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Office furniture manufacturer posts results
21/12/2007 14:38
Steelcase has announced a net income of $31.3 million (£15.75 million) for the third quarter.
The global office furniture manufacturer, founded almost a century ago in Michigan and with offices in Strasbourg and London, included charges of goodwill to PolyVision worth $21.1 million.
Individual shares were priced at $0.22, the company said.
President and chief executive James P Hackett of the office furniture company remarked: "We continue to be pleased with the growth in our North America and international segments.
"Though the US financial markets have remained volatile, we have continued to increase our revenue consistent with our growth strategies."
In January shareholders will receive a special cash dividend of $1.75 per share in addition to a regular quarterly dividend of $0.15.
Financial advice website Motley Fool noted that the apparent fall in profits was due to the PolyVision goodwill spend and also that Steelcase had been "on a stock-buying spree".
One of the company's first products patented was a breakthrough in office equipment design: the steel wastebasket.
Prior to its 1914 patent, straw was the popular material - and potentially hazardous if a fire broke out.
At Paperstone we can supply your firm with a wide selection of office furniture.
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