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Kimball International, Inc. Reports First Quarter Fiscal Year 2010 Results.

Article Excerpt
JASPER, Ind. -- Kimball International, Inc. (NASDAQ: KBALB) today reported net sales of $274.7 million and net income of $1.8 million, or $0.05 per Class B diluted share, for the first quarter of fiscal year 2010, which ended September 30, 2009.

Consolidated Overview

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* First quarter fiscal year 2010 net sales declined 10% in the Electronic Manufacturing Services (EMS) segment while net sales in the Furniture segment declined 30% when compared with the prior year first quarter. A sharp decline in sales occurred in the second and third quarters of last fiscal year and sales have since stabilized. Sequentially, sales in the first quarter of fiscal year 2010 improved slightly over the immediately preceding quarter.

* Gross profit as a percent of net sales remained flat in the EMS segment while the Furniture segment increased when compared with the prior year. On a consolidated basis, in spite of the improvement in the Furniture segment gross profit percent, gross profit as a percent of net sales remained flat because of a sales mix shift toward the lower margined EMS segment.

* Consolidated first quarter selling and administrative expenses declined 14% compared to the prior year primarily due to benefits realized from restructuring actions, comprehensive cost reduction efforts throughout the Company, lower depreciation/amortization expense and lower employee benefit costs which are linked to Company profitability. Partially offsetting these costs reductions was a $2.6 million increase in expense related to the Company's Supplemental Employee Retirement Plan (SERP) liability resulting from the normal revaluation...

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