Kimball 3rd-Quarter Net Income Drops

Kimball Profit Drops in 3rd Quarter, As Furniture and Cabinets Revenue Falls


JASPER, Ind. (AP) — Kimball International Inc., which makes furniture and electronic assemblies, said Monday fiscal third-quarter net income fell 48 percent, as sales in its furniture and cabinets segment declined.
ADVERTISEMENT
Net income for the quarter ended March 31 fell to $3.8 million, or 10 cents per Class B share, from $7.3 million, or 19 cents per Class B share in the year-ago period.
Results include a penny loss from discontinued operations.
Revenue rose 20 percent to $311.6 million from $260.7 million last year. Sales were helped by acquisitions in the company’s electronic-contract assemblies unit.
Electronic contract assemblies sales grew 49 percent as a result of acquisitions, while net sales in the furniture and cabinets segment fell 2 percent as Kimball exited its contract private label furniture business.
In a statement, company Chief Executive James C. Thyen said he was “not pleased” with performance in its furniture and cabinets segment and will concentrate on increasing sales volume.