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Kimball office furniture sales up 15% but profits fall last quarter

Thursday 4 August 2011

Kimball International saw its profits drop last quarter, with improvements in its furniture business but declines in its electronics segment.
The company reported on Thursday that it had net income of $284,000 for the quarter ended June 30, down from $793,000 during the same quarter a year ago.
Kimball's 2011 fiscal year also ended 30 June. For the year as a whole the company's earnings were $4.9 million, as compared to $10.8 million in 2010.
In furniture, Kimball makes furnishings for the office and hospitality industries. Its electronic manufacturing services segment supplies a variety of industries, including automotive, medical and public safety.
Last quarter Kimball's furniture segment posted a net loss of $906,000, compared to a $2 million net loss during the same period in 2010.
Net furniture sales for the quarter were $119.7 million, up 15 percent from a year ago.
"We did see significant improvement from the loss we experienced in 2010," Kimball President and Chief Executive Officer Jim Thyen said during a conference call with analysts.
Kimball introduced new products in both its office and hospitality furniture lines, Thyen said, which helped boost sales.
A continuing challenge for this sector, the company said, is that freight, fuel and commodity prices are going up. At the same time, Kimball said, it has felt the need to offer product discounts for competitive reasons.

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