<SEC-DOCUMENT>0000066382-16-000063.txt : 20160307
<SEC-HEADER>0000066382-16-000063.hdr.sgml : 20160307
<ACCEPTANCE-DATETIME>20160122135349
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000066382-16-000063
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLER HERMAN INC
		CENTRAL INDEX KEY:			0000066382
		STANDARD INDUSTRIAL CLASSIFICATION:	OFFICE FURNITURE [2520]
		IRS NUMBER:				380837640
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0528

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		855 E MAIN AVE
		STREET 2:		PO BOX 302
		CITY:			ZEELAND
		STATE:			MI
		ZIP:			49464-0302
		BUSINESS PHONE:		6166543000

	MAIL ADDRESS:	
		STREET 1:		8500 BYRON RD
		CITY:			ZEELAND
		STATE:			MI
		ZIP:			49464

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MILLER HERMAN FURNITURE CO
		DATE OF NAME CHANGE:	19690610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHIGAN STAR FURNITURE CO
		DATE OF NAME CHANGE:	19671116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STAR FURNITURE CO
		DATE OF NAME CHANGE:	19671116
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<a name="sF91F3BB8B18D32B5B2233CC1ED625EB7"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">January 22, 2016</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Ms. Melissa N. Rocha</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Senior Assistant Chief Accountant</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Division of Corporate Finance </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">U.S. Securities and Exchange Commission </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Washington, DC 20549-4631 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"></font><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">RE: Herman Miller, Inc. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Form 10-K for the Year ended May 30, 2015</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Definitive Proxy on Schedule 14A</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Filed July 28, 2015</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">File No. 1-15141 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Dear Ms. Rocha: </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">This letter is in response to the comments of the staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission (the "Commission") set forth in your letter dated January 12, 2016 with respect to the above referenced filings. The comments from your letter are set forth in bold font below and are followed by our response. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><a name="sAFB474786B9539820A6B3CC1ED8214A2"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Form 10-K for the year ended May 30, 2015 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Management&#8217;s Discussion and Analysis, page 17 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Cash Flow - Operating Activities, page 33 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">We note inventories increased 65% during fiscal 2015, compared to a sales increase of only 14%. While we also note that inventory adjustments were made during the year related to the acquisition of DWR, it appears that your discussion herein does not provide a clear understanding of the movements within inventories. We further note your statement on page 17 regarding a high rate of inventory turns but note that your turns have actually slowed the last four fiscal years. Please revise disclosure to discuss the year over year changes in your inventory balance that have impacted cash flows from operations and inventory turns as well as the inconsistencies in disclosure noted above. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Our inventory grew from $78.4 million on May 31, 2014 to $129.6 million on May 30, 2015, or $51.2 million (65%) during fiscal 2015. The increase in inventory during fiscal 2015 was due to inventory acquired with Design Within Reach ("DWR") of $47.4 million (which is a component of investing cash flows), organic growth in inventory at our legacy manufacturing facilities of $9.0 million, partially offset by foreign currency impacts of $5.2 million. Our consolidated inventory turnover rate decreased in fiscal 2015, which was a result of the inventory acquired with DWR. Additionally, our inventory grew from $59.3 million on June 2, 2012 to $76.2 million on June 1, 2013, or $16.9 million (28%) during fiscal 2013. The increase in inventory during fiscal 2013 was due primarily to inventory acquired with Maharam of $14.1 million, which also contributed to the decrease in our consolidated inventory turnover rate during the past four fiscal years. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">The statement as to our high rate of inventory turns was included in the paragraph of our Executive Overview that is devoted exclusively to our manufacturing operations, and accordingly, excludes the impact of inventory acquired from the above-referenced acquisitions. After excluding the impact of these acquisitions on our company-wide inventory turns calculation, the calculated turns on the rest of our inventory, which is primarily comprised of inventories manufactured by Herman Miller, remains high. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Based on the response above, the following paragraph from the "Executive Overview" section of the MD&amp;A will be enhanced in future periods with the additional disclosures presented in italics:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">The company is globally positioned in terms of manufacturing operations. In the United States, the manufacturing operations are located in Michigan, Georgia, Wisconsin and North Carolina. In Europe, the manufacturing presence is located within the United Kingdom. The manufacturing operations in Asia include facilities located in Dongguan and Ningbo, China. The company manufactures products using a system of lean manufacturing techniques collectively referred to as the Herman Miller Performance System (HMPS). Herman Miller strives to maintain efficiencies and cost savings by minimizing the amount of inventory on hand. Accordingly, production is order-driven with direct materials and components purchased as needed to meet demand. The standard lead time for the majority of our products is 10 to 20 days. These factors result in a high rate of inventory turns </font><font style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">related to our manufactured inventories</font><font style="font-family:Arial Narrow;font-size:10pt;">.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">As noted in the response above, during fiscal 2015, a significant portion of the increase in inventory related to the acquisition of DWR. Accordingly, the change in operating cash flows in fiscal 2015 related to inventory excludes the impact of the inventories acquired as part of </font></div><br><hr style="page-break-after:always"><div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">the DWR transaction. This is because the value of all assets and liabilities acquired as part of the transaction are included in the investing section of the statement of cash flows within the caption "Acquisitions, net of cash received". In future filings, management will clarify within the "Cash Flow - Operating Activities" section of the MD&amp;A that the impact of changes in working capital assets and liabilities excludes the impact of amounts acquired through business combinations. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><a name="sD91DD61BF63AA44A71C43CC1EDBB3496"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Critical Accounting Policies and Estimates, page 36 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Goodwill and Indefinite-lived Intangibles, page 37 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">We note the $10.8 million impairment recorded in fiscal 2015 related to the POSH trade name, as well as the $21.4 million impairment recorded in fiscal 2014 related to the Nemschoff and POSH trade names. Please tell us how much of the $21.4 million impairment was attributed to the POSH trade name and the balance of the POSH trade name asset as of May 30, 2015. Given the consecutive significant impairments to POSH, if the balance is not zero, please explain to us and disclose the factors you are monitoring that would adversely impact your assumptions and could warrant future additional impairment. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">The initial acquisition date fair value of the POSH trade name was $19.9 million. Of the $21.4 million impairment charge that we recorded during fiscal 2014, $9.1 million related to the POSH trade name. After the impairment charge was recorded in fiscal 2014, the remaining POSH trade name carrying amount was $10.8 million. In fiscal 2015, the remaining carrying amount of $10.8 million was written off, bringing the POSH trade name asset value down to zero. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">We note that despite the impairments to the POSH trade name in fiscals 2015 and 2014, there were no impairments to goodwill related to POSH in either of those periods. We note your statement that forecasts of revenue and profitability no longer supported the value of the trade name intangible asset. Tell us if these forecasts have had any impact or will have any impact on your goodwill impairment analysis associated with POSH. Please further clarify whether your operating segments are your reporting units. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">The POSH operations are included in the ELA Furniture Solutions reporting unit, which is the same as the ELA Furniture Solutions operating segment. While the forecasted revenue and profitability of the POSH operations declined, resulting in the full impairment of the POSH trade name, a significant portion of the ELA Furniture Solutions reporting unit operations were developed organically by the company.  Accordingly, while the forecasts for the ELA Furniture Solutions reporting unit include the lower expected revenues and profitability of the POSH operations, the remaining operations of this reporting unit are considered in our goodwill impairment analysis. We utilized a quantitative assessment in performing our goodwill impairment analysis for the ELA Furniture Solutions reporting unit on our measurement date of March 28, 2015, which concluded the fair value of the reporting unit exceeded its carrying value. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><a name="s1E51602C11486FCAD1793CC1EDD6A8BD"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">10. Income Taxes, page 68 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">We note from the effective tax rate reconciliation on page 69 the net tax benefit of $3.9 million on undistributed foreign earnings, presumably from your Luxembourg subsidiary as mentioned on page 35. Please explain how a change to the assertion that the earnings from your Luxembourg subsidiary are permanently reinvested could result in such a benefit or deferred tax asset, rather than an expense or deferred tax liability. Please also address how your statement on page 70 that taxes on undistributed foreign earnings is not required since such earnings are deemed to be permanently reinvested continues to be appropriate. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">In determining whether foreign earnings are permanently reinvested, HMI considers several factors including 1) historical experience 2) the future anticipated need in the U.S. for the undistributed foreign earnings 3) future strategic investments in foreign jurisdictions 4) the amount of earnings and source of cash available to repatriate and 5) the tax cost to repatriate the foreign earnings. Based upon the five factors above, management has concluded that $72 million of undistributed foreign earnings are permanently reinvested.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">At the end of fiscal year 2015, an internal restructuring of certain foreign investments resulted in the recognition of a deferred tax asset on the outside basis difference of HM International Finance Luxembourg S.a.r.l. (&#8220;HMI Lux&#8221;). A deferred tax asset was generated (as opposed to a liability) due to the relatively high effective rate of tax within HMI Lux which, upon reversal of the outside basis difference, would result in an excess foreign tax credit of $4.6 million. The resulting deferred tax asset was evaluated for realizability and was ultimately recognized for US GAAP reporting purposes because it was expected to be utilized in the foreseeable future. The $3.9 million dollar benefit disclosed on the effective tax rate reconciliation is comprised of the $4.6 million deferred tax asset less $0.7 million of Canadian withholding tax that was incurred as part of the internal restructuring.</font></div><br><hr style="page-break-after:always"><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><a name="se1dc7cabc7f34f938e4d20b43f5f4f59"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Definitive Proxy on Schedule 14A </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Compensation Discussion and Analysis, page 26 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Incentive Cash Bonus for Fiscal 2015, page 31 </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">In future filings, please clearly describe how you compute Herman Miller&#8217;s performance factor. For example, it is unclear how Herman Miller achieved a 0.6488 performance factor for fiscal year 2015. </font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Response:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">In future filings, management agrees to clearly describe how to compute the performance factor for the incentive cash bonus.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><a name="sB53F09704819CB7C70163CC1EE06ABA2"></a><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Acknowledgment </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">In connection with our response, we acknowledge the following: </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial Narrow;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">the company is responsible for the adequacy and accuracy of the disclosure in the filing; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial Narrow;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial Narrow;font-size:10pt;">&#8226;</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">We hope that the foregoing sufficiently responds to your comment. If you have additional questions or comments, please feel free to contact me at 616-654-8538. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Very truly yours, </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">/s/ Jeffrey M. Stutz</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Jeffrey M. Stutz</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">Chief Financial Officer</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;">(Duly Authorized Signatory for Registrant)</font></div><br>	</body>
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