Knape & Vogt sales decrease 12.4% as net profits fall 58.5%
By Furniture Today Staff -- Furniture Today, December 16, 2001
GRAND RAPIDS, Mich. — Supplier Knape & Vogt posted sales and earnings drops in the quarter ended Sept. 29.
Sales were off 12.4% to $33.1 million from the comparable 2000 quarter, and net profits fell 58.5% to $905,628 from $2.2 million a year ago. Operating profits were down 51.8% to $1.8 million.
The manufacturer and distributor of drawer slides, shelving, storage and ergonomic office products said the economic slowdown had made the past several months challenging. Hardest hit was the office furniture industry.
Bill Dutmers, Knape & Vogt's chairman, president and chief executive officer, said, "We are committed to utilizing the concepts of lean manufacturing in our operations and have been successful in reducing our costs while improving our productivity. As we began to see the economy soften at the end of calendar 2000, the lean manufacturing efforts, along with careful management of our workforce and discretionary spending, have enabled us to remain profitable."
Knape & Vogt also declared a regular quarterly dividend — 16.5 cents per share on the company's common stock and 15 cents on its Class B common shares. Both were payable Nov. 30 to shareholders of record on Nov. 9.
| Quarter ended 9/29 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | $33,089,191 | $37,769,452 | (12.4%) |
| Operating income | 1,836,598 | 3,807,580 | (51.8%) |
| Net income | 905,628 | 2,180,895 | (58.5%) |
| Earnings per share | 0.20 | 0.47 | (57.4%) |
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