<SEC-DOCUMENT>0001171843-17-005587.txt : 20170918
<SEC-HEADER>0001171843-17-005587.hdr.sgml : 20170918
<ACCEPTANCE-DATETIME>20170918160614
ACCESSION NUMBER:		0001171843-17-005587
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170918
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170918
DATE AS OF CHANGE:		20170918

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:		171089992

	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_091817.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): <!--September 18, 2017-->September 18, 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><font style="font-size: 10pt;">The Company reported its second 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 September 19, 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.</font></p><p><font style="font-size: 10pt;">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.</font></p><p><font style="font-size: 10pt;">The non-GAAP financial measures used within the Company's earnings release are:</font></p><ul><li><font style="font-size: 10pt;"><font style="font-size: 10pt;">Organic revenue growth (decline), which represents the change in revenue excluding currency translation effects and the impacts of acquisitions and divestitures;</font></font></li><li><font style="font-size: 10pt;"><font style="font-size: 10pt;">Adjusted operating income (loss), which represents operating income (loss), excluding restructuring costs (benefits); and</font></font></li><li><font style="font-size: 10pt;"><font style="font-size: 10pt;">Adjusted earnings per share, which represents earnings per share, excluding restructuring costs (benefits) and the related income tax effect.</font></font></li></ul><p><font style="font-size: 10pt;">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.</font></p><p><font style="font-size: 10pt;">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.</font></p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 7.01. Regulation FD Disclosure.</strong></font></p><p><font style="font-size: 10pt;">
 <p>The Company has updated its investor presentation and will make it available on the Company's website at ir.steelcase.com.&#160; The Company uses this presentation from time to time when Company executives interact with investors and analysts to discuss our business strategies and long-term goals.</p> </font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p>(d) EXHIBITS.</p><table style="border-collapse: collapse;" class="mce-item-table"><tr><td style="text-align: center; vertical-align: bottom;"><font style="font-size: 10pt;">Exhibit</font><br><font style="font-size: 10pt;"><u><font style="color: black;">Number</font></u></font></td><td style="text-align: center; vertical-align: bottom;"><font style="font-size: 10pt;"><u><font style="color: black;">Description</font></u></font></td></tr><tr><td style="text-align: center; vertical-align: bottom;"><font style="font-size: 10pt;"><font style="color: black;"><a href="exh_991.htm">99.1</a></font></font></td><td style="vertical-align: bottom;"><font style="font-size: 10pt;"><font style="color: black;">Earnings Release - Second Quarter Ended August 25, 2017</font></font></td></tr></table></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Steelcase Inc.</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: September 18, 2017</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Mark T. Mossing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Mark T. Mossing</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Corporate Controller and Chief Accounting Officer<br>(Duly Authorized Officer and Principal Accounting Officer)</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade"><p style="text-align: center;"><font style="font-size: 10pt;"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table class="mce-item-table" style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Exhibit Number</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Description</font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Earnings Release - Second Quarter Ended August 25, 2017 </font></td></tr></table></p></body></html>
</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 Second Quarter Results</strong></p><p style="text-align: center;"><p>
 <p align="left">GRAND RAPIDS, Mich., Sept.  18, 2017  (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported second quarter revenue of $775.6 million and net income of $36.9 million, or diluted earnings of $0.31 per share.&#160; In the prior year, Steelcase reported $758.0 million of revenue, diluted earnings of $0.31 per share and adjusted earnings of $0.32 per share.<br></p>  <p>Revenue increased 2 percent in the second quarter compared to the prior year, while order growth was flat.&#160; The Americas revenue and orders declined less than 1 percent compared to the prior year, as continued growth in the company's new products and solutions was offset by declines in traditional furniture applications.&#160; Demand from large customers remained subdued, but the rate of decline was lower than the first quarter.&#160; EMEA revenue increased 5 percent, or 4 percent on an organic basis, and orders grew modestly, reflecting mixed results across the region.&#160; The Other category posted revenue growth of 20 percent, or 19 percent on an organic basis, driven by continued strength in Asia Pacific, and order growth was 3 percent.</p>  <p>&#8220;We are pleased with our overall performance in the second quarter, which included better than expected operating results in the Americas segment.&#160; We remain on track to launch more than 80 new products, enhancements and extensions in fiscal 2018, and we are significantly increasing the design-driven choices available to our customers through three new relationships announced over the past week," said Jim Keane, president and CEO.&#160; "In addition, we have seen recent improvement in our project win rates linked to our innovation, and our updated pipeline of project activity includes some notable increases from a few of our largest corporate customers."</p>  <p>Current quarter operating income of $54.2 million compares to operating income of $61.9 million in the prior year.&#160; Improvements in the operating results in EMEA and Asia Pacific were more than offset by a decline in the Americas which was driven by higher cost of sales as a percentage of revenue and higher operating expenses.</p>  <p>Cost of sales of 66.7 percent of revenue in the current quarter represented an increase of 140 basis points compared to a very strong prior year and reflected mixed results across the segments.&#160; In the Americas, cost of sales of 65.6 percent was 250 basis points higher than the prior year, which represented the lowest level of cost of sales as a percentage of revenue in more than a decade.&#160; The current quarter reflected increased discounting and incentives, higher commodity costs, investments in support of product development and manufacturing agility, and unfavorable shifts in business mix.&#160; In EMEA, cost of sales improved by 280 basis points, driven largely by benefits associated with cost reduction and other gross margin improvement initiatives.&#160; Cost of sales in the Other category improved by 30 basis points over the prior year, as the benefits associated with higher revenue were partially offset by inventory adjustments.</p>  <p>Operating expenses of $204.2 million in the second quarter represented an increase of $3.3 million compared to the prior year, or an $8.7 million sequential decline compared to the first quarter.&#160; The current quarter results included a $4.0 million gain on the sale of property in EMEA and $1.8 million of lower deferred compensation expense compared to the prior year.&#160; Beyond these items, the increased spending compared to the prior year reflected continued investments in product development, sales, marketing and information technology that support the company's strategies, including developing new products, enhancements and applications, expanding ancillary offerings and marketing partnerships, addressing product gaps and pursuing other areas for growth.</p>  <p>Income tax expense of $13.8 million in the current quarter, which included a $3.9 million favorable&#160;tax adjustment, reflected an effective tax rate of 27.2 percent.</p>  <p>"The property gain and discrete tax benefit recorded in the second quarter had the effect of increasing earnings per share by approximately $0.05 after consideration of the related variable compensation expense," said Dave Sylvester, senior vice president and CFO.&#160; "Beyond these items, we were pleased with our operating results and the actions our employees took to pull back on discretionary spending, which allowed us to stay more fully invested in the significant number of new product introductions we are planning over the next several quarters."</p>  <p>Total liquidity, comprised of cash, short-term investments and the cash surrender value of company-owned life insurance, aggregated $373 million, and total debt was $296 million, at the end of the second quarter.&#160;</p>  <p>During the second quarter, the Company repurchased a total of 2.0 million shares of Class A Common Stock for a total cost of $27.3 million.&#160; A total of $99.2 million remained under the company's share repurchase authorization at the end of the second quarter.</p>  <p>The Board of Directors has declared a quarterly cash dividend of $0.1275 per share, to be paid on or before October 12, 2017, to shareholders of record as of September 28, 2017.</p>  <p><strong>Outlook</strong></p>  <p>The company expects third quarter fiscal 2018 revenue to be in the range of $785 to $810 million, which includes approximately $11 million of estimated favorable currency translation effects compared to the prior year and reflects a range of an organic decline of 1 percent to organic growth of 2 percent compared to the prior year.&#160; In the third quarter of fiscal 2017, the company reported revenue of $786.5 million.</p>  <p>Steelcase expects to report diluted earnings per share between $0.21 to $0.25 for the third quarter of fiscal 2018.&#160; The third quarter estimate includes an expected sequential increase in operating expenses of approximately $10 million compared to the second quarter (adjusted for the gain on property sale), as well as an expected sequential increase in cost of sales as a percentage of revenue due to seasonal shifts in business mix.&#160; Steelcase reported diluted earnings per share of $0.28 and adjusted earnings per share of $0.30 in the third quarter of fiscal 2017.</p>  <p>"We see multiple signs that point to improved growth in the coming quarters," said Jim Keane. &#160;"In addition to the significant number of new product introductions in fiscal 2018, we are expanding our market by recently launching smart and connected products that enhance workplace strategies and new relationships to expand our response to the increased demand for ancillary solutions.&#160; Increasing the breadth of our offerings is critical to support our customers as they navigate the growing importance of enabling creativity and innovation, increasing employee engagement and augmenting performance in the workplace."</p>  <p><strong>Corporate Highlights:</strong></p>  <ul><li>Steelcase announced a relationship with FLOS, a worldwide leader in lighting whose portfolio includes decorative, architectural and custom lighting.<br></li><li>In EMEA, Steelcase announced a relationship with Bolia, a contemporary Danish furniture designer and maker.&#160; 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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;&#160; (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.&#160; 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.&#160; 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.&#160; 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; border-collapse: collapse; "><tr><td colspan="24" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="24" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; 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vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="vertical-align: bottom ; ">&#160;</td><td colspan="7" 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 colspan="3" 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> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">CONTACT:</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Investor Contact:</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Michael O'Meara</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Investor Relations</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">(616) 292-9274</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="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 ; ">Media Contact:</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Katie Woodruff</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">Corporate Communications</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">(616) 915 - 8505</td></tr></table> <p>&#160;<br></p> </p><p></body></html>
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