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Kimball results hit by recession

Thursday 5 November 2009

Citing decreased sales of furniture and electronics, Kimball International reported a decreased profit for the first quarter of its 2010 fiscal year with a profit of $1.8 million, or 5 cents a share, for its first quarter, which ended Sept. 30. In the same period a year ago, it had a profit of $2.2 million, or 6 cents a share.
Kimball, based in Jasper, Indiana, produces both furniture and electronics. Its sales in both of those business sections declined during the recent quarter.
The net revenue from its sales of electronics fell by 10 percent, to $165.5 million. The net revenue from its sales of furniture fell by 30 percent, to $109.2 million.
James C. Thyen, Kimball president and chief executive officer, said the company\'s electronics sales have improved over recent quarters, despite their being lower than they were a year ago.
In the first quarter of Kimball\'s 2010 fiscal year, those sales rose 9 percent over the fiscal 2009 fourth quarter, which had risen 8 percent over the third quarter.
At the same time, the electronic segment spent 16 percent less on administrative costs than it had a year ago.
Both the improved sales and lowered expenses helped to bolster the business\'s gross profit, Kimball said. The furniture segment, meanwhile, is suffering from the economic downturn.
\"We are now experiencing the full impact of the recession in our furniture markets, which usually lag the general economic activity,\" Thyen said. \"The commercial real estate markets remain depressed.\"
Still, the segment managed to reduce its selling and administrative costs by 18 percent.
Shares of Kimball International closed at $8.02 Thursday, up 70 cents from the previous day.

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