The swirl of negative economic data and red ink gushing from financial-services firms can obscure what's going on in other sectors. Take office furniture, a business that should be on the edge in a shaky economy. What company would buy workstations when it's considering cutting workers? Plenty would, based on the 2007 financial results for Knoll Inc., of East Greenville, Pa. Knoll surpassed $1 billion in sales last year for the first time. In fact, its sales have grown 50 percent since 2004, when it went public. And while Knoll chief executive officer Andrew Cogan acknowledged in an analyst call that 2008 would be challenging, the company is better positioned to weather this downturn. Still, investors aren't convinced. Knoll shares are down 41 percent over the last year. Knoll closed yesterday at $13.49, up 73 cents.
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Tuesday, March 4, 2008
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