Steelcase returns to profitability. (Trends & News).Steelcase Steelcase (NYSE: SCS) is an international office furniture company. It was founded in 1912 in Grand Rapids, Michigan as The Metal Office Furniture Company. The company at the time specialized in mainly file cabinets and safes. Inc. of Grand Rapids Grand Rapids, city (1990 pop. 189,126), seat of Kent co., SW central Mich., on the Grand River; inc. 1850. The second largest city in the state, it is a distribution, wholesale, and industrial center for an area that yields fruit, dairy products, farm produce, , MI, announced that it achieved a profit of $17.6 million in its fourth quarter of fiscal 2003, ended Feb. 28. The company's last quarterly profit had been in the third quarter of 2002. Steelcase's sales decreased to $660.4 million in the quarter, down 3.4% from $660.4 million in the fourth quarter of 2002. The office furniture giant's cost-reduction moves have included laying off about 5,500 workers, more than a quarter of its force, in the past two years. The company said that order rates have strengthened since mid-January n. 1. the middle part of January. Noun 1. mid-January - the middle part of January period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" but that its first fiscal quarter sales could drop slightly from the fourth quarter because the fourth quarter had one extra shipping week. |
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