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Kimball International, Inc. reports 3rd quarter 2014 results

Thursday 8 May 2014











Consolidated net sales in the third quarter of financial year 2014 to 31 March 2014 increased 3% compared with the 3rd quarter of 2013 on increased net sales in both the Electronic Manufacturing Services (EMS) segment and the Furniture segment.
Third quarter gross profit as a percent of net sales increased 1.6 percentage points from the prior year third quarter on improved margins in both the EMS segment and the Furniture segment. Consolidated selling and administrative expenses in the third quarter of fiscal year 2014 increased 4% in absolute dollars compared to the prior year primarily due to higher incentive compensation costs and higher salary and employee benefit costs. Selling and administrative expenses in the third quarter of fiscal year 2014 also included $0.9 million of incremental external costs related to the spin-off of the Company's EMS segment. Partially offsetting these higher costs, the Company recorded $0.7 millionless expense related to the normal revaluation to fair value of its Supplemental Employee Retirement Plan (SERP) liability compared to the third quarter of the prior fiscal year. This impact from the change in the SERP liability is offset with less income related to the revaluation of the SERP investment which was recorded within Other Income/Expense, and thus there was no effect on net income. Also favourably impacting the comparison to prior year was a bad debt allowance related to one customer that was recorded in the third quarter of the prior fiscal year.
Other General Income included $0.7 million of pre-tax income resulting from settlement proceeds related to an antitrust class action lawsuit that alleged the defendant sellers illegally conspired to fix prices of electronic components purchased several years ago by some of our manufacturing facilities in the EMS segment. This receipt of funds is in addition to the $5.0 million in funds received in the first quarter of this fiscal year for class action lawsuits.

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