MLHR has a stockholder relations department. It is their responsibility to keep shareholders informed via news services etc., I feel it is part of their responsibility to their shareholders. Especially with the stocks performance. We have recently seen stockholder lawsuits against companies for not keeping their shareholders abreast. If MLHR does not make earnings, watch out.
We're all frustrated with the recent drop, but I think its unfair to suggest the company is lax regarding responsibility to shareholders. Eleven consecutive record quarters of sales, orders and earnings suggest MLHR is focused on our collective interest-- growing a profitable business. As to news, check the web site and look for earnings to come forward in next few weeks. Might also check with your brokerage firm or any available analyst's opinions. These are the folks responsible for regular contact with management, and have access. If someone wants more, have you tried calling MLHR directly? Suggest trying the phone number given in the quarterly report, or try leaving an e-mail via MLHR web site.
A few bits of information that might be helpful...
Uncertain as to specific reasons for recent decline, and there are probably as many as there are sellers, but here are a few likely culprits.
1) BIFMA industry association (Business and Institutional Furniture Manufacturers Association) released downward revision of 1998 total industry sales estimate, from 10% to 7.9%, on Wednesday, June 10.
2) Word on the street is that Steelcase (SCS) and Knoll (KNL) have been cautioning analysts on current quarter.
3) General market anxiety striking contract furniture manufacturers particularly hard, given price appreciation for sector over past 24 months.
MLHR has released nothing negative and is comfortable with current earnings estimates for fiscal '98 (ended in May, releasing quarter and year earnings end of June/early July) and fiscal '99.
On a brighter note, MLHR did VERY well at NeoCon this week, industry's largest show in North America, with more product design awards than any other major manufacturer. This includes the two largest product categories in the industry, systems and seating. Brief release follows with more available at www.hermanmiller.com
June 10, 1998
HERMAN MILLER, INC., WINS FIVE BEST OF NEOCON AWARDS
Herman Miller, Inc., won five awards at the annual Best of NeoCon competition sponsored by Facilities Design and Management magazine.
Acrobat suite: Gold Award for Computer-Support Furniture Acrobat suite: Gold Award for Most Innovative Product Meridian storage: Silver Award for Files and Storage Passage furniture: Gold Award for Furniture Systems Reaction chair: Gold Award for Task Seating
In addition to these awards for product design, the Herman Miller show room also received the 1998 Grand Award for Show Room Design from the International Interior Design Association.
"I couldn't be more pleased with our performance this year," said Mike Volkema, Herman Miller CEO. "These awards are a reflection of the talents of some very special people, our employee-owners and design partners."
Herman Miller, Inc., is an international firm engaged in the manufacture and sale of furniture systems, products, and related services principally for offices and, to a lesser extent, for health-care facilities and other uses. The company is based in Zeeland, Michigan.