Sourced from Dubois County Free Press
Kimball International, Inc. announced fourth quarter fiscal year 2016 net sales of $164.7 million and income from continuing operations of $6.3 million.
Earnings per diluted share for the fourth quarter was $0.17, an increase of 42 percent over the prior year fourth quarter. Adjusted earnings per diluted share, which excludes charges related to a previously announced restructuring plan, was up 27 percent.
“I am very pleased with the progress we made in our fourth quarter and in fiscal year 2016 as we continue on our journey toward our guidance of achieving 8 percent to 9 percent operating income and quarterly earnings per diluted share of $0.23 to $0.27,” Bob Schneider, Chairman and CEO, stated. “At this level of performance, our return on capital will be among the best in the industry.”
Along with a strong push for new and innovative products, Schneider pointed out that a big part of this journey was the shutdown and move of the Idaho operation to the company’s Indiana facilities the last 18 months.
“The physical move is now done, and our Indiana employees are producing metal fabricated furniture for the first time,” he said. “We had normal production training and start-up costs during the fourth quarter which offset most of the planned savings from this effort, and we expect to be substantially past the normal start-up costs by the end of the calendar year. Additionally, we had much higher than planned healthcare costs and in spite of the increase, our earnings improved over the prior year quarter. I look forward to continued earnings improvement in fiscal year 2017.”