Kimball’s EMS Unit Sales Up 35%
JASPER, IN – Kimball International today reported net sales of $282.3 million and net income of $6.3 million for its fiscal third quarter ended March 31.
Sales for the quarter were up 5% year-over-year, while net earnings were up 54%.
The current quarter’s net income includes a $7.7 million after-tax gain from the sale of land and buildings in Poznan, Poland, and $600,000 of after-tax restructuring expenses. Last year’s third-quarter net income included one-time after-tax gains of $13.9 million and one-time charges of $9.5 million.
The company’s electronic manufacturing services segment’s net sales increased 35% compared with the prior year to $190.1 million. Sequentially, consolidated net sales rose 14% in the EMS segment. Net income swung from a loss of $9.6 million last year to a profit of $10.8 million.
“We are very pleased with the sales growth and margin improvement we experienced in our EMS segment during the third quarter,” chief executive James C. Thyen said, pointing to the double-digit sales growth. “Third-quarter sales were just slightly below the previous record EMS sales quarter. Along with the sales growth, profit margins in this segment are improving also.”
Operating cash flow fell $6.7 million and the firm had net cash of $57.1 million at March 31.
