JASPER, IN – Kimball Electronics reported fiscal fourth quarter net sales of $276.8 million, up 14.7% year-over-year.

For the quarter ended June 30, net income was $5.8 million, a decrease of 28.8% compared to the same period last year. Operating income was $11.4 million, up 34.3%.

Investments in capital expenditures were $4.4 million during the quarter.

Cash and cash equivalents were $46.4 million, and borrowings outstanding on credit facilities were $8.3 million at June 30.

“Very strong growth in our automotive and medical end market verticals helped us achieve double-digit year-over-year growth for the fourth consecutive quarter and exceed our long-time stated goal of $1 billion in annual sales in fiscal year 2018,” said Donald D. Charron, chairman and CEO.

“The much-anticipated progress in Romania came through in the fourth quarter, helping to drive the improved overall performance, and we look forward to their continued growth and positive contributions in fiscal year 2019. We remain focused on achieving our midrange goal of 4.5% operating income.”

For fiscal 2018, net sales were $1.1 billion, up 15.2% year-over-year.

Net income for the fiscal year ended June 30 was $16.8 million, down 51%. Operating income was $42.3 million, a decrease of 1.6%.

Cash flow provided by operating activities for fiscal year 2018 was $40.2 million, compared to $46.8 million for fiscal year 2017.

Kimball expects fiscal 2019 net sales growth of 8%. Fiscal year 2019 capital expenditures, excluding acquisitions, are expected to approximate between $25 and $30 million.

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