| Kimball Swings to Q3 Loss |
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| Written by Mike Buetow | |||
| Wednesday, 07 May 2008 05:22 | |||
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JASPER, IN – Kimball International today reported a fiscal third-quarter net loss from continuing operations of $900,000 on net sales of $332.1 million. For the quarter ended March 31, sales were up 7%, but earnings fell 120%.
Excluding restructuring costs, the company recorded net income from continuing operations of $1.5 million. Operating cash flow was $3.1 million, compared to a cash outflow of $4.5 million last year. The consolidated third-quarter net sales included $35.5 million from Kimball’s acquisition of Reptron in the third quarter last year. Prior year third-quarter net sales include $18.9 million related to the acquisition. For the quarter, net sales rose 10% in the EMS segment over a year ago, to $181 million. Margins slipped, and SG&A costs as a percent of net sales were down 1.1 points. Pretax restructuring costs totaled $4 million, primarily due to workforce reductions and shutdown costs of two EMS facilities. The group lost $2.2 million during the quarter, reversing a $1.2 million profit from continuing operations, on account of excess capacity and program shifts. EMS sales to medical, industrial controls and public safety customers were higher in the quarter, while sales to the automotive industry fell. In March, Kimball announced it would cut 150 administrative positions worldwide over the next few months, and plans to consolidate manufacturing facilities in Ireland, Wales and Poland into a new facility in Poznan, Poland. Chief executive James C. Thyen called the results “disappointing.” “We are facing sales growth challenges with the weakening economy and increasing commodity costs. We are aggressively reviewing our processes and our entire cost structure to eliminate complexity, redundancy and inefficiencies to improve profitability.”
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| Last Updated on Wednesday, 07 May 2008 11:59 |
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