Jasper-based Kimball International Inc. (Nasdaq: KBAL) is reporting a third quarter net loss of $4.5 million, compared to net income of $9.4 million during the same period last year. Chief Executive Officer Kristie Juster says despite challenging business conditions in its slowest quarter, the company saw improvements in its workplace and health end markets.
“In the third quarter, we moved ahead with several important initiatives aligned with our strategy to drive sustainable share gains, as our end markets adapt to a post-pandemic operating environment,” said Juster. “Additionally, our bidding activity in the third quarter was substantially higher sequentially in both Workplace and Health, which together accounted for nearly 80% of our fiscal year-to-date sales. As expected, the impact of inflationary pressures on raw materials and continued high logistics costs were most pronounced in the third quarter and will begin to be mitigated in future quarters by our recent price increases and continued manufacturing cost savings which will drive substantial improvement in gross margin levels in the fourth quarter.”
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