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Kimball Reports Q4 Sales Flat, Profits Down 16.1% YoY |
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Written by Chelsey Drysdale
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Thursday, 07 August 2008 |
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JASPER, IN – EMS provider Kimball International Inc. reported net sales of $338.2 million for the fourth quarter of fiscal year 2008, flat with the same period last year.
Gross profit was $57.9 million, down 16.1% year-over-year. The firm reported a net loss from continuing operations of $9.8 million.
Net sales for the fourth quarter in the EMS segment were $190.7 million, up 3% year-over-year. Kimball reported a loss from continuing operations of $11.7 million in this segment.
For fiscal year 2008, net sales were $1.4 billion, up 5% year-over-year. Consolidated net sales included a full year of net sales totaling $144 million from an acquisition in the EMS segment completed midway through the third quarter of the prior year.
“We are executing our recently announced restructuring activities according to plan and realized some benefit in the fourth quarter related to the workforce reduction efforts announced in March. While we won’t see the full benefit in the first quarter of fiscal year 2009 of the estimated $3 million quarterly cost savings from this restructuring plan, we will see approximately 90% of it,” said CEO and president James C. Thyen. |
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