JASPER, IN – Kimball Electronics reported fiscal first quarter net sales were $265.6 million, up 5% year-over-year.
For the quarter ended Sept. 30, net income was $5.1 million, down 40.2% compared to the same period last year. Operating income was $7 million, a decrease of 26.2%.
“We achieved solid year-over-year organic growth in three of our four end market verticals, as the ramp-up of new program launches helped to more than offset softness in certain mature programs,” said Donald D. Charron, chairman and CEO.
“While this was a challenging quarter for us, we are cautiously optimistic that our goals of 8% organic sales growth and 4.5% operating income remain within our reach for fiscal year 2019.”
As of Sept. 30, the firm’s cash and cash equivalents were $75 million, and borrowings outstanding on credit facilities were $59.3 million.