UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): December 4,
2008
______________________
STEELCASE
INC.
(Exact
name of registrant as specified in its charter)
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Michigan
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1-13873
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38-0819050
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
employer identification number)
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of
incorporation)
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901
44th Street SE
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Grand
Rapids, Michigan
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49508
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(Address
of principal executive offices)
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(Zip
code)
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Registrant's
telephone number, including area code: (616) 247-2710
None
(Former
name or former address, if changed since last report)
______________________
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CRF 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM
7.01. Regulation FD Disclosure.
Steelcase
Inc. (“the Company”) updated its third quarter fiscal year 2009 revenue and
earnings outlook today and announced actions
to further reduce fixed and operating costs by an estimated $40 million
annually.
A copy
of the press release is furnished herewith as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
The
overall global economic slowdown and factors contributing to the turmoil
in the
capital markets are influencing the current demand for office furniture.
Additionally overall declines in the equity markets during the Company’s third
quarter have impacted the cash surrender value of company-owned life insurance
(COLI) policies. The reductions in cash surrender value of COLI had no impact
on
the Company’s cash flows. The Company expects third quarter fiscal 2009 revenue
to approximate $805 million and expects
to report a modest net loss including approximately $4 after-tax restructuring
costs for the third quarter of fiscal 2009.
The
Company also announced that it expects to consolidate additional manufacturing
and distribution facilities in
North
America and further reduce its white collar workforce and other operating
costs
globally. These actions, which are expected to result in approximately $20
to 25
million of restructuring costs over the next six to nine months, are estimated
to generate annualized pre-tax savings of $40 million once
completed.
From
time
to time, in written and oral statements, the Company discusses its expectations
regarding future events and its plans and objectives for future operations.
These forward-looking statements generally are accompanied by words such
as
"anticipate," "believe," "could," "estimate," "expect," "forecast," "intend,"
"may," "possible," "potential," "predict," "project," or other similar words,
phrases or expressions. Forward-looking statements involve a number of risks
and
uncertainties that could cause actual results to vary from the Company's
expectations because of factors such as, but not limited to, competitive
and
general economic conditions domestically and internationally; acts of terrorism,
war, governmental action, natural disasters and other Force Majeure events;
changes in the legal and regulatory environment; restructuring activities;
currency fluctuations; changes in customer demands; and the other risks and
contingencies detailed in the Company's most recent Annual Report on Form
10-K
and its other filings with the Securities and Exchange Commission. The Company
undertakes no obligation to update, amend, or clarify forward-looking
statements, whether as a result of new information, future events, or
otherwise.
The
information furnished pursuant to this Current Report on Form 8-K (including
the
exhibit hereto) shall not be considered “filed” under the Securities Exchange
Act of 1934, as amended, nor shall it be incorporated by reference into future
filings by the Company under the Securities Act of 1933, as amended, or under
the Securities Exchange Act of 1934, as amended, unless the Company expressly
sets forth in such future filing that such information is to be considered
“filed” or incorporated by reference therein.
ITEM
9.01
Financial Statements and Exhibits.
d)
EXHIBITS.
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Exhibit
Number
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Description
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99.1
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Press
Release - Steelcase Updates Third Quarter Outlook Announces Additional
Cost Reductions dated December 4, 2008
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Steelcase
Inc.
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Date:
December 4, 2008
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/S/
MARK T. MOSSING
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Mark
T. Mossing
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Corporate
Controller and Chief Accounting Officer
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(Duly
Authorized Officer and
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Principal
Financial Officer)
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