JASPER, IN – Kimball Electronics said fiscal second quarter consolidated net sales increased 4.4% year-over-year to $320.6 million. Foreign currency had a favorable 3% impact on net sales in the quarter ended Dec. 31 compared to the same period a year ago.

Net income for the fiscal second quarter was $15.1 million, up 128% year-over-year. Operating income was $16.2 million, an increase of 86.3%.

Operating activities provided cash of $51.6 million during the quarter, compared to $300,000 in the fiscal second quarter of 2020. Investments in capital expenditures were $6.1 million.

During the quarter, $3 million was returned to share owners in the form of common stock repurchases.

Cash and cash equivalents were $93.6 million, and borrowings outstanding on credit facilities were $86.1 million at Dec. 31, including $61 million classified as long term.

“We are very pleased with our operating results for the second quarter of fiscal year 2021,” said Donald D. Charron, chairman and CEO. “Our team remains resilient, and I am so proud of our collective response to the adversity we have faced during this pandemic. We again exceeded our goal of 4.5% operating income and continued to deliver excellent cash flow from operations.

“Our strong results were primarily driven by improved operating execution, favorable product mix, and a weaker dollar. Looking ahead, we expect our performance should approximate our long-stated goal of 4.5% operating income. The persistence of the pandemic continues to draw our attention, and it’s difficult to predict what we will face in the future. However, we are confident our business will remain strong, and we are optimistic about our new business opportunities funnel. We remain committed to our goal of 8% organic growth and believe the goal is well within our reach for fiscal year 2021.”

For the six-month period ended Dec. 31, net sales were $652.4 million, up 5.1% year-over-year. Net income was $31.9 million, an increase of 141.3%. Operating income was $34 million, growth of 71.7%.

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