Kimball Quarterly Earnings Jump
Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting fiscal second quarter net income of $6.5 million, up from $2.6 million during the same period the previous year. Chief Executive Officer Bob Schneider says the quarterly earnings were the highest in 15 years.
Schneider says the office and hospitality furniture manufacturer saw a six percent growth in orders compared to the previous fiscal second quarter. "Office furniture orders increased 13% compared to last year, while hospitality orders declined mainly due to the receipt of a large, $13.8 million custom order in the second quarter of last year that shipped over several quarters. This size order is quite rare. Excluding this large hospitality order, we saw a 27% increase in hospitality orders compared to the prior year second quarter as this industry continues to remodel and expand with new construction."
Schneider says a renewed focus on design leadership was one of the main factors in the growth in office furniture orders. The company won numerous awards for its newest products.