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Kimball sales down 20%

Thursday 6 August 2009

Kimball International Inc. posted a profit during its fiscal fourth quarter despite declining sales.
Jasper, Indiana-based Kimball reported net income of $2.8 million, or 8 cents per share, for the quarter ended June 30, compared with a loss of $9.8 million, or 27 cents, a year earlier.
The maker of office furniture and contract electronic components, reported fourth-quarter revenue of $271.5 million, down 20 percent from the year-earlier period, when it had revenue of $338.2 million.
The company attributed the sales decline to volatility in the office-furniture market and continued softness in the electronics-manufacturing segment.
In a news release, Kimball president and CEO James C. Thyen pointed out that sales in the electronics division grew 8 percent over the company’s fiscal third quarter, hinting at signs of recovery in the marketplace.
“There are pockets of growth in the economy, but uncertainty remains high on when we will see a sustained stability take hold in each of our markets,” Thyen said in the release. “We remain committed to creating a leaner operating environment and investing prudently in product development and innovation, providing an opportunity for growth and improved profitability as the economy recovers.”
For the full fiscal year 2009, Kimball had net income of $17.3 million, or 47 cents per share, compared with a loss of $46,000, or 0 cents per share, in fiscal 2008.
Revenue declined to $1.2 billion from $1.4 billion.

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