JASPER, IN – Kimball Electronics reported fiscal first quarter net sales of $313.4 million, an increase of 18% year-over-year.
Net income for the quarter ended Sept. 30 was $6.6 million, up 30.2% compared to the same period last year. Operating income was $11.1 million, up 58.1%.
“We delivered excellent growth results in the first quarter of fiscal year 2020, despite a general softening in the overall market,” said Donald D. Charron, chairman and CEO. “We achieved double-digit growth in three of our four end market verticals compared to the same period last year, including a new quarterly record for net sales in our Medical end market vertical.
“We are extremely pleased with the progress we made in expanding our operating margin in the first quarter when comparing both year-over-year and sequentially from the fourth quarter of fiscal year 2019. As new programs ramp up to projected run rates and we continue to drive improvements in the GES operations, we expect to realize additional leverage from our sales growth.”
Cash and cash equivalents were $55.4 million at Sept. 30.