Under promise to lower expectations, POS tanks, over deliver on a lowered forcast and then do it all over again, apparently they have it figured out.
What good things do they have in the pipeline???? now that Stumpf is gone I don't expect there will be any commercially successful innovations out of this place for a long time to come, glory days have passed them by
They are the most innovative and profitable office furniture companies. They have reinvested a healthy dose of their earnings into Product Development. The pipeline has got good stuff preparing to launch this next year. Be a little patient they are not getting fat and lazy.
The market place will discover. 1) They are not a "residential furniture company" as has been described in financial publishings. they are not effected by the sub-prime issues. HMI is a leading OFFICE furniture mfg. leading industry indicators are not residential building but commercial building which upon checking you will see is continuing its healthy expansion of the last few years. 2) It has been suggested that they are resting on their Aeron kingdom. However, the mgt team is far from doing that. they are pusing hard on new innovative products. 3) They have excellent mgt team, in the prime of their careers, work together well, and have the skill and experience they need to make their mark and build the company. If they hit the goals they set for themselfs in 2003 (which they have done every year to date) HMI stock will be in the mid 40's within 2 years.
Good Luck and Good Hunting....and remember innovation is the answer so be atavistic.