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© blotty-dreamstime.com Electronics Production | May 12, 2014

Kimball EMS - Net income up 6%

Kimball's third quarter net sales in the EMS segment increased 2% compared to the third quarter of the prior year.
Net sales to customers in the automotive, medical and industrial markets increased while sales to the public safety market declined compared to the prior year

James C. Thyen, President and Chief Executive Officer, stated, "Our EMS segment continued to perform very well during the third quarter. We are confident in the strategic focus within both of our segments and that the investments we are making are balanced and appropriate for future growth and profitability in all of the markets we serve. We continue to execute, as planned, the spin-off of the EMS segment into a separate public company."

Gross profit as a percent of net sales in the EMS segment for the third quarter of fiscal year 2014 was consistent with the third quarter of the prior year.

Financial Highlights (Amounts in Thousands]
Q3 2014Q3 2013Change
Net SalesUSD 185,680USD 182,0672%
Operating IncomeUSD 9,075USD 8,8772%
Operating Income %4.9%4.9%0%
Net IncomeUSD 6,8546,4916%

Selling and administrative expenses in this segment increased 10% in the fiscal year 2014 third quarter when compared to the prior year primarily due to higher incentive compensation costs. As a percent of sales, selling and administrative costs in the EMS segment increased 0.6 of a percentage point for the third quarter of fiscal year 2014 compared to the prior year.

The third quarter net income in the EMS segment included USD 0.4 million of after-tax income resulting from settlement proceeds related to the antitrust class action lawsuit discussed above.

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