ST
E E L C A S E I N C.
Financial
Highlights
|
|
|
(in
millions, except per share)
|
|
|
| |
|
February
26,
1999
|
February
27,
1998
|
February
28,
1997(1)
|
|
|
5-Year
Compound
Annual Growth Rate
|
February
25,
2000 (3)
|
February
23,
1996
|
February
28,
1995
|
|
STATEMENT
OF INCOME DATA
|
| Net
sales |
10.1%
|
$ 3,316.1
|
$
2,742.5
|
$
2,760.0
|
$
2,408.4
|
$2,155.9
|
$
2,048.7
|
| Net
sales increase (decrease) |
|
20.9%
|
(0.6)%
|
14.6%
|
11.7%
|
5.2%
|
13.0%
|
|
Gross
profit
|
13.1%
|
$ 1,102.7
|
$
989.4
|
$
1,003.4
|
$
856.8
|
$
687.7
|
$
596.9
|
|
Gross
profit – % of net sales
|
|
33.3%
|
36.1%
|
36.4%
|
35.6%
|
31.9%
|
29.1%
|
|
Operating
income
|
28.3%
|
$ 271.8
|
$
317.2
|
$ 317.4
|
$
141.6
|
$
163.6
|
$
78.2
|
|
Operating
income – % of net sales
|
|
8.2%
|
11.6%
|
11.5%
|
5.9%
|
7.6%
|
3.8%
|
|
Net
income
|
23.5%
|
$ 184.2
|
$
221.4
|
$ 217.0
|
$
27.7
|
$
123.5
|
$
64.2
|
|
Net
income – % of net sales
|
|
5.6%
|
8.1%
|
7.9%
|
1.2%
|
5.7%
|
3.1%
|
|
EARNINGS PER SHARE (BASIC AND DILUTED)
|
|
Net
income
|
$ 1.21
|
$
1.44
|
$
1.40
|
$
0.18
|
$
0.80
|
$0.42
|
|
Weighted
average shares outstanding
|
152.8
|
153.8
|
154.8
|
154.7
|
154.6
|
154.6
|
|
Dividends
per share of common stock (2)
|
$
0.44
|
$
0.41
|
$
1.36
|
$
0.27
|
$
0.26
|
$
0.21
|
|
BALANCE SHEET DATA
|
|
Working
Capital
|
$ 200.1
|
$ 290.6
|
$
355.1
|
$
474.6
|
$
475.6
|
$
476.4
|
|
Assets
|
$ 3,037.6
|
$
2,182.5
|
$
2,007.2
|
$1,922.1
|
$1,884.5
|
$
1,761.8
|
|
Long-term
debt
|
$257.8
|
—
|
—
|
—
|
—
|
—
|
|
Liabilities
|
$ 1,475.4
|
$ 682.5
|
$
674.8
|
$
542.1
|
$ 490.9
|
$
459.6
|
|
Shareholders’
Equity
|
$ 1,562.2
|
$ 1,500.0
|
$
1,332.4
|
$ 1,380.0
|
$ 1,393.6
|
$
1,302.2
|
|
STATEMENT OF CASH FLOW DATA
|
|
Net
cash provided by operating activities
|
$ 305.7
|
$
359.9
|
$
402.7
|
$
126.7
|
$
264.1
|
$
102.4
|
| Depreciation
and amortization expense |
$ 141.8
|
$
107.0
|
$
95.3
|
$
93.4
|
$
92.5
|
$
97.0
|
| Capital
expenditures |
$ 188.8
|
$
170.4
|
$
126.4
|
$
122.0
|
$
104.6
|
$
94.8
|
| Dividends
paid (2) |
$ 67.3
|
$
63.1
|
$
210.9
|
$
41.8
|
$
39.8
|
$
32.3
|
(1)
During 1997, the Company concluded a 17-year patent litigation
which, net of reserves, reduced net income by $123.5 million.
(2) 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 4 to the Consolidated Financial
Statements.
(3) Includes Steelcase Strafor.
See Note 19 to the Consolidated Financial Statements.
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