Office furniture maker Herman Miller has seen its fiscal fourth-quarter net income fall by more 70 percent, but reports an increase in new orders.
The company said it earned $2.1 million compared to $7.2 million the previous year. However, revenue rose slightly to $321.5 million.
"The order volume we achieved this quarter represents the highest level of new business we have seen in 18 months,” Brian Walker, Chief Executive Officer, in a release. “This ramp-up in orders was experienced across virtually all areas of our business -- driving double-digit percentage growth both on a sequential and year-over-year basis. It's another signal that we are turning the corner in an economy that still faces challenging questions."