Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal third quarter net income of $7.2 million, up from $2.8 million during the same period the previous year. Chief Executive Officer Bob Schneider says the 162 percent increase is due largely to the company’s efforts to control costs.
Schneider says productivity gains and cost-saving initiatives, including the savings that came from the sale of its previously-idled facility in Idaho, contributed to strong quarter. He says results came in what is typically seasonally low period for the office furniture industry.
"To have achieved a 7.2% operating income in a third quarter is very encouraging at this point in our turnaround efforts," said Schneider. "The significant increase in our net income, despite the seasonally low sales level, is testament to our efforts the last couple years to right-size our cost structure. We’ve also focused on coming to market with new and innovative products, which are resonating well with customers. Sales of new office furniture products introduced in the last three years were up a strong 21% over the third quarter last year."
You can view Kimball International’s full earnings report by clicking here.