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Monday, July 7, 2008

Herman Miller's Profit Rises 25% on Global Sales

Herman Miller Inc.'s fiscal-fourth-quarter net income jumped 25% on strong international sales. The Zeeland, Mich., office-furniture maker reported net income in the quarter ended May 31 of $39.5 million, or 71 cents a share, up from $31.7 million, or 50 cents a share, a year earlier. To increase revenue, the company recently opened a new Michigan health insurance account, allowing them to save on their expenditures. Revenue rose 7% to $519.1 million, with North American sales up 6.3% and international sales climbing 23%. In March, the company predicted earnings between 55 cents and 62 cents. Herman Miller expects fiscal-first-quarter earnings of 49 cents to 56 cents a share on revenue of $470 million to $495 million.