JASPER, IN – Kimball Electronics posted fourth quarter net sales were $329.1 million, up 15% year-over-year.

Net income was $14.4 million for the period ended June 30, compared to a net loss of $1.3 million in the fiscal fourth quarter last year. Operating income was $17.1 million, an increase of 961.5%, 5.2% of net sales.

Cash flow from operating activities was $26.3 million, the fifth consecutive quarter exceeding $20 million. Investments in capital expenditures were $15.9 million.

“We are very pleased with our operating results for the fourth quarter and the strong finish to a record-setting fiscal year 2021,” said Donald D. Charron, chairman and CEO. “Our team remains laser-focused on fulfilling commitments made to our customers as we work through the ongoing challenges caused by the pandemic and the global parts shortage. Despite the headwinds, we delivered strong top line growth, excellent margin expansion, and impressive earnings growth, with adjusted fourth quarter EPS increasing 71% over the same period last year. I could not be prouder of our team and how we’re creating quality for life.”

Fiscal 2021 net sales amounted to nearly $1.3 billion, up 7.6% year-over-year, with strength in the automotive and industrial vertical markets. Foreign currency had a favorable 3% impact on net sales compared to fiscal year 2020.

Net income for the fiscal year was $56.8 million, an increase of 212.1% year-over-year. Operating income was $65.7 million, up 105.3%. Operating income was 5.1% of net sales.

Fiscal 2021 cash flow from operating activities was $130.1 million, and investments in capital expenditures were $39 million.

“We are well positioned to carry the momentum from 2021 into fiscal year 2022. As a result of the ongoing semiconductor shortage, a portion of our shippable backlog continues to shift out ahead of us, which will likely result in two very different halves for us in the fiscal year. Our full-year guidance contemplates this as we expect material supply to steadily catch up with customer demand throughout the first half of fiscal year 2022, thus enabling us to ship the majority of the surplus backlog in the second half of fiscal year 2022. We expect catching up on the backlog, combined with strong organic growth from new and existing programs, will provide significant year-over-year growth for us in fiscal year 2022.”

For fiscal 2022, Kimball expects net sales in the range of $1.4 billion to $1.5 billion, an 8% to 16% increase year-over-year. Operating income is expected to be 4.5% to 5% of net sales, and capital expenditures $60 million to $70 million in support of Thailand and Mexico expansions.

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