Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal full-year net income of $7.4 million, down from $41 million the previous year. The furniture maker also saw a drop in fourth quarter profits with net income of $7.4 million, compared to $9.1 million during the same period a year ago.
Chief Executive Officer Kristie Juster says the rate of business activity “improved considerably in the fourth quarter,” which she says enables the company to end FY 2021 with a clear path forward to future growth.
“Year-over-year revenue growth in our Workplace and Health markets, which accounted for over 80% of total fourth quarter revenues, and robust growth of 33% in orders from those markets are strong indications of the post-pandemic recovery that is underway in our business. In fact, our revenues and orders increased progressively throughout the fourth quarter, reflecting positive momentum that has continued into July,” said Juster.
Click here to view the full earnings report.