<SEC-DOCUMENT>0001171843-18-006651.txt : 20180920
<SEC-HEADER>0001171843-18-006651.hdr.sgml : 20180920
<ACCEPTANCE-DATETIME>20180920160517
ACCESSION NUMBER:		0001171843-18-006651
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180920
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180920
DATE AS OF CHANGE:		20180920

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:			0222

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13873
		FILM NUMBER:		181079482

	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_092018.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 20, 2018-->September 20, 2018 &#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; ]</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. 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 <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">The Company reported its second quarter fiscal year 2019 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 21, 2018, 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 style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">This earnings release contains a non-GAAP financial measure. A &#8220;non-GAAP financial measure&#8221; is defined as a numerical measure of a company&#8217;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 condensed consolidated statements of income, balance sheets or statements of cash flows of the Company. Pursuant to the requirements of Regulation&#160;G, the Company has provided a reconciliation within the earnings release of the non-GAAP financial measure to the most directly comparable GAAP financial measure.</font></p>      <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">The non-GAAP financial measure used within the Company's earnings release is&#160;organic revenue growth (decline), which represents the change in revenue excluding estimated currency translation effects and the impacts of acquisitions and divestitures. This measure is presented because management uses this information to monitor and evaluate financial results and trends. Therefore, management believes this information is also useful for investors.</font></p>      <p style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">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 style="margin-left:0in; margin-right:0in;"><font style="font-size:10pt; font-family:&quot;times new roman&quot;;">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.</font></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;">
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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 Second Quarter Fiscal 2019 Results</strong></p><p style="text-align: center;" ></p><p>
 <ul><li><strong>Earnings per share improved 32 percent compared to prior year</strong></li><li><strong>Revenue and orders grew by double-digit percentages</strong></li><li><strong>Acquisitions of Orangebox and Smith System provide additional growth potential</strong></li><li><strong>Third quarter outlook projects double-digit organic revenue growth</strong></li></ul>  <p>GRAND RAPIDS, Mich., Sept.  20, 2018  (GLOBE NEWSWIRE) --  Steelcase Inc. (NYSE: SCS) today reported second quarter revenue of $875.8 million and net income of $49.1 million, or diluted earnings of $0.41 per share.&#160; In the prior year, Steelcase reported $775.6 million of revenue and net income of $36.9 million, or diluted earnings of $0.31 per share.</p>  <p>Revenue increased 13 percent, or 8 percent on an organic basis, in the second quarter compared to the prior year.&#160; The Americas posted 15 percent revenue growth, or 9 percent on an organic basis, driven by strong project business from both large and small customers.&#160; EMEA posted revenue growth of 13 percent, or 11 percent on an organic basis, driven by strong project business in Germany, the UK and France, while revenue in the Other category was approximately flat compared to the prior year.</p>  <p>Orders (adjusted for constant currency, acquisitions and divestitures) grew 12 percent in the second quarter compared to the prior year, primarily driven by project business, with 9 percent growth in the Americas, 22 percent growth in EMEA and 15 percent growth in the Other category.&#160; The growth in EMEA was driven by Western Europe, and the growth in the Other category was primarily driven by Asia Pacific.</p>  <p>"We are proud of delivering very strong revenue and earnings growth this quarter, and we're optimistic about the opportunities we see to drive additional growth," said Jim Keane, president and CEO.&#160; "The acquisitions of Smith System and Orangebox, as well as our new partnership with West Elm and broadened partnership with Bolia, are part of the exciting expansions of our offerings that help support our customers' needs in a changing workplace."</p>  <p>Current quarter operating income of $67.9 million (or 7.8 percent of revenue) increased by $15.7 million compared to operating income of $52.2 million (or 6.7 percent of revenue) in the prior year.&#160; The Americas reported an increase of $21.7 million driven by the $85.6 million increase in revenue.&#160; Current quarter results included a $7.5 million gain from the sale of property, as well as warranty, product liability and workers' compensation costs that were $5.3 million lower than the prior year.&#160; The benefits from these items were largely offset by $7.4 million of purchase accounting effects related to acquisitions and the impact of unfavorable shifts in business mix.&#160; EMEA reported an operating loss of $6.0 million compared to a loss of $3.6 million in the prior year, which included a $4.0 million gain from the sale of property.</p>  <p>"Adjusted for the property gain in the prior year, we reported another quarter of year-over-year improvement in EMEA's operating results," said Dave Sylvester, senior vice president and CFO.&#160; "Based on the high level of customer order backlog at the end of the second quarter, the strengthening pipeline of project opportunities and our improved win rates, we expect to report operating income in EMEA in each of the third and fourth quarters and approach breakeven results for fiscal 2019 as a whole."</p>  <p>Gross margin of 33.0 percent in the current quarter represented a decline of 20 basis points compared&#160; to the prior year.&#160; Gross margin decreased by 30 basis points in the Americas and by 20 basis points in EMEA, while the Other category increased by 110 basis points.&#160; In the Americas, higher commodity and freight costs were mostly offset by the benefits of pricing actions but had a negative net impact of approximately 70 basis points on gross margin.&#160; The Americas results also reflected unfavorable shifts in business mix, which were more than offset by higher absorption of fixed costs, and warranty and workers' compensation costs that were $4.3 million lower than the prior year.&#160; Favorable gross margin contribution from Smith System, which realizes a majority of their revenue during the summer months, was largely offset by the initial effects of purchase accounting.</p>  <p>Operating expenses of $220.7 million in the second quarter represented an increase of $15.6 million compared to the prior year, due to $9.7 million from acquisitions, net of divestitures (including $4.2 million of amortization expense), and $7.9 million of higher variable compensation costs, partially offset by $3.5 million of higher property gains.</p>  <p>Other income (expense), net reflected $3.7 million of income in the current quarter compared to $2.5 million in the prior year driven by higher income from unconsolidated affiliates.</p>  <p>Income tax expense of $18.1 million in the current quarter reflected an effective tax rate of approximately 27 percent which was driven by tax reform in the U.S.&#160; Tax expense in the prior year reflected an effective tax rate of approximately 27 percent, which included a $3.9 million favorable tax adjustment.</p>  <p>"Earnings benefited from some unusual items this quarter," said Dave Sylvester.&#160; "The property gain and lower warranty, product liability and workers' compensation costs had a $0.05 effect on earnings per share after taking into consideration the related variable compensation expense.&#160; However, those items did not benefit the year-over-year comparison as we also reported a property gain, as well as a favorable tax adjustment, in the prior year which together increased earnings by approximately $0.05 per share."</p>  <p>The company's acquisition of Smith System was completed on July 12, 2018, and was funded by a $75.0 million draw on the company's global committed bank facility and $78.4 million of cash on hand.&#160; Smith System contributed approximately $0.02 to diluted earnings per share in the second quarter.</p>  <p>Total liquidity, comprised of cash, cash equivalents and the cash surrender value of company-owned life insurance, aggregated $203 million, and total debt was $304 million, at the end of the second quarter.&#160; Cash generated from operations was used to reduce borrowings on lines of credit to $10 million as of the end of the quarter.</p>  <p>The Board of Directors has declared a quarterly cash dividend of $0.135 per share, to be paid on or before October 15, 2018, to shareholders of record as of October 1, 2018.</p>  <p><strong>Acquisition of Orangebox</strong></p>  <p>As announced earlier today, Steelcase acquired all of the outstanding capital stock of Orangebox Group Limited for &#163;60 million (or $79 million) less an adjustment for working capital with an additional &#163;3 million payable to one of the sellers over three years based upon the achievement of certain performance obligations.&#160; The acquisition was funded by borrowings under the company&#8217;s global committed bank facility.&#160; Orangebox posted revenue of approximately &#163;69 million over the trailing twelve months through August 2018.&#160; Orangebox results will begin to be consolidated as of September 20, 2018.</p>  <p><strong>Outlook</strong></p>  <p>Orders (adjusted for constant currency, acquisitions and divestitures) in the Americas grew 9 percent in the second quarter, and backlog at the end of the quarter was approximately 11 percent higher than the prior year.&#160; EMEA orders grew 22 percent and backlog at the end of the quarter was approximately 34 percent higher than the prior year.&#160; Orders in the Other category grew 15 percent.</p>  <p>The company expects third quarter fiscal 2019 revenue to be in the range of $885 to $915 million.&#160; Adjusted for the impact of acquisitions, divestitures and unfavorable currency translation effects, the projected revenue range translates to expected organic growth of 11 to 15 percent.&#160; In the third quarter of fiscal 2018, the company reported revenue of $772.1 million.</p>  <p>Steelcase expects to report diluted earnings per share between $0.28 to $0.33 for the third quarter of fiscal 2019 and $1.10 to $1.15 for the full fiscal year 2019.&#160; The estimate for the third quarter reflects an expectation that pricing benefits will offset inflation, unfavorable business mix will continue and operating expenses will increase by approximately $15 to $20 million compared to the second quarter.&#160; The company does not expect earnings accretion from its recent acquisitions in the third and fourth quarters due to the effects of purchase accounting and seasonality of Smith System.&#160; 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A &#8220;non-GAAP financial measure&#8221; is defined as a numerical measure of a company&#8217;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 condensed consolidated statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation&#160;G, the company has provided a reconciliation above of the non-GAAP financial measure to the most directly comparable GAAP financial measure.</p>  <p>The non-GAAP financial measure used within this earnings release is&#160;organic revenue growth (decline), which represents the change in revenue excluding estimated currency translation effects and the impacts of acquisitions and divestitures. This measure is 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.&#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; 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; 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">Michael O'Meara</td></tr><tr><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 ; ">(616) 292-9274</td></tr><tr><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 ; ">Media Contact:</td></tr><tr><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 ; ">Corporate Communications</td></tr><tr><td style="vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">(616) 915-8505</td></tr></table></p><p ></p></body></html>
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