Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting a fourth quarter net income of $6.3 million, compared to $4.7 million during the same quarter last year. Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal fourth quarter net income of $6.3 million, compared to $4.7 million during the same quarter last year. Chief Executive Officer Bob Schneider says earnings also improved for the full year, despite costs associated with relocating Idaho operations to Indiana and higher-than-expected health care costs.
For fiscal 2016, the furnishings manufacturer says profit increased to $21.2 million, compared to $20.3 million in 2015.
Schneider said "I am very pleased with the progress we made in our fourth quarter and in fiscal year 2016 as we continue on our journey toward our guidance of achieving 8 percent to 9 percent operating income and quarterly earnings per diluted share of $0.23 to $0.27. At this level of performance, our return on capital will be among the best in the industry."
The company says the move from Idaho is complete and workers in Dubois County began producing metal fabricated furniture for the first time. Schneider adds "we had normal production training and start-up costs during the fourth quarter which offset most of the planned savings from this effort, and we expect to be substantially past the normal start-up costs by the end of the calendar year."
Jasper says net sales for the fourth quarter were up 4 percent over the same quarter last year, driven by double-digit jumps in healthcare and government and education verticals.
In 2014, the company spun-off its electronics business.
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