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Kimball Reports 1Q'FY2008 Results
November 5, 2007 |Estimated reading time: 3 minutes
Kimball International, Inc. today reported sales of $333.9 million and income from continuing operations of $6.6 million, or $0.17 per Class B diluted share, for the first quarter of fiscal year 2008, which ended September 30, 2007. Consolidated Overview- $36.6 million of net sales from a fiscal year 2007 acquisition in the Electronic Manufacturing Services (EMS) segment - Approximately $33 million reduction in net sales due to a change in the price of finished product sold to a customer in EMS segment (The cost of raw material which the Company purchases from this same customer was reduced by the same amount, and therefore, this pricing change had no impact on income from continuing operations.) - No sales of contract furniture private label products during the first quarter of fiscal year 2008 due to a planned exit of this furniture product line, compared to $6.1 million of sales in the same quarter of the prior year - Consolidated first quarter SG&A increased in dollars over the prior year due primarily to the incremental SG&A costs of the fiscal year 2007 acquisition in the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />EMS segment and increased investments in the Company's Furniture segment sales force. As a percent of sales, SG&A costs declined in the fiscal year 2008 first quarter when compared to the prior year due to the leverage of the higher sales volume. - Other income in the current year first quarter was favorably impacted by pre-tax income of $1.3 million relating to funds received as part of a Polish offset credit program for investments made in the Company's Poland operation. This equated to an after-tax favorable impact to income from continuing operations of $0.7 million, or $0.02 per Class B diluted share. - Other income in the current year first quarter was negatively impacted by lower pre-tax interest income, which was $0.7 million below the prior year first quarter, resulting from the lower cash and investment balance. Cash and investments were lower primarily due to the fiscal year 2007 acquisition and share repurchases. - Company share repurchases of 1.7 million Class B shares during the current year first quarter had a minimal impact on diluted earnings per share. The shares were repurchased in the latter half of the quarter and, therefore, did not have a significant impact on the average shares outstanding for the quarter. Operating cash flow for the first quarter of fiscal year 2008 was $17.4 million compared to $17.7 million in the first quarter of last year. The Company's net cash position from an aggregate of cash and short-term investments less short-term borrowings decreased to $56.1 million at September 30, 2007 compared to $80.4 million at June 30, 2007 primarily related to Company share repurchases during the quarter totaling $22.3 million. James C. Thyen, Chief Executive Officer and President, stated, "Our operating income in the first quarter improved compared to the most recent fourth quarter on the expected decline in our SG&A costs from the elevated level in the fourth quarter. We have new products in the pipeline and are regularly evaluating potential acquisitions to aggressively grow our sales. We are working on improving our profits by reducing our total operating costs through targeted lean and other productivity initiatives."<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
About Kimball International, Inc. Recognized with a reputation for excellence, Kimball International is committed to a high performance culture that values personal and organizational commitment to quality, reliability, value, speed and ethical behavior. Kimball employees know they are part of a corporate culture that builds success for Customers while enabling employees to share in the Company's success through personal, professional and financial growth. Kimball International, Inc. provides a variety of products from its two business segments: the Furniture segment and the Electronic Manufacturing Services segment. The Furniture segment provides furniture for the office and hospitality industries sold under the Company's family of brand names. The Electronic Manufacturing Services segment provides engineering and manufacturing services which utilize common production and support capabilities to a variety of industries globally.
For more information about Kimball International, Inc., visit the Company's website on the Internet at www.kimball.com.