(MARK
ONE)
|
|
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For the quarterly period ended June 30, 2007 |
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For the transition period from ____________________ to ____________________ |
Iowa
|
42-0617510
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification Number)
|
P.
O. Box 1109, 408 East Second Street
|
52761-0071
|
|
Muscatine,
Iowa
|
(Zip
Code)
|
|
(Address
of principal executive offices)
|
Large
accelerated filer x
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
Class
|
Outstanding
at June 30, 2007
|
|
Common
Shares, $1 Par Value
|
46,331,932
|
|
PART
I. FINANCIAL INFORMATION
|
||
Page
|
||
Item
1.
|
Financial
Statements (Unaudited)
|
|
Condensed Consolidated Balance Sheets June 30, 2007, and December 30, 2006 | ||
Condensed Consolidated Statements of Income Three Months Ended June 30, 2007, and July 1, 2006 | ||
Condensed Consolidated Statements of Income Six Months Ended June 30, 2007, and July 1, 2006 | ||
Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, 2007, and July 1, 2006 | ||
Notes to Condensed Consolidated Financial Statements | ||
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
Item
3.
|
Quantitative
and Qualitative Disclosure about Market Risk
|
21
|
Item
4.
|
Controls
and Procedures
|
21
|
PART
II. OTHER INFORMATION
|
||
Item
1.
|
Legal
Proceedings
|
22
|
Item
1A.
|
Risk
Factors
|
22
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
22
|
Item
3.
|
Defaults
Upon Senior Securities – None
|
-
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
22
|
Item
5.
|
Other
Information - None
|
-
|
Item
6.
|
Exhibits
|
24
|
SIGNATURES
|
25
|
|
EXHIBIT
INDEX
|
26
|
Item
1.
|
Financial
Statements (Unaudited)
|
June
30,
2007
(Unaudited)
|
Dec.
30,
2006
|
|||||||
ASSETS
|
(In
thousands)
|
|||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
23,989
|
$ |
28,077
|
||||
Short-term
investments
|
9,121
|
9,174
|
||||||
Receivables
|
296,813
|
316,568
|
||||||
Inventories
(Note C)
|
111,955
|
105,765
|
||||||
Deferred
income taxes
|
19,246
|
15,440
|
||||||
Prepaid
expenses and other current assets
|
19,937
|
29,150
|
||||||
Total
Current Assets
|
481,061
|
504,174
|
||||||
PROPERTY,
PLANT, AND EQUIPMENT, at cost
|
||||||||
Land
and land improvements
|
27,543
|
27,700
|
||||||
Buildings
|
270,962
|
266,801
|
||||||
Machinery
and equipment
|
539,332
|
550,979
|
||||||
Construction
in progress
|
24,616
|
12,936
|
||||||
862,453
|
858,416
|
|||||||
Less
accumulated depreciation
|
552,567
|
548,464
|
||||||
Net
Property, Plant, and Equipment
|
309,886
|
309,952
|
||||||
GOODWILL
|
252,044
|
251,761
|
||||||
OTHER
ASSETS
|
159,632
|
160,472
|
||||||
Total
Assets
|
$ |
1,202,623
|
$ |
1,226,359
|
June
30,
2007
(Unaudited)
|
Dec.
30,
2006
|
|||||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
(In
thousands, except share and per share value data)
|
|||||||
CURRENT
LIABILITIES
|
||||||||
Accounts
payable and accrued expenses
|
$ |
321,989
|
$ |
328,882
|
||||
Note
payable and current maturities of long-term debt and capital lease
obligations
|
63,330
|
26,135
|
||||||
Current
maturities of other long-term obligations
|
1,670
|
3,525
|
||||||
Total
Current Liabilities
|
386,989
|
358,542
|
||||||
LONG-TERM
DEBT
|
279,300
|
285,300
|
||||||
CAPITAL
LEASE OBLIGATIONS
|
604
|
674
|
||||||
OTHER
LONG-TERM LIABILITIES
|
57,183
|
56,103
|
||||||
DEFERRED
INCOME TAXES
|
21,104
|
29,321
|
||||||
MINORITY
INTEREST IN SUBSIDIARY
|
198
|
500
|
||||||
SHAREHOLDERS'
EQUITY
|
||||||||
Capital
Stock:
|
||||||||
Preferred,
$1 par value, authorized 2,000,000 shares, no shares
outstanding
|
-
|
-
|
||||||
Common,
$1 par value, authorized 200,000,000 shares, outstanding -
|
46,332
|
47,906
|
||||||
June
30, 2007 – 46,331,932 shares;
|
||||||||
Dec.
30, 2006 – 47,905,351 shares
|
||||||||
Paid-in
capital
|
3,159
|
2,807
|
||||||
Retained
earnings
|
409,830
|
448,268
|
||||||
Accumulated
other comprehensive income
|
(2,076 | ) | (3,062 | ) | ||||
Total
Shareholders' Equity
|
457,245
|
495,919
|
||||||
Total
Liabilities and Shareholders' Equity
|
$ |
1,202,623
|
$ |
1,226,359
|
Three
Months Ended
|
||||||||
June
30,
2007
|
July
1,
2006
|
|||||||
(In
thousands, except share and per share data)
|
||||||||
Net
sales
|
$ |
618,160
|
$ |
667,706
|
||||
Cost
of sales
|
402,523
|
434,060
|
||||||
Gross
profit
|
215,637
|
233,646
|
||||||
Selling
and administrative expenses
|
169,559
|
184,806
|
||||||
Restructuring
and impairment
|
728
|
228
|
||||||
Operating
income
|
45,350
|
48,612
|
||||||
Interest
income
|
196
|
192
|
||||||
Interest
expense
|
4,774
|
3,617
|
||||||
Earnings
from continuing operations before income taxes and minority
interest
|
40,772
|
45,187
|
||||||
Income
taxes
|
14,404
|
16,493
|
||||||
Earnings
from continuing operations before minority interest
|
26,368
|
28,694
|
||||||
Minority
interest in earnings of subsidiary
|
(25 | ) | (22 | ) | ||||
Income
from continuing operations
|
26,393
|
28,716
|
||||||
Discontinued
operations, less applicable taxes
|
484
|
(64 | ) | |||||
Net
income
|
$ |
26,877
|
$ |
28,652
|
||||
Net
income from continuing operations – basic
|
$ |
0.56
|
$ |
0.56
|
||||
Net
income from discontinued operations - basic
|
$ |
0.01
|
$ | (0.00 | ) | |||
Net
income per common share – basic
|
$ |
0.57
|
$ |
0.56
|
||||
Average
number of common shares outstanding – basic
|
46,936,567
|
51,009,288
|
||||||
Net
income from continuing operations – diluted
|
$ |
0.56
|
$ |
0.56
|
||||
Net
income from discontinued operations – diluted
|
$ |
0.01
|
$ | (0.00 | ) | |||
Net
income per common share – diluted
|
$ |
0.57
|
$ |
0.56
|
||||
Average
number of common shares outstanding – diluted
|
47,199,397
|
51,339,367
|
||||||
Cash
dividends per common share
|
$ |
0.195
|
$ |
0.18
|
Six
Months Ended
|
||||||||
June
30,
2007
|
July
1,
2006
|
|||||||
(In
thousands, except share and per share data)
|
||||||||
Net
sales
|
$ |
1,227,360
|
$ |
1,313,271
|
||||
Cost
of sales
|
805,023
|
850,670
|
||||||
Gross
profit
|
422,337
|
462,601
|
||||||
Selling
and administrative expenses
|
340,373
|
365,994
|
||||||
Restructuring
and impairment
|
592
|
1,947
|
||||||
Operating
income
|
81,372
|
94,660
|
||||||
Interest
income
|
448
|
471
|
||||||
Interest
expense
|
9,062
|
5,004
|
||||||
Earnings
from continuing operations before income taxes and minority
interest
|
72,758
|
90,127
|
||||||
Income
taxes
|
25,767
|
32,896
|
||||||
Earnings
from continuing operations before minority interest
|
46,991
|
57,231
|
||||||
Minority
interest in earnings of subsidiary
|
(53 | ) | (61 | ) | ||||
Income
from continuing operations
|
47,044
|
57,292
|
||||||
Discontinued
operations, less applicable taxes
|
514
|
(170 | ) | |||||
Net
income
|
$ |
47,558
|
$ |
57,122
|
||||
Net
income from continuing operations – basic
|
$ |
0.99
|
$ |
1.11
|
||||
Net
income from discontinued operations - basic
|
$ |
0.01
|
$ |
0.00
|
||||
Net
income per common share – basic
|
$ |
1.00
|
$ |
1.11
|
||||
Average
number of common shares outstanding – basic
|
47,466,147
|
51,422,647
|
||||||
Net
income from continuing operations – diluted
|
$ |
0.99
|
$ |
1.10
|
||||
Net
income from discontinued operations – diluted
|
$ |
0.01
|
$ |
0.00
|
||||
Net
income per common share – diluted
|
$ |
1.00
|
$ |
1.10
|
||||
Average
number of common shares outstanding – diluted
|
47,733,977
|
51,781,098
|
||||||
Cash
dividends per common share
|
$ |
0.39
|
$ |
0.36
|
Six
Months Ended
|
||||||||
June
30, 2007
|
July
1, 2006
|
|||||||
(In
thousands)
|
||||||||
Net
Cash Flows From (To) Operating Activities:
|
||||||||
Net
income
|
$ |
47,558
|
$ |
57,122
|
||||
Noncash
items included in net income:
|
||||||||
Depreciation
and amortization
|
33,730
|
34,857
|
||||||
Other
postretirement and post employment benefits
|
1,066
|
1,055
|
||||||
Stock-based
compensation
|
1,909
|
1,584
|
||||||
Excess
tax benefits from stock compensation
|
(654 | ) | (720 | ) | ||||
Deferred
income taxes
|
(10,344 | ) | (9,090 | ) | ||||
Loss
on sale, retirement and impairment of long-lived assets and
intangibles
|
2,384
|
344
|
||||||
Stock
issued to retirement plan
|
6,611
|
7,948
|
||||||
Other
– net
|
754
|
2,350
|
||||||
Net
increase (decrease) in non-cash operating assets and
liabilities
|
14,598
|
(60,053 | ) | |||||
Increase
(decrease) in other liabilities
|
(1,941 | ) | (4,531 | ) | ||||
Net
cash flows from (to) operating activities
|
95,671
|
30,866
|
||||||
Net
Cash Flows From (To) Investing Activities:
|
||||||||
Capital
expenditures
|
(29,148 | ) | (33,173 | ) | ||||
Proceeds
from sale of property, plant and equipment
|
305
|
965
|
||||||
Acquisition
spending, net of cash acquired
|
(1,509 | ) | (64,120 | ) | ||||
Short-term
investments – net
|
-
|
926
|
||||||
Purchase
of long-term investments
|
(17,287 | ) | (6,300 | ) | ||||
Sales
or maturities of long-term investments
|
15,267
|
3,900
|
||||||
Other
– net
|
100
|
-
|
||||||
Net
cash flows from (to) investing activities
|
(32,272 | ) | (97,802 | ) | ||||
Net
Cash Flows From (To) Financing Activities:
|
||||||||
Proceeds
from sales of HNI Corporation common stock
|
5,456
|
2,908
|
||||||
Purchase
of HNI Corporation common stock
|
(85,000 | ) | (107,858 | ) | ||||
Excess
tax benefits from stock compensation
|
654
|
720
|
||||||
Proceeds
from long-term debt
|
141,470
|
411,675
|
||||||
Payments
of note and long-term debt and other financing
|
(111,594 | ) | (270,728 | ) | ||||
Dividends
paid
|
(18,473 | ) | (18,554 | ) | ||||
Net
cash flows from (to) financing activities
|
(67,487 | ) |
18,163
|
|||||
Net
increase (decrease) in cash and cash equivalents
|
(4,088 | ) | (48,773 | ) | ||||
Cash
and cash equivalents at beginning of period
|
28,077
|
75,707
|
||||||
Cash
and cash equivalents at end of period
|
$ |
23,989
|
$ |
26,934
|
Note
A.
|
Basis
of Presentation
|
Note
B.
|
Stock-Based
Compensation
|
Note
C.
|
Inventories
|
(In
thousands)
|
June
30, 2007
(Unaudited)
|
Dec.
30, 2006
|
||||||
Finished
products
|
$ |
76,273
|
$ |
66,238
|
||||
Materials
and work in process
|
54,944
|
58,789
|
||||||
LIFO
allowance
|
(19,262 | ) | (19,262 | ) | ||||
$ |
111,955
|
$ |
105,765
|
Note
D.
|
Comprehensive
Income and Shareholders' Equity
|
Note
E.
|
Earnings
Per Share
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
(In
thousands, except per share data)
|
June
30,
2007
|
July
1,
2006
|
June
30,
2007
|
July
1,
2006
|
||||||||||||
Numerators:
|
||||||||||||||||
Numerator
for both basic and diluted EPS net income
|
$ |
26,877
|
$ |
28,652
|
$ |
47,558
|
$ |
57,122
|
||||||||
Denominators:
|
||||||||||||||||
Denominator
for basic EPS weighted-average common shares outstanding
|
46,937
|
51,009
|
47,466
|
51,423
|
||||||||||||
Potentially
dilutive shares from stock option plans
|
262
|
330
|
268
|
358
|
||||||||||||
Denominator
for diluted EPS
|
47,199
|
51,339
|
47,734
|
51,781
|
||||||||||||
Earnings
per share – basic
|
$ |
0.57
|
$ |
0.56
|
$ |
1.00
|
$ |
1.11
|
||||||||
Earnings
per share – diluted
|
$ |
0.57
|
$ |
0.56
|
$ |
1.00
|
$ |
1.10
|
Note
F.
|
Restructuring
Reserve and Plant Shutdowns
|
(In
thousands)
|
Severance
|
Facility
Exit Costs & Other
|
Total
|
|||||||||
Balance
as of December 30, 2006
|
$ |
841
|
$ |
-
|
$ |
841
|
||||||
Restructuring
charges
|
(337 | ) |
929
|
592
|
||||||||
Cash
payments
|
(404 | ) | (929 | ) |
1,333
|
|||||||
Balance
as of June 30, 2007
|
$ |
100
|
$ |
-
|
$ |
100
|
Note
G.
|
Business
Combinations
|
Note
H.
|
Discontinued
Operations
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
(In
thousands)
|
June
30,
2007
|
July
1,
2006
|
June
30,
2007
|
July
1,
2006
|
||||||||||||
Discontinued
operations:
|
||||||||||||||||
Operating
income/(loss) before tax
|
$ |
749
|
$ | (101 | ) | $ |
796
|
$ | (268 | ) | ||||||
Tax
impact
|
265
|
(37 | ) |
282
|
(98 | ) | ||||||||||
Income/(loss)
from discontinued operations, net of income tax
|
$ |
484
|
$ | (64 | ) | $ |
514
|
$ | (170 | ) |
Note
I.
|
Goodwill
and Other Intangible Assets
|
(In
thousands)
|
June
30, 2007
|
|
Dec.
30, 2006
|
|||||
Patents
|
$ |
18,780
|
$ |
18,780
|
||||
Customer
relationships and other
|
104,677
|
103,492
|
||||||
Less: accumulated
amortization
|
43,171
|
39,796
|
||||||
Balance
at end of period
|
$ |
80,286
|
$ |
82,476
|
(In
millions)
|
2007
|
2008
|
2009
|
2010
|
2011
|
|||||||||||||||
Amortization
Expense
|
$ |
9.1
|
$ |
8.3
|
$ |
7.0
|
$ |
6.6
|
$ |
5.7
|
(In
thousands)
|
Office
Furniture
|
Hearth
Products
|
Total
|
|||||||||
Balance
as of December 30, 2006
|
$ |
84,815
|
$ |
166,946
|
$ |
251,761
|
||||||
Goodwill
change during period
|
671
|
(388 | ) |
283
|
||||||||
Balance
as of June 30, 2007
|
$ |
85,486
|
$ |
166,558
|
$ |
252,044
|
Note
J.
|
Product
Warranties
|
Three
Months Ended
|
||||||||
(In
thousands)
|
June
30, 2007
|
July
1, 2006
|
||||||
Balance
at beginning of period
|
$ |
10,624
|
$ |
10,157
|
||||
Accruals
for warranties issued during period
|
7,152
|
5,993
|
||||||
Adjustments
related to pre-existing warranties
|
(42 | ) |
445
|
|||||
Settlements
made during the period
|
(7,098 | ) | (6,160 | ) | ||||
Balance
at end of period
|
$ |
10,636
|
$ |
10,435
|
Note
K.
|
Postretirement
Health Care
|
Six
Months Ended
|
||||||||
(In
thousands)
|
June
30, 2007
|
July
1, 2006
|
||||||
Service
cost
|
$ |
240
|
$ |
163
|
||||
Interest
cost
|
533
|
526
|
||||||
Expected
return on plan assets
|
(120 | ) | (87 | ) | ||||
Amortization
of transition obligation
|
291
|
291
|
||||||
Amortization
of prior service cost
|
115
|
115
|
||||||
Amortization
of (gain)/loss
|
7
|
47
|
||||||
Net
periodic benefit cost
|
$ |
1,066
|
$ |
1,055
|
Note
L.
|
Income
Taxes
|
Note
M.
|
Commitments
and Contingencies
|
Note
N.
|
New
Accounting Standards
|
Note
O.
|
Business
Segment Information
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
(In
thousands)
|
June
30,
2007
|
July
1,
2006
|
June
30,
2007
|
July
1,
2006
|
||||||||||||
Net
Sales:
|
||||||||||||||||
Office
Furniture
|
$ |
503,587
|
$ |
510,740
|
$ |
1,001,438
|
$ |
998,347
|
||||||||
Hearth
Products
|
114,573
|
156,966
|
225,922
|
314,924
|
||||||||||||
$ |
618,160
|
$ |
667,706
|
$ |
1,227,360
|
$ |
1,313,271
|
|||||||||
Operating
Profit:
|
||||||||||||||||
Office
furniture (1)
|
||||||||||||||||
Operations
before restructuring charges
|
$ |
45,317
|
$ |
38,601
|
$ |
84,243
|
$ |
80,947
|
||||||||
Restructuring
and impairment charges
|
(728 | ) | (228 | ) | (592 | ) | (1,947 | ) | ||||||||
Office
Furniture – net
|
44,589
|
38,373
|
83,651
|
79,000
|
||||||||||||
Hearth
products
|
9,723
|
18,206
|
17,444
|
29,939
|
||||||||||||
Total
operating profit
|
54,312
|
56,579
|
101,095
|
108,939
|
||||||||||||
Unallocated
corporate expense
|
(13,502 | ) | (11,358 | ) | (28,255 | ) | (18,717 | ) | ||||||||
Income
before income taxes
|
$ |
40,810
|
$ |
45,221
|
$ |
72,840
|
$ |
90,222
|
||||||||
Depreciation
& Amortization Expense:
|
||||||||||||||||
Office
furniture
|
$ |
11,923
|
$ |
12,971
|
$ |
24,277
|
$ |
24,126
|
||||||||
Hearth
products
|
3,529
|
4,164
|
7,217
|
8,697
|
||||||||||||
General
corporate
|
1,096
|
894
|
2,236
|
2,034
|
||||||||||||
$ |
16,548
|
$ |
18,029
|
$ |
33,730
|
$ |
34,857
|
|||||||||
Capital
Expenditures:
|
||||||||||||||||
Office
furniture
|
$ |
11,268
|
$ |
12,388
|
$ |
22,093
|
$ |
21,859
|
||||||||
Hearth
products
|
4,172
|
2,674
|
6,379
|
5,444
|
||||||||||||
General
corporate
|
383
|
3,863
|
676
|
5,870
|
||||||||||||
$ |
15,823
|
$ |
18,925
|
$ |
29,148
|
$ |
33,173
|
|||||||||
As
of
June
30, 2007
|
As
of
July
1, 2006
|
|||||||||||||||
Identifiable
Assets:
|
||||||||||||||||
Office
furniture
|
$ |
734,835
|
$ |
737,297
|
||||||||||||
Hearth
products
|
361,431
|
387,641
|
||||||||||||||
General
corporate
|
106,357
|
104,012
|
||||||||||||||
$ |
1,202,623
|
$ |
1,228,950
|
Item
2.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
|
|||||||||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||||||||||
(In
thousands)
|
June
30,
2007
|
July
1,
2006
|
Percent
Change
|
June
30,
2007
|
July
1,
2006
|
Percent
Change
|
||||||||||||||||||
Net
sales
|
$ |
618,160
|
$ |
667,706
|
-7.4 | % | $ |
1,227,360
|
$ |
1,313,271
|
-6.5 | % | ||||||||||||
Cost
of sales
|
402,523
|
434,060
|
-7.3
|
805,023
|
850,670
|
-5.4
|
||||||||||||||||||
Gross
profit
|
215,637
|
233,646
|
-7.7
|
422,337
|
462,601
|
-8.7
|
||||||||||||||||||
Selling
& administrative expenses
|
169,559
|
184,806
|
-8.3
|
340,373
|
365,994
|
-7.0
|
||||||||||||||||||
Restructuring
& impairment charges
|
728
|
228
|
219.3
|
592
|
1,947
|
-69.6
|
||||||||||||||||||
Operating
income
|
45,350
|
48,612
|
-6.7
|
81,372
|
94,660
|
-14.0
|
||||||||||||||||||
Interest
expense, net
|
(4,578 | ) | (3,425 | ) |
33.7
|
(8,614 | ) | (4,533 | ) |
90.0
|
||||||||||||||
Earnings
from continuing operations before income taxes and minority
interest
|
40,772
|
45,187
|
-9.8
|
72,758
|
90,127
|
-19.3
|
||||||||||||||||||
Income
taxes
|
14,404
|
16,493
|
-12.7
|
25,767
|
32,896
|
-21.7
|
||||||||||||||||||
Minority
interest in earnings of a subsidiary
|
(25 | ) | (22 | ) |
13.6
|
(53 | ) | (61 | ) |
-13.1
|
||||||||||||||
Income
from continuing operations
|
$ |
26,393
|
$ |
28,716
|
-8.1 | % | $ |
47,044
|
$ |
57,292
|
-17.9 | % |
Item
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk
|
Item
4.
|
Controls
and Procedures
|
Item
1.
|
Legal
Proceedings
|
Item
1A.
|
Risk
Factors
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of
Proceeds
|
Period
|
(a)
Total Number of Shares (or Units) Purchased (1)
|
(b)
Average price Paid per Share or Unit
|
(c)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced
Plans or Programs
|
(d)
Maximum Number (or Approximate Dollar Value) of Shares (or Units)
that May
Yet be Purchased Under the Plans or Programs
|
||||||||||||
4/01/07
– 4/28/07
|
315,535
|
$ |
44.99
|
315,535
|
$ |
112,524,497
|
||||||||||
4/29/07
– 5/26/07
|
1,283,383
|
$ |
43.26
|
1,283,383
|
$ |
57,001,538
|
||||||||||
5/27/07
– 6/30/07
|
49,332
|
$ |
43.81
|
49,332
|
$ |
54,840,239
|
||||||||||
Total
|
1,648,250
|
$ |
43.61
|
1,648,250
|
$ |
54,840,239
|
Ÿ
|
Plan
announced August 8, 2006, providing share repurchase authorization
of
$200,000,000 with no specific expiration
date.
|
Ÿ
|
No
repurchase plans expired or were terminated during the second quarter
of
2007, nor do any plans exist under which the Corporation does not
intend
to make further purchases.
|
Item
4.
|
Submission
of Matters to a Vote of Security
Holders
|
Three-Year Term: |
For
|
Withheld/Abstained
|
Against
|
Mary H. Bell |
39,732,535
or
82.51%
|
4,022,626
or
8.35%
|
-0-
or
0%
|
John A. Halbrook |
38,442,055
or
79.83%
|
5,313,106
or
11.03%
|
-0-
or
0%
|
James R. Jenkins |
39,789,039
or
82.62%
|
3,966,122
or
8.24%
|
-0-
or
0%
|
Dennis J. Martin |
39,625,712
or
82.28%
|
4,129,449
or
8.58%
|
-0-
or
0%
|
Abbie J. Smith |
38,446,235
or
79.84%
|
5,308,926
or
11.02%
|
-0-
or
0%
|
Item
6.
|
Exhibits
|
HNI Corporation | |||
Dated:
August 2, 2007
|
By:
|
/s/ Jerald K. Dittmer | |
Name: Jerald K. Dittmer | |||
Title: Vice President and Chief Financial Officer | |||
(10.1)
|
Form
of common stock grant agreement granted under the 2007 Equity Plan
for
Non-Employee Directors of HNI
Corporation
|
(10.2)
|
Form
of option award agreement granted under the HNI Corporation 2007
Stock-Based Compensation Plan
|
(31.1)
|
Certification
of the CEO Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
(31.2)
|
Certification
of the CFO Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
(32.1)
|
Certification
of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
to
Section 906 of the Sarbanes-Oxley Act of
2002
|