JASPER, IN -- Kimball International reported net sales of $271.5 million and income from continuing operations of $2.8 million for its fiscal fourth quarter which ended June 30.

Electronic manufacturing services net sales declined 20% from the prior year, to $152.3 million, on weaker demand in the medical, automotive, industrial control and public safety sectors. Sequentially, sales were up 8% on higher demand for automotive and industrial controls. Gross profit as a percent of net sales declined over the prior year due to the loss of volume and contractual customer price reductions on select products. Selling and administrative costs declined 26%. The loss from continuing operations was $721,000, up 94% from a loss of $11.7 million last year.  

Overall, operating cash flow was $47.5 million, up from $10.4 million a year ago.

For fiscal 2009, annual consolidated net sales were down 11% to $1.2 billion. Income from continuing operations was $17.3 million, up from $100,000. (Including discontinued operations, fiscal 2008 net income was breakeven.) Operating cash flow was $84.2 million, up 94%.

As of June 30, the company's cash on hand was $88.6 million, up from $29.8 million in June 2008.

Chief executive and president James C. Thyen said, “The vertical markets in which our EMS segment competes began to show signs of stabilization during our fiscal fourth quarter. While fourth-quarter net sales in this segment fell 20% from the fourth quarter of last year, EMS segment net sales increased 8% from the third quarter."

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