Kimball EMS Profits Up on 10% Spike in Sales
JASPER, IN -- Kimball International today reported net sales at its EMS unit rose 10% year-over-year on growth in the industrial and automotive industries. Net income was $5.2 million, up 33%, on revenues of $181.3 million, the company said.
Revenues for the second fiscal quarter ended Dec. 31 were partially offset by lower sales to the public safety and medical industries.
Overall net sales rose 9% year-over-year to $320.3 million, and net income was up 121% to $9.2 million.
Chief executive and president James C. Thyen said, "In our EMS segment, the 10% increase in sales was driven by the success of our business development efforts and continued strength in both the industrial and automotive markets. Overall, we were very pleased with the solid performance in both of our segments this quarter."
Electronic Manufacturing Services Segment
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Financial Highlights |
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(Amounts in Thousands) |
Three Months Ended |
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| December 31, | December 31, | Percent | |||||||||||
| 2013 | 2012 | Change | |||||||||||
| Net Sales | $ | 181,264 | $ | 164,181 | 10 | % | |||||||
| Operating Income | $ | 5,378 | $ | 4,996 | 8 | % | |||||||
| Operating Income % | 3.0 | % | 3.0 | % | |||||||||
| Net Income | $ | 5,225 | $ | 3,932 | 33 | % | |||||||
Last month, Kimball announced it would spin off its electronic manufacturing services segment. The separation will result in two independent publicly-traded companies: Kimball International, Inc., an industry leader in the sale and manufacture of quality office and hospitality furniture; and Kimball Electronics, Inc., a leading global provider of electronic manufacturing services to the automotive, medical, industrial, and public safety markets. The company expects the spin-off to be completed in approximately eight to 12 months.
