JASPER — Kimball International (NASDAQ: KBAL) today announced net sales of $348.2 million and net income of $8 million, or 21 cents per Class B diluted share, for the first quarter of fiscal year 2015, which ended Sept. 30.
Excluding $1.5 million in costs related to the spin-off of the company’s electronic manufacturing services, the adjusted first quarter net income was $9.5 million.
First-quarter consolidated net sales (both the furniture and electronics segments) increased 10 percent from the prior year first quarter.
First-quarter gross profit as a percent of net sales increased 1.5 percent from the prior year’s first quarter on improved margins in both segments.
“Our first quarter of fiscal year 2015 delivered sales and earnings improvement within both segments,” said CEO Robert F. Schneider.
He added that sales in the furniture segment grew in several key markets, including the largest market which provides furniture for commercial business and professional services customers.
Hospitality furniture had its third-best quarter in the history of the company.
“I am very encouraged by the 33 percent increase in furniture segment operating income over the first quarter of last year, along with improving operating income as a percent of sales to 4.4 percent during the quarter,” he said.
The electronics segment “produced record sales during the first quarter ... showing double-digit growth in all of the segment’s vertical markets,” he said.
“In October, we achieved a significant milestone with the completion of the spin-off of our Kimball Electronics subsidiary, creating a new independent publicly traded company. At the same time, we continued to maintain strong positive momentum, focusing on our customers’ needs, sustaining our culture and delivering share owner value. Both companies are well-positioned for future success, with sound business models and strong balance sheets.”
The complete first-quarter report is here.
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