMENT>0001171843-17-001658.txt : 20170321
<SEC-HEADER>0001171843-17-001658.hdr.sgml : 20170321
<ACCEPTANCE-DATETIME>20170321160114
ACCESSION NUMBER:		0001171843-17-001658
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170321
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170321
DATE AS OF CHANGE:		20170321

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEELCASE INC
		CENTRAL INDEX KEY:			0001050825
		STANDARD INDUSTRIAL CLASSIFICATION:	OFFICE FURNITURE (NO WOOD) [2522]
		IRS NUMBER:				380819050
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0223

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13873
		FILM NUMBER:		17704234

	BUSINESS ADDRESS:	
		STREET 1:		901 44TH STREET SE
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49508
		BUSINESS PHONE:		6162472710

	MAIL ADDRESS:	
		STREET 1:		901 44TH STREET SE
		CITY:			GRAND RAPIDS
		STATE:			MI
		ZIP:			49508
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_032117.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--March 21, 2017-->March 21, 2017 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Steelcase Inc.</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Michigan</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>1-13873</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>38-0819050</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. Employer Identification Number)</font></td></tr></table><p><font style="font-size: 10pt;">&#160;</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><font style="font-size: 10pt;"><strong>901 44th Street SE, Grand Rapids, Michigan 49508</strong><!----></font></td></tr><tr valign="top"><td align="center" width="50%"><font style="font-size: 10pt;">(Address of Principal Executive Offices) (Zip Code)</font></td></tr></table><p align="center"><font style="font-size: 10pt;"><strong>(616) 247-2710</strong><br>(Registrant's telephone number, including area code)</font></p><p align="center"><font style="font-size: 10pt;"><strong>None</strong><br>(Former name or former address, if changed since last report)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3"><font style="font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr valign="top"><td width="21"><font style="font-size: 10pt;">&#160;</font></td><td width="40"><font style="font-size: 10pt;">[  ]</font></td><td nowrap="nowrap"><font style="font-size: 10pt;">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>The Company reported its fourth quarter fiscal year 2017 results today and is furnishing the earnings release as Exhibit 99.1 attached hereto.&#160; Members of the public are invited to listen to the Company's webcast conference call on March&#160;22, 2017, at 8:30 a.m. Eastern time through the link at ir.steelcase.com.&#160; A replay of the webcast can also be accessed through the Company's website.&#160;</p><p>The earnings release contains certain non-GAAP financial measures.&#160; A &#8220;non-GAAP financial measure&#8221; is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows of the Company.&#160; Pursuant to the requirements of Regulation G, the Company has provided a reconciliation within the earnings release of non-GAAP financial measures to the most directly comparable GAAP financial measure.</p><p>The non-GAAP financial measures used within the Company's earnings release are:</p><ul><li>Organic revenue growth (decline), which represents the change in revenue excluding currency translation effects and the impacts of acquisitions and divestitures;</li><li>Adjusted operating income (loss), which represents operating income (loss), excluding restructuring costs (benefits); and</li><li>Adjusted earnings per share, which represents earnings per share, excluding restructuring costs (benefits) and the related income tax effect.</li></ul><p>These measures are presented because management uses this information to monitor and evaluate financial results and trends.&#160; Therefore, management believes this information is also useful for investors.</p><p>The information furnished pursuant to this Item 2.02 and Item 7.01 to this Current Report on Form 8-K (including the exhibit hereto) shall not be considered &#8220;filed&#8221; under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered &#8220;filed&#8221; or incorporated by reference therein.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 5.02. 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</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>Exhibit 99.1</strong></p><p style="text-align: center;"><strong>Steelcase Reports Fourth Quarter and Fiscal 2017 Results</strong></p><p style="text-align: center;">Quarterly Dividend Increased to $0.1275 per Share</p><p>   <p align="left"><strong>News Highlights:</strong></p>    <ul type="disc"><li><strong>The Americas posted 5% order growth in the fourth quarter, driven by continued strength of project business.</strong></li><li><strong>Asia Pacific posted record levels of quarterly orders and revenue in the fourth quarter, capping off a strong year of growth.</strong></li><li><strong>For the full fiscal year, consolidated results reflect the second highest operating income and the highest operating income margin since fiscal 2001.</strong></li></ul>    <p>GRAND RAPIDS, Mich., March  21, 2017  (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported fourth quarter revenue of $769.1 million and net income of $25.8 million, or diluted earnings of $0.21 per share.&#160; During the quarter, as a result of a change in the French corporate tax rate, the company reduced the value of its net deferred tax assets by approximately $8 million, which reduced diluted earnings per share by approximately $0.06, net of related variable compensation effects.&#160; In the prior year, Steelcase reported $747.9 million of revenue, diluted earnings of $0.62 per share and adjusted earnings of $0.64 per share.&#160; Prior year results included significant items related to the reversal of a valuation allowance recorded against net deferred tax assets in France and a gain from the partial sale of an investment in an unconsolidated affiliate, which had a combined favorable impact on diluted earnings per share of approximately $0.42, net of related variable compensation expense.</p>    <p>Revenue increased 3 percent in the fourth quarter compared to the prior year, while orders increased by 6 percent.&#160; The Americas posted revenue growth of 3 percent, which was negatively impacted by continued year-over-year declines in the energy sector.&#160; Orders in the Americas grew 5 percent over the prior year.&#160; EMEA revenue declined 5 percent, or less than 1 percent on an organic basis, and orders declined 3 percent, reflecting mixed results across the region.&#160; The Other category posted revenue growth of 13 percent and order growth of 24 percent in the fourth quarter compared to prior year, driven by continued strength in Asia Pacific.</p>    <p>&#8220;We were pleased to exceed our revenue and earnings estimates for the quarter, in an environment that reflects continued uncertainty and intense competition for business,&#8221; said Jim Keane, president and CEO.&#160; &#8220;The Americas contributed significantly to our performance exceeding our expectations, as did Asia Pacific, which posted record levels of revenue, orders and operating income in the quarter.&#8221;</p>    <p>Current quarter operating income of $50.5 million compares to operating income of $25.8 million in the prior year.&#160; Excluding restructuring costs, fourth quarter adjusted operating income of $50.9 million increased by $21.4 million (or 270 basis points as a percentage of revenue) compared to the prior year, which included $13.7 million of variable compensation expense (or 180 basis points as a percentage of revenue) associated with the significant items recorded in the prior year.</p>    <p>Cost of sales was 66.8 percent of revenue in the current quarter, an improvement of 150 basis points compared to the prior year.&#160; EMEA cost of sales improved by 290 basis points, driven largely by benefits from cost reduction efforts, gross margin improvement initiatives and elimination of costs and inefficiencies associated with our operational footprint changes.&#160; The Americas cost of sales improved by 120 basis points over the prior year, which included approximately $3 million of inventory adjustments and $3 million of variable compensation expense associated with the significant items recorded in the prior year.</p>    <p>&#8220;EMEA has now delivered five consecutive quarters of year-over-year improvements in cost of sales as a percentage of revenue,&#8221; said Dave Sylvester, senior vice-president and CFO.&#160; &#8220;The industrial footprint changes are behind us and our operational performance continues to improve across the region, enabling us to dedicate more effort to our growth strategies and additional gross margin improvement initiatives.&#8221;</p>    <p>Operating expenses of $204.8 million in the current quarter represented a decrease of $2.6 million compared to the prior year (which included approximately $10 million of variable compensation expense associated with the significant items).&#160; Operating expenses in the current quarter included investments in sales, marketing and information technology, as well as initial costs associated with annuitizing smaller defined benefit plans.</p>    <p>Other income, net decreased by approximately $5 million compared to the prior year, which included an $8.5 million gain from the partial sale of an investment in an unconsolidated affiliate. The current quarter included foreign exchange gains compared to foreign exchange losses in the prior year.</p>    <p>Income tax expense of $24.3 million in the quarter included the approximately $8 million charge to decrease net deferred tax assets in France.</p>    <p>Total liquidity, comprised of cash, short-term investments and the cash surrender value of company-owned life insurance, aggregated $439 million, and total debt was $297 million, at the end of the fourth quarter.&#160;</p>    <p>The Board of Directors has declared a quarterly cash dividend of $0.1275 per share, to be paid on or before April 14, 2017, to shareholders of record as of March 31, 2017.&#160; This represents an increase of 0.75 cents per share compared to the third quarter.</p>    <p><strong>Fiscal 2017 Results</strong></p>    <p>For fiscal 2017, the company recorded $3.0 billion of revenue and net income of $124.6 million, or diluted earnings per share of $1.03.&#160; Adjusted earnings per share were $1.05.&#160; For fiscal 2016, the company recorded $3.1 billion of revenue and net income of $170.3 million, or diluted earnings per share of $1.36.&#160; Adjusted earnings per share were $1.46 and included approximately $0.42 per share related to the significant items recorded during the fourth quarter of the prior year.</p>    <p>The Americas and EMEA categories posted modest revenue declines, while the Other category posted revenue growth of 5 percent, driven largely by Asia Pacific.</p>    <p>Operating income of $200.2 million, or 6.6 percent of revenue, for fiscal 2017 compares to operating income of $174.6 million, or 5.7 percent of revenue, for fiscal 2016.&#160; Adjusted operating income of $205.3 million increased by $10.8 million compared to fiscal 2016.</p>    <p>Cost of sales was 66.5 percent of revenue in fiscal 2017, an improvement of 130 basis points compared to the prior year.&#160; The improvement was largely driven by the elimination of prior year disruption costs and inefficiencies associated with the manufacturing footprint changes in EMEA.&#160; Operating expenses increased by approximately $19 million over the prior year, which included approximately $10 million of variable compensation expense associated with the significant items recorded in the fourth quarter.</p>    <p>&#8220;Our operating income margin for fiscal 2017 represents the highest level of performance in more than 15 years,&#8221; said Jim Keane.&#160; &#8220;The Americas posted organic revenue growth in the second half of fiscal 2017, realizing initial benefits of our investments in growth initiatives, and we believe this momentum will continue into fiscal 2018.&#160; Asia Pacific closed the year by posting two consecutive quarters of record orders, and we began fiscal 2018 with a backlog of customer orders in that region which was substantially higher than the prior year.&#8221;</p>    <p>The company paid $59 million in dividends and repurchased 3 million shares under its share repurchase authorization program during fiscal 2017 at a cost of $42 million.&#160; There is $126.5 million remaining on the company&#8217;s share repurchase authorization.</p>    <p><strong>Outlook</strong></p>    <p>Order patterns were mixed during the fourth quarter, growing by approximately 5 percent in the Americas and 24 percent in the Other category and declining by 3 percent in EMEA compared to the prior year.&#160; The order growth in the Americas was driven by project business, while orders related to continuing agreements and marketing programs declined in the quarter.&#160; The strong order growth in the Other category was driven by a record level of quarterly orders in Asia Pacific.&#160; As a result, the company expects first quarter fiscal 2018 revenue to be in the range of $725 to $750 million, which reflects expected organic revenue growth of 2 percent to 6 percent over the prior year.&#160; In the first quarter of fiscal 2017, the company reported revenue of $718.8 million.</p>    <p>Steelcase expects to report diluted earnings per share between $0.13 to $0.17 for the first quarter of fiscal 2018.&#160; These estimates include the net impact of annuitizing three of the company&#8217;s smaller defined benefit plans, which was completed earlier this month and is estimated to reduce diluted earnings per share for the quarter by approximately $0.03.&#160; Steelcase reported diluted earnings per share of $0.16 and adjusted earnings per share of $0.18 in the first quarter of fiscal 2017.</p>    <p><em>"</em>Our project pipeline in the Americas increased again this quarter versus the prior year reflecting the success of our new product introductions and efforts to improve our market share," said Jim Keane. 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">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,010.4</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">33.3</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">971.2</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">31.7</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Operating expenses</td><td colspan="2" style="text-align: right ; 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">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">26.7</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">790.0</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">25.8</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Restructuring costs</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.4</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; 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vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#8212;</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6.6</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.2</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Operating income</td><td style="vertical-align: bottom ; 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">200.2</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6.6</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">%</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">$</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">174.6</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5.7</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">%</td></tr><tr><td style="vertical-align: bottom ; ">Interest expense</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(4.3</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; 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">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.1</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Other income, net</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3.7</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1.1</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">11.9</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.4</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">16.3</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.5</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Income before income tax expense</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">50.1</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6.5</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ; 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">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5.7</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Income tax expense</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">24.3</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3.1</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(47.4</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(6.4</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">71.7</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2.4</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4.5</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.1</td><td style="vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Net income</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">25.8</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3.4</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">%</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">77.5</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10.4</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; text-align: left ;  vertical-align: bottom; ">%</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">124.6</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; text-align: right ; 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(2) adjusted operating income (loss), which represents operating income (loss), excluding restructuring costs (benefits); and (3) adjusted earnings per share, which represents earnings per share, excluding restructuring costs (benefits) and the related income tax effect.&#160; These measures are presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.</p>    <p><strong>Forward-looking Statements</strong><br>From time to time, in written and oral statements, the company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements generally are accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "possible," "potential," "predict," "project," or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to vary from the company's expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters and other Force Majeure events; changes in the legal and regulatory environment; restructuring activities; changes in raw materials and commodity costs; currency fluctuations; changes in customer demands; and the other risks and contingencies detailed in the company's most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.</p>    <p><strong>About Steelcase Inc.</strong><br>For over 100 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. We demonstrate this through our family of brands&#160;- including Steelcase&#174;, Coalesse&#174;, Designtex&#174;, PolyVision&#174; and Turnstone&#174;. Together, they offer a comprehensive portfolio of architecture, furniture and technology products and services designed to unlock human promise and support social, economic and environmental sustainability. We are globally accessible through a network of channels, including over 800 dealer locations. 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vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">197.1</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">$</td><td style="border-bottom: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">181.9</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td></tr></table>  <p>&#160;<br></p></p><p>CONTACT:<br>Investor Contact:<br>Raj Mehan<br>Investor Relations<br>(616) 246-4251<br><br>Media Contact:<br>Katie Woodruff<br>Corporate Communications<br>(616) 915 - 8505</p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
