Herman Miller, Inc., Issues Statement of Current Business Conditions and Outlook for Fiscal Fourth Quarter

Apr 26, 2001, 01:00 ET from Herman Miller, Inc.

    ZEELAND, Mich., April 26 /PRNewswire/ -- In keeping with Herman Miller's
 (Nasdaq:   MLHR) effort to maintain ongoing communications with its investors
 and stakeholders and to ensure compliance with disclosure requirements of Reg.
 FD, the Company is commenting on current business conditions and its outlook
 for the remainder of its fiscal year.
     In its third quarter press release, the Company provided the range of
 expectations for the fourth quarter and the fiscal year.  At that time, fourth
 quarter sales were expected to be in a range of $510 million to $530 million,
 with earnings per share to be in the range of $.37 to $.43.  For the year, the
 Company indicated net sales were expected to be in the range of $2.17 billion
 to $2.19 billion, while earnings per share were expected to be in a range of
 $1.80 to $1.86.  The Company stated in its third quarter conference call these
 estimates were based on conditions in existence at the time and assumed no
 further slowing of the domestic and international economies.
     While the economic slowdown persists and continues to create an
 environment of uncertainty, the company's average daily order rates have shown
 some improvement over levels experienced in the third quarter.  However, the
 pace of business continues to be choppy and weekly order rates are still below
 the levels experienced during the first six months of the fiscal year.
     In addition, the level of business activity as measured by customer visits
 and general sales activity has improved since the end of the third quarter.
 While much of this activity has yet to translate into booked orders, it
 indicates that companies are continuing to evaluate furniture purchases.
     The Company's beginning backlog -- $267.5 million at the start of the
 fourth quarter -- combined with current business activity, creates the
 opportunity to post results within the range of guidance given in the third
 quarter press release.  In light of the current economic conditions and
 resulting uncertainty, it is reasonable to anticipate, based on current
 circumstances, that the Company's performance will be at or approximate the
 low end of the range of the guidance given earlier.
     The Company plans to announce its results for the fourth quarter and
 fiscal year the week of June 25.
     Herman Miller creates great places to work by researching, designing,
 manufacturing, and distributing innovative interior furnishings that support
 companies, organizations, and individuals all over the world.  The company's
 award-winning products, complemented by primary furniture-management services,
 generated over $2 billion in revenue during calendar 2000.  Herman Miller is
 widely recognized for both its innovative products and business practices,
 including the use of industry-leading, customer-focused technology.  Business
 Week magazine recently named Herman Miller among the "Web Smart 50," Industry
 Week magazine has identified the company among the "World's 100 Best-Managed,"
 and in 2001 Herman Miller has once again been named "America's Most Admired"
 furniture company by Fortune magazine and included in Forbes magazine's
 "Platinum List" of best-performing large corporations.  The company trades on
 the Nasdaq stock market under the symbol MLHR.  For additional information
 about the company, visit hermanmiller.com
 
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SOURCE Herman Miller, Inc.
    ZEELAND, Mich., April 26 /PRNewswire/ -- In keeping with Herman Miller's
 (Nasdaq:   MLHR) effort to maintain ongoing communications with its investors
 and stakeholders and to ensure compliance with disclosure requirements of Reg.
 FD, the Company is commenting on current business conditions and its outlook
 for the remainder of its fiscal year.
     In its third quarter press release, the Company provided the range of
 expectations for the fourth quarter and the fiscal year.  At that time, fourth
 quarter sales were expected to be in a range of $510 million to $530 million,
 with earnings per share to be in the range of $.37 to $.43.  For the year, the
 Company indicated net sales were expected to be in the range of $2.17 billion
 to $2.19 billion, while earnings per share were expected to be in a range of
 $1.80 to $1.86.  The Company stated in its third quarter conference call these
 estimates were based on conditions in existence at the time and assumed no
 further slowing of the domestic and international economies.
     While the economic slowdown persists and continues to create an
 environment of uncertainty, the company's average daily order rates have shown
 some improvement over levels experienced in the third quarter.  However, the
 pace of business continues to be choppy and weekly order rates are still below
 the levels experienced during the first six months of the fiscal year.
     In addition, the level of business activity as measured by customer visits
 and general sales activity has improved since the end of the third quarter.
 While much of this activity has yet to translate into booked orders, it
 indicates that companies are continuing to evaluate furniture purchases.
     The Company's beginning backlog -- $267.5 million at the start of the
 fourth quarter -- combined with current business activity, creates the
 opportunity to post results within the range of guidance given in the third
 quarter press release.  In light of the current economic conditions and
 resulting uncertainty, it is reasonable to anticipate, based on current
 circumstances, that the Company's performance will be at or approximate the
 low end of the range of the guidance given earlier.
     The Company plans to announce its results for the fourth quarter and
 fiscal year the week of June 25.
     Herman Miller creates great places to work by researching, designing,
 manufacturing, and distributing innovative interior furnishings that support
 companies, organizations, and individuals all over the world.  The company's
 award-winning products, complemented by primary furniture-management services,
 generated over $2 billion in revenue during calendar 2000.  Herman Miller is
 widely recognized for both its innovative products and business practices,
 including the use of industry-leading, customer-focused technology.  Business
 Week magazine recently named Herman Miller among the "Web Smart 50," Industry
 Week magazine has identified the company among the "World's 100 Best-Managed,"
 and in 2001 Herman Miller has once again been named "America's Most Admired"
 furniture company by Fortune magazine and included in Forbes magazine's
 "Platinum List" of best-performing large corporations.  The company trades on
 the Nasdaq stock market under the symbol MLHR.  For additional information
 about the company, visit hermanmiller.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X17281626
 
 SOURCE  Herman Miller, Inc.

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http://www.hermanmiller.com