Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal first quarter net income of $11 million, compared to $5.6 million during the same quarter last year. Chief Executive Officer Bob Schneider says operating income of $17.3 million was higher than any quarter in the past 15 years.
"The first quarter was a very nice one for Kimball," said Schneider. "I am very pleased to report that we reached our sales and earnings guidance during this quarter and am especially encouraged that at this performance level, adjusted return on capital, excluding restructuring, of 25.5 percent is among the best in the industry. Achieving this level of earnings was in large part made possible by tremendous efforts to bring to market new products and marketing programs, along with the completion of the two restructuring plans since the spin-off of Electronics, and many other continuous improvement efforts. What Kimball accomplished the last two years is a real testament to the dedication of our 3,000 employees, all focused on serving the customer and continuous improvement."
Net sales for the quarter came in at $174 million, compared to $157 million in Q1 of 2015.
In November 2014, Kimball International completed the spin-off of its electronics division, forming Kimball Electronics Inc. (Nasdaq: KE). In September, Kimball International completed the $10 million sale of a facility in Idaho.
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