Steelcase 4Q Earnings Up on Strong Sales

Grand Rapids, MI, March 29, 2007--Steelcase reported fourth quarter earnings that was helped by strong sales and growth in its international business.

Fourth-quarter net earnings rose to $29.3 million, or $0.20 a share, from $9.3 million, or $0.06 a share, a year ago.

Analysts had expected the company to post earnings of $0.18 a share.

The company reported sales of $779.0 million for the fourth quarter increased 5.4 percent compared to $739.3 million in the prior year quarter, which was in line with company estimates.

The International division reported sales growth of 17% over the prior year.