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03.26.18 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN & FURNISHINGS CITED: “…WE ARE THINKING AND FEELING PEOPLE WHO BRING MEANING INTO EXISTENCE BY THE WAY WE LIVE OUR LIVES.” —SEAN CARROLL, THE BIG PICTURE, ON THE ORIGINS OF LIFE, MEANING AND THE UNIVERSE ITSELF Condé Nast and Pitchfork Come Under One Roof in Chicago’s Merchandise Mart When media giant Condé Nast decided to combine its Chicago teams – a Condé Nast sales branch and Pitchfork, a recently acquired online music magazine – under one roof, they started down a road with little common ground. When two entities decide to coexist in the same workplace, design teams move from helping one client to juggling a balance of two clients. Their new workplace, a full-floor office on the 21 st floor of the Merchandise Mart designed by GREC Architects, sets the tone for future the two groups would share. FULL STORY ON PAGE 3… Lights, Camera, Action! Architecture and Design Film Festival Returns to Los Angeles The Architecture and Design Film Festival (ADFF) is the nation’s largest focused on this subject matter. Held annually in New York since its founding in 2008, ADFF has recently established satellite events in Chicago, Los Angeles, and Washington, D.C., among other cities, with plans to expand. ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films, panel discussions, and other interactive experiences. Officeinsight contributor Murrye Bernard takes us inside the founding of the festival and reviews its 2018 L.A. edition. FULL STORY ON PAGE 10… Concurrents – Environmental Psychology: Nonverbal Messaging, Alive and Well, and in the New York Times Our physical environments continuously transmit silent messages. The impact these silent messages have on people in the workplace have been scientifically proven – people really do feel the effects of the decisions their company leaders’ make for their offices. Yet some people still underestimate these unspoken messages’ influence. FULL STORY ON PAGE 16…

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Page 1: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS

CITEDldquohellipWE ARE THINKING AND FEELING PEOPLE WHO BRING MEANING INTO EXISTENCE BY THE WAY WE LIVE OUR LIVESrdquo mdash SEAN CARROLL

THE BIG PICTURE ON THE ORIGINS OF LIFE MEANING AND THE UNIVERSE ITSELF

Condeacute Nast and Pitchfork Come Under One Roof in Chicagorsquos Merchandise Mart

When media giant Condeacute Nast decided to combine its Chicago teams ndash a Condeacute Nast sales branch and Pitchfork a recently acquired online music magazine ndash under one roof they started down a road with little common ground When two entities decide to coexist in the same workplace design teams move from helping one client to juggling a balance of two clients Their new workplace a full-floor office on the 21st floor of the Merchandise Mart designed by GREC Architects sets the tone for future the two groups would share

FULL STORY ON PAGE 3hellip

Lights Camera Action Architecture and Design Film Festival Returns to Los Angeles

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annually in New York since its founding in 2008 ADFF has recently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Officeinsight contributor Murrye Bernard takes us inside the founding of the festival and reviews its 2018 LA edition

FULL STORY ON PAGE 10hellip

Concurrents ndash Environmental Psychology Nonverbal Messaging Alive and Well and in the New York Times

Our physical environments continuously transmit silent messages The impact these silent messages have on people in the workplace have been scientifically proven ndash people really do feel the effects of the decisions their company leadersrsquo make for their offices Yet some people still underestimate these unspoken messagesrsquo influence

FULL STORY ON PAGE 16hellip

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 2 OF 38

ginkgo lounge chair I jehs+laub

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 3 OF 38

aampd

When two entities decide to coexist in the same workplace design teams move from helping one client to juggling a balance of two clients How disparate those entities are when they come to the table varies

An acquisition by one company of another with the same business model or similar processes and with slightly differ-ent cultures presents its own set of challenges

But there are more complex more mosaic-like partner-ships out there

When media giant Condeacute Nast decided to combine its Chicago teams ndash a Condeacute Nast sales branch and Pitchfork a recently acquired online music magazine ndash under one roof they started down a road with little common ground

So where to startldquoTherersquos two different cultures there and people working

on two different productsrdquo said Michael Berger director of interiors at local Chicago firm GREC Architects ldquoOur design needed to create a place for both of them to exist and grow symbioticallyrdquo

Condeacute Nast ndash Client Profilegt Chicagorsquos advertising sales branch no creativeeditorial

functionsgt Coming from the John Hancock Center home occupy-

ing perimeter offices on the 35th floor Building profile reads corporate legacy traditional

gt Employees a sales team used to sitting in private of-fices elevated building security and corporate vibes

Pitchfork ndash Client Profilegt Online music culture magazine Taglineslogan ldquoThe

Most Trusted Voice in Musicrdquogt Coming from a garage in Chicagorsquos Logan Square

neighborhood Building and neighborhood profile reads quirky trendy bike friendly hipster haven still holding onto its midwestern sensibilities

gt Employees creative forces behind editorial and music festival planning Accustomed to close collaboration and an informal culture

Condeacute Nast and Pitchfork Come Under One Roof in Chicagorsquos Merchandise Martby Mallory Jindra

The entryway at the new Chicago offices of Condeacute Nast and Pitchfork on the 21st floor of the Merchandise Mart Designed by GREC Architects Photography courtesy of GREC Architects

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 4 OF 38

aampd

Gathering hub and kitchen

Entryway and gathering hub

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 5 OF 38

aampd

Open office

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 6 OF 38

aampdGREC Architects began by guiding Condeacute Nast groups

through site selection In this project site selection was criti-cal The two entities worked in starkly different circumstanc-es in their previous offices and their new building would set the tone for the identity the two groups would share in the future

ldquoWe walked the Hancock Center space and the Logan Square offices to see how each side worked and then worked with them to choose the space that would be the right connection for both sidesrdquo said Mr Berger

After looking at a few corporate towers in the Loop Condeacute Nast settled on a 12000 square foot full-floor rectangular space on the 21st floor of the Merchandise Mart A corpo-rate structure common for many companies like Condeacute Nast would fall short of capturing the culture at Pitchfork

ldquoWe wanted to make sure we found the right connection for the Pitchfork side and a corporate banking tower didnrsquot fit them at allrdquo said Mr Berger ldquoThe Mart provides its own sense of history and identity that both sides can reference

and appreciate regardless of what their own histories entailrdquo

The location and superb site amenities at the Mart spoke to both groups and the Condeacute Nast side were happy to have the added professionalism and security that comes with owning the elevator space But the new interiors align more closely with Pitchforkrsquos culture

ldquoThe new environment is much more similar to Pitch-forkrsquos way of working and a bigger change for Condeacute Nastrdquo said Mr Berger ldquoCondeacute Nast had been in their Han-cock Tower space for 15 or so years and they had really stretched out the life of their spacerdquo

Separate zones for the Pitchfork team and Condeacute Nast sales team (30 people in each group for a total staff of 60) are joined by a block of architectural elements between them

The Pitchfork team space a studio layout in the shape of an inclusive square fosters constant open conversation between people Open sight lines run across all desks

Pitchforkrsquos art layout studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

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The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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EMEN

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Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

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Available at AMEICOcom amp DWRcom

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032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 2: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 2 OF 38

ginkgo lounge chair I jehs+laub

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 3 OF 38

aampd

When two entities decide to coexist in the same workplace design teams move from helping one client to juggling a balance of two clients How disparate those entities are when they come to the table varies

An acquisition by one company of another with the same business model or similar processes and with slightly differ-ent cultures presents its own set of challenges

But there are more complex more mosaic-like partner-ships out there

When media giant Condeacute Nast decided to combine its Chicago teams ndash a Condeacute Nast sales branch and Pitchfork a recently acquired online music magazine ndash under one roof they started down a road with little common ground

So where to startldquoTherersquos two different cultures there and people working

on two different productsrdquo said Michael Berger director of interiors at local Chicago firm GREC Architects ldquoOur design needed to create a place for both of them to exist and grow symbioticallyrdquo

Condeacute Nast ndash Client Profilegt Chicagorsquos advertising sales branch no creativeeditorial

functionsgt Coming from the John Hancock Center home occupy-

ing perimeter offices on the 35th floor Building profile reads corporate legacy traditional

gt Employees a sales team used to sitting in private of-fices elevated building security and corporate vibes

Pitchfork ndash Client Profilegt Online music culture magazine Taglineslogan ldquoThe

Most Trusted Voice in Musicrdquogt Coming from a garage in Chicagorsquos Logan Square

neighborhood Building and neighborhood profile reads quirky trendy bike friendly hipster haven still holding onto its midwestern sensibilities

gt Employees creative forces behind editorial and music festival planning Accustomed to close collaboration and an informal culture

Condeacute Nast and Pitchfork Come Under One Roof in Chicagorsquos Merchandise Martby Mallory Jindra

The entryway at the new Chicago offices of Condeacute Nast and Pitchfork on the 21st floor of the Merchandise Mart Designed by GREC Architects Photography courtesy of GREC Architects

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 4 OF 38

aampd

Gathering hub and kitchen

Entryway and gathering hub

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 5 OF 38

aampd

Open office

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 6 OF 38

aampdGREC Architects began by guiding Condeacute Nast groups

through site selection In this project site selection was criti-cal The two entities worked in starkly different circumstanc-es in their previous offices and their new building would set the tone for the identity the two groups would share in the future

ldquoWe walked the Hancock Center space and the Logan Square offices to see how each side worked and then worked with them to choose the space that would be the right connection for both sidesrdquo said Mr Berger

After looking at a few corporate towers in the Loop Condeacute Nast settled on a 12000 square foot full-floor rectangular space on the 21st floor of the Merchandise Mart A corpo-rate structure common for many companies like Condeacute Nast would fall short of capturing the culture at Pitchfork

ldquoWe wanted to make sure we found the right connection for the Pitchfork side and a corporate banking tower didnrsquot fit them at allrdquo said Mr Berger ldquoThe Mart provides its own sense of history and identity that both sides can reference

and appreciate regardless of what their own histories entailrdquo

The location and superb site amenities at the Mart spoke to both groups and the Condeacute Nast side were happy to have the added professionalism and security that comes with owning the elevator space But the new interiors align more closely with Pitchforkrsquos culture

ldquoThe new environment is much more similar to Pitch-forkrsquos way of working and a bigger change for Condeacute Nastrdquo said Mr Berger ldquoCondeacute Nast had been in their Han-cock Tower space for 15 or so years and they had really stretched out the life of their spacerdquo

Separate zones for the Pitchfork team and Condeacute Nast sales team (30 people in each group for a total staff of 60) are joined by a block of architectural elements between them

The Pitchfork team space a studio layout in the shape of an inclusive square fosters constant open conversation between people Open sight lines run across all desks

Pitchforkrsquos art layout studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 3: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 3 OF 38

aampd

When two entities decide to coexist in the same workplace design teams move from helping one client to juggling a balance of two clients How disparate those entities are when they come to the table varies

An acquisition by one company of another with the same business model or similar processes and with slightly differ-ent cultures presents its own set of challenges

But there are more complex more mosaic-like partner-ships out there

When media giant Condeacute Nast decided to combine its Chicago teams ndash a Condeacute Nast sales branch and Pitchfork a recently acquired online music magazine ndash under one roof they started down a road with little common ground

So where to startldquoTherersquos two different cultures there and people working

on two different productsrdquo said Michael Berger director of interiors at local Chicago firm GREC Architects ldquoOur design needed to create a place for both of them to exist and grow symbioticallyrdquo

Condeacute Nast ndash Client Profilegt Chicagorsquos advertising sales branch no creativeeditorial

functionsgt Coming from the John Hancock Center home occupy-

ing perimeter offices on the 35th floor Building profile reads corporate legacy traditional

gt Employees a sales team used to sitting in private of-fices elevated building security and corporate vibes

Pitchfork ndash Client Profilegt Online music culture magazine Taglineslogan ldquoThe

Most Trusted Voice in Musicrdquogt Coming from a garage in Chicagorsquos Logan Square

neighborhood Building and neighborhood profile reads quirky trendy bike friendly hipster haven still holding onto its midwestern sensibilities

gt Employees creative forces behind editorial and music festival planning Accustomed to close collaboration and an informal culture

Condeacute Nast and Pitchfork Come Under One Roof in Chicagorsquos Merchandise Martby Mallory Jindra

The entryway at the new Chicago offices of Condeacute Nast and Pitchfork on the 21st floor of the Merchandise Mart Designed by GREC Architects Photography courtesy of GREC Architects

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 4 OF 38

aampd

Gathering hub and kitchen

Entryway and gathering hub

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 5 OF 38

aampd

Open office

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 6 OF 38

aampdGREC Architects began by guiding Condeacute Nast groups

through site selection In this project site selection was criti-cal The two entities worked in starkly different circumstanc-es in their previous offices and their new building would set the tone for the identity the two groups would share in the future

ldquoWe walked the Hancock Center space and the Logan Square offices to see how each side worked and then worked with them to choose the space that would be the right connection for both sidesrdquo said Mr Berger

After looking at a few corporate towers in the Loop Condeacute Nast settled on a 12000 square foot full-floor rectangular space on the 21st floor of the Merchandise Mart A corpo-rate structure common for many companies like Condeacute Nast would fall short of capturing the culture at Pitchfork

ldquoWe wanted to make sure we found the right connection for the Pitchfork side and a corporate banking tower didnrsquot fit them at allrdquo said Mr Berger ldquoThe Mart provides its own sense of history and identity that both sides can reference

and appreciate regardless of what their own histories entailrdquo

The location and superb site amenities at the Mart spoke to both groups and the Condeacute Nast side were happy to have the added professionalism and security that comes with owning the elevator space But the new interiors align more closely with Pitchforkrsquos culture

ldquoThe new environment is much more similar to Pitch-forkrsquos way of working and a bigger change for Condeacute Nastrdquo said Mr Berger ldquoCondeacute Nast had been in their Han-cock Tower space for 15 or so years and they had really stretched out the life of their spacerdquo

Separate zones for the Pitchfork team and Condeacute Nast sales team (30 people in each group for a total staff of 60) are joined by a block of architectural elements between them

The Pitchfork team space a studio layout in the shape of an inclusive square fosters constant open conversation between people Open sight lines run across all desks

Pitchforkrsquos art layout studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 4: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 4 OF 38

aampd

Gathering hub and kitchen

Entryway and gathering hub

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 5 OF 38

aampd

Open office

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 6 OF 38

aampdGREC Architects began by guiding Condeacute Nast groups

through site selection In this project site selection was criti-cal The two entities worked in starkly different circumstanc-es in their previous offices and their new building would set the tone for the identity the two groups would share in the future

ldquoWe walked the Hancock Center space and the Logan Square offices to see how each side worked and then worked with them to choose the space that would be the right connection for both sidesrdquo said Mr Berger

After looking at a few corporate towers in the Loop Condeacute Nast settled on a 12000 square foot full-floor rectangular space on the 21st floor of the Merchandise Mart A corpo-rate structure common for many companies like Condeacute Nast would fall short of capturing the culture at Pitchfork

ldquoWe wanted to make sure we found the right connection for the Pitchfork side and a corporate banking tower didnrsquot fit them at allrdquo said Mr Berger ldquoThe Mart provides its own sense of history and identity that both sides can reference

and appreciate regardless of what their own histories entailrdquo

The location and superb site amenities at the Mart spoke to both groups and the Condeacute Nast side were happy to have the added professionalism and security that comes with owning the elevator space But the new interiors align more closely with Pitchforkrsquos culture

ldquoThe new environment is much more similar to Pitch-forkrsquos way of working and a bigger change for Condeacute Nastrdquo said Mr Berger ldquoCondeacute Nast had been in their Han-cock Tower space for 15 or so years and they had really stretched out the life of their spacerdquo

Separate zones for the Pitchfork team and Condeacute Nast sales team (30 people in each group for a total staff of 60) are joined by a block of architectural elements between them

The Pitchfork team space a studio layout in the shape of an inclusive square fosters constant open conversation between people Open sight lines run across all desks

Pitchforkrsquos art layout studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

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Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 5: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 5 OF 38

aampd

Open office

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 6 OF 38

aampdGREC Architects began by guiding Condeacute Nast groups

through site selection In this project site selection was criti-cal The two entities worked in starkly different circumstanc-es in their previous offices and their new building would set the tone for the identity the two groups would share in the future

ldquoWe walked the Hancock Center space and the Logan Square offices to see how each side worked and then worked with them to choose the space that would be the right connection for both sidesrdquo said Mr Berger

After looking at a few corporate towers in the Loop Condeacute Nast settled on a 12000 square foot full-floor rectangular space on the 21st floor of the Merchandise Mart A corpo-rate structure common for many companies like Condeacute Nast would fall short of capturing the culture at Pitchfork

ldquoWe wanted to make sure we found the right connection for the Pitchfork side and a corporate banking tower didnrsquot fit them at allrdquo said Mr Berger ldquoThe Mart provides its own sense of history and identity that both sides can reference

and appreciate regardless of what their own histories entailrdquo

The location and superb site amenities at the Mart spoke to both groups and the Condeacute Nast side were happy to have the added professionalism and security that comes with owning the elevator space But the new interiors align more closely with Pitchforkrsquos culture

ldquoThe new environment is much more similar to Pitch-forkrsquos way of working and a bigger change for Condeacute Nastrdquo said Mr Berger ldquoCondeacute Nast had been in their Han-cock Tower space for 15 or so years and they had really stretched out the life of their spacerdquo

Separate zones for the Pitchfork team and Condeacute Nast sales team (30 people in each group for a total staff of 60) are joined by a block of architectural elements between them

The Pitchfork team space a studio layout in the shape of an inclusive square fosters constant open conversation between people Open sight lines run across all desks

Pitchforkrsquos art layout studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 6: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 6 OF 38

aampdGREC Architects began by guiding Condeacute Nast groups

through site selection In this project site selection was criti-cal The two entities worked in starkly different circumstanc-es in their previous offices and their new building would set the tone for the identity the two groups would share in the future

ldquoWe walked the Hancock Center space and the Logan Square offices to see how each side worked and then worked with them to choose the space that would be the right connection for both sidesrdquo said Mr Berger

After looking at a few corporate towers in the Loop Condeacute Nast settled on a 12000 square foot full-floor rectangular space on the 21st floor of the Merchandise Mart A corpo-rate structure common for many companies like Condeacute Nast would fall short of capturing the culture at Pitchfork

ldquoWe wanted to make sure we found the right connection for the Pitchfork side and a corporate banking tower didnrsquot fit them at allrdquo said Mr Berger ldquoThe Mart provides its own sense of history and identity that both sides can reference

and appreciate regardless of what their own histories entailrdquo

The location and superb site amenities at the Mart spoke to both groups and the Condeacute Nast side were happy to have the added professionalism and security that comes with owning the elevator space But the new interiors align more closely with Pitchforkrsquos culture

ldquoThe new environment is much more similar to Pitch-forkrsquos way of working and a bigger change for Condeacute Nastrdquo said Mr Berger ldquoCondeacute Nast had been in their Han-cock Tower space for 15 or so years and they had really stretched out the life of their spacerdquo

Separate zones for the Pitchfork team and Condeacute Nast sales team (30 people in each group for a total staff of 60) are joined by a block of architectural elements between them

The Pitchfork team space a studio layout in the shape of an inclusive square fosters constant open conversation between people Open sight lines run across all desks

Pitchforkrsquos art layout studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 7: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 7 OF 38

aampd

On the Condeacute Nast side individual workspaces are a bit more spread out and have medium-height partitions and shelving offering more acoustic relief and privacy to sales people who are often selling ads between different prod-ucts and publications The Condeacute Nast team moved from all enclosed offices to just one private office at the Mart

ldquoWe distilled everything down to a common set of parts and the right building parts for that space and for their needsrdquo noted Mr Berger ldquoThe importance of the idea of having spaces designed to adapt and grow as time passes came through midway through the design process so that was some-thing we needed to tweak forrdquo

For example the furniture in the work-station areas are designed to adapt and grow with changing needs the benching was made as large and long as possible so that a second person could be added into the space if needed in the future

Kitchen and dining

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 8: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 8 OF 38

aampdUsing a ldquostyle surveyrdquo tool GREC helped the client map

out how they wanted their new office to look and feel Eight people from both sides were shown a series of 100 images and they identified images they liked

ldquoWe create what is essentially a Pinterest board and the images that appeal to the most people rise to the top Then we dig deeper to figure out what exactly they like about those imagesrdquo

The style survey provided a series of aesthetic qualities driving the feel of the new office

gtOpen ndash yet cozygtInviting and comfortablegtFamiliar and well-travelledgt Looking outwards connection to outside the office spacegtRelaxed and chillgtA bit retro turning back to the buildingrsquos characterGREC use these character qualities to craft a design

muse that moves beyond the constrictions of the typical ldquoglossy mediardquo office

A number of key design elements cultivate an open communal experience between team members and visitors including an elevated stage for performers lounge and kitchen with home-style amenities and huddle spaces and

phone rooms Therersquos an artcreative layout area for Pitch-fork designers who often move their projects from digital to live in-person drafting

Natural light floods the space from all four sides A warm color palette with brass accents help create a welcom-ing atmosphere supported by inviting lounge spaces And GREC tapped into the retro aesthetic by revealing elements of the original Mart structure complimenting newly polished concrete floors

ldquoGREC also left walls blank as a canvas for the creative brandsrsquo teams to display original artworkrdquo

Open spaces are made even more difficult to master when the office will be shared by two separate entities with vastly different work functions Listening respecting the cul-ture of both parties and weaving their individual strengths together will shape a prosperous workplace

ldquoWersquore moving toward more collaborative spaces but therersquos also now more concern about offices being too openrdquo said Mr Berger ldquoThat concern is real and war-ranted but if you listen to your clients and their needs you can create an open space that works As open as this space is it still provides the rooms and amenities for people to do their jobs wellrdquo n

Huddle and conference rooms

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

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EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

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wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 9: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 9 OF 38

ADVE

RTIS

EMEN

T

The Foundation Collection

800-223-5466 bull arc-comcomfoundation

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 10: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 10 OF 38

aampd

The Architecture and Design Film Festival (ADFF) is the nationrsquos largest focused on this subject matter Held annu-ally in New York since its founding in 2008 ADFF has re-cently established satellite events in Chicago Los Angeles and Washington DC among other cities with plans to expand to New Orleans Athens Greece and beyond

ADFF celebrates the creative spirit driving architecture and design by presenting a curated selection of films panel discussions and other interactive experiences Founder and director Kyle Bergman is a New Yorkndashbased architect with a background in publishing and production Each year the ADFF team reviews approximately 300 films submitted from around the world

ldquoWe focus on films that are interesting enough from a design perspective but also have a human story that anyone can enjoyrdquo said Bergman while noting that ADFF tends to avoid jargon-laced films targeted at purely architectural audiences When he initially conceived the

festival Bergmanrsquos aim was to ldquotake what we love and know and ask lsquoHow do we expand into a wider audience but also do something that is good for usrsquo rdquo And so far hersquos been successful The festival has drawn a diverse mix of industry professionals consumers and design enthusiasts

Following its inaugural Los Angeles event in 2014 ADFF returned for its second West Coast edition which took place between March 10ndash14 2018 ADFF LA featured screenings of more than 30 short and feature-length films exploring a range of subjectsmdashfrom the power of design to instill positive change at an intimate interior scale to ways that buildings can shape urban form and potentially provide solutions to broader cultural and economic chal-lenges These topics are presented through the lenses of the lives and work of notable architects and designers who practiced in various time periods and specialized in many different project typologies

Lights Camera Action Architecture and Design Film Festival Returns to Los Angelesby Murrye Bernard AIA

The Helms Bakery Building centerpiece of the Helms Bakery District Photography provided by ADFF

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

T

bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

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Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

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Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 11: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 11 OF 38

aampd

Welcoming Angelenos from the Eastside to the Westside ADFF LA events were held at two historic venues the downtown Los Angeles Theatre Center (LATC) which was built in 1916 and had housed banking and financial institu-tions before its conversion to its current use and Helms Bakery District in Culver City which comprises several buildings that once functioned as a bakery and have since been converted to a mixed-use development including many interior design showrooms

ADFF LA kicked off with a Short Films Walk at Helms Bakery District Six showroomsmdashArcana Books Harbour Outdoor HD Buttercup Scandinavian Designs Room amp Board and Vitramdashoffered screenings of 24 documentaries The event concluded with a public viewing of ldquoBuilding Hope The Maggiersquos Centresrdquo a film by director Sarah How-itt that tells the story of an innovative model for cancer treat-ment that leverages design as a tool for healing Afterward Frances Anderton host of ldquoDesign and Architecture (DnA)rdquo a regular series on KCRW a National Public Radio member station led a related discussion

Presented by Pacific Sales Kitchen amp Home the festivalrsquos official opening night took place at LATC and included a VIP reception followed by a screening of ldquoBIG TIMErdquo This documentary by Kaspar Astrup Schroumlder provides an inti-mate view into the creative process and compromises made by Bjarke Ingels during the several years he worked on two of his largest projects to datemdashVIA 57 WEST and Two World Trade Centermdashskyscrapers with the potential to alter Manhattanrsquos skyline

The Los Angeles Theatre Center in Downtown LA

Film Poster for ldquoBIG Timerdquo Director Kasper Astrup Schroumlder

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

T

bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 12: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 12 OF 38

aampd

Throughout the festival ADFF transformed the LATC lobby into an immersive lounge that played VR films including one by Gary Hustwit and Sam Green on the work of Buckmin-ster Fuller an exhibition titled ldquoThe Original Comes from Vitrardquo which focused on authenticity in design and manufacturing processes and short films displayed on the Sony Ultra-Short Throw 4K HDR Home Theater Projec-tor The lounge also featured furniture supplied by Vitra and Poliform as well as a pop-up bookstore

Many films presented as part of ADFF LA addressed issues faced by commercial interior designers par-ticularly ldquoWorkplacerdquo a documentary about the past present and future of the office It considers how designers can improve these environments to promote productivity and collabora-tion and it anticipates the next wave of digital tools to connect workplaces on

a global level Filmmaker Gary Hustwit (ldquoHelveticardquo ldquoObjectifiedrdquo and ldquoUr-banizedrdquo) relates these issues through the completion of the project for the New York headquarters of RGA which was designed by Foster + Partners

Following the ldquoWorkplacerdquo screen-ing which was co-presented by Inte-rior Design magazine and Vitra Interior Design Deputy Editor Edie Cohen moderated a discussion between Pri-mo Orpilla co-founder and principal at Studio O+A in San Francisco and Barbara Dunn a studio director and principal with Gensler in Los Angeles The panelists pondered the confluence of physical and digital space

ldquoWhile technology is a big part of making the office feel connected and facilitates interactions across great distances it can also become a dis-tractionrdquo Orpilla observed ldquoTechnol-ogy needs to be seen and not heard it should be available when we need it

Frank Gehryrsquos design for The Maggiersquos Centers Dundee Scotland The film ldquoBuilding Hope The Maggiersquos Centersrdquo is a BBC Documentary that tells the story of Maggiersquos - a unique cancer charity that began life in Edinburgh Scotland 20 years ago Itrsquos a moving film you can access here httpbitly2uf2UJO (only an hour long)

Film Poster for ldquoGetting Frank Gehryrdquo Director Sally Aitken

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

T

bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 13: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 13 OF 38

aampdbut without interrupting human inter-action There is something thatrsquos inher-ent in the need to talk to people in your office You need to be able to tap them on the shoulder With increas-ing reliance on technology the loss of tactility and the ability to perceive inflections in voices and engage in eye contact can result in office experiences that are polarizingrdquo

Several other films screened at ADFF LA are relevant to commercial interior designers ldquoKevin Roche The Quiet Architectrdquo explores work by the Pritzker Prize winner who is 95 years old and has no intentions to retire His portfolio includes projects for the Ford Foundation Oakland Museum of California and new galleries for The Metropolitan Museum in New York

ldquoGetting Frank Gehryrdquo charts the evolution of the architectrsquos 40-year career and work that has been both celebrated and critically eviscerated

ldquoFrey Part I -The Architectural Envoyrdquo is a film by Jake Gorst explores the life and work of Swiss born Albert Frey through 1939 Photo copy Design Onscreen

ldquoEye Over Praguerdquo a film by Olga Spaacutetovaacute The story of an unrealized controversial design for a new National Library in Prague

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

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Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 14: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 14 OF 38

aampdProjects highlighted in the film include Gehryrsquos first building in Australia a new business school at Sydneyrsquos Uni-versity of Technology that has become known as the lsquotreehouserdquo It also features some of his other iconic works such as the Gehry House the Vitra Museum the Guggenheim Museum Bilbao and the MIT Stata Center

In the future ADFF plans to host annual film festivals in Los Angeles However Bergman laments that when it comes to attracting attendees ldquoOne of the hardest things is getting the word outrdquo Architects and designers should not only tell colleagues and peers about the upcoming festival but also invite people from other backgroundsmdashpar-ticularly current and potential clients For more information about ADFF visit wwwadfilmfestcom n

ADFF LA 2018 sponsors included Pacific Sales Kitchen amp Home Helms Bakery District LASVIT Poliform Sony and Vitra Media sponsors included

Interior Design and Architectural Record Industry sponsors included the American Institute of ArchitectsAIA | Los Angeles and the West Edge Design Fair

A still from ldquoThe Experimental Cityrdquo Director Chad Freidrichs

ldquoWorkplacerdquo a film by Gary Hustwit is a documentary following the design and construction of RGA headquarters in NYC

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

T

bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 15: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 15 OF 38

ADVE

RTIS

EMEN

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bull An Arcadia Company bull

The corporate offi ce has never looked more sophisticated or felt more comfortable thanks to Melina Whether in a conference room executive offi ce or more task-centric work spaces its gently curved seat and intuitive controls ensure long-lasting comfort throughout the day Tailored upholstery adds to its refi ned appearance while multiple base fi nish options and a choice of two back heights provide the opportunity to customize for individual preferences

800 985 8090 encoreseatingcom

Melina Executive Licensed from Wiesner Hager Austria

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

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032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 16: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 16 OF 38

open letter

I am a practicing furniture designer and I teach the Furniture Design class at California State University Long Beach Education is a wonderful gift One can be educated through reading lectures and films but the best education is experienced Education experienced will never be forgotten Above and beyond the class-room experience travel provides some of the best education

My name is Joe Ricchio (RicchioDesigncom and I have been teaching Furniture Design at CSU LB for 10 years I teach because I want to ldquoPay it Forwardrdquo and share my 30 years of knowledge and experience In 2003 to further share my experience I established the Ricchio Design Retreat to take students to various design and educational venues each year

From 2004 to 2010 I took students to Milan Italy for Salone del Mobile the largest furniture show in the world Students viewed new furniture ideas and had the opportunity to meet and speak with other designers and manufacturers Along with the fair time was spent touring Milan and being exposed to its architecture art design history and culture

In 2013 I began taking students to Chicago for NeoCon the largest commercial interiors show in North America Students experienced 3 days of walking the fair seeing new products attending educational lectures

and seminars and touring showrooms Personal show-room tours were provided by Jim Lutz of Knoll Casey Journigan of Arcadia Sigi and Kip Pepper of Peter Pep-per Products and Kevin Stark of HBF now retired

We also found time to take the Architectural Boat Cruise of Chicago visit Frank Lloyd Wrightrsquos studio and home and some years visit the Farnsworth House by Mies Van Der Rohe in Plano II

From my 10 years of experience it is clear to me that these travels have greatly enhanced the studentsrsquo education and life experience They will be stronger more confident and well rounded professionals

Our trips have always been funded by donations from clients design professionals and friends I am looking for others of like mind to help support our efforts Any and all contributions will be very much ap-preciated by myself and the students

Ricchio Design Retreat Inc is recognized by the IRS as a 501 (c)(3) public charity making your dona-tion tax deductible If needed a letter confirming your donation will be provided

You may make checks payable to Ricchio Design Retreat Inc and send them to PO Box 909 Seal Beach CA 90740 or go to GoFundMecom and search Ricchio Design Retreat to make a donation Thank you

Thank you very much for your time and consideration Please ldquoPay it Forwardrdquo

Sincerely Joe RicchioRicchio Design Retreat

Please join with me to ldquoPay it Forwardrdquo

Jim Lutz of Knoll speaking to the students at NeoCon 2016

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

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032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 17: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 17 OF 38

concurrentsENVIRONMENTAL PSYCHOLOGYNonverbal Messaging Alive and Well and in the New York Timesby Sally Augustin PhD

The silent messages sent by design decisions made are something that environmental psychologists talk about a lot We review often at length topics such as cultural associations to particular hues that find their way onto the walls of an office suite and the implications of choosing an upholstery fabric with relatively more curvilinear or rectilinear lines in it for example

Considering unspoken messages seems silly to some

The people who dismiss the silent communications we have with spaces and objects need to read Cade Metzrsquos February 19 2018 New York Times article ldquoWhy AI Researchers at Google Got Desks Next to the Bossrdquo

Metz reviews messages floor plans can send As he reports

ldquoIf you want to understand the pri-orities of a technology company first look at the seating chart At Googlersquos Silicon Valley headquarters the chief executive Sundar Pichai now shares a floor with Google Brain a research lab dedicated to artificial intelligence When Facebook created its own artificial intelligence lab at its offices about seven miles away it temporar-ily gave AI researchers desks next to the fish bowl of a conference room where its chief executive and founder Mark Zuckerberg holds his meet-ings lsquoI can high-five Mark and Sheryl from my desk and the AI team was

right next to usrsquo said Facebookrsquos chief technology officer Mike Schroepfer referring to Mr Zuckerberg and Sheryl Sandberg the chief operating officerhellipA growing number of tech companies are pushing research labs and other far-reaching engineering efforts closer to the boss The point is unmistak-able What they are doing matters to the chief executive It may even be the future of the companyrdquo

The form of workplaces change over time to send messages that have become more important to manage-mentshareholdersother similar groups ndash or to stop sending ones that have dropped from favor Metz reports that just a year ago the Google Brain

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 18: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 18 OF 38

concurrentsteam was not working near the boss they were in a small building across Googlersquos campus from their current location

Workplace features of various types from seats near the bossrsquos team spac-es packed with toys and technology send nonverbal messages Often perks that consume relatively more of some limited resource financial spatial or otherwise have the most value One of the most treasured in part because it communicates respect for employees is control over aspects of their physi-cal environment That control might ldquotake formrdquo as the ability to rework a space spontaneously without getting approval from facility managers or divi-sion vice-presidents or the opportunity to determine the refreshment options near a particular conference room for example

Designers need to know what things and places communicate to any group theyrsquore working with and the only way

to get the insights needed to reli-ably translate physical messages into design options is to talk to employees and really listen to what they have to say Metz indicates that in Silicon Val-ley location near the boss is a desir-able thing and that it indicates some sort of value It is not inconceivable however that some high tech execu-tives may choose to sit near groups who are not perceived to be doing well because the leader wants to improve their performance

Overtly questioning space users about messages sent can be challeng-ing but during any conversation peo-ple make spontaneously comments that relate to what things ldquomeanrdquo Without the wisdom that comes from actively listening for information about what things in an office ldquoare sayingrdquo a designer canrsquot be certain what mes-sage a seat near the boss or anything else actually sends

Our physical environments continu-

ously transmit silent messages Smart people listen to them n

Sally Augustin PhD a cognitive sci-entist is the editor of Research Design Connections (wwwresearchdesigncon-nectionscom) a monthly subscription newsletter and free daily blog where recent and classic research in the social design and physical sciences that can inform designersrsquo work are presented in straightforward language Readers learn about the latest re-search findings immediately before theyrsquore available elsewhere Sally who is a Fellow of the American Psycho-logical Association is also the author of Place Advantage Applied Psychol-ogy for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwith-sciencecom) and can be reached at sallyaugustindesignwithsciencecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 19: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 19 OF 38

ADVE

RTIS

EMEN

T

Sustainability | Durability | Accessibility

memosamples com

E N D U R A N C E

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 20: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 20 OF 38

r-d connectionRESEARCH-DESIGN CONNECTIONDesigning Exercising for Personalityby Sally Augustin PhD

New research indicates the best sorts of exercise opportu-nities to provide to employees and other groups A press release from the British Psychological Society reporting on the work of John Hackston states that ldquoThe effectiveness of someonersquos exercise regime may depend on their individual personality typehellip[data collected via surveys determined that] people with extraverted personality types were more likely to prefer exercising at the gym Staff with a prefer-ence for objective logic were also more likely to stick with a regimented exercise plan than those who view feelings and values as being more important More creatively minded staff particularly those who enjoy working with new ideas were much better suited to outdoor activities such as cy-cling and running when compared to a structured gym re-gimehellipHackston addedhelliplsquoOrganisations can help their staff to improve their fitness using this research with increased fitness potentially leading to lower illness-related absences and increased employee satisfactionrsquordquo n

ldquoDonrsquot Like Going to the Gym It Could Be Your Personal-ityrdquo 2018 Press release The British Psychological Soci-ety httpswwwalphagalileoorgViewItemaspxItemId=182502ampCultureCode=en

Sally Augustin PhD a cognitive scientist is the editor of Research Design Connections (wwwresearch-designconnectionscom) a monthly subscription news-letter and free daily blog where recent and classic re-search in the social design and physical sciences that can inform designersrsquo work are presented in straight-forward language Readers learn about the latest re-search findings immediately before theyrsquore available else-

where Sally who is a Fellow of the American Psychological Association is also the author of Place Advantage Applied Psychology for Interior Architecture (Wiley 2009) and with Cindy Coleman The Designerrsquos Guide to Doing Research Applying Knowledge to Inform Design (Wiley 2012) She is a principal at Design With Science (wwwdesignwithsciencecom) and can be reached at sallyaugustindesignwith-sciencecom

IVYClassic since 1990

IVY Umbrella StandDesign Carl Gustav Magnussonamp Emanuela Frattini MagnussonCast AluminumRaw Sides amp Polished Top Surfaces18rdquo h x 13rdquo Oslash

Available at AMEICOcom amp DWRcom

2017

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 21: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 21 OF 38

officenewswireFor complete releases visit wwwofficeinsightcomofficenewswire

PRODUCT INTROSgtAIS introduced three new products ndash Volkertrade cubes and nesting tables the Devenstrade task chair and LB Loungetrade seating Volkertrade is the new town square ndash a lighthearted simple smart design that fits readily into any work or learning space to draw people together Volkertrade cubes are visually and functionally at ease in a variety of applica-tions The 18-inch fully uphol-stered cubes on casters roll where users need them to go The accompanying square-shaped stationary table doubles as a work surface for collaboration and as an ldquoan-chor spotrdquo to discretely stow the cubes when not in use Volkertrade is named for one of its product designers Volker Braun who is AISrsquos plant manager for casegoods The Devenstrade task chair em-bodies intuitive design robust ergonomics quality and value for a wide range of needs throughout the workplace ndash from reception areas to open spaces to private offices Combining the latest in com-fort and intuitive functionality Devenstrade has a weight-acti-vated synchro-tilt mechanism

which in combination with its well-thought-out ergonomic design provides optimal seated support Named after Fort Devens in Mas-sachusetts and produced at AISrsquos Massachusetts-based manufacturing facility and headquarters express models of the Devenstrade task chair can ship just three days from initial order The new LB Loungetrade seat-ing creates naturally sociable seating for a variety of set-tings including corporate healthcare and educational environments Available in two- and three-seat configu-rations with multiple widths and back heights the LB Loungetrade offers generous dimensions and clutter-controlling open storage The storage base is available in a

multitude of Grade A laminate choices Fabric options for the seat and back cushions include many graded-in ma-terials and the LB Loungetrade readily accepts many COMs Read More

gtCoalesse is launching a series of material capa-bilities to enhance existing product lines These include enhancements to its Lox chair by PearsonLloyd as well as to its Potrero415 table line The minimal and sculptural Coalesse Lox chair which features a bucket back and padded interior is now avail-able with a five-star polished aluminum swivel base and optional hard or soft casters Its polyamide shell which was previously only available in black or white is now offered in greige a mid-tone neu-

AIS LB Loungetrade

AIS Volkertrade

AIS Devenstrade Coalesse Lox

Coalesse Potrero 415

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

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Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 22: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 22 OF 38

officenewswiretral that supports dynamic multi-purpose spaces with a clean minimalist solution for a variety of collaborative workspaces Potrero415 a modern alternative to the traditional conference room table now includes new tabletop material offerings including hardwoods stones and composites that deliver consistent appearances while meeting high-performance requirements Read More

gtFLOS introduced Arrange-ments its latest collabora-tion with designer Michael Anastassiades Centered around balance and custom-ization and inspired by the parallel between lighting and jewelry this modular collec-tion allows for customization by combining different geo-metric light elements Each unit attaches to another as if resting balancing perfectly as a part of a glowing chain The ability to select and easily change each piece makes the chandelier suitable for both residential and commer-cial spaces There are nine different fixture elements composed of an aluminum strip and wrapped in LEDs

available to create a multitude of combinations Read More

gtGeiger introduced Leeway Seating by Keiji Takeuchi as the companyrsquos most varied seating line Leeway is Mr Takeuchirsquos first solo project with Geiger though he played an important role in the devel-opment of Geigerrsquos Saiba line working as part of designer Naoto Fukasawarsquos studio Al-lowing freedom of movement within Leewayrsquos minimal foot-print was an important design consideration for Takeuchi The range of motion allowed by most side chairs is defined by the space between armrest supports With Leewayrsquos crescent-shaped cantilevered backrest which attaches only to the back legs users are given a place to rest elbows while being free to spread out and move naturally as they

sit to collaborate or socialize The Leeway Seating family is available in bar- and counter-height stools as well as side chairs to create a clean uniform aesthetic throughout a space Leeway Chairs come in all-wood or with metal frames and a choice of wood or polyurethane seats and backrests Chairs with metal frames can be stacked three-high Leeway Stools have a metal frame with seats and backrests available in wood or polyurethane All wood seats can be upholstered in a range of options from Geiger Textiles Herman Miller and Maharam Read More

NOTEWORTHYgtDuravit released its 2018 Bath Trend Forecast a com-prehensive take on upcoming and lasting bathroom trends On the companyrsquos 2018 radar -Maximized spa potential in the bathroom - with relax-ation features (freestand-ing bathtubs enhanced bathroom materials) and an overall heightened focus on self-care -Brighter bolder hues (look for unexpected tones like deep navy sunny yellow forest green and Pantone Color of the Year ldquoUltravioletrdquo purple) paired with timeless neutrals for a soothing yet energized balancing act -Alongside the kitchenrsquos ldquosmartrdquo revolution innova-tions in bathroom technology are coming in full force with LED mirrors touchless tech and material developments for ultimate hygiene and relaxation

FLOS Arrangements by Michael Anastassiades

Geiger Leeway by Keiji Takeuchi

Duravit Bath Trend Forecast Bold colors from the Luv Collection and SensoWash Slimrsquos aging-in-place design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

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wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 23: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 23 OF 38

officenewswire-Aging-in-place features and accessible design are re-sponding to North Americarsquos diversifying demographic -Experimental angular shapes and organic natural materials (granite counter-tops wood storage units) attest to the bathroomrsquos focus on relaxation and visual inter-est Read More

gtEAA ndash Emre Arolat Ar-chitecture won multiple Architectural Review Future Projects Awards presented at MIPIM earlier this month in Cannes France The firmrsquos state-of-the-art Istanbul Museum of Painting and Sculpture won the Cultural Regeneration Category and the Nibras Residential and Commercial Complex won the Residential Category In addition the Mau Religious Complex received a commen-dation in the Civic and Com-munity Category The Istanbul Museum of Painting and Sculpture (pictured) trans-forms an existing warehouse building into a contemporary arts museum The museum will house 15000 pieces including some of the most important examples of Turkish art The original concrete structure of the building was kept as is while the walls and the slabs were removed in order to obtain a 3D na-

ked structural grid housing the lsquocontainersrsquo of the new museum where the artwork resides Read More

gtFoscarini shared images of its lighting displays at the recent Armory Show 2018 in NYC For this yearrsquos edition of the show Foscarini collabo-rated with Hotel Americano to

furnish three pop-up lounges Inspired by Enrique Nortenrsquos Hotel Amerciano in nearby Chelsea the VIP lounges featured some of Foscarinirsquos

most iconic and artistic lamps over vibrant blue and yellow backdrops as opposed to white walls commonly seen in galleries Read More

gtKI Furniture on Mar 15 hosted a networking event for the design community at the Miami Dade Animal Services and Shelter The event featured gourmet hot dogs and ice cream from food trucks as well as cuddles from the cute canines up for adoption Attendees were also able to create dog collars and leashes with Pallas Textiles fabric CEO Richard J Resch made a $2000 donation to the shelter Read More

gtMilliken Specialty Interiors recently hosted Laura Guido-Clarkrsquos Love Good Color workshop for its design and sales team Led by Laura Guido-Clark Love Good Color founder and creative direc-tor this intensive workshop is an immersive training and intuitive color navigational tool that helps tap into the emotional power of color It uses a proprietary system based on the spectral and emotive response of color

EAA-Emre Arolat Architecture Istanbul Museum of Painting and Sculpture

Foscarinirsquos Big Bang pedants juxtapose with Maru Sibandersquos artwork in the foreground at the NYC Armory Show

KI CEO Richard J Resch donates $2000 to Miami Dade Animal Services and Shelter

Milliken Specialty Interiors design and sales team members applying their learnings from recent Love Good Color workshop

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 24: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 24 OF 38

officenewswireand then provides a toolkit to help attendees pair layer and navigate intentional palettes For Milliken it focused on providing team members with a new more emotionally-driven way of thinking of and approaching color to help design and build the best fab-ric options for customers and consumers alike Read More

gtNewmark Knight Frank a leading commercial real estate advisory firm pub-lished a new research report on the latest emerging trends in Workplace Strat-egy practices Focused on New York City law firms and technology companies the 1Q 2018 report compares Workplace Strategies of the past present and future Ac-cording to NKF ldquoTechnology companies are the innovators of Workplace Strategies They trend about ten years ahead of other industries asking questions and experimenting with solutions many of which become mainstream As such technology companies serve as a beacon of what is to come ldquoIn the past technology com-panies provided cutting edge amenities to keep employees in the office longer and blend work-life Some elements like cafes ping pong tables and concierge services became commonplace among many different types of tenants ldquoPresently technology companies are designing individual and shared spaces for focused work to balance the open collaborative areas They still prefer open seating but aim to provide individu-

als with tools at their desk to promote concentration or ldquoquiet-togetherrdquo spaces akin to libraries ldquoFuture forward-thinking technology companies are beginning to experiment with applying principles of hu-man evolution and cognitive psychology to create environ-ments that maximize an indi-vidualrsquos creativity and wellbe-ing Many of these concepts are based on biophilia our innate attraction to nature and they involve concepts like designing indoor lighting to change throughout the day in a way that mimics natural outdoor lightrdquo Read More

gtJeffrey Pfeffer Professor at Stanford Universityrsquos Gradu-ate School of Business is the author of a new book released last week titled ldquoDying for a Paycheckrdquo In this timely provocative book Mr Pfeffer contends that many modern management commonalities such as long hours work-family conflict and economic insecurity are toxic to employeesmdashhurting engagement increasing turn-over and destroying peoplersquos physical and emotional healthmdashwhile also being inim-ical to company performance He marshals a vast trove of evidence and numerous examples from all over the world to expose an infuriating truth about modern work life Even as organizations allow management practices that actually sicken and kill their employees those policies do not enhance productivity or the bottom line thereby creating a lose-lose situation

Arguing that human sustain-ability should be as important as environmental steward-ship Mr Pfeffer makes clear that the environment we work in is just as important as the one we live in and he shows how we can make our work-places healthier and better Read More

gtWilliam Vanderbloemen founder and CEO of Vander-bloemen Search Group is the author of a new book titled ldquoCulture Wins The Roadmap to an Irresistible Workplacerdquo He noted that two-thirds of Americans hate their jobs largely due to unhealthy work environments

which besides making people miserable costs organiza-tions in revenue growth and innovation In researching his book he wanted to know what was wrong with tradi-tional workplaces and how to make them better by creating ones where people love to go to work He started by looking at his own company which has won culture awards from publications including En-trepreneur and the Houston Business Journal and then he turned to other leaders of thriving work cultures includ-ing HubSpot Zappos and BELAY He found similarities in rationale and approaches such as frequent performance reviews thoughtful hiring processes and an interest in employeesrsquo nonwork lives Read More

ENVIRONMENTgtKimball launched ldquogreen for goodrdquo ndash a movement celebrating small deeds for a better world This April in celebration of Earth Day the company is calling on its em-ployees partners customers and communities to complete one green deed ndash big or small ndash each day to create a cleaner planet together and make every day Earth Day Kimball is also partner-ing with area high schools through its work-based learning program to further expand green for good The students in the program serve as the ldquoambassadorrdquo at each school to educate their fellow students to bring awareness on the importance of the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 25: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 25 OF 38

officenewswire

cause and promote participa-tion ldquoTo achieve corporate environmentally-responsible behavior on a national-scale our employees must not only actively participate but also believe in what we are doingrdquo said Kimball Marketing Com-munications Manager Becky Schneider ldquoProudly from the founding days of our compa-ny the holistic thought of sus-tainability and the importance of the environment has been ingrained in our very being The green for good movement continues this mentality and expands it to our community as well as throughout the countryrdquo Read More

EVENTSgtAtlanta Design Festival organized by MA Design is Human will returni for the 12th year to Atlanta GA May 26 to Jun 3 Providing a world-class showcase of leading international design-ers brands and companies the festival will continue to play host to Atlantarsquos re-nowned MA Architecture Tours and yearly Design Economy Expo in addition to showroom events exhibitions live talks workshops and

installations It will span the whole of the city alongside satellite architecture tours tak-ing place in Asheville NC and Serenbe GA The Woodruff Arts Center will act as a base for Design Economy Expo while the talks programme will be held in the neighboring High Museum of Artrsquos Hill Au-ditorium The new Peachtree Street location will act as a Midtown ldquoGatewayrdquo allowing access to more visitors than ever before Read More

gtThe Design Within Reach installation at DIFFA Dining by Design 2018 created in partnership with hospitality designers Matthew Goodrich and Kendall Lowe was meant to evoke a waking dream

Inspired by the writings and paintings of the Surrealists and their theme of revelation through concealment the ex-hibition invites viewers to look at iconic furniture designs with fresh eyes The installa-

Atlanta Design Festival Design Economy panel discussion

Design Within Reach installation at DIFFA Dining by Design

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 26: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 26 OF 38

officenewswiretion features a collection of classic chair designs ranging from 1859 to 2010 which were selected for their formal and structural similarities These include the Era Chair (1859) and Era Armchair (1859) by Michael Thonet the Hoffmann Armchair (1925) and Hoffmann Side Chair by Josef Hoffmann the Series 7 Chair (1955) by Arne Jacobsen the Cherner Chair (1958) by Norman Cherner and the Masters Chair (2010) by Phillipe Starck and Euge-nie Quitllet When placed side by side these familiar designs speak to each other in new ways as the forms echo one another Working with collabo-rator Kim Klein each chair

was hand-painted and coated with resin to make the chair appear as if it is transform-ing into a liquid state In the exhibition the altered chairs are draped with fabric lit with raking light by collaborator BOLD and surrounded with other draped objects As the fabric moves it alternately bil-lows outwards ndash distorting the form ndash and clings inwards highlighting the contours The DIFFA Dining by Design Gala Dinner will be held this evening Mar 26 630-1030 pm Read More

gtIIDA NYrsquos 2018 Sustain-able Quilt Auction will take place at Steelcase on Thursday Apr 12 600-900 pm Ten teams have

spent hundreds of hours each creating one-of-a-kind quilts from discarded materials All silent auction proceeds will benefit Free Arts NYC a program that empowers underserved youth through art and mentoring programs Read More

gtNY11+ will open its An-nual Interior Design Student Exhibition ndash this year titled ldquoInterior Design Consider-ing Spacerdquo ndash at the Teknion showroom in NYC with a ribbon-cutting ceremony on Apr 3 530 pm Immedi-ately following the ribbon cutting a short presentation will feature dynamic New York Certified Interior Designers discussing the process and impact of being a NY CID Reception will follow NY11+ was founded in 1997 by inte-rior design icon Ruth Lynford as an exhibition of work from prestigious New York State educational institutions all offering programs in Interior Design of four-years or more To date more than a dozen

schools have joined together each year in an effort to reach the general public the press and the design community through their studentsrsquo work The exhibition has raised awareness of the complex-ity and responsibilities of the interior design profession as it applies to the health safety and welfare of the public Read More

gtNY11+ will also present a special New York Student Interior Design exhibition Apr 1-30 at Port Authority Bus Terminal Interior design students from accredited colleges will showcase their work with a focus on sustain-able and community based projects Each studentrsquos project was assessed by his or her respective collegersquos curatorial team and selection was based on the quality of use and needs the rationality of constructional approach and the level of innovation in terms of both materials and techniques in relation-ship with local resources

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 27: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 27 OF 38

officenewswire

and traditions Participat-ing institutions include FIT SUNY New York Institute of Technology Parsons School of Design Pratt University New York School of Interior Design Rochester Institute of Technology School of Visual Arts and Villa Maria College This will be on view from April 1-30 2018 ldquoThis exhibition is a wonderful opportunity to introduce the immense and creative talents of interior design students from all over Manhattan and New York Staterdquo said NY11+ Founder Ruth Lynford Read More

gtThe 24th Annual Phila-delphia Furniture Show will take place Apr 14-15 at the cityrsquos 23rd Street Armory with a Preview Party on Friday Apr 13 600-900 pm The 2018 winner of the Emerging Artist Competition Manan Narang will exhibit his work along with 50 sea-soned artisans at the show

This national competition sponsored by the Durham NC-based Furniture Society is open to any apprentice current student or graduate within three years of com-mencement craftsmanship design innovation and pre-sentation are the criteria Mr Narang was an architect in New Delhi India before mov-ing to the US to study furni-ture design at Rhode Island School of Design where he received a Master of Fine Arts degree in September 2016 As winner of the competition he receives a booth at the Philadelphia Furniture Show in which to display work as well as a mentorship session from Furniture Society jurors Also on display at the show will be a special exhibition of original painting and sculp-ture from Philadelphiarsquos own Center for Emerging Visual Artists Proceeds from the Preview Party will support CFEVA Read More

gtRice University in Houston this week is presenting a series of free lectures on the art of earthen architecture ldquoThe Form of Mudrdquo lecture series organized by Jesuacutes Vassallo a Rice assistant professor of architecture will bring architects with exper-tise in mud construction to Rice for events Mar 26 28 and 30 All are part of Rice Architecturersquos spring lecture series titled ldquoHererdquo which has focused on specificities of context and with these three lectures specificities of material The series kicks off today Mar 26 with a talk by Roger Boltshauser at 530 pm With a wealth

NY11+ ribbon cutting last year at the Haworth showroom L-R - Thomas Banks (CIDQ Executive Director) Dan Villella (IDLNY President) Tania Branquinho (IDLNY) and Ruth Lynford (NY11+ Founder)

Philadelphia Furniture Show2018 winner of the Emerging Artist Com-petition Manan Narang in his studio

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

SUDOKU

Fill in the empty cells so that every row column and cube contains a digit from 1-9 without duplication (Level Medium)

9 8 4 67 1 6

4 9 71 6 8 7 2 3

2 17

6 13 6 9

8Grid ndeg1216992613 medium

We have all the free sudokus you need 400 new sudokus every week

Make your own free printable sudoku at wwwPrintMySudokucom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

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wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 28: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 28 OF 38

officenewswireof experience in designing rammed earth projects Mr Boltshauserrsquos most recent projects include an aquarium in Basel Switzerland Ozea-nium with rammed earth as a major construction element Arizona-based architect Rick Joy the best-known early proponent of rammed earth construction in the US brings the American view-point Wednesday Mar 28 at 530 pm Arabella Masson and Csaba Tarsoly will visit Friday Mar 30 for a talk at noon The partners at Mas-son Tarsoly Architectes and professors at EPFL Lausanne and the University of Liech-tenstein have studied earth construction as part of their research and also in their own designs including the yet-to-be-realized campus project at Burgohondo Read More

Rice University lecture seriesThe Rick Joy Studio in Tucson AZ

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032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 29: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 29 OF 38

businessRAYMOND JAMES BRIEF 32118Steelcase Inc F4Q18 Revenues and EPS Beat F1Q19 Guidance Reflects Headwinds

Analysts Budd Bugatch Katherine West Bobby Griffin

gtTuesday after the market close Steelcase reported F4Q18 GAAP EPS of break-even beating its early February expec-tation of $(005) to $(007) Adjusting for a $279 million charge to adjust its deferred tax assets and including a $139 million or ~$005 non-operating gain related to an invest-ment in an unconsolidated affiliate management-adjusted EPS was $024 We also adjust for that gain thereby bringing our adjusted F4Q18 EPS to $019 which beat our $015 estimate and managementrsquos $015-$017 revised outlook

gtF4Q18 revenues were $7727 million also beating our $748 million revised estimate and managementrsquos $745-$760 million early February outlook Management acknowl-edged that the fiscal year finished with better than expected results particularly in its Americas and EMEA segments Asia Pacific (accounted in the Other segment) also ended F2018 with record levels of annual revenues and profitability

gtOn a consolidated basis EPS beat our revised estimate by $002 at the operating profit line Drilling down into the segments EMEA was the biggest pleasant surprise versus our

estimates That segment posted an operating profit of $15 million thereby representing a $7+ million operating profit im-provement from last year and nearly $10 million improvement versus our model

gtReflecting inflation and comparison headwinds manage-ment issued F1Q19 guidance for adjusted EPS of $012-$016 F1Q19 will face a $16 million comparison headwind in the Americas segment from a project completed in last yearrsquos F1Q18 that will not repeat It also expects gross margin to be lower than F4Q18 and F1Q18 due to both commodity cost increases and some continuing impacts of both lower volumes and product mix shifts Operating expenses will remain at an elevated level due to continuing investments in product devel-opment and marketing expenses Management will continue to rein in expenses in other areas

gtManagement guided reported revenues to be $740-$765 million and will be bolstered by translation as the euro in particular has risen versus the US dollar Orders and backlog in both the Americas and EMEA segments reflect some pull forward impact of an early February price increase Orders in Asia Pacific are down versus last year again due to a record prior-year comparison The revenue guide on an organic basis (adjusting for an expected $20 million currency tailwind) calls for revenues to be down 3 at the low end and up 1 at the top end

32318 122917 92917 63017 33117 123016 frYrHifr50-DayMA

HMiller 307 401 359 304 316 342 -266 -170

HNI 3472 386 415 399 461 559 -282 -88

Inscape 207 31 36 37 43 50 -540 -215

Interface 2465 252 219 197 191 186 -61 09

Kimball 1685 187 198 167 165 176 -197 -09

Knoll 1946 230 200 201 238 279 -205 -113

Leggett 4313 477 477 525 503 489 -215 -39

Mohawk 23057 2759 2475 2417 2295 1997 -196 -72

Steelcase 136 152 154 140 168 179 -251 -58

USG 3351 386 327 290 318 289 -186 -16

Virco 43 51 55 54 40 43 -289 -26

SUM 4536 5310 4914 4729 4736 4588

DJIndust 23533 24719 22405 21350 20663 19763 -116 -52

Industry Stock Prices

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

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wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 30: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 30 OF 38

businessRAYMOND JAMES BRIEF 32118Herman Miller Inc F3Q18 Sales amp Adj EPS Above Consen-sus EPS Guidance Disappoints

Analysts Budd Bugatch Katherine West Bobby Griffin

gtAfter Wednesdayrsquos market close Herman Miller reported F3Q18 results GAAP diluted EPS was $049 Non-GAAP diluted EPS was $050 versus our $050 estimate the $049 consensus and managementrsquos $046-050 guidance Consoli-dated revenue increased 102 yy to $5784 million versus our $5713 million estimate the $5733 million consensus and managementrsquos $565-585 million guidance Positively the yy revenue growth was driven by solid top line performance across each of Herman Millerrsquos business units Organically exclud-ing ~$62 million in currency translation sales improved 96 yy Reported orders increased 37 yy while organic orders improved 38 yy

gtVariance analysis At the operating line results missed our model by ~$002 driven by lower-than-modeled gross margin partially offset by a lower-than-forecasted SGampA ratio Consoli-dated gross margin declined ~166 bps yy to 356 versus our 372 estimate and managementrsquos 365-375 guidance Competitive price discounting commodity cost inflation (steel aluminum and plastics) and product mix shifts drove the yy decline in gross margin Given the recent move in cold rolled sheet steel we would expect the raw material headwind to con-tinue in the coming quarters Positively management is making progress offsetting some of the headwinds with cost savings and notes that the annual run rate at the end of the quarter from costing savings initiatives is at ~$22 million

gtOperating was 73 below our 77 estimate Below the line a lower-than-forecasted adj tax rate (~$001 benefit) com-bined with a higher-than-modeled equity loss (~$001 benefit) offset the operating miss

gtNorth American Furniture Solutions reported sales in-creased 74 yy to $3164 million Organically excluding $11 million in currency effects sales increased 80 yy Reported F3Q18 orders decreased 74 (-57 organically) to $2936 million Likely reflecting raw material headwinds and product mix shifts adjusted operating income was $378 million versus our $421 million estimate and $367 million last year

gtEurope and Latin America (ELA) sales increased 166 yy to $1026 million (+109 yy on an organic basis) Reported orders increased 332 (+273 organically) yy

reflecting strong demand across all international markets Adjusted operating income was $75 million versus our $84 million estimate and $72 million last year

gtSpecialty sales increased 48 yy to $726 million in line with our estimate Operating income was $20 million versus our $12 million estimate and $18 million last year

gtHerman Millerrsquos Consumer segment delivered a strong quar-ter with better than expected (versus our model) sales and earnings Total sales increased 187 yy driven by a 137 DWR comparable brand revenue increase In addition operat-ing margins improved to 48 marking a notable acceleration in operating performance

gtManagement guided F4Q18 revenue to a $590-610 mil-lion range versus our $614 million estimate and the $612 million consensus On the call management noted a relative softening in medium and large project activity during the third quarter likely contributing to the weaker revenue guidance versus our model Reflecting a 23-25 tax rate adjusted EPS is forecasted to be $056 to $060 versus our $075 estimate and $070 consensus Part of the delta between managementrsquos F4Q18 EPS guidance and our published model is from lower yy gross margin

BUSINESS AFFAIRSgtAIA reported the February Architecture Billings Index score was 520 While down from the January ABI score of 547 it still above 50 and indicates an increase in billings and reflects a healthy business environment In particular firms with a mul-tifamily residential or an institutional specialization continued to report extremely strong billings The project inquiries index was 624 up from 611 in January and the design contracts index was 545 up from 539 in January

ldquoWe remain optimistic about the trends wersquore seeing at archi-tecture firms this year with the ABI continuing to show growth in Februaryrdquo said AIA Chief Economist Kermit Baker ldquoWe saw several major bright spots reflected in Februaryrsquos data as billings remained particularly strong at firms located in the West and Midwestrdquo

Regionally the three-month moving average was highest in the West (576) followed by the Midwest (545) South (544) and Northeast (475) By sector multi-family residential scored highest (566) followed by institutional (538) commercialindustrial (510) and mixed practice (497) Read More

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 31: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 31 OF 38

businessgtDIRTT Environmental Solutions on Mar 21 issued itsfourth-quarter and full-year 2017 earnings release (Canadiandollars in thousands except per share amounts)

3 Mos Ended 123117 123116 ChRevenue $74337 $78324 -51Gross profit $29780 $33924 -122SGampA $37553 $27877 347Op IncLoss -$7773 $6047 -Net IncLoss -$7316 $4345 -Net IncLoss per share -$009 $006 -

12 Mos Ended 123117 123117 ChRevenue $293424 $267030 99Gross profit $122544 $116272 54SGampA $128352 $103602 239Op IncLoss -$5808 $12670 -Net IncLoss -$7409 $7284 -Net IncLoss per share -$009 $009 -

ldquoThis an important time for DIRTT as we move forward from a significant 2017 investment year with a clear path toward profitable growthrdquo said DIRTT interim CEO Michael Goldstein ldquoOur fourth quarter and year-end results are evidence that we have invested ahead of the curve to prepare for growth We are seeing a build of significant projects in 2018 with revenue expectations for the first quarter of 2018 in the range of $78 million to $80 millionrdquo

Operational highlights for 2017 cited by the company included

-Increased sales marketing and business development staffby 56 over 2016 to 114

-Selected for significant new wins including a new 158000square foot downtown San Francisco medical office building

-Delivered first significant healthcare project in Kuwait

-Developed a modular code-supported flexible medical gassolution for healthcare applications

-Conducted specialized training at more than 100 eventsacross North America to support our continued growth and

-Launched proprietary multi-user virtual reality app for con-struction

DIRTTrsquos interim CFO Peter Henry attributed unusually high expenses in the fourth quarter and fiscal 2017 to several

known factors ldquoWe booked a number of expenses that while not unexpected were not anticipated to hit simultaneouslyrdquo he said He cited the most significant of these expenses as follows

-$22 million relating to the go-forward restructure of DIRTTrsquos largest trade show DIRTT Connext into two separate events

-$23 million in severance and associated legal costs unrelated to the January 2018 management transition and

-$43 million for development costs related to DIRTTrsquos initia-tives in timber and residential Approximately 85 of that cost was allocated to research and development and marketing expenses connected to the construction of DIRTT founder Mogens Smedrsquos primary residence called Hygge

ldquoHygge was a working case study to refine DIRTTrsquos capabili-ties in timber and other new solutions and the home now acts as a regular venue for clientsrdquo said Mr Henry adding that itrsquos been the site of more than 180 client events in 2017 and has more than 20 so far in 2018 ldquoThe residence is an excellent way to demonstrate DIRTTrsquos scope of work both generally and as it relates to the residential design elements that can be used across our market verticalsrdquo

Revenue

This decrease in revenue for 4Q17 compared to 4Q16 was pri-marily attributed to the weakening of the US dollar against the Canadian dollar The US dollar (average rate) decreased from 13344 in 4Q16 to 12713 in 4Q17 In addition autumn 2017 saw an unusual string of record-breaking hurricanes resulting in a negative impact on overall revenue in 4Q17

For the full year the revenue increase in 2017 compared to 2016 was attributed to a general increase in activity from small and medium-sized projects across a range of industry seg-ments These segments include technology which increased from 8 of total revenue in 2016 to 12 in 2017 health care which increased from 16 of total revenue in 2016 to 17 in 2017 construction which increased from 2 of total revenue in 2016 to 4 in 2017 and government which increased from 8 of total revenue in 2016 to 10 in 2017 In addition the company recorded installations revenue in 2017 of $118 mil-lion compared with $52 million in 2016

The average US dollar exchange rate for the full year de-creased from 13245 in 2016 to 12986 in 2017 resulting in a negative impact on overall revenue

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 32: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 32 OF 38

business

Gross Profit

Gross profit percentage declined to 401 in 4Q17 from 433 in 4Q16 The decrease was attributed primarily to higher aluminum costs higher depreciation and amortization expense relating to increased investment in manufacturing-related assets changes in productservice revenue mix and greater volatility in the timing of monthly production volumes

Adjusted gross profit decreased to $315 million in 4Q17 from $348 million for 4Q16 a decrease of 93 Adjusted gross profit percentage declined to 424 from 444 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

For the full year while gross profit increased 54 over the

previous year gross profit percentage declined from 435 to 418 This decrease was attributed primarily to higher alumi-num costs higher depreciation and amortization expense relat-ing to increased investment in manufacturing-related assets changes in productservice revenue greater volatility in the timing of monthly and quarterly production volumes and an increase in installations revenue which typically results in lower gross profit than DIRTTrsquos standard manufacturing process

Adjusted gross profit for 2017 improved to $1277 million from $1195 million in 2016 an increase of 69 However adjusted gross profit percentage declined from 447 to 435 for the same reasons discussed above with respect to gross profit excluding the impact from increased depreciation and amortization expense relating to increased investment in manufacturing-related assets

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 33: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 33 OF 38

businessSGampA Expenses

SGampA as a percentage of revenue increased significantly from 356 to 505 in 4Q17 compared with 4Q16 reflecting DIRTTrsquos accelerated investment in long-term growth initiatives throughout 2017 This includes RampD and marketing expense of $32 million of which $29 million was allocated with respect to the build of Hygge Hygge represents a collaborative shared-risk effort between Mr Smed and the company with Mr Smed contribut-ing more than $41 million to this flagship residential project The project was used in part as a case study to refine and define DIRTTrsquos capabilities in timber and residential which have applica-tion in all vertical markets and to explore other new materials It also was a marketing investment based on the benefit derived from the use of Hygge to showcase DIRTT through client eventstours Other significant SGampA increases relate to the restructur-ing of DIRTT Connext and the DIRTT Fall Training Camp held in November 2017 in Phoenix AZ plus $22 million in severance and associated legal costs unrelated to the recent management changes reorganization costs of $15 million due to the recent management changes general sales and marketing expense of $13 million and rent expense of $06 million These increases were partially offset by decreases in stock-based compensa-tion expense of $02 million and depreciation and amortization expense of non-manufacturing-related assets of $04 million

Full-year SGampA percentage increased from 388 to 437 in 2017 compared with 2016 This increase reflects DIRTTrsquos improved revenue in the period and ongoing investment in long-term growth initiatives The most significant changes can be attributed directly to sales related efforts as salaries and commis-sions increased by $87 million These costs reflect the addition of personnel to generate and support higher business volumes and commissions on the higher revenues attained in the period Other significant increases include RampD and marketing expens-es of $43 million relating to timber and residential applications general sales and marketing expense of $43 million severance and related legal costs (unrelated to the recent management changes) of $23 million restructuring of DIRTT Connext and the DIRTT Fall Training Camp events of $22 million reorga-nization costs of $15 million due to the recent management changes and rent expense of $15 million The remainder of the increase is related to depreciation and amortization expense of non-manufacturing-related assets of $04 million other operat-ing items of $02 million and partially offset by a decrease in stock-based compensation expense of $06 million

Outlook

Following the management changes on Jan 2 DIRTT has intensified its focus on profitable growth Changes to the busi-ness and business processes have been put in motion and continue to be implemented to (1) strengthen financial con-

trols (2) increase accountability (3) and upgrade planning

ldquoWe are working with management to strengthen our foun-dation for profitable growthrdquo said Mr Goldstein ldquoOur focus moving forward will be a continued emphasis on growth while building out this foundation of fiscal disciplinerdquo

First-quarter 2018 revenue is targeted to be in the $78 million to $80 million range and the company is targeting its full year Adjusted EBITDA (non-IFRS) in the 13 ndash 15 range consis-tent with demonstrated revenue trends

Searches for a permanent CEO and CFO are underway with the participation of management The company is also reviewing a requisition from shareholders Iron Compass LLC and Iron Compass GP LLC for a shareholdersrsquo meeting to vote on vari-ous proposals

Liquidity and Capital Resources

At Dec 31 2017 DIRTT had $796 million in cash and cash equivalents compared with $936 million at Dec 31 2016 At Dec 31 2017 it also had access to an undrawn US$180 mil-lion revolving credit facility

The full text of DIRTTrsquos 4Q17 earnings release including all tables may be accessed at wwwdirttnetcompanyinvestor A replay of the companyrsquos Mar 22 conference call will be avail-able at +1 8558592056 (passcode 2475607) until 1159 pm Eastern Time Thursday Mar 29 or at httpsedgemedia-serv-ercomm6pgig3eqb4 Additional information may be found in DIRTTrsquos condensed consolidated financial statements available at wwwsedarcom and wwwdirttnetcompanyinvestor

gtHerman Miller Inc on Mar 21 released its FY18 third-quarter results (dollars in millions except EPS)

3 Mos Ended 3318 3417 ChNet Sales $5784 $5249 102Gross Mar 356 372 58Oper Exp $1675 $1578 61Oper Earn $383 $350 94Net Earn $298 $225 324EPS (dil) $049 $037 324Adj EPS $050 $039 282Orders $5632 $5432 37Backlog $3417 $3316 30

9 Mos Ended 3318 3417 ChNet Sales $17632 $17010 37Gross Mar 366 378 34Oper Exp $5054 $4987 13Oper Earn $1374 $1410 -26Net Earn $963 $905 64EPS (dil) $160 $150 67Adj EPS $164 $152 79Orders $17874 $17147 42EPS (dil) $028 $015 867

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 34: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 34 OF 38

businessldquoBroad-based sales growth across all of our business segments was a clear highlight for the quarter led by strong double-digit growth from our International and Consumer business seg-mentsrdquo said CEO Brian Walker ldquoWe were particularly encour-aged that the acceleration in sales for the Consumer business resulted in meaningful improvement in operating margins for the segment as we execute on this important strategic priority While order levels in North America reflected the project-based nature of the industry during the quarter a favorable macro-economic picture and the potential for US tax reform to be a catalyst for industry demand provide a supportive backdrop going forward Highlighting our strategy of expanding our addressable markets our International Consumer and Specialty business segments each delivered strong order growth this quarter With our col-lection of leading brands a global multi-channel distribution capability and focus on our five key strategic priorities we are well-positioned to drive sustainable long-term growthrdquo

Operating expenses included certain special charges totaling $39 million in the third quarter of fiscal 2018 These items related primarily to costs associated with the planned CEO transition announced in February and external consulting fees associated with the Companyrsquos profit enhancement initiatives

Herman Millerrsquos effective income tax rate in the third quarter was 190 compared to 298 in the same quarter last fiscal year The effective tax rate in the third quarter includes the impact of the recently enacted US Tax Cuts and Jobs Act (the ldquoActrdquo) In addition to a lower ongoing US tax rate the third quarter rate reflects adjustments related to the initial applica-tion of the Act including the re-measurement of net current and deferred tax liabilities and the required recognition of tax expense associated with the deemed repatriation of accumu-lated foreign earnings Excluding the impact of these initial application adjustments the adjusted effective tax rate for the quarter was 258

ldquoThe organization has continued to do a nice job adjusting overall spending levels in response to ongoing gross margin pressures across the business including the impact of com-petitive price discounting commodity cost inflation and shifting product mixrdquo said CFO Jeff Stutz ldquoThese efforts were aided by further progress towards the overall cost reduction targets we outlined last year While a portion of these savings are being utilized to help fund growth initiatives and offset inflationary pressures this initiative remains a key component in achiev-ing our long-term profitability target The combination of strong operating performance and the benefit of a lower US tax rate helped drive a 28 increase in adjusted earnings per share this quarterrdquo

Mr Stutz continued ldquoWhile we continue to feel our business is poised to benefit from our strategic position and a generally

strong economic picture sluggish order rates in North America this quarter and ongoing discounting product mix and com-modity pressures are reflected in our outlook for the upcoming fourth quarterrdquo

The company ended the third quarter with total cash and cash equivalents of $1930 million an increase of $968 million from the balance at the end of fiscal 2017 Cash flow generated from operations in the third quarter of $292 million compared to $278 million in the same quarter last fiscal year

Results by Operating Segment (dollars in millions)

3 Mos Ended 3318 3417 ChNorth America Net Sales $3164 $2945 74Oper Earn $378 $359 53ELANet Sales $1026 $880 166Oper Earn $72 $65 108SpecialtyNet Sales $726 $693 48Oper Earn $20 $13 538ConsumerNet Sales $868 $731 187Oper Earn $42 -$07 -

9 Mos Ended 3318 3417 ChNorth America Net Sales $9753 $9556 21Oper Earn $1316 $1257 47ELANet Sales $3090 $2929 55Oper Earn $261 $271 -37SpecialtyNet Sales $2222 $2244 -10Oper Earn $57 $122 -533ConsumerNet Sales $2567 $2281 125Oper Earn $55 $19 1895

(The North American Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products for work-related settings including office education and healthcare environments throughout the US and Canada The business associated with the companyrsquos owned contract furniture dealers is also included in the North American Furniture Solutions segment The ELA Furniture Solutions segment includes the operations associated with the design manufacture and sale of furniture products primarily for work-related settings in EMEA Latin America and Asia-Pa-cific The Specialty segment includes the operations associated with the design manufacture and sale of high-craft furniture products and textiles including Geiger wood products Maharam textiles Nemschoff and Herman Miller Collection products The Consumer segment includes operations associated with the

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 35: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 35 OF 38

businesssale of modern design furnishings and accessories to third party retail distributors as well as direct-to-consumer sales through eCommerce and Design Within Reach retail studios)

Outlook

Looking forward Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million On an organic basis adjusted for the impact of dealer divestitures and foreign currency translation this fore-cast implies sales growth of 4 compared to the fourth quarter of the prior year at the mid-point of the range

On a GAAP basis diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $049 to $053 The company expects adjusted diluted EPS to range be-tween $056 to $060 Adjusted EPS excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018

This earnings per share guidance reflects an anticipated ef-fective tax rate of 23 to 25 for the fourth quarter of fiscal 2018 Looking ahead the company expects its full year tax rate in fiscal 2019 to be 21 to 23 which reflects a full year of the lower US federal tax rate anticipated mix of domestic and foreign earnings and the impact of state income taxes

The full text of Herman Millerrsquos 3Q18 earnings release including all tables along with a webcast replay of its Mar 21 conference call including a PDF document with supplemental financial data may be accessed in the Investors section of the companyrsquos website wwwhermanmillercomabout-usinvestorshtml

gtSteelcase Inc on Mar 20 announced its FY18 fourth-quar-ter and full-year results (dollars in millions except EPS)

3 Mos Ended 22318 22417 ChRevenue $7727 $7691 05Gross Profit $2531 $2557 -10Oper Exp $2197 $2049 72Oper Inc $334 $504 -337Net Inc - $258 -EPS (dil) - $021 -Adj EPS $024 $022 91

12 Mos Ended 22318 22417 ChRevenue $30555 $30324 -17Gross Profit $10061 $10104 -04Oper Exp $8501 $8093 50Oper Inc $1560 $2002 -221Net Inc $807 $1246 -352EPS (dil) $068 $103 -340Adj EPS $091 $105 -133

4Q18 net income included $279 million of charges recorded in connection with US tax reform adjusted EPS figures

exclude these charges The results also included non-operating gains of $139 million related to an investment in an unconsoli-dated affiliate which increased earnings per share by approxi-mately $005 net of related variable compensation and income tax effects

Revenue grew modestly in the fourth quarter compared to the prior year but declined 2 on an organic basis after adjusting for favorable currency translation effects and the impacts of an acquisition and divestitures Full-year fiscal 2018 revenue on an organic basis was flat to the prior year driven by 13 growth in the Other category and flat results in EMEA offset by a 2 decline in the Americas

ldquoWe finished the fourth quarter better than we were expect-ing particularly in the Americas and EMEA and Asia Pacific finished the year with record levels of annual revenue and profitabilityrdquo said Steelcase President and CEO Jim Keane ldquoOur win rate continues to grow as does interest in our new products including the SILQ chair which we expect to begin shipping in the first half of fiscal 2019rdquo

The decline of $170 million (or 230 basis points as a percent-age of revenue) in fourth-quarter operating income was driven by lower revenue and gross margin in the Americas and higher operating expenses (which included severance costs and an impairment totaling $53 million in the Americas and increased investment in the Asia Pacific region) offset in part by signifi-cant improvements in EMEA Full-year operating income for fiscal 2018 declined by $493 million compared to the prior year after adjusting for $51 million of restructuring charges in the prior year

ldquoIn EMEA we achieved positive operating income in the quar-ter which represented a $75 million improvement compared to the prior year driven by a combination of revenue growth a significant increase in gross margin and lower operating expenses (in constant currency)rdquo said Senior Vice President and CFO Dave Sylvester ldquoThe significant improvement in our EMEA business resulted from the momentum we have been seeing in order growth day-to-day business stability improved win rates and increasing customer traffic at our Munich Learn-ing + Innovation Centerrdquo

Gross margin of 328 in the current quarter represented a decline of 40 basis points compared to the prior year and reflected mixed results across the segments In the Americas gross margin decreased by 90 basis points compared to the prior year due to unfavorable impacts from lower volume and shifts in product mix offset in part by benefits of continued cost reduction efforts EMEA gross margin improved by 250 basis points compared to the prior year driven by favorable impacts from intentional shifts in business mix and cost reduc-

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 36: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 36 OF 38

businesstion efforts For the full year gross margin was 329 in fiscal 2018 a decline of 40 basis points compared to the prior year The decline was largely driven by the Americas offset in part by improvements in EMEA

Operating expenses of $2197 million in the fourth quarter represented an increase of $148 million compared to the prior year and included approximately $5 million of unfavorable cur-rency translation effects $38 million of severance costs in the Americas increased investment in the Asia Pacific region and an impairment related to an asset held for sale in the Americas Increased operating expenses related to the acquisition of AMQ Solutions were largely offset by decreases from divestitures and higher spending on product development and marketing was largely offset by lower spending in other areas

Full-year operating expenses increased by approximately $41 million over the prior year driven by increased investments in product development sales marketing and information technology that support the companyrsquos strategies including developing new products enhancements and applications expanding ancillary offerings through marketing partnerships addressing product gaps and pursuing other areas for growth

ldquoWe launched more new products and enhancements in fiscal 2018 than in any of the past five yearsrdquo said Mr Keane ldquoWe believe the higher levels of investment we have been making in product development and marketing over the past two years have positioned us for stronger top line growth and improved profitability in the futurerdquo

Other income net increased by $117 million compared to the prior year driven by $139 million of gains related to a partial sale of an investment in an unconsolidated affiliate and the receipt of a premium related to a change in control of the affili-ate In addition the current quarter included foreign exchange losses compared to foreign exchange gains in the prior year

Income tax expense was $447 million in the current quarter compared to $243 million in the prior year On Dec 22 2017 the US Government enacted the Tax Cuts and Jobs Act which was effective Jan 1 2018 and made broad changes to the US tax code including a reduction of the US federal corporate tax rate from 35 to 21 and taxation of undistrib-uted foreign earnings regardless of reinvestment intent As a result the company recorded $279 million of charges in the fourth quarter primarily related to a reduction in the value of its deferred tax assets The company recognized approximately $3 million of net benefits in the fourth quarter related to its blended tax rate under the new legislation and a few other fa-vorable items In addition during the fourth quarter the French Parliament approved a progressive reduction in the French income tax rate which resulted in a $40 million charge in the current quarter compared to a $78 million charge in the prior

year attributable to a previous reduction in the French income tax rate both of which reduced the value of the companyrsquos deferred tax assets

Total liquidity comprised of cash cash equivalents and the cash surrender value of company-owned life insurance aggregated $455 million and total debt was $295 million at the end of the fourth quarter The company did not repurchase any shares dur-ing the fourth quarter under its share repurchase authorization

For the full year the company paid $610 million in dividends and repurchased 20 million shares under its share repurchase authorization program during fiscal 2018 at a cost of $273 mil-lion There is $992 million remaining on the companyrsquos share repurchase authorization

ldquoWe generated $1319 million of cash from operations in the fourth quarter or approximately two times the level we gener-ated in the prior yearrdquo said Mr Sylvester ldquoThe significant improvement was driven by a number of factors including realization of tax planning strategies and lower estimated tax payments in the quarter as well as lower working capital due to lower volume and improved collections of receivablesrdquo

The Steelcase Board of Directors declared a quarterly cash dividend of $0135 per share to be paid on or before Apr 13 to shareholders of record as of Mar 30 This represents an increase of 075 cents per share compared to the third quarter

Business Segment Results (dollars in millions)

3 Mos Ended 22318 22417 ChRevenue Americas $5375 $5638 -47 EMEA $1518 $1302 166 Other $834 $751 111Operating incomeloss Americas $399 $610 -346 EMEA $15 -$60 - Other $25 $41 -390Revenue mix Americas 696 733 EMEA 196 169 Other 108 98

12 Mos Ended 22318 22417 ChRevenue Americas $21938 $22319 -17 EMEA $5242 $5039 40 Other $3375 $2966 138Operating incomeloss Americas $1870 $2452 -237 EMEA -$140 -$209 - Other $184 $130 415Revenue mix Americas 718 736 EMEA 172 166 Other 110 98

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 37: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 37 OF 38

business(The Americas segment serves customers in the US Canada the Caribbean Islands and Latin America with a portfolio of integrated architecture furniture and technology products marketed to corporate government healthcare education and retail customers through the Steelcase Coalesse Turnstone and AMQ brands The EMEA segment serves customers in Europe the Middle East and Africa primarily under the Steel-case and Coalesse brands with an emphasis on freestanding furniture systems storage and seating solutions The Other category includes Asia Pacific Designtex and PolyVision)

According to Steelcase the revenue decline in the Americas was largely driven by lower customer order backlog at the be-ginning of the quarter compared to the prior year Orders in the Americas strengthened in the fourth quarter growing 2 over the prior year compared to a 6 decline in the third quarter

EMEA revenue growth for the fourth quarter was 3 on an organic basis and orders (in constant currency) grew 15 driven by continued strength in Western Europe

The Other category posted fourth-quarter revenue growth of 7 on an organic basis while orders declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific

Outlook

Orders in the Americas grew 2 in the fourth quarter and backlog at the end of the quarter in the Americas was flat compared to the prior year which included $16 million of orders related to a very large project EMEA orders grew 15 and backlog at the end of the quarter was 22 higher than the prior year Orders and backlog in the Americas and EMEA were favorably impacted by the pull-forward effect of February list price adjustments Orders in the Other category declined 9 compared to the prior year which included a record level of quarterly orders in Asia Pacific Considering these and other factors the company expects first quarter fiscal 2019 revenue to be in the range of $740 to $765 million Adjusted for an estimated $20 million of favorable currency translation effects and the impact of an acquisition and divestitures the projected revenue range translates to an expected organic decline of 3 to organic growth of 1 In the first quarter of fiscal 2018 the company reported revenue of $7351 million

Steelcase expects to report diluted earnings per share between $012 to $016 for the first quarter of fiscal 2019 The esti-mates include lower gross margin compared to both the first and fourth quarters of fiscal 2018 (due to increasing commod-ity costs and continuation of some of the same drivers which negatively impacted gross margins in the fourth quarter) and a similar level of operating expenses compared to the fourth quarter of fiscal 2018 Steelcase reported diluted earnings per

share of $015 in the first quarter of fiscal 2018

ldquoAs we enter fiscal 2019 we expect to maintain our level of increased investment in product development and market-ing while continuing to control spending in other areas of our business and managing the implications of expected higher raw material costsrdquo said Mr Keane ldquoWe also expect to see additional revenue growth from the expansion of our portfolio of offerings through acquisitions and marketing partnershipsrdquo

Corporate Highlights

-Steelcase introduced SILQ an innovation in seating design This revolutionary new product is built on a materials science innovation

-The company again celebrated recognition as one of the Worldrsquos Most Admired Companies by Fortune Magazine for 2018

A replay of Steelcasersquos Mar 21 conference call webcast and the complete text of the companyrsquos 4Q18 earnings release including all tables are available at httpirsteelcasecom

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled

Page 38: ginkgo lounge chair I jehs+laub - Officeinsightarchive.officeinsight.com/dist/OI032618.Subscriber.pdfginkgo lounge chair I jehs+laub. ... sales team (30 people in each group, for a

032618 GIVING VOICE TO THOSE WHO CREATE WORKPLACE DESIGN amp FURNISHINGS PAGE 38 OF 38

JOB SITETo place ads or to get a price quote contact Bob Beck bobofficeinsightcomT 972 293 9186

Find all our ads all the time at wwwofficeinsightcomcareers

PO Box 967Cedar Hill TX 75106

Robert BeckbobofficeinsightcomT 972 293 9186

Mallory JindramalloryofficeinsightcomT 219 263 9006

wwwofficeinsightcomcopy 2018 officeinsightLLC

Bradford J Powell Hon FASIDbradofficeinsightcom T 203 966 5008

Textile Designer Product Development - Tri-State Area NY

Arc-Com a leader in the contract textile industry located in Orangeburg NY (15 min north of the GW Bridge) is seeking a creative textile designer to join our Design Team to work on product development The Arc-Com Design Team creates and introduces innovative and high performance textile products for the corporate hospitality healthcare and institutional markets

Position Requirements

gt Committed professional with excellent communi-cation color and design skills

gt Experience with contract sources woven textiles upholstery drapery cu-bicle fabrics and coated products very helpful

gt Foundation knowledge of the contract industry

gt Excellent Pattern and De-velopment skills

gt Strong color sense

gt Experience in woven textiles and fabric construc-tions

gt Knowledgeable with test requirements Flammabil-ity Crocking Colorfastness and Abrasion

gt Experience working with contract textile mills

gt Strong organizational and analytical abilities

gt Must have own transporta-tion

Please email resume to Niacovonearc-comcom Visit us at wwwArc-Comcom

Sales Associate NYCNJNE Region - Tri-State Area NY

Transwall Office Systems Inc a manufacturer of architectural and demountable wall systems has an immediate opening for a Sales Associate to provide administrative sales support to the NYC NJ NE Region

Responsibilities

gt Prepare and submit in depth IECs (Information Estimate Checklist) from information obtained from architectural drawings and project specs provided by the GC Architect and end user Client

gt

gt Establish relationships with Designers GCs and Client end users with face to face time to resolve issues and inquiries

gt Provide critical support and assistance to the Senior Executive VPPrincipal in the office or in the field

gt Develop and establish own accounts as desired

gt Conduct in-field Client site checks

gt Support project installa-tions

gt Maintain Sales Forecast data and other administra-tive tasks

gt Assist with special projects gt Expedite requests for Mar-keting and Sales materials

Requirements

gt 2+ years administrative background preferably in an architectural environ-ment

gt Strong computer capabili-ties with MS Office

gt Knowledge of AutoCAD a plus

gt Able to read and interpret construction documents

gt S degree or comparable work experience required

Competitive benefits and compensation package including

gt Medical Plan gt Dental Plan gt Disability Plan gt 401k Retirement Plan gt Paid Vacation gt Paid Holidays gt Growth Potential

Send cover letter and resumersquo to avolztranswallcom

EEOAAP Employer GenderMinorityVeteransDisabled