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Kimball International, Inc. reports 2nd quarter fiscal year 2014 Results

Thursday 6 February 2014

Kimball International, Inc. today reported net sales of $320.3 million and net income of $9.2 million for the 2nd quarter of fiscal year 2014 which ended December 31, 2013. James C. Thyen, President and Chief Executive Officer, stated, "Sales growth and effective operational execution drove significant earnings improvement in our Furniture segment during the second quarter with all furniture brands positively contributing. We've made notable improvements in our project execution and process discipline in this segment which is reflected in our financial performance this quarter. In our EMS segment, the 10% increase in sales was driven by the success of our business development efforts and continued strength in both the industrial and automotive markets. Overall, we were very pleased with the solid performance in both of our segments this quarter." Spin-off of Electronic Manufacturing Services SegmentOn January 20, 2014, the Company announced that its Board of Directors unanimously approved a plan to spin off its electronic manufacturing services segment. The separation will result in two independent publicly-traded companies: Kimball International, Inc., an industry leader in the sale and manufacture of quality office and hospitality furniture; and Kimball Electronics, Inc., a leading global provider of electronic manufacturing services to the automotive, medical, industrial, and public safety markets. The Company expects the spin-off, which is intended to be tax-free to shareholders, to be completed in approximately 8 - 12 months.

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