JASPER, IN – Kimball Electronics reported fiscal second quarter net sales of $284.1 million, up 10.1% year-over-year.
Net income was $7.1 million for the period ended Dec. 31, compared to a net loss of $8.3 million in the same quarter of 2017. Operating income was $10.2 million, up 1%.
During the fiscal second quarter, Kimball returned $13.3 million to share owners in stock repurchases. The company also completed its GES acquisition on Oct. 1.
“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 continued softness in certain other programs primarily caused by global macro-economic conditions, component shortages, and trade uncertainties,” said Donald D. Charron, chairman and CEO.
“We made good progress in optimizing our core business and, with the acquisition of GES, we took a significant step in our strategy to diversify ourselves into a multifaceted manufacturing solutions provider. We are cautiously optimistic that our goal of 8% organic growth remains in reach for fiscal year 2019, and we expect to meet our 4.5% operating income goal for the second half of fiscal year 2019.”
Cash and cash equivalents were $35.9 million and borrowings outstanding on credit facilities were $89.1 million at Dec. 31.
For the first six months of fiscal 2019, the company reported net sales of $549.8 million, an increase of 7.5% year-over-year.
Net income for the six-month period was $12.2. million, compared to $133,000 in the comparable period the prior year. Operating income was $17.2 million, down 12.2%.