June 2009 -- For the third quarter of fiscal year 2009, Herman Miller reported consolidated net sales of $354.4 million, a decline of 28.5% from the same period last year and 25.6% from the prior quarter. The company moved quickly to adjust labor, overhead and operating expenses.
Recent restructuring and cost-reduction actions are expected to reduce the company's quarterly operating expense levels by approximately 26% compared with fiscal 2008. On an annual basis, this represents a decrease in expense levels between $110 million and $115 million.
"As we expected, business levels continued to decline with the overall economic stagnation that occurred during the quarter," CEO Brian Walker said. "Fortunately, our management teams were once again out in front of the rapid change and moved quickly to modify our cost structure and strengthen our cash position. Our people remain motivated and focused on the most important ways to serve our customers and improve our operating performance. We continue to challenge ourselves to find faster and more efficient methods to improve our position in the market and take advantage of competitive opportunities."
