Jasper-based Kimball Electronics Inc. (Nasdaq: KE) is reporting fiscal second quarter net income of $7.1 million, compared to a net loss of $8.3 million during the same period the previous year. Chief Executive Officer Donald Charron says the ramp-up of new program launches and the acquisition of California-based GES Holdings contributed to the results.
The company says net sales increased 10 percent for the quarter, 2 percent of which can be attributed to the GES acquisition. Charron says Kimball achieved solid year-over-year organic growth in most of its vertical markets, including medical, industrial and public safety.
"We made good progress in optimizing our core business and with the acquisition of GES, we took a significant step in our strategy to diversify ourselves into a multifaceted manufacturing solutions provider," said Charron. "We are cautiously optimistic that our goal of 8% organic growth remains in reach for fiscal year 2019, and we expect to meet our 4.5% operating income goal for the second half of fiscal year 2019."
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