Kimball International Remains Bullish on Acquisitions

Posted: Updated:
JASPER -

The chief executive officer of Kimball International Inc. (Nasdaq: KBAL) says the Jasper-based furniture manufacturer will continue to actively pursue acquisition opportunities. In the company's most recent earnings report, Bob Schneider said Kimball has completed the acquisition of California-based D'style Inc., which produces metal furnishings for public spaces and guest rooms. In the fiscal third quarter, Kimball is reporting net income of $5.9 million, compared to $7.2 million in the same period a year earlier.

Schneider says "we are investing in automation and new technologies in our operations, and have been active the last few quarters buying back shares, which we expect to continue. We have approximately 1.3 million shares remaining under our share repurchase program. Lastly, we just recently completed the acquisition of D'style and are continuing to actively pursue other tuck-in acquisitions that will create synergies with our current brands. Our capital structure continues to be very strong and available to support growth." Schneider added the company expects around $7 million in savings through synergies during the 2019 fiscal year, which will help offset rising costs in areas including transportation and commodities that Kimball estimates reduced operating income by nearly $2 million in the third quarter.

Kimball has revised its economic outlook over the next three-to-five fiscal years to include annual organic sales growth in the "mid-single digits" and Earnings Per Share growth between two and two-and-a-half times sales growth.

You can connect to the full earnings report by clicking here.

  • Perspectives

    • Seven Steps to Overcome Your Fear of Writing

      "I hate to write!" While that phrase is music to my ears, because it ensures my income will persist, it also saddens me. Far too many people dislike writing, largely because they’re intimidated by the process of knitting words into sentences and sentences into paragraphs. Nearly everyone needs to write from time to time, and the ability to assemble words in a coherent way can impact your success. Whether you have to write reports, proposals, memos, or even emails...
    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Hoosier Companies Among 'Most Admired'

      Two Indiana companies are included in Fortune's 2019 list of the "World's Most Admired Companies." The list was determined by a survey of nearly 4,000 executives, directors and analysts who rated companies in their own industries based on criteria such as investment value, quality of management and ability to attract talent.

    • Books & Brews Acquires Flat12 Bierwerks

      Indianapolis-based Books & Brews has announced its acquisition of Flat12 Bierwerks, also based in Indy. Financial terms of the deal are not being disclosed, however Books & Brews says it will continue to operate Flat12 under the same brand name. The acquisition is a continuation of an existing partnership between the two entities. Books & Brews says Flat12 has been a brewery partner for the past two years, brewing all of B&B's flagship and seasonal beers.

    • Hoosier Companies Among 'Best and Brightest'

      Two Indiana companies are among more than 500 selected by the National Association for Business Resources as the 2018 Best and Brightest Companies to Work For in the Nation. The winners were chosen by an independent research firm from more than 2,400 nominations.

    • Indiana Liquor Group to Buy Save-On Liquor Chain

      Indiana Liquor Group LLC will work with the Indiana Alcohol & Tobacco Commission this week for final approval of its purchase of Save-On Liquor stores. Our partners at The Herald Bulletin report Phillip E. Miller agreed to sell the 31-location package store chain to ILG last month. 

    • Cook: Location, Funding Among Eleven Park Questions

      Several ambitious economic development projects are already taking center stage this year, particularly in central Indiana. Indianapolis-based KSM Location Advisors Chief Executive Officer Tim Cook and President Katie Culp say efforts like Eleven Park, which would include a new stadium for the Indy Eleven soccer team, and a potential casino in downtown Indianapolis are among the key projects being talked about. On the (i) on Economic Development segment on Inside INdiana Business...