Knoll, Inc. Reports 2004 Fourth Quarter and Full Year Results Wednesday February 9, 4:30 pm ET Net Sales, Net Income and EPS Grew in Fourth Quarter; Year-End Backlog Increases 14.5% Over Prior Year
EAST GREENVILLE, Pa., Feb. 9 /PRNewswire-FirstCall/ -- Knoll, Inc., (NYSE: KNL - News) today announced results for the fourth quarter and year ended December 31, 2004. Net sales were $192.8 million for the quarter, an increase of 7.7% from fourth quarter 2003. Net sales for the year also grew 1.3%. Gross margin for the quarter was 35.7% while net income was $9.9 million or $0.20 per share. These amounts do not include pretax charges of $3.8 million associated with the public offering of 12,702,150 shares of common stock on December 17, 2004. Andrew Cogan, Chief Executive Officer, stated, "We have now experienced three consecutive quarters of increasing year-over-year sales growth. As expected, as the industry recovery gains traction, our sales are now growing faster than the industry."
"We are seeing good gains in our seating, storage and specialty businesses and our systems business is growing again. Importantly, this growth is now resulting in quarterly year over year operating profit and earnings per share growth as well," he added.
Monday Morning Quarterback said industry sales were up in Dec, but down from Nov. levels, so looks like spending may have peaked and now be leveling, or as you say, on the decline. Volkema made the WSJ insider trading list today with his sale.