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HNI Reports Lower Sales & Profits

Sales and profits fell for HNI Corporation during the 3rd quarter. This week the Muscatine-based manufacturer of office furniture and hearth products reported its results for July through September.

Sales for the quarter totaled 584 million dollars, a drop of 5 per cent compared to the same time a year ago. And net income dropped 18 per cent, to 74 cents a share.

Company chairman, president, and ceo Stan Askren blames what he calls "dynamic markets in an uncertain economic environment." But is confident the company is "strong and well-positioned" for the long-term. 

Sales in both of HNI's divisions fell - down 4.4 per cent for office furniture during the third quarter and down 7.3 per cent for hearth products. These include gas, electric, wood, and bio-mass burning fireplaces, plus inserts, stoves, and accessories. 

A native of Detroit, Herb Trix began his radio career as a country-western disc jockey in Roswell, New Mexico (“KRSY, your superkicker in the Pecos Valley”), in 1978. After a stint at an oldies station in Topeka, Kansas (imagine getting paid to play “Louie Louie” and “Great Balls of Fire”), he wormed his way into news, first in Topeka, and then in Freeport Illinois.