<SEC-DOCUMENT>0001171843-18-008469.txt : 20181218
<SEC-HEADER>0001171843-18-008469.hdr.sgml : 20181218
<ACCEPTANCE-DATETIME>20181218160516
ACCESSION NUMBER:		0001171843-18-008469
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181218
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181218
DATE AS OF CHANGE:		20181218

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:		181240569

	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_121818.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): <!--December 18, 2018-->December 18, 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 third 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 December 19, 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 non-GAAP financial measures. 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 measures to the most directly comparable GAAP financial measures.</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 measures used within the Company's earnings release are: (1)&#160;organic revenue growth (decline), which represents the change in revenue excluding estimated currency translation effects and the impacts of acquisitions and divestitures; and (2) adjusted earnings per share, which includes earnings per share, excluding charges related to the multi-employer pension plan and the related variable compensation and income tax effects, and charges related to U.S. tax reform. 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.</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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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
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<!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;"><font style="font-size: 14pt;"><strong>Steelcase Reports Third Quarter Fiscal 2019 Results</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
 <ul type="disc"><li><strong>Earnings per share improved 41 percent compared to prior year</strong></li><li><strong>Revenue and orders grew by double-digit percentages</strong></li><li><strong>Fourth quarter outlook projects strong organic revenue growth</strong></li></ul>  <p>GRAND RAPIDS, Mich, Dec.  18, 2018  (GLOBE NEWSWIRE) --  Steelcase Inc. (NYSE: SCS) today reported third quarter revenue of $901.0 million and net income of $37.3 million, or diluted earnings of $0.31 per share which represented a 41 percent improvement compared to the prior year.</p>  <p>The results included an $11.2 million charge related to participation in a multi-employer pension plan, and excluding this charge, net of related variable compensation and income tax effects, adjusted earnings were $0.36 per share.&#160; In the prior year, Steelcase reported $772.1 million of revenue and net income of $25.7 million, or diluted earnings of $0.22 per share.</p>  <p>Revenue increased 17 percent, or 13 percent on an organic basis, in the third quarter compared to the prior year.&#160; The Americas posted 16 percent revenue growth, or 12 percent on an organic basis, driven by strong project business from both large and small customers.&#160; EMEA posted revenue growth of 21 percent, or 12 percent on an organic basis, driven by strong customer order backlog at the beginning of the quarter.&#160; Revenue in the Other category increased 17 percent, or 20 percent on an organic basis, driven by strength in most markets across Asia Pacific.</p>  <p>Orders (adjusted for constant currency, acquisitions and divestitures) grew 10 percent in the third quarter compared to the prior year, primarily driven by project business, with 14 percent growth in the Americas, and 12 percent growth in the Other category.&#160; Orders in EMEA declined by 6 percent compared to the prior year, with weaker order patterns earlier in the quarter which improved through the quarter and into the beginning of the fourth quarter.</p>  <p>"The successful implementation of our growth strategies to broaden our product offering contributed to another quarter of strong organic revenue growth, which continued to outpace recent industry trends in the U.S. and many other markets,&#8221; said Jim Keane, president and CEO.&#160; &#8220;The 41 percent improvement in earnings per share in the third quarter was even stronger than the 32 percent growth in the second quarter and was driven by our target to expand earnings through revenue growth while continuing to drive fitness across our business model."</p>  <p>Third quarter operating income of $45.4 million (or 5.0 percent of revenue) increased by $8.9 million compared to operating income of $36.5 million (or 4.7 percent of revenue) in the prior year.&#160; The comparison was negatively impacted by $7.5 million (or 0.8 percent of revenue) related to the pension charge, net of related variable compensation expense.&#160; The Americas reported operating income of $52.0 million (or 8.1 percent of revenue) compared to $45.3 million (or 8.2 percent of revenue) in the prior year.&#160; Adjusted for the $8.4 million net impact of the pension charge, operating income in the Americas increased by $15.1 million driven by the $85.8 million increase in revenue for the segment. EMEA reported an operating loss of $0.7 million, which included $1.4 million of initial effects of purchase accounting related to Orangebox.</p>  <p>"In the Americas, we achieved strong operating leverage from the $68 million of organic revenue growth even though revenue from our recent pricing actions was offset by inflation," said Dave Sylvester, senior vice president and CFO.&#160; "In EMEA, we were pleased to report year-over-year improvement in our operating results again this quarter, despite political and economic uncertainty in the U.K. and France, which may have negatively impacted demand patterns across the region.&#160; Our profitability was also negatively impacted by unfavorable shifts in business mix and some operational inefficiencies associated with the higher volume in the quarter."</p>  <p>The pension charge recorded in the quarter related to a multi-employer pension plan in the U.S. in which the employees and retirees of one of the company&#8217;s subsidiaries participate.&#160; During the quarter, the plan asserted that the subsidiary&#8217;s absence of hiring additional union employees over the past ten years, coupled with restructuring of the subsidiary&#8217;s business, constituted an adverse selection practice and, if not remedied, will result in the assessment of a withdrawal liability.&#160; As a result of the plan&#8217;s assertion, the subsidiary recorded an $11.2 million charge related to its estimated future obligations under a withdrawal liability.</p>  <p>Gross margin of 30.9 percent in the third quarter represented a decline of 160 basis points compared to the prior year, with 110 basis points of the reduction being attributable to the pension charge.&#160; Gross margin decreased by 190 basis points in the Americas, with 160 basis points of the reduction attributable to the pension charge. The remaining decrease was driven by pricing benefits which approximately offset $13 million of increased commodity, freight and labor costs (which represented 60 basis points of the decrease) and unfavorable business mix, partially offset by benefits from the higher volume and $3.1 million of favorable adjustments to customer incentives recorded in accrued promotions.&#160; EMEA gross margins decreased by 60 basis points due to operational inefficiencies and unfavorable business mix, partially offset by benefits from the higher volume and recent pricing actions. Gross margin in the Other category decreased by 120 basis points due to a strong mix of large projects that were more heavily discounted.</p>  <p>Operating expenses of $232.9 million (or 25.9 percent of revenue) in the third quarter represented an increase of $18.6 million compared to $214.3 million (or 27.8 percent of revenue) in the prior year. The increase was driven by $14.8 million from acquisitions, net of divestitures (including $3.9 million of amortization expense), and $1.6 million of higher variable compensation costs.</p>  <p>Other income, net decreased by $0.9 million compared to the prior year, driven by lower net periodic pension and post-retirement credits.</p>  <p>Income tax expense of $7.9 million in the third quarter reflected an effective tax rate of approximately 17 percent compared to 32 percent in the prior year.&#160; The reduction was driven by tax reform in the U.S. and a $3.6 million favorable adjustment recorded in the quarter, which had the impact of increasing diluted earnings by approximately $0.02 per share, after consideration of the related variable compensation effect.</p>  <p>As previously announced, the company's acquisition of Orangebox Group Limited was completed on September 19, 2018, and was funded by $78.9 million of borrowings under the company's global committed bank facility.</p>  <p>Total liquidity, comprised of cash, cash equivalents and the cash surrender value of company-owned life insurance, aggregated $205.7 million, and total debt was $321.4 million, at the end of the third quarter.&#160; Cash generated from operations and proceeds from the sale of an asset held for sale were used to reduce borrowings on lines of credit to $27.5 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 January 14, 2019, to shareholders of record as of December 28, 2018.</p>  <p><strong>Outlook</strong></p>  <p>Orders (adjusted for constant currency, acquisitions and divestitures) in the Americas grew 14 percent in the third quarter, and backlog at the end of the quarter was 16 percent higher than the prior year.&#160; EMEA orders declined 6 percent but improved during the quarter and backlog at the end of the quarter was 11 percent higher than the prior year.&#160; Orders in the Other category grew 12 percent.</p>  <p>The company expects fourth quarter fiscal 2019 revenue to be in the range of $860 to $885 million.&#160; Adjusted for the impact of acquisitions, divestitures and unfavorable currency translation effects, the projected revenue range translates to expected organic growth of 9 to 12 percent.&#160; In the fourth quarter of fiscal 2018, the company reported revenue of $772.7 million.</p>  <p>Steelcase expects to report diluted earnings per share between $0.24 to $0.28 for the fourth quarter of fiscal 2019.&#160; The estimate for the fourth quarter reflects an expectation that pricing benefits will begin to outpace the increase in commodity, freight and labor costs and unfavorable business mix will continue.&#160; In addition, the estimate includes a modest sequential decrease in operating expenses compared to the third quarter.&#160; The company does not expect earnings accretion in the fourth quarter from its recent acquisitions due to seasonality.&#160; Steelcase reported breakeven net income and adjusted earnings per share of $0.24 in the fourth quarter of fiscal 2018.&#160; Prior year results included non-operating gains of $13.9 million related to an investment in an unconsolidated affiliate, which had the effect of increasing adjusted diluted earnings by approximately $0.05 per share.</p>  <p>&#8220;We remain focused on growing revenue at a higher rate than industry trends through our industry-leading innovation and global scale,&#8221; 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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 measures to the most directly comparable GAAP financial measures.</p>  <p>The non-GAAP financial measures used within this earnings release are: (1)&#160;organic revenue growth (decline), which represents the change in revenue excluding estimated currency translation effects and the impacts of acquisitions and divestitures; and (2) adjusted earnings per share, which includes earnings per share, excluding charges related to the multi-employer pension plan and the related variable compensation and income tax effects, and charges related to U.S. tax reform. 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.&#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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">Repayment of long-term debt</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(2.0</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 ; ">(2.0</td><td style="vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: bottom ; ">Net cash used in financing activities</td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(26.5</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; vertical-align: bottom ; ">)</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(81.3</td><td style="border-top: solid black 1pt ; 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">&#160;</td><td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Net increase (decrease) in cash, cash equivalents and restricted cash</td><td colspan="2" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(231.2</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 ; ">47.0</td><td style="vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: bottom ; ">Cash and cash equivalents and restricted cash, beginning of period (1)</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">285.6</td><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; text-align: right ; 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compensation claims. The restricted cash balance is included as part of Other Assets in the Condensed Consolidated Balance Sheets.</li></ol> </p><p>CONTACT:<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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</DOCUMENT>
</SEC-DOCUMENT>
