Steelcase 1Q Earnings Increase

Grand Rapids, MI, June 26, 2007—Office furniture maker Steelcase said its first quarter earnings rose on higher revenue growth and operational improvements in the North American and international segments.

Net earnings in the quarter increased to $33.6 million, or 23 cents a share, from $18.2 million, or 12 cents a share, a year earlier. Revenue rose 11.2 percent to $808.5 million, from $727.3 million a year ago.

Analysts on average expected 19 cents a share and revenue of $785.3 million, according to Reuters Estimates.

The

U.S.

office furniture industry has moderated recently, with monthly orders in 2007 averaging about 5 percent growth compared with the double-digit increases of the industry's peak year in 2005

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