Steelcase Inc. announced that its chief operating officer, James P. Keane, has been named the company's president and elected by the company's Board of Directors as a member of the board, effective April 22, 2013. James P. Hackett, who previously served as president and chief executive officer, will continue as the company's CEO. Keane was named COO in November 2012 and will continue to hold this title. He is responsible for the design, engineering, development, manufacturing, sales and distribution of the company's brands in the countries where Steelcase does business. Previously, he was president of the Steelcase Group in the Americas, Europe, Middle East and Africa, and held earlier company roles as chief financial officer and the head of research and development. Prior to joining Steelcase, Keane was a consultant with McKinsey and company for five years and held positions with Peat Marwick Mitchell and Co. and Motorola Inc.

Steelcase Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended February 22, 2013. For the quarter, the company reported revenue of $721.4 million compared with $690.2 million for the same period last year. Operating loss was $45.2 8 million compared with operating income of $18.5 million for the same period last year. Loss before income tax expense was $47.1 million compared with income before income tax expense of $20.6 million for the same period last year. Net loss was $27.5 million or $0.22 per basic and diluted share compared with net income of $14.9 million or $0.11 per basic and diluted share for the same period last year. Excluding goodwill impairment charges and restructuring costs, fourth quarter adjusted operating income of $34.6 million compares with $23.0 million in the prior year. Capital expenditures totaled $16 million. The company generated $66 million of cash from operations during the second quarter. For the year, the company reported revenue of $2,868.7 million compared with $2,749.5 million for the same period last year. Operating income was $59.3 million compared with $97.1 million for the same period last year. Income before income tax expense was $54.9 million compared with $82.0 million for the same period last year. Net income was $38.8 million or $0.30 per basic and diluted share compared with $56.7 million or $0.43 per basic and diluted share for the same period last year. Adjusted operating income was $153.9 million compared with $127.6 million for the same period last year. Net cash provided by operating activities was $187.3 million compared with $101.7 million for the same period last year. Capital expenditures were $74.0 million compared with $64.9 million for the same period last year. The company expects first quarter fiscal 2014 revenue to be in the range of $680 million to $705 million. This estimate includes an assumption of approximately $1 million from favorable currency translation effects compared to the prior year and approximately $2 million from recent acquisitions, net of a divestiture. Adjusting for these impacts the company projects first quarter organic revenue growth in the range of 0% to 4% over the prior year. The company expects to report earnings between $0.09 to $0.13 per share for the first quarter of fiscal 2014, including restructuring costs of approximately $0.02 per share. Steelcase reported earnings of $0.10 per share in the first quarter of fiscal 2013, including restructuring costs of approximately $0.03 per share. Effective tax rate of approximately 35%. For the fiscal 2014, the company expects slightly higher levels of capital expenditures as investments and manufacturing technologies and product development are expected to remain relatively high. The company expect to expand adjusted operating income margin again in fiscal 2014. The company expect approximately $20 million to $25 million of year-over-year benefits associated with the completion of manufacturing consolidation in North America, integration of the PolyVision technology business into the Steelcase Education Solutions group and the restructuring activities launched during the fourth quarter in EMEA. Goodwill impairment charges in the fourth quarter totaled $59.9 million and included $35.1 million for EMEA and $24.8 million for Designtex (included in the other category).

The Board of Directors of Steelcase Inc. declared a cash dividend of $0.10 per share, an increase of $0.01 per share compared to the previous quarter. The dividend will be paid on or before April 15, 2013 to shareholders of record as of April 8, 2013.