<SEC-DOCUMENT>0001171843-17-003740.txt : 20170621
<SEC-HEADER>0001171843-17-003740.hdr.sgml : 20170621
<ACCEPTANCE-DATETIME>20170621161013
ACCESSION NUMBER:		0001171843-17-003740
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170621
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170621
DATE AS OF CHANGE:		20170621

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:		17923007

	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_062117.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): <!--June 21, 2017-->June 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;">[ &#160; ]</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;">[ &#160; ]</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;">[ &#160; ]</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;">[ &#160; ]</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><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934 (17 CFR&#160;&sect;240.12b-2).&#160;Emerging growth company [&#160;&#160;&#160;]</p><p style="font-size: 10pt; margin: 0pt;">&#160;</p><p style="font-size: 10pt; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&#160;&#160;&#160;]</p><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 style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">The Company reported its first quarter fiscal year 2018 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 June&#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.</p><p style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">&#160;</p><p style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">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 style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">&#160;</p><p style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">The non-GAAP financial measures used within the Company's earnings release are:&#160;</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 style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">&#160;</p><p style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">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 style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">&#160;</p><p style="line-height: 120%; margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;">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 7.01. 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</TEXT>
</DOCUMENT>
<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 First Quarter Results</strong></p><p style="text-align: center;"><p>
 <p align="left">GRAND RAPIDS, Mich., June  21, 2017  (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported first quarter revenue of $735.1 million and net income of $18.1 million, or diluted earnings of $0.15 per share.&#160; The results reflect the net impact of annuitizing three of the company's smaller defined benefit plans which reduced diluted earnings per share by approximately $0.03.&#160; In the prior year, Steelcase reported $718.8 million of revenue, diluted earnings of $0.16 per share and adjusted earnings of $0.18 per share.<br></p>  <p>Revenue increased 2 percent, or approximately 4 percent on an organic basis, in the first quarter compared to the prior year, while orders increased 1 percent.&#160; The Americas posted revenue growth of 3 percent, which included revenue from a very large project in the manufacturing sector.&#160; Orders in the Americas declined 3 percent compared to the prior year, driven by reduced demand from large customers.&#160; EMEA revenue declined 10 percent, or 4 percent on an organic basis, and orders grew 6 percent, reflecting mixed results across the region.&#160; The Other category posted revenue growth of 19 percent and order growth of 20 percent in the first quarter compared to the prior year, driven by continued strength in Asia Pacific.</p>  <p>&#8220;Our first quarter results were consistent with our expectations.&#160; All segments continued to deliver on our strategy, including record levels of revenue and operating income from our Asia Pacific business again this quarter," said Jim Keane, president and CEO.&#160; "Order growth from new products in the Americas has also been strong, as customers are continuing to shift from traditional furniture applications to our new solutions.&#160; We have continued to invest in product development across our portfolio and expect to launch more new products and enhancements over the balance of our fiscal year than in any of the past five years."</p>  <p>Current quarter operating income of $29.9 million compares to operating income of $33.3 million in the prior year.&#160; The defined benefit plan annuitizations negatively impacted current quarter operating income by $7.3 million, and prior year operating income included $4.6 million of restructuring costs.</p>  <p>Cost of sales was 67.0 percent of revenue in the current quarter, an improvement of 40 basis points compared to the prior year.&#160; The improvement was driven by strength in Asia Pacific, which contributed to a 400 basis point improvement in the Other category.&#160; Cost of sales in the Americas increased by 10 basis points compared to the prior year.&#160; The year-over-year comparison included unfavorable shifts in business mix and $3.4 million of charges related to the defined benefit plan annuitizations in the current quarter and approximately $6 million of warranty retrofit charges in the prior year.&#160; EMEA cost of sales increased by 30 basis points compared to the prior year due to the impacts of lower revenue and unfavorable shifts in business mix, offset in part by benefits from gross margin improvement initiatives.</p>  <p>&#8220;EMEA's results were consistent with our expectations given the low level of order backlog entering the quarter," said Dave Sylvester, senior vice president and CFO.&#160; "While the effects of lower volume prevented us from realizing the full benefits of our gross margin improvement initiatives, we are pleased with the 6% growth in orders for the quarter."</p>  <p>Operating expenses of $212.9 million in the first quarter represented an increase of $16.8 million compared to the prior year, or an $8.1 million sequential increase compared to the fourth quarter.&#160; The increased spending in the current quarter included investments in product development, sales, marketing and information technology that support the company's strategies, including developing new products, enhancements and applications such as smart + connected spaces and Creative Spaces, expanding ancillary offerings, addressing product gaps and pursuing other areas for growth. 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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 flow of the company.&#160; Pursuant to the requirements of Regulation G, the company has provided a reconciliation above 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: (1) organic revenue growth (decline), which represents the change in revenue excluding currency translation effects and the impacts of acquisitions and divestitures; (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 discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to us, based on current beliefs of management as well as assumptions made by, and information currently available to, the company.&#160; 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. Although we believe these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate.&#160; 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; its restructuring activities; changes in raw materials and commodity costs; currency fluctuations; changes in customer demand; 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. &#160;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 105 years, Steelcase Inc. has helped create great experiences for the world's leading organizations, across industries. &#160;We demonstrate this through our family of brands&#160;- including Steelcase&#174;, Coalesse&#174;, Designtex&#174;, PolyVision&#174; and Turnstone&#174;. &#160;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. &#160;We are globally accessible through a network of channels, including over 800 dealer locations. &#160;Steelcase is a global, industry-leading and publicly traded company with fiscal 2017 revenue of $3.0 billion.</p> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>STEELCASE INC.</strong></td></tr><tr><td colspan="8" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)</strong></td></tr><tr><td colspan="8" style="text-align: center ; 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"><strong>INVESTING ACTIVITIES</strong></td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Capital expenditures</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(16.8</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(14.3</td><td style="vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Purchases of investments</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(19.4</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; 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">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.7</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Net increase (decrease) in cash and cash equivalents</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(53.2</td><td style="vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(48.5</td><td style="vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Cash and cash equivalents, beginning of period</td><td colspan="2" style="border-bottom: solid black 1pt ; 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 vertical-align: bottom; vertical-align: bottom ; ">133.4</td><td style="border-bottom: double black 3pt ; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td></tr></table> <p><br></p> </p><p>CONTACT:<br><br>Investor Contact:<br>Michael O'Meara<br>Investor Relations<br>(616) 292-9274<br><br>Media Contact:<br>Katie Woodruff<br>Corporate Communications<br>(616) 915 - 8505</p></body></html>
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