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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Kimball Reports third quarter office furniture sales down 28%

Thursday 6 May 2010

Kimball International, Inc. reported on Thursday that net sales of $282.3 million, up 5% compared to net sales of $268.9 million compared to the prior year third quarter. The company posted net income of $6.3 million compared to net income of $4.1 million compared to the prior year third quarter. Net income for the fiscal year 2010 third quarter includes a $7.7 million after-tax gain resulting from the sale of the company\'s land and facility that houses its current Poznan, Poland operation and $0.6 million of after-tax restructuring expense.
Net sales in the third quarter of fiscal year 2010 increased 35% in the Electronic Manufacturing Services (EMS) segment while net sales in the Furniture segment declined 28% when compared with the prior year third quarter.
Third quarter gross profit as a percent of net sales declined in comparison to the prior year primarily due to the sales mix shift toward the EMS segment which operates at a lower gross profit percentage than the Furniture segment. At the segment level, margin improvement in the EMS segment was partially offset by a decline in gross profit as a percent of net sales in the Furniture segment.

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