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[QUOTE]Originally posted by cashmakers: [QB] Comment on SCS The company continues to benefit from the strong demand in the office furniture arena. The improving fundamentals within the commercial furniture market are being driven by the steady growth in corporate profits and related capital expenditure. The company has continued to directly benefit from this upturn, as has been demonstrated by the solid year-to-year revenue and profit advances in recent months, which has been primarily driven by Steelcase's large corporate customers. Management notes that the North American segment (57% of revenues) remains the strongest contributor to revenue and profit enhancement. This is thanks mainly to solid results at the company's Turnstone subsidiary, which is outpacing the overall market in terms of year-over-year growth. Although the effects of recent hurricanes have created some challenges, the company has addressed these issues. The negative variances that have resulted from the devastating storms are not likely to have any material effect on earnings. Company's margins to continue to widen over the next few years. Steelcase's efforts to improve its cost structure are paying off. Plant consolidation and workforce reductions have supplemented revenue growth and enabled margins to expand considerably. This trend to continue, as management notes that the company remains committed to cost restraint. Recent list price adjustments should further bolster the top line, offsetting the high cost of raw materials. Indeed, analysts looking for the operating margin to increase by as much as 440 basis points by the end of fiscal 2006. Steelcase shares are timely. The stock's appreciation potential out to 2008-2010 is in line with the Value Line median. Strengthening demand, coupled with the company's solid brand recognition, should further enhance revenues. Too, it is optimistic that the company's efforts to maximize productivity are likely to improve efficiency and drive profits over the next 3 to 5 years. Income-oriented investors may find the dividend yield appealing. [/QB][/QUOTE]
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