Kimball International Profit Rises
Kimball says the deal adds an "attractive product portfolio" to its residential market offerings.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowJasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal second quarter net income of $8.7 million, compared to $6.5 million during the same period last year. Chief Executive Officer Bob Schneider says recently-complete efforts to consolidate production from Idaho into Indiana operations have paid off.
The manufacturer says increases in its healthcare and hospitality businesses helped drive a four percent increase in sales. Sales of products introduced over the last three years were up 22 percent in the second quarter, compared to the same quarter a year earlier.
Schneider says "the employees of Kimball International once again delivered strong results this quarter with 34% growth in net income, or 13% growth excluding restructuring, a significant $10.2 million increase in operating cash flows, and return on capital of 21.1% that is among the best in the industry. A significant part of the improvement is associated with the work the last couple years in consolidating our metal fabrication production from Idaho into facilities in Indiana and the sale last August of the Idaho facility. With all of that completed, this quarter is our first quarter with no restructuring charges since the date of the spin-off. We look forward to now having all our resources directed to faster growth and continuous improvement initiatives."
You can connect to more about Kimball International’s fiscal second quarter by clicking here.