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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 International Results - Qtr to 30 September 2011

Wednesday 2 November 2011

Consolidated net sales in the first quarter of fiscal year 2012 decreased to $ 270,635 - down 8% from the prior year first quarter as an increase in net sales in the Furniture segment was more than offset by a decline in net sales in the Electronic Manufacturing Services (EMS) segment. Sequentially, consolidated net sales in the first quarter of fiscal year 2012 decreased 4% from the most recent fourth quarter as an increase in net sales in the Furniture segment was more than offset by a decline in net sales in the EMS segment.
First quarter gross profit as a percent of net sales improved 1.4 percentage points from the prior year first quarter due to a shift in sales mix towards the Furniture segment which carries a higher gross profit percentage than the EMS segment.
Other Income/Expense for the first quarter of fiscal year 2012 was expense of $1.2 million compared to income of $0.8 million in the prior year first quarter, with the variance primarily related to the loss on the revaluation of the SERP investment discussed above.
James C. Thyen, Chief Executive Officer and President, stated, "The macro economic environment continues to reflect volatility and drive uncertainty as nations struggle with significant fiscal matters. The impact is reflected in all of our markets often disturbing business strategy, execution, and timing."
Mr. Thyen continued, "Our Furniture segment had an encouraging start to the new fiscal year by returning to profitability in the first quarter after ending with a loss in the fourth quarter of last year. Sales in this segment were up 9% compared to last year. Furniture segment orders during the quarter increased 16% compared to last year. In the EMS segment, lower sales volumes resulted in inefficiencies during the quarter. As a result, we incurred a loss in this segment in the first quarter. The second quarter will see the completion of the European consolidation and the closing of the Wales facility. We will also complete the closing of the Fremont, California facility. Both will lessen the burden of excess capacity costs."

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