JASPER, IN – Kimball Electronics reported fiscal fourth quarter net sales of $318.6 million, an increase of 15.1% year-over-year. Net income for the period ended Jun. 30 was $7.5 million, up 30.1% year-over-year. Operating income was $10.3 million, down 8.4%.
During the quarter, investments in capital expenditures were $9.8 million, while cash and cash equivalents were $49.3 million. Borrowings outstanding on credit facilities were $126.2 million at June 30.
For fiscal 2019, net sales amounted to $1.2 billion, growth of 10.2% compared to fiscal 2018. Net income for the year was $31.6 million, up 88.4%. Operating income was $42 million, flat with the prior year.
“Fiscal 2019 was another record-breaking year for our company, as we reached a new high in net sales and achieved double-digit sales growth for the fourth time in the past five years,” said Donald D. Charron, chairman and CEO.
“We are extremely pleased with the success we have had with the organic growth of our business, even while experiencing softness in select markets. We recognize there is still work to do to achieve our profitability goals. As new programs ramp up to projected run rates, and we drive improvements in the GES operations, we expect to realize the leverage from our sales growth. With the dedication and commitment of our associates around the world, we will continue our relentless pursuit to create greater value for our share owners.”
Cash flow from operating activities for fiscal 2019 was $6.7 million.
Investments in capital expenditures for the year were $25.8 million.