Hni corporation provides pandemic response update reports strong first quarter 2020 results

Oration provides pandemic response update; reports strong first quarter 2020 results.q1 non-gaap earnings per share $0.21.q1 gaap loss per share $0.56.q1 sales fell 2.2 percent to $468.7 million.gaap operating profit was impacted by intangible impairments and one-time charges related to covid-19 crisis of $37.7 million in quarter.base salaries for salaried exempt members were reduced by 10 percent; executive salaries were reduced by 15 percent.ceo jeff lorenger's salary was reduced by 25 percent.members have been furloughed.reduced its capital expenditure budget for 2020 from approximately $65 million to $35 million.board of directors reduced its cash and equity retainers by 25 percent.
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