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HNI Corporation Provides Pandemic Response Update; Reports Strong First Quarter 2020 Results

HNI Corporation (NYSE: HNI) today announced sales for the first quarter ended March 28, 2020 of $468.7 million and net loss of $23.9 million. GAAP net income (loss) per diluted share was ($0.56), compared to $0.02 in the prior year. GAAP operating profit was impacted by intangible impairments and one-time charges related to the COVID-19 crisis of $37.7 million. Non-GAAP net income per diluted share was $0.21, compared to $0.02 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Pandemic Response Update

Health, safety, and community support

Earlier this month, the Corporation announced the implementation of workplace health and safety measures consistent with guidelines from the Centers for Disease Control and Prevention. The Corporation is taking strong measures to create social distancing and keep members safe. All members able to work remotely are currently doing so. In addition, the Corporation has reorganized production facilities to protect members and increased the frequency and depth of cleanings, among other measures.

To support local communities and health providers, the Corporation is producing, donating, and supporting the production of personal protective equipment (PPE) to first responders, healthcare systems, and hospitals utilizing HNI’s facilities in Iowa, New York, and North Carolina. These efforts include the manufacture of washable cloth facemasks, washable cloth facemask coverings, and washable and disposable protective gowns. Further, the Corporation is loaning equipment processing time to support local vendors’ PPE production efforts.

Cost savings and cash flow support

In its COVID-19 response update on April 6th, the Corporation provided details around its debt and liquidity levels and withdrew its fiscal 2020 sales and earnings guidance. The Corporation also announced plans to reduce operating costs, lower capital expenditures, and temporarily suspend share repurchase activity to support free cash flow. Since then, the Corporation has taken additional actions, including:

  • Salaries reduced. Base salaries for salaried exempt members were reduced by 10 percent; executive salaries were reduced by 15 percent; and CEO Jeff Lorenger’s salary was reduced by 25 percent. These measures will be reassessed in six months.

  • Board retainers reduced. The Corporation’s Board of Directors reduced its cash and equity retainers by 25 percent. This action will also be reassessed in six months.

  • Members furloughed. Members have been furloughed to better match staffing levels with demand activity. The Corporation will pay all health insurance premiums for these members during furlough.

  • Capital plan reduced. The Corporation reduced its capital expenditure budget for 2020 from approximately $65 million to $35 million.

"We are taking an aggressive, yet balanced approach to our pandemic response. Our primary focus is on the health and safety of our members, and we have implemented measures accordingly. Financially, we entered this crisis from a position of strength with modest debt levels, strong liquidity, and earnings momentum. To maintain that strength and ensure the long-term health of the organization, we are taking aggressive cost actions and other measures to support cash flow," stated Jeff Lorenger, HNI Corporation, Chairman, President, and Chief Executive Officer.

First Quarter Highlights

  • GAAP operating profit was impacted by intangible impairments and one-time charges related to the COVID-19 crisis. Non-GAAP operating profit expanded 279 percent from the prior-year quarter.

  • Gross margin and non-GAAP operating margin expanded 220 bps from the prior-year quarter. Both segments generated year-over-year non-GAAP operating margin expansion.

  • Hearth Products segment revenue increased 2.6 percent organically from the prior-year quarter and strengthened through the quarter.

  • Quarter-ending debt levels were $230 million, equal to a gross leverage ratio of approximately 1.0x. Liquidity, as measured by cash and borrowing availability at the end of Q1 was $356 million.

"Our first quarter results demonstrate the strength of our operating platform as our annual productivity and cost savings initiatives again drove improved profitability. Unfortunately, the COVID-19 pandemic has derailed what began as another strong year. While our continued focus is on the safety of our members and on managing through the near-term revenue pressure associated with the crisis, I remain confident in our long-term strategic direction," said Mr. Lorenger.

HNI Corporation - Financial Performance

(Dollars in millions, except per share data)

 

Three Months Ended

 

 

 

March 28,
2020

 

March 30,
2019

 

Change

GAAP

 

 

 

 

 

Net Sales

$468.7

 

 

$479.5

 

 

(2.2

%)

Gross Profit %

37.6

%

 

35.4

%

 

220

bps

SG&A %

35.6

%

 

34.6

%

 

100

bps

Impairment Charges %

7.0

%

 

%

 

 

Operating Income (Loss)

($23.7

)

 

$3.7

 

 

NM

Operating Income (Loss) %

(5.1

%)

 

0.8

%

 

-590

bps

Effective Tax Rate

6.4

%

 

34.8

%

 

 

Net Income (Loss) %

(5.1

%)

 

0.2

%

 

-530

bps

EPS – diluted

($0.56

)

 

$0.02

 

 

NM

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

Gross Profit %

37.6

%

 

35.4

%

 

220

bps

Operating Income

$13.9

 

 

$3.7

 

 

279

%

Operating Income %

3.0

%

 

0.8

%

 

220

bps

EPS – diluted

$0.21

 

 

$0.02

 

 

950

%

First Quarter Summary Comments

  • Consolidated net sales decreased 2.2 percent from the prior-year quarter to $468.7 million. On an organic basis, sales decreased 2.5 percent. The impact of acquiring small hearth companies increased sales $1.1 million compared to the prior-year quarter. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release.

  • Gross profit margin expanded 220 basis points compared to the prior-year quarter. This increase was primarily driven by price realization and net productivity, partially offset by lower office volume and increased tariff expense.

  • Selling and administrative expenses as a percent of sales increased 100 basis points compared to prior year, due to $5.0 million one-time costs related to the COVID-19 pandemic (of which $1.6 million was recorded as a corporate charge). Lower office volume was fully offset by lower core SG&A spend and reduced variable compensation.

  • The Corporation recorded charges of $32.7 million in the first quarter related to the impairment of goodwill and intangible assets.

  • Non-GAAP net income per diluted share was $0.21 compared to $0.02 in the prior-year quarter. The $0.19 increase was primarily due to price realization, net productivity, and lower core SG&A spend, partially offset by lower office volume and increased tariff expense.

Office Furniture – Financial Performance

(Dollars in millions)

 

Three Months Ended

 

 

 

March 28,
2020

 

March 30,
2019

 

Change

GAAP

 

 

 

 

 

Net Sales

$338.4

 

 

$353.5

 

 

(4.3

%)

Operating Loss

($33.2

)

 

($1.7

)

 

NM

Operating Loss %

(9.8

%)

 

(0.5

%)

 

-930

bps

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

Operating Profit (Loss)

$2.8

 

 

($1.7

)

 

264

%

Operating Profit (Loss) %

0.8

%

 

(0.5

%)

 

130

bps

  • Office furniture net sales decreased 4.3 percent from the prior-year quarter to $338.4 million.

  • Office furniture GAAP operating profit margin decreased 930 basis points versus the prior-year quarter. On a non-GAAP basis, segment operating margin expanded 130 basis points year-over-year, driven by price realization, net productivity, and lower core SG&A spend, partially offset by lower volume and higher tariff expense.

  • The office furniture segment recorded charges of $32.7 million in the first quarter related to the impairment of goodwill and intangible assets, as well as $3.4 million related to the COVID-19 pandemic.

Hearth Products – Financial Performance

(Dollars in millions)

 

Three Months Ended

 

 

 

March 28,
2020

 

March 30,
2019

 

Change

GAAP

 

 

 

 

 

Net Sales

$130.3

 

 

$125.9

 

 

3.5

%

Operating Profit

$20.7

 

 

$17.6

 

 

17.4

%

Operating Profit %

15.9

%

 

14.0

%

 

190

bps

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

Operating Profit

$20.7

 

 

$17.6

 

 

17.4

%

Operating Profit %

15.9

%

 

14.0

%

 

190

bps

  • Hearth products net sales increased 3.5 percent from the prior-year quarter to $130.3 million. On an organic basis, sales grew 2.6 percent. The impact of acquiring small hearth companies increased sales $1.1 million compared to the prior-year quarter.

  • Hearth products operating profit margin expanded 190 basis points, driven by price realization and higher volume, partially offset by increased tariff expense.

Concluding Remarks

"Although volumes and profit levels will be adversely impacted by the pandemic, we will adjust our business, maintain our long-term focus, and utilize our strong balance sheet to successfully weather this crisis. The HNI culture shines in times like these. Together, our members, dealers, suppliers, and communities will overcome the challenges presented by this crisis. Our business is strong, our leadership is seasoned, our members are capable and dedicated, and I am confident in our ability to effectively navigate this difficult period," Mr. Lorenger concluded.

Conference Call

HNI Corporation will host a conference call on Thursday, April 23, 2020 at 10:00 a.m. (Central) to discuss first quarter fiscal year 2020 results. To participate, call 1-877-512-9166 – conference ID number 1049187. A live webcast of the call will be available on HNI Corporation’s website at http://www.hnicorp.com (under Investors – News Releases & Events). A replay of the webcast will also be made available at that website address. An audio replay of the call will be available until Thursday, April 30, 2020, 10:59 p.m. (Central) by dialing 1-855-859-2056 or 1-404-537-3406 – Conference ID number 1049187.

About HNI Corporation

HNI Corporation is an NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is a leading global office furniture manufacturer and is the nation's leading manufacturer of hearth products. The Corporation's strong brands have leading positions in their markets. More information can be found on the Corporation's website at www.hnicorp.com.

Forward-Looking Statements

This release contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, expectations for sales growth, and earnings per diluted share (GAAP and non-GAAP), including statements regarding the expected effects on our business, financial condition and results of operations from the COVID-19 pandemic. Forward-looking statements can be identified by words including "expect," "believe," "anticipate," "estimate," "may," "will," "would," "could," "confident", or other similar words, phrases, or expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation's actual future results and performance to differ materially from expected results. These risks include but are not limited to: the duration and scope of the COVID-19 pandemic, and its effect on people and the economy; the levels of office furniture needs and housing starts; overall demand for the Corporation's products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of the Corporation's customers; the Corporation's reliance on its network of independent dealers; change in trade policy; changes in raw material, component, or commodity pricing; market acceptance and demand for the Corporation's new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on the Corporation's financing activities; an inability to protect the Corporation's intellectual property; impacts of tax legislation; and force majeure events outside the Corporation’s control. A description of these risks and additional risks can be found in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.

HNI Corporation and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended

March 28,
2020

 

March 30,
2019

Net sales

$

468,704

 

 

$

479,456

 

Cost of sales

 

292,686

 

 

 

309,842

 

Gross profit

 

176,018

 

 

 

169,614

 

Selling and administrative expenses

 

167,085

 

 

 

165,937

 

Impairment charges

 

32,661

 

 

 

 

Operating income (loss)

 

(23,728

)

 

 

3,677

 

Interest expense, net

 

1,811

 

 

 

2,111

 

Income (loss) before income taxes

 

(25,539

)

 

 

1,566

 

Income taxes

 

(1,643

)

 

 

546

 

Net income (loss)

 

(23,896

)

 

 

1,020

 

Less: Net loss attributable to non-controlling interest

 

(1

)

 

 

(2

)

Net income (loss) attributable to HNI Corporation

$

(23,895

)

 

$

1,022

 

 

 

 

 

Average number of common shares outstanding – basic

 

42,628

 

 

 

43,534

 

Net income (loss) attributable to HNI Corporation per common share – basic

$

(0.56

)

 

$

0.02

 

Average number of common shares outstanding – diluted

 

42,628

 

 

 

44,089

 

Net income (loss) attributable to HNI Corporation per common share – diluted

$

(0.56

)

 

$

0.02

 

 

 

 

 

Foreign currency translation adjustments

$

(600

)

 

$

963

 

Change in unrealized gains (losses) on marketable securities, net of tax

 

59

 

 

 

90

 

Change in pension and post-retirement liability, net of tax

 

 

 

 

(1,185

)

Change in derivative financial instruments, net of tax

 

(2,216

)

 

 

(309

)

Other comprehensive income (loss), net of tax

 

(2,757

)

 

 

(441

)

Comprehensive income (loss)

 

(26,653

)

 

 

579

 

Less: Comprehensive loss attributable to non-controlling interest

 

(1

)

 

 

(2

)

Comprehensive income (loss) attributable to HNI Corporation

$

(26,652

)

 

$

581

 

HNI Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

March 28,
2020

 

December 28,
2019

Assets

 

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$

35,413

 

 

$

52,073

 

Short-term investments

835

 

 

1,096

 

Receivables

235,617

 

 

278,124

 

Allowance for doubtful accounts

(5,170

)

 

(3,559

)

Inventories

170,522

 

 

163,465

 

Prepaid expenses and other current assets

44,170

 

 

37,635

 

Total Current Assets

481,387

 

 

528,834

 

Property, Plant, and Equipment:

 

 

 

Land and land improvements

29,776

 

 

29,394

 

Buildings

294,903

 

 

295,517

 

Machinery and equipment

579,958

 

 

581,225

 

Construction in progress

21,284

 

 

20,881

 

 

925,921

 

 

927,017

 

Less accumulated depreciation

551,335

 

 

545,510

 

Net Property, Plant, and Equipment

374,586

 

 

381,507

 

Right-of-use Finance Leases

2,032

 

 

2,129

 

Right-of-use Operating Leases

71,625

 

 

72,883

 

Goodwill and Other Intangible Assets

418,770

 

 

445,709

 

Other Assets

21,499

 

 

21,450

 

Total Assets

$

1,369,899

 

 

$

1,452,512

 

Liabilities and Equity

 

 

 

Current Liabilities:

 

 

 

Accounts payable and accrued expenses

$

338,954

 

 

$

453,202

 

Current maturities of long-term debt

1,830

 

 

790

 

Current maturities of other long-term obligations

2,975

 

 

1,931

 

Current lease obligations - Finance

577

 

 

564

 

Current lease obligations - Operating

21,279

 

 

22,218

 

Total Current Liabilities

365,615

 

 

478,705

 

Long-Term Debt

228,460

 

 

174,439

 

Long-Term Lease Obligations - Finance

1,479

 

 

1,581

 

Long-Term Lease Obligations - Operating

57,585

 

 

58,233

 

Other Long-Term Liabilities

66,397

 

 

67,990

 

Deferred Income Taxes

98,708

 

 

87,196

 

Equity:

 

 

 

HNI Corporation shareholders' equity

551,332

 

 

584,044

 

Non-controlling interest

323

 

 

324

 

Total Equity

551,655

 

 

584,368

 

Total Liabilities and Equity

$

1,369,899

 

 

$

1,452,512

 

HNI Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

March 28,
2020

 

March 30,
2019

Net Cash Flows From (To) Operating Activities:

 

 

 

Net income (loss)

$

(23,896

)

 

$

1,020

 

Non-cash items included in net income:

 

 

 

Depreciation and amortization

19,487

 

 

19,040

 

Other post-retirement and post-employment benefits

364

 

 

369

 

Stock-based compensation

4,358

 

 

2,451

 

Reduction in carrying amount of right-of-use assets

5,599

 

 

5,559

 

Deferred income taxes

12,258

 

 

1,119

 

Impairment of goodwill and intangible assets

32,661

 

 

 

Other – net

(2,252

)

 

2,038

 

Net increase (decrease) in operating assets and liabilities, net of divestitures

(81,573

)

 

(55,038

)

Increase (decrease) in other liabilities

(312

)

 

(4,832

)

Net cash flows from (to) operating activities

(33,306

)

 

(28,274

)

 

 

 

 

Net Cash Flows From (To) Investing Activities:

 

 

 

Capital expenditures

(8,488

)

 

(17,575

)

Proceeds from sale of property, plant, and equipment

49

 

 

68

 

Acquisition spending, net of cash acquired

(9,321

)

 

 

Capitalized software

(4,671

)

 

(1,521

)

Purchase of investments

(1,456

)

 

 

Sales or maturities of investments

996

 

 

450

 

Net cash flows from (to) investing activities

(22,891

)

 

(18,578

)

 

 

 

 

Net Cash Flows From (To) Financing Activities:

 

 

 

Payments of long-term debt

(15,000

)

 

(606

)

Proceeds from long-term debt

70,129

 

 

46,897

 

Dividends paid

(13,033

)

 

(12,872

)

Purchase of HNI Corporation common stock

(5,839

)

 

(23,869

)

Proceeds from sales of HNI Corporation common stock

722

 

 

5,413

 

Other – net

2,558

 

 

2,942

 

Net cash flows from (to) financing activities

39,537

 

 

17,905

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

(16,660

)

 

(28,947

)

Cash and cash equivalents at beginning of period

52,073

 

 

76,819

 

Cash and cash equivalents at end of period

$

35,413

 

 

$

47,872

 

HNI Corporation and Subsidiaries

Reportable Segment Data

(In thousands)

(Unaudited)

 

 

Three Months Ended

 

March 28,
2020

 

March 30,
2019

Net Sales:

 

 

 

Office furniture

$

338,386

 

 

$

353,511

 

Hearth products

 

130,318

 

 

 

125,945

 

Total

$

468,704

 

 

$

479,456

 

 

 

 

 

Income (Loss) Before Income Taxes:

 

 

 

Office furniture

$

(33,231

)

 

$

(1,731

)

Hearth products

 

20,671

 

 

 

17,609

 

General corporate

 

(11,168

)

 

 

(12,201

)

Operating Income (Loss)

 

(23,728

)

 

 

3,677

 

Interest expense, net

 

1,811

 

 

 

2,111

 

Total

$

(25,539

)

 

$

1,566

 

 

 

 

 

Depreciation and Amortization Expense:

 

 

 

Office furniture

$

11,332

 

 

$

11,060

 

Hearth products

 

2,306

 

 

 

2,056

 

General corporate

 

5,849

 

 

 

5,924

 

Total

$

19,487

 

 

$

19,040

 

 

 

 

 

Capital Expenditures (including capitalized software):

 

 

 

Office furniture

$

7,101

 

 

$

10,319

 

Hearth products

 

2,973

 

 

 

4,998

 

General corporate

 

3,085

 

 

 

3,779

 

Total

$

13,159

 

 

$

19,096

 

 

 

 

 

 

As of
March 28,
2020

 

As of
December 28,
2019

Identifiable Assets:

 

 

 

Office furniture

$

785,063

 

 

$

874,913

 

Hearth products

 

376,862

 

 

 

364,653

 

General corporate

 

207,974

 

 

 

212,946

 

Total

$

1,369,899

 

 

$

1,452,512

 

Non-GAAP Financial Measures

This earnings release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to HNI’s financial statements as prepared in accordance with GAAP are included below and throughout this earnings release. This information gives investors additional insights into HNI’s financial performance and operations. While HNI’s management believes the non-GAAP financial measures are useful in evaluating HNI’s operations, this information should be considered supplemental and not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures within this earnings release: organic sales, gross profit, operating income (loss), operating profit (loss), income taxes, net income (loss), and net income (loss) per diluted share (i.e., EPS). These measures are adjusted from the comparable GAAP measures to exclude the impacts of the selected items as summarized in the table below. Generally, non-GAAP EPS is calculated using HNI’s overall effective tax rate for the period, as this rate is reflective of the tax applicable to most non-GAAP adjustments.

The sales adjustments to arrive at our non-GAAP organic sales information included in this earnings release excludes the impact of acquiring small hearth companies. The transactions excluded for purposes of our other non-GAAP financial information included in this earnings release include impairments of goodwill and intangible assets, and non-recurring costs related to the COVID-19 pandemic.

HNI Corporation Reconciliation

(Dollars in millions)

 

Three Months Ended

 

March 28, 2020

 

March 30, 2019

 

Office
Furniture

Hearth

Total

 

Office
Furniture

Hearth

Total

Sales as reported (GAAP)

$

338.4

 

$

130.3

 

$

468.7

 

 

$

353.5

 

$

125.9

 

$

479.5

 

% change from PY

(4.3

%)

3.5

%

(2.2

%)

 

 

 

 

 

 

 

 

 

 

 

 

Less: Acquisitions

 

1.1

 

1.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic Sales (non-GAAP)

$

338.4

 

$

129.3

 

$

467.6

 

 

$

353.5

 

$

125.9

 

$

479.5

 

% change from PY

(4.3

%)

2.6

%

(2.5

%)

 

 

 

 

HNI Corporation Reconciliation

(Dollars in millions, except per share data)

 

Three Months Ended
March 28, 2020

 

Gross Profit

 

Operating
Income
(Loss)

 

Tax

 

Net
Income
(Loss)

 

EPS

As reported (GAAP)

$

176.0

 

 

$

(23.7

)

 

$

(1.6

)

 

$

(23.9

)

 

$

(0.56

)

% of net sales

37.6

%

 

(5.1

%)

 

 

 

(5.1

%)

 

 

Tax %

 

 

 

 

6.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges

 

 

32.7

 

 

4.0

 

 

28.7

 

 

0.67

 

COVID-19 costs

 

 

5.0

 

 

0.6

 

 

4.4

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

Results (non-GAAP)

$

176.0

 

 

$

13.9

 

 

$

2.9

 

 

$

9.2

 

 

$

0.21

 

% of net sales

37.6

%

 

3.0

%

 

 

 

2.0

%

 

 

Tax %

 

 

 

 

24.1

%

 

 

 

 

HNI Corporation Reconciliation

(Dollars in millions, except per share data)

 

Three Months Ended
March 30, 2019

 

Gross
Profit

 

Operating
Income

 

Tax

 

Net
Income

 

EPS

As reported (GAAP)

$

169.6

 

 

$

3.7

 

 

$

0.5

 

 

$

1.0

 

 

$

0.02

 

% of net sales

35.4

%

 

0.8

%

 

 

 

0.2

%

 

 

Tax %

 

 

 

 

34.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results (non-GAAP)

$

169.6

 

 

$

3.7

 

 

$

0.5

 

 

$

1.0

 

 

$

0.02

 

% of net sales

35.4

%

 

0.8

%

 

 

 

0.2

%

 

 

Tax %

 

 

 

 

34.8

%

 

 

 

 

Office Furniture Reconciliation

(Dollars in millions)

 

Three Months Ended

 

 

 

March 28,
2020

 

March 30,
2019

 

Percent
Change

Operating profit (loss) as reported (GAAP)

$

(33.2

)

 

$

(1.7

)

 

 

NM

% of net sales

(9.8

%)

 

(0.5

%)

 

 

 

 

 

 

 

 

Impairment charges

32.7

 

 

 

 

 

COVID-19 costs

3.4

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss) (non-GAAP)

$

2.8

 

 

$

(1.7

)

 

264

%

% of net sales

0.8

%

 

(0.5

%)

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200422005969/en/

Contacts

Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898