© adam121 dreamstime.com Electronics Production | May 12, 2015
Kimball sees double digit growth for the third consecutive quarter
EMS-provider Kimball Electronics experienced double digit growth in net sales during its third quarter of 2015.
Donald D. Charron, Chairman and CEO, stated, "Solid growth in all four end market verticals helped us achieve year over year double digit growth for the third consecutive quarter, as well as excellent operating results. We were particularly pleased with the results in our automotive vertical where stronger than expected sales to the China market helped us more than fill in the hole created by the earlier reported loss of the Johnson Controls (JCI) business. The final JCI products were substantially completed last quarter and we continue to be encouraged by the progress that we are making to replace this business." Third Quarter Fiscal Year 2015 Highlights: Net sales of USD 206.9 million increased 11% from the prior year third quarter. Sales related to the exit of JCI were down USD 17.2 million compared to the same quarter last year. Gross profit amounted to USD 18.95 million, an increase of 0.3 percentage points from the prior year third quarter. Spin-off expenses in the current year third quarter totaled USD 0.3 million. Prior year third quarter spin-off costs were USD 0.8 million. Operating income was USD 10.8 million (5.2% of net sales) while adjusted operating income (non-GAAP), excluding spin-off costs, was USD 11.1 million (5.4% of net sales). Net income was USD 7.2 million with adjusted net income (non-GAAP) of USD 7.5 million. This is the first full quarter as a stand-alone publicly traded company after the completion of the spin-off from Kimball International on October 31, 2014.