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Kimball International, Inc. Reports First Quarter Fiscal Year 2013 Results

Kimball International, Inc. (NASDAQ: KBALB) today reported net sales of $288.2 million and net income of $5.0 million, or $0.13 per Class B diluted share, for the first quarter of fiscal year 2013 which ended September 30, 2012.

Consolidated Overview

Financial Highlights (Amounts in Thousands, Except Per Share Data)
  Three Months Ended  
September 30, 2012   September 30, 2011

Percent Change
Net Sales $ 288,190 $ 270,635 6 %
Gross Profit $ 55,205 $ 46,970 18 %
Gross Profit % 19.2 % 17.4 %
Selling and Administrative Expenses $ 48,238 $ 45,968 5 %
Selling and Administrative Expense % 16.8 % 17.1 %
Restructuring Expense $ 60 $ 113 (47 %)
Operating Income $ 6,907 $ 889 677 %
Operating Income % 2.4 % 0.3 %
Net Income (Loss) $ 4,961 $ (146 ) 3,498 %
Earnings Per Class B Diluted Share $ 0.13 $ 0.00
  • Consolidated net sales in the first quarter of fiscal year 2013 increased 6% from the prior year first quarter on increased net sales in the Electronic Manufacturing Services (EMS) segment.
  • First quarter gross profit as a percent of net sales improved 1.8 percentage points from the prior year first quarter on improved margins in both the EMS segment and the Furniture segment.
  • Consolidated first quarter selling and administrative expenses increased 5% compared to the prior year due to the adverse impact of the normal revaluation to fair value of the Company's Supplemental Employee Retirement Plan (SERP) liability. The SERP liability revaluation has an exact offsetting benefit in Other Income/Expense where the revaluation of the SERP investment is recorded resulting in no impact to the Company's consolidated net income. Lower sales and marketing costs in the Furniture segment and benefits realized from restructuring activities in the EMS segment were offset by increased profit-based incentive compensation costs.
  • Other Income/Expense for the first quarter of fiscal year 2013 was income of $0.3 million compared to expense of $1.2 million in the prior year first quarter. The favorable impact of the revaluation of the SERP investment mentioned above was partially offset by foreign currency exchange movement in the EMS segment.
  • Operating cash flow for the first quarter of fiscal year 2013 was a cash inflow of $9.5 million compared to an operating cash outflow of $6.6 million in the first quarter of the prior year.
  • The Company's cash and cash equivalents increased to $77.5 million at September 30, 2012, compared to $75.2 million at June 30, 2012. The Company had no short-term borrowings outstanding at September 30, 2012 or June 30, 2012. Long-term debt including current maturities remains at $0.3 million.

James C. Thyen, President and Chief Executive Officer, stated, "The EMS segment continued its positive momentum into the first quarter. Successful efforts by our business development team in expanding our customer base and winning new programs with existing customers contributed to double-digit revenue growth compared to last year. Also since completing our restructuring activities in the first half of last fiscal year, we no longer have the distraction or costs of consolidating operations. We have eliminated that excess capacity and that has positively impacted our bottom line. We are pleased with the progress we are seeing within the EMS segment."

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