Condensed Consolidated Statements of Cash Flows table (Unaudited) (Amounts in Thousands), Net Increase (Decrease) in Cash and Cash Equivalents for Fiscal Year Ended June 30, 2012 should read: $23,788 (sted $5,557) and Cash and Cash Equivalents at End of Period for Fiscal Year Ended June 30, 2012 should read: $75,197 (sted $56,966).
The corrected release reads:
KIMBALL INTERNATIONAL, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2012 RESULTS
Kimball International, Inc. (NASDAQ: KBALB) today reported net sales of $290.1 million and net income of $6.1 million, or $0.16 per Class B diluted share, for the fourth quarter of fiscal year 2012 which ended June 30, 2012. Net income for the fiscal year 2012 fourth quarter included $0.6 million of after-tax restructuring expense, or $0.02 per Class B diluted share.Consolidated Overview
| Financial Highlights
(Amounts in Thousands, Except Per Share Data)
|Three Months Ended|
June 30, 2012
June 30, 2011
|Gross Profit %||20.0||%||16.7||%|
|Selling and Administrative Expenses||$||45,933||$||47,961||(4||%)|
|Selling and Administrative Expense %||15.9||%||16.9||%|
|Operating Income (Loss)||$||11,163||$||(1,239||)||1,001||%|
|Operating Income (Loss) %||3.8||%||(0.4||%)|
|Adjusted Operating Income (Loss) *||$||12,093||$||(783||)||1,644||%|
|Adjusted Operating Income (Loss) % *||4.1||%||(0.2||%)|
|Adjusted Net Income *||$||6,635||$||559||1,087||%|
|Earnings Per Class B Diluted Share||$||0.16||$||0.01||1,500||%|
|Adjusted Earnings Per Class B Diluted Share *||$||0.18||$||0.02||800||%|
- Consolidated net sales in the fourth quarter of fiscal year 2012 increased 3% from the prior year fourth quarter on increased net sales in both the Furniture segment and the Electronic Manufacturing Services (EMS) segment.
- Fourth quarter gross profit as a percent of net sales improved 3.3 percentage points from the prior year fourth quarter as a result of improved margins in both the Furniture segment and the EMS segment.
- Consolidated fourth quarter selling and administrative expenses declined 4% compared to the prior year as lower sales and marketing costs and benefits realized from restructuring activities in the EMS segment were partially offset by increased profit-based incentive compensation costs.
- Restructuring expense in the fourth quarter of fiscal year 2012 of $0.9 million was related to wrap-up activities associated with the facility consolidation plans within the EMS segment and impairment on an idle manufacturing facility closed as part of a previous restructuring plan.
- Other Income/Expense for the fourth quarter of fiscal year 2012 was expense of $2.1 million compared to income of $0.1 million in the prior year fourth quarter. During the current year fourth quarter, the Company recorded a $1.2 million pre-tax loss on a minority-interest investment held by the Company.
- Operating cash flow for the fourth quarter of fiscal year 2012 was a cash inflow of $29.0 million compared to an operating cash inflow of $28.9 million in the fourth quarter of the prior year.
- The Company's effective tax rate in the fourth quarter of fiscal year 2012 was 33.0% compared to 125.7% in the fourth quarter of the prior year. The prior year effective tax rate was impacted by the mix of income between U.S. and foreign jurisdictions with different tax rates coupled with the relatively low pre-tax loss in the prior year.
- The Company's cash and cash equivalents increased to $75.2 million at June 30, 2012, compared to $51.4 million at June 30, 2011. A shift in the payment practices of three large EMS segment customers during fiscal year 2012 favorably impacted cash flow by approximately $12.6 million. The Company had no short-term borrowings outstanding at June 30, 2012 or June 30, 2011. Long-term debt including current maturities remains at $0.3 million.