This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kimball International, Inc. Reports Fourth Quarter And Fiscal Year 2012 Results

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

Percent Change
Net Sales $ 290,108 $ 282,823 3 %
Gross Profit $ 58,026 $ 47,178 23 %
Gross Profit % 20.0 % 16.7 %
Selling and Administrative Expenses $ 45,933 $ 47,961 (4 %)
Selling and Administrative Expense % 15.9 % 16.9 %
Restructuring Expense $ 930 $ 456 104 %
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 %)
Net Income $ 6,077 $ 284 2,040 %
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 %
 

*Items indicated represent Non-GAAP measurements. See "Reconciliation of Non-GAAP Financial Measures" below.
  • 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.

Fiscal year 2012 annual consolidated net sales of $1.1 billion decreased 5.0% from fiscal year 2011 net sales of $1.2 billion. Net income for fiscal year 2012 was $11.6 million, or $0.31 per Class B diluted share, inclusive of $2.1 million, or $0.06 per Class B diluted share, of after-tax restructuring expense. Net income for fiscal year 2011 was $4.9 million, or $0.14 per Class B diluted share, inclusive of $0.6 million, or $0.01 per Class B diluted share, of after-tax restructuring expense. Operating cash flow for fiscal year 2012 was $59.0 million compared to $21.3 million in the prior fiscal year.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,619.51 +23.16 0.13%
S&P 500 2,063.12 +5.48 0.27%
NASDAQ 4,986.8670 +28.3990 0.57%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs