Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal fourth quarter net income of $10.6 million, up from $6.3 million during the same period last year. Chief Executive Officer Bob Schneider says the company earnings also improved for the full year.
For fiscal 2017, the furnishings manufacturer says profit increased to $37.5 million, compared to $21.2 million in 2016. Schneider says the fourth quarter and fiscal year earnings are at the high end of the company’s expectations.
"This marks the 16th consecutive quarter of year-over-year sales growth, with a significant portion of that growth being in new products with better margins," said Schneider. "A 48% increase in adjusted net income on a 4% sales increase is incredible, and a testament to the hard work and dedication of our employees to improve results. We are entering fiscal year 2018 with a solid foundation to execute our strategies and take advantage of the many opportunities before us."
Kimball subsidiary Kimball Hospitality is planning an expansion at its Jasper facility, a project touted by Jasper Mayor Terry Seitz as one of several benefiting the Dubois County City. You can connect to Kimball International’s full earnings report by clicking here.