JASPER, IN -- Kimball Electronics said fiscal fourth-quarter net sales increased 1% from the prior year as the loss of a major customer was reflected in the topline results.

For the period ended June 30, sales reached $201.1 million, with operating income up 17% to $9.05 million. Sales related to the exit of JCI were down $16.8 million compared to the same quarter last year.

Net income was up 38% to $7.4 million for the quarter. Cash flow from operating activities for the quarter was $16.8 million. Days sales outstanding was 61.6 days for the three months ended June 30, compared to 56 days for the June 2014 period.

Chairman and chief executive Donald D. Charron said, "After three consecutive quarters of double-digit growth, we experienced some softness in our fourth quarter. Overall, our book of business is relatively stable and we continue to work closely with our customers to understand their expected demand going forward. We have set a mid-range goal of achieving $1 billion in annual sales in fiscal year 2018. Our new business opportunities pipeline remains healthy and we will continue to work diligently to achieve that goal."

For the year, sales rose more than 10% to $819.4 million. Operating income on a GAAP basis was 4.8%, at $36.4 million. Net income was up 6.5% to $26.2 million. Cash flow from operations for fiscal 2015 was $28.1 million.

Automotive remained Kimball's largest market, at $79.2 million, up 7% year-over-year. Medical was up 3% to $58 million, industrial fell 11% to 44.9 million, and public safety grew 5% to $15 million.

Given the slowing China automotive market, incremental costs related to the Romania greenfield startup, and the ramp up of a significant new product introduction, management is maintaining its operating income goal of 4% for fiscal year 2016. The company set a new mid-range goal of $1 billion in net sales by fiscal year 2018.

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