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Kimball International, Inc. Reports Fourth Quarter and Fiscal Year 2010 Results

Thursday 5 August 2010

Kimball International, Inc. today reported net sales of $290.6 million and net income of $0.8 million, or $0.02 per Class B diluted share, for the fourth quarter of fiscal year 2010 which ended June 30, 2010. Net sales in the fourth quarter of fiscal year 2010 in the Furniture segment declined 13% when compared with the prior year fourth quarter. The Company\'s sales mix
shifted in the current fiscal year as the Electronic Manufacturing Services segment represented 64% of consolidated net sales in the fourth quarter
of fiscal year 2010 compared to 56% in the same quarter of the
prior year. Sequentially, consolidated net sales in the fourth
quarter of fiscal year 2010 increased 3% over the most recent
third quarter as a 13% increase in net sales in the Furniture
segment was partially offset by a 2% reduction in net sales in
the EMS segment.
Fourth 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, gross profit as a percent of net sales improved in the
EMS segment while gross profit as a percent of net sales
declined in the Furniture segment.
Consolidated fourth quarter selling and administrative expenses
declined 5% compared to the prior year primarily due to the
impact of the normal revaluation to fair value of the Company\'s
Supplemental Employee Retirement Plan (SERP) liability which has
an exactly offsetting impact in Other Income/Expense where the
SERP investment revaluation is recorded. In addition, higher
advertising and product marketing costs and increased costs due
to the reinstatement of the Company\'s retirement plan
contribution for fiscal year 2010 were offset by lower labor
costs and lower bad debt expense.
Other Income/Expense for the fourth quarter of fiscal year 2010
was expense of $0.2 million compared to income of $3.4 million
in the prior year fourth quarter. The reduction in income from
the prior year was primarily related to the SERP revaluation and
lower gains on the sale of investments.

Fiscal year 2010 annual consolidated net sales of $1.1 billion decreased 7% from fiscal year 2009 net sales of $1.2 billion. Net income for fiscal year 2010 was $10.8 million. James C. Thyen, Chief Executive Officer and President, stated, \"The overall furniture market has been much slower to recover and remains depressed. While sales were down in this segment for our fourth quarter compared to the prior year, fourth quarter sales increased 13% compared to the most recent third quarter on higher sales of office furniture product. This was our first sequential quarter-over-quarter sales increase in six quarters. We are expecting to see signs of optimism in a furniture market recovery approaching late calendar year 2011 as significant economic challenges remain as barriers.\"

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