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| Year Ended | February 27, 1998 | February 28, 1997 | February 23, 1996 | February 28, 1995 | February 28, 1994 | |||||
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| Net sales | $ | 2,760.0 | $ | 2,408.4 | $ | 2,155.9 | $ | 2,048.7 | $ | 1,813.7 |
| Total assets | $ | 2,007.2 | $ | 1,922.1 | $ | 1,884.5 | $ | 1,761.8 | $ | 1,703.8 |
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| Income (loss) before cumulative effect | ||||||||||
| of accounting changes | $ | 217.0 | $ | 27.7 | $ | 123.5 | $ | 64.2 | $ | (2.0) |
| Cumulative effect of accounting changes (4) | — | — | — | — | (68.1) | |||||
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| Net income (loss) (2, 3) | $ | 217.0 | $ | 27.7 | $ | 123.5 | $ | 64.2 | $ | (70.1) |
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| Basic and Diluted Earnings Per Share: | ||||||||||
| Income (loss) before cumulative effect | ||||||||||
| of accounting changes | $ | 1.40 | $ | 0.18 | $ | 0.80 | $ | 0.42 | $ | (0.01) |
| Cumulative effect of accounting changes | — | — | — | — | (0.44) | |||||
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| Net income (loss) | $ | 1.40 | $ | 0.18 | $ | 0.80 | $ | 0.42 | $ | (0.45) |
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| Weighted average shares outstanding | 154.8 | 154.7 | 154.6 | 154.6 | 154.7 | |||||
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| Dividends per share of common stock (1) | $ | 1.36 | $ | 0.27 | $ | 0.26 | $ | 0.21 | $ | 0.19 |
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| (1) |
During 1998, the Company paid a special dividend in the aggregate amount of $150.9 million, or approximately $0.97 per share of common stock. See Note 2 to the Consolidated Financial Statements. |
| (2) |
During 1997, the Company concluded a 17-year patent litigation which, net of reserves, reduced net income by $123.5 million. See Note 11 to the Consolidated Financial Statements. |
| (3) |
During 1994, the Company and Steelcase Strafor recorded restructuring and unusual charges related to plant closings and consolidations, severance payments, fixed asset write-downs, intangible asset write-offs, reorganization related costs and certain environmental matters. These charges decreased net income by approximately $54.6 million. |
| (4) | Effective March 1, 1993, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 106, Employers’ Accounting for Postretirement Benefits Other Than Pensions, for its domestic unfunded postretirement health care and life insurance programs, and SFAS No. 109, Accounting for Income Taxes. The cumulative effects of adopting SFAS No. 106 and SFAS No. 109 were to decrease and increase net income during 1994 by $70.0 million and $1.9 million, respectively. |
