Kimball International, Inc. Reports Fourth Quarter and Fiscal Year 2019 Results
July 29 2019 - 4:05PM
Kimball International, Inc. (NASDAQ: KBAL) today announced results
for the quarter and fiscal year ended June 30, 2019.
Highlights (Performance is based upon year-over-year
comparison):
Fourth Quarter FY 2019
- Net sales growth of 3.1%, including a 1.3% organic growth
contribution, driven by continued strong performance from our
National and Kimball Hospitality Brands offset by a realignment of
our Kimball Brand
- Order decline of 1.6% on a difficult comparison of 17% prior
year growth
- Operating income margin of 6.8% or 7.6% on an adjusted basis, a
decrease of 20 basis points; gross margin improvement of 40 basis
points was offset by CEO transition costs, wage inflation, and
increased healthcare costs
- Adjusted EBITDA of $18.8 million, an increase of 1.0% and
adjusted EBITDA margin of 9.6%, a decrease of 20 basis points
- Diluted EPS at $0.30 or $0.32 on an adjusted basis, an increase
of 14% compared to $0.28
- Announced a Transformation Plan that will generate
approximately $16.0 million of savings in fiscal year 2020, driven
by restructuring related savings of approximately $8.0 million and
an incremental $8.0 million savings related to lean and continuous
improvement initiatives. Restructuring costs will total
approximately $8.0 million
Fiscal Year 2019
- Net sales growth of 9%, including a 7% organic growth
contribution, driven primarily by double-digit growth in
commercial, healthcare, and hospitality
- Operating income margin of 6.4% or 6.9% on an adjusted basis, a
decrease of 50 basis points; price yield and cost savings
initiatives were more than offset by transportation costs,
inflation, tariffs, the impact of the David Edward acquisition,
higher employee costs, CEO transition costs, and higher commissions
on increased sales
- Adjusted EBITDA of $69.5 million, an increase of 3.8% and
adjusted EBITDA margin of 9.0%, a decrease of 50 basis points
- Diluted EPS at $1.06 or $1.12 on an adjusted basis, an increase
of 22% compared to $0.92
Kimball International CEO Kristie Juster commented, “Results for
the quarter were mixed as profits were relatively flat on 3%
revenue growth. The National brand continued to deliver
outstanding performance and our Kimball Hospitality brand had solid
growth against strong double-digit prior year growth. Revenue
in our Kimball brand was challenged for the quarter as we are
realigning our selling organization and formalizing an operating
rhythm to improve organizational effectiveness. While our
short-term results did not meet expectations, our new
Transformation Plan will allow a clearer line of sight to the ramp
of our journey and a more consistent performance as we execute
Kimball International Connect.”
Ms. Juster continued, “I have been very pleased with the
organization’s reaction and motivation to make our new chapter a
reality and remain extremely confident that our strategy and
transformation plan rolled out last quarter will deliver our longer
term three-year financial objectives.”
Overview
Financial Highlights
(Amounts in Thousands, Except Per Share Data) |
Three Months Ended |
|
|
|
June 30, 2019 |
|
June 30, 2018 |
|
Percent Change |
Net Sales |
$ |
195,570 |
|
|
$ |
189,683 |
|
|
3% |
Gross Profit |
$ |
67,129 |
|
|
$ |
64,240 |
|
|
4% |
Gross Profit % |
34.3 |
% |
|
33.9 |
% |
|
|
Selling and Administrative
Expenses |
$ |
52,962 |
|
|
$ |
49,649 |
|
|
7% |
Selling and Administrative
Expenses % |
27.0 |
% |
|
26.2 |
% |
|
|
Restructuring Expense |
$ |
937 |
|
|
$ |
0 |
|
|
|
Operating Income |
$ |
13,230 |
|
|
$ |
14,591 |
|
|
(9%) |
Operating Income % |
6.8 |
% |
|
7.7 |
% |
|
|
Adjusted Operating Income
* |
$ |
14,771 |
|
|
$ |
14,815 |
|
|
0% |
Adjusted Operating Income
% |
7.6 |
% |
|
7.8 |
% |
|
|
Net Income |
$ |
11,109 |
|
|
$ |
10,254 |
|
|
8% |
Adjusted Net Income * |
$ |
11,981 |
|
|
$ |
10,254 |
|
|
17% |
Diluted Earnings Per
Share |
$ |
0.30 |
|
|
$ |
0.28 |
|
|
|
Adjusted Diluted Earnings Per
Share * |
$ |
0.32 |
|
|
$ |
0.28 |
|
|
|
Return on Invested
Capital |
41.9 |
% |
|
39.0 |
% |
|
|
Adjusted EBITDA * |
$ |
18,819 |
|
|
$ |
18,631 |
|
|
1% |
Adjusted EBITDA % |
9.6 |
% |
|
9.8 |
% |
|
|
* The items indicated represent Non-GAAP measurements. See
“Reconciliation of Non-GAAP Financial Measures” below.
Prior period financial statements were recast
due to the full retrospective adoption of guidance on the
recognition of revenue from contracts with customers.
- Consolidated net sales increased 3.1%, or 1.3% on an organic
basis. Sales increased in four of the six vertical markets, led by
a strong 16% increase in healthcare as the Company continues with
its strategy to invest in growth within this vertical especially
within the Kimball brand. In addition, the hospitality vertical
grew 6% relative to a prior year 26% growth on continuing growth in
the custom business. The educational vertical also grew 6% as a
result of successful promotional programs within this
vertical.
- Sales of office products introduced in the last three years
increased 9% over the prior year fourth quarter. New product sales
approximated 27% of total office sales compared to 25% in the prior
year period. New product development is focused on higher growth
categories including ancillary and healthcare.
- Orders during the quarter decreased 1.6% on a difficult
comparison to 17% in the prior year. Hospitality orders were down
16% against a prior year comparison of 50% which included three
large projects. Healthcare continued its strong performance with
orders up 28%.
- Gross profit at 34.3% increased 40 basis points from the prior
year, the highest level of the fiscal year. Price increase and cost
savings initiatives were partially offset by higher healthcare
costs. As expected, the David Edward acquisition negatively
impacted gross profit in the fourth quarter by 60 basis points, as
we continue to execute our acquisition integration plan to improve
operating efficiency.
- Selling and administrative expenses of $53.0 million increased
7% or $3.3 million compared to the prior year due to wage
inflation, CEO transition costs, David Edward selling and
administrative costs ($0.9 million), and healthcare costs ($0.8
million).
- Restructuring expenses of $0.9 million resulted from initiation
of our Transformation Plan. We expect total restructuring
expense to be approximately $8 million through fiscal year
2020.
- The Company benefited from a lower effective tax rate of 21.6%
during the quarter compared to 31.4% in the prior year period. The
decline was primarily driven by the Tax Cuts and Jobs Act enacted
in December 2017.
- Operating cash flow totaled $22.3 million compared to $20.5
million in the prior year, an increase of $1.8 million. The
increase was primarily driven by improved working capital
performance and higher net income.
- As of June 30, 2019, the Company’s balance in cash, cash
equivalents, and short-term investments totaled $106.3 million, up
$19.0 million since June 30, 2018. The increase was primarily
due to $65.0 million of cash flows from operations, partially
offset by capital expenditures of $21.0 million, a $4.3 million
cash outflow for the David Edward acquisition, and the return of
capital to shareholders in the form of $9.1 million in share
repurchases and $11.4 million in dividends.
Fiscal Year 2019
- Fiscal year 2019 net sales of $768.1 million increased 9% or 7%
on an organic basis.
- Fiscal year 2019 operating income was $49.5 million, or 6.4% of
net sales, compared to fiscal year 2018 operating income of $51.1
million, or 7.2% of net sales. Fiscal year 2019 adjusted operating
income was $53.1 million, or 6.9% of net sales, inclusive of $2.0
million of CEO transition costs, $0.9 million of restructuring
expense, and $0.7 million of SERP income compared to fiscal year
2018 adjusted operating income of $52.0 million, or 7.4% of net
sales, inclusive of $1.0 million of SERP income. Fiscal year 2019
also included a $1.1 million gain on the sale of Internet protocol
licenses while fiscal year 2018 included a $1.7 million gain on the
sale of an administrative building.
- Net income for fiscal year 2019 was $39.3 million, or $1.06 per
diluted share, inclusive of $1.5 million or $0.04 per share of CEO
transition costs and $0.7 million or $0.02 per share of
restructuring expense. Fiscal year 2018 net income was $34.4
million, or $0.92 per diluted share. Adjusted net income for fiscal
year 2019 was $41.6 million, or $1.12 per diluted share while
adjusted net income for fiscal year 2018 was $34.4 million, or
$0.92 per diluted share.
- Fiscal year 2019 adjusted EBITDA was $69.5 million, or 9.0% of
net sales, compared to fiscal year 2018 adjusted EBITDA of $67.0
million, or 9.5% of net sales.
Fiscal Year 2020 – 2022 Financial Targets
- Organic sales growth: 4.0% to 7.0% CAGR
- Adjusted EBITDA: 150 to 250 basis points improvement
- Adjusted EPS: 10% to 15% CAGR
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. A
non-GAAP financial measure is a numerical measure of a company’s
financial performance that excludes amounts so as to be different
than the most directly comparable measure calculated and presented
in accordance with Generally Accepted Accounting Principles
(“GAAP”) in the United States in the statement of income, statement
of comprehensive income, balance sheet, or statement of cash flows
of the Company. The non-GAAP financial measures used within this
release are (1) organic net sales; (2) Adjusted EBITDA; (3)
adjusted operating income; (4) adjusted net income; and (5)
adjusted diluted earnings per share. Adjusted operating income,
adjusted net income, and adjusted diluted earnings per share each
exclude restructuring expense and CEO transition costs from the
GAAP income measure. Additionally, adjusted operating income
excludes market value adjustments related to the SERP liability.
Organic net sales are defined as net sales excluding
acquisition-related sales, and Adjusted EBITDA is defined as net
income before interest expense, income taxes, depreciation expense,
amortization expense, restructuring expense, and CEO transition
costs. A reconciliation of the reported GAAP numbers to the
non-GAAP financial measures is included in the Reconciliation of
Non-GAAP Financial Measures table below. Management believes that
organic net sales is useful to investors to aid in identifying
underlying trends in our business and facilitating comparisons of
our sales performance with prior periods. Management believes that
Adjusted EBITDA and other metrics excluding restructuring expense,
CEO transition expenses, and market value adjustments related to
the SERP liability are useful measurements to assist investors in
comparing our performance over various reporting periods on a
consistent basis by removing from operating results the impact of
items that do not reflect our core operating performance.
The orders received metric is a key performance indicator used
to evaluate general sales trends and develop future operating
plans. Orders received represent firm orders placed by our
customers during the current quarter which are expected to be
recognized as revenue during current or future quarters. The orders
received metric is not intended to be presented as an alternative
measure of revenue recognized in accordance with GAAP.
Forward-Looking Statements
Certain statements contained within this release are considered
forward-looking under the Private Securities Litigation Reform Act
of 1995 and are subject to risks and uncertainties including, but
not limited to, the risk that any projections or guidance,
including revenues, margins, earnings, or any other financial
results are not realized, the impact of changes in tariffs, adverse
changes in the global economic conditions, significant volume
reductions from key contract customers, significant reduction in
customer order patterns, financial stability of key customers and
suppliers, and availability or cost of raw materials. Additional
cautionary statements regarding other risk factors that could have
an effect on the future performance of the Company are contained in
the Company’s Form 10-K filing for the fiscal year ended
June 30, 2018 and other filings with the Securities and
Exchange Commission.
Conference
Call / Webcast |
|
|
|
Date: |
|
July 30, 2019 |
Time: |
|
11:00 AM Eastern Time |
Dial-In #: |
|
844-602-5643 (International
Calls - 574-990-3014) |
Pass Code: |
|
Kimball |
A webcast of the live conference call may be accessed by
visiting Kimball International’s Investor Relations website at
www.ir.kimballinternational.com.
For those unable to participate in the live webcast, the call
will be archived at www.ir.kimballinternational.com within two
hours of the conclusion of the live call.
About Kimball International, Inc.
For over 65 years, Kimball International has created design
driven furnishings that have helped our customers shape spaces into
places, bringing possibility to life by enabling collaboration,
discovery, wellness and relaxation. We go to market through our
family of brands: Kimball, National, Kimball Hospitality, David
Edward and D’style by Kimball Hospitality. Our values and high
integrity are demonstrated daily by living our Purpose and Guiding
Principles that establishes us as an employer of choice. We build
success by growing long-term relationships with customers,
employees, suppliers, shareowners and the communities in which we
operate. In fiscal 2019, the Company generated $768 million in
revenue and employed over 3,000 people. To learn more about Kimball
International, Inc. (KBAL), visit www.kimballinternational.com.
Contact:Dennis GerberInvestor
Relations812-482-8619Dennis.Gerber@kimballinternational.com
|
|
Financial
highlights for the fourth quarter and fiscal year ended
June 30, 2019 are as follows: |
|
Condensed Consolidated
Statements of Income |
|
|
|
|
|
|
|
(Unaudited) |
Three Months Ended |
(Amounts in Thousands, except
per share data) |
June 30, 2019 |
|
June 30, 2018 |
Net Sales |
$ |
195,570 |
|
|
100.0 |
% |
|
$ |
189,683 |
|
|
100.0 |
% |
Cost of Sales |
128,441 |
|
|
65.7 |
% |
|
125,443 |
|
|
66.1 |
% |
Gross Profit |
67,129 |
|
|
34.3 |
% |
|
64,240 |
|
|
33.9 |
% |
Selling and Administrative
Expenses |
52,962 |
|
|
27.0 |
% |
|
49,649 |
|
|
26.2 |
% |
Restructuring Expense |
937 |
|
|
0.5 |
% |
|
0 |
|
|
0.0 |
% |
Operating Income |
13,230 |
|
|
6.8 |
% |
|
14,591 |
|
|
7.7 |
% |
Other Income, net |
931 |
|
|
0.4 |
% |
|
352 |
|
|
0.2 |
% |
Income Before Taxes on
Income |
14,161 |
|
|
7.2 |
% |
|
14,943 |
|
|
7.9 |
% |
Provision for Income
Taxes |
3,052 |
|
|
1.5 |
% |
|
4,689 |
|
|
2.5 |
% |
Net Income |
$ |
11,109 |
|
|
5.7 |
% |
|
$ |
10,254 |
|
|
5.4 |
% |
|
|
|
|
|
|
|
|
Earnings Per Share of Common
Stock: |
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
|
|
|
$ |
0.28 |
|
|
|
Diluted |
$ |
0.30 |
|
|
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
Average Number of Total Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
36,753 |
|
|
|
|
37,094 |
|
|
|
Diluted |
36,868 |
|
|
|
|
37,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
Fiscal Year Ended |
(Amounts in Thousands, except
per share data) |
June 30, 2019 |
|
June 30, 2018 |
Net Sales |
$ |
768,070 |
|
|
100.0 |
% |
|
$ |
704,554 |
|
|
100.0 |
% |
Cost of Sales |
513,518 |
|
|
66.9 |
% |
|
468,923 |
|
|
66.6 |
% |
Gross Profit |
254,552 |
|
|
33.1 |
% |
|
235,631 |
|
|
33.4 |
% |
Selling and Administrative
Expenses |
204,140 |
|
|
26.6 |
% |
|
184,568 |
|
|
26.2 |
% |
Restructuring Expense |
937 |
|
|
0.1 |
% |
|
0 |
|
|
0.0 |
% |
Operating Income |
49,475 |
|
|
6.4 |
% |
|
51,063 |
|
|
7.2 |
% |
Other Income, net |
2,195 |
|
|
0.3 |
% |
|
1,262 |
|
|
0.2 |
% |
Income Before Taxes on
Income |
51,670 |
|
|
6.7 |
% |
|
52,325 |
|
|
7.4 |
% |
Provision for Income
Taxes |
12,326 |
|
|
1.6 |
% |
|
17,886 |
|
|
2.5 |
% |
Net Income |
$ |
39,344 |
|
|
5.1 |
% |
|
$ |
34,439 |
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
Earnings Per Share of Common
Stock: |
|
|
|
|
|
|
|
Basic |
$ |
1.07 |
|
|
|
|
$ |
0.92 |
|
|
|
Diluted |
$ |
1.06 |
|
|
|
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
|
|
Average Number of Total Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
36,842 |
|
|
|
|
37,314 |
|
|
|
Diluted |
37,064 |
|
|
|
|
37,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
Condensed Consolidated
Balance Sheets |
June 30, 2019 |
|
June 30, 2018 |
(Amounts in Thousands) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
73,196 |
|
|
$ |
52,663 |
|
Short-term investments |
33,071 |
|
|
34,607 |
|
Receivables, net |
63,120 |
|
|
62,276 |
|
Inventories |
46,812 |
|
|
39,509 |
|
Prepaid expenses and other current assets |
13,105 |
|
|
18,523 |
|
Assets held for sale |
281 |
|
|
281 |
|
Property and Equipment, net |
90,671 |
|
|
84,487 |
|
Goodwill |
11,160 |
|
|
8,824 |
|
Intangible Assets, net |
12,108 |
|
|
12,607 |
|
Deferred Tax Assets |
8,722 |
|
|
4,916 |
|
Other Assets |
12,420 |
|
|
12,767 |
|
Total Assets |
$ |
364,666 |
|
|
$ |
331,460 |
|
|
|
|
|
LIABILITIES AND
SHAREOWNERS’ EQUITY |
|
|
|
Current maturities of long-term debt |
$ |
25 |
|
|
$ |
23 |
|
Accounts payable |
47,916 |
|
|
48,214 |
|
Customer deposits |
24,611 |
|
|
21,253 |
|
Dividends payable |
3,038 |
|
|
2,662 |
|
Accrued expenses |
57,494 |
|
|
50,586 |
|
Long-term debt, less current maturities |
136 |
|
|
161 |
|
Other |
14,956 |
|
|
15,537 |
|
Shareowners’ Equity |
216,490 |
|
|
193,024 |
|
Total Liabilities and Shareowners’ Equity |
$ |
364,666 |
|
|
$ |
331,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Cash Flows |
Fiscal Year Ended |
(Unaudited) |
June 30, |
(Amounts in Thousands) |
2019 |
|
2018 |
Net Cash Flow provided by Operating Activities |
$ |
64,967 |
|
|
$ |
46,866 |
|
Net Cash Flow used for
Investing Activities |
(22,186 |
) |
|
(34,764 |
) |
Net Cash Flow used for
Financing Activities |
(22,265 |
) |
|
(21,869 |
) |
Net Increase (Decrease) in
Cash, Cash Equivalents, and Restricted Cash |
20,516 |
|
|
(9,767 |
) |
Cash, Cash Equivalents, and
Restricted Cash at Beginning of Period |
53,321 |
|
|
63,088 |
|
Cash, Cash Equivalents, and
Restricted Cash at End of Period |
$ |
73,837 |
|
|
$ |
53,321 |
|
|
|
|
|
|
|
|
|
Net Sales
by End Vertical Market |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Fiscal Year Ended |
|
|
(Unaudited) |
June 30, |
|
|
|
June 30, |
|
|
(Amounts in Millions) |
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
Commercial |
$ |
55.0 |
|
|
$ |
54.1 |
|
|
2% |
|
$ |
226.1 |
|
|
$ |
205.9 |
|
|
10% |
Education |
25.9 |
|
|
24.5 |
|
|
6% |
|
92.1 |
|
|
86.3 |
|
|
7% |
Finance |
16.6 |
|
|
18.7 |
|
|
(11%) |
|
69.8 |
|
|
67.6 |
|
|
3% |
Government |
19.7 |
|
|
20.6 |
|
|
(4%) |
|
74.7 |
|
|
89.5 |
|
|
(17%) |
Healthcare |
28.8 |
|
|
24.9 |
|
|
16% |
|
110.4 |
|
|
88.6 |
|
|
25% |
Hospitality |
49.6 |
|
|
46.9 |
|
|
6% |
|
195.0 |
|
|
166.7 |
|
|
17% |
Total Net Sales |
$ |
195.6 |
|
|
$ |
189.7 |
|
|
3% |
|
$ |
768.1 |
|
|
$ |
704.6 |
|
|
9% |
Orders
Received by End Vertical Market |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Fiscal Year Ended |
|
|
(Unaudited) |
June 30, |
|
|
|
June 30, |
|
|
(Amounts in Millions) |
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
Commercial |
$ |
57.4 |
|
|
$ |
59.8 |
|
|
(4%) |
|
$ |
235.2 |
|
|
$ |
213.1 |
|
|
10% |
Education |
36.4 |
|
|
35.4 |
|
|
3% |
|
95.2 |
|
|
90.7 |
|
|
5% |
Finance |
19.8 |
|
|
20.5 |
|
|
(3%) |
|
72.5 |
|
|
74.0 |
|
|
(2%) |
Government |
20.6 |
|
|
20.7 |
|
|
0% |
|
76.9 |
|
|
84.3 |
|
|
(9%) |
Healthcare |
32.1 |
|
|
25.1 |
|
|
28% |
|
118.3 |
|
|
93.6 |
|
|
26% |
Hospitality |
42.5 |
|
|
50.8 |
|
|
(16%) |
|
183.3 |
|
|
164.9 |
|
|
11% |
Total Orders Received |
$ |
208.8 |
|
|
$ |
212.3 |
|
|
(2%) |
|
$ |
781.4 |
|
|
$ |
720.6 |
|
|
8% |
Supplementary
Information |
|
|
|
|
|
|
|
Components of Other
Income (Expense), net |
Three Months Ended |
|
Fiscal Year Ended |
(Unaudited) |
June 30, |
|
June 30, |
(Amounts in Thousands) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Interest Income |
$ |
592 |
|
|
$ |
331 |
|
|
$ |
1,931 |
|
|
$ |
1,057 |
|
Interest Expense |
(28 |
) |
|
(61 |
) |
|
(174 |
) |
|
(221 |
) |
Gain on Supplemental Employee
Retirement Plan Investments |
367 |
|
|
224 |
|
|
673 |
|
|
980 |
|
Other Non-Operating
Expense |
0 |
|
|
(142 |
) |
|
(235 |
) |
|
(554 |
) |
Other Income, net |
$ |
931 |
|
|
$ |
352 |
|
|
$ |
2,195 |
|
|
$ |
1,262 |
|
Reconciliation of
Non-GAAP Financial Measures |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
(Amounts in Thousands, except
per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic
Net Sales |
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
June 30, |
|
June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net Sales, as reported |
$ |
195,570 |
|
|
$ |
189,683 |
|
|
$ |
768,070 |
|
|
$ |
704,554 |
|
Less: David Edward acquisition
net sales |
3,397 |
|
|
0 |
|
|
9,409 |
|
|
0 |
|
Less: D’style acquisition net
sales |
0 |
|
|
0 |
|
|
4,476 |
|
|
0 |
|
Organic Net Sales |
$ |
192,173 |
|
|
$ |
189,683 |
|
|
$ |
754,185 |
|
|
$ |
704,554 |
|
|
|
|
|
|
|
|
|
Adjusted
Operating Income |
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
June 30, |
|
June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Operating Income, as
reported |
$ |
13,230 |
|
|
$ |
14,591 |
|
|
$ |
49,475 |
|
|
$ |
51,063 |
|
Add: Pre-tax Restructuring
Expense |
937 |
|
|
0 |
|
|
937 |
|
|
0 |
|
Add: Pre-tax Expense
Adjustment to SERP Liability |
367 |
|
|
224 |
|
|
673 |
|
|
980 |
|
Add: Pre-tax CEO Transition
Costs |
237 |
|
|
0 |
|
|
2,046 |
|
|
0 |
|
Adjusted Operating Income |
$ |
14,771 |
|
|
$ |
14,815 |
|
|
$ |
53,131 |
|
|
$ |
52,043 |
|
|
|
|
|
|
|
|
|
Adjusted
Net Income |
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
June 30, |
|
June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net Income, as reported |
$ |
11,109 |
|
|
$ |
10,254 |
|
|
$ |
39,344 |
|
|
$ |
34,439 |
|
Pre-tax CEO Transition
Costs |
237 |
|
|
0 |
|
|
2,046 |
|
|
0 |
|
Tax on CEO Transition
Costs |
(61 |
) |
|
0 |
|
|
(527 |
) |
|
0 |
|
Add: After-tax CEO Transition Costs |
176 |
|
|
0 |
|
|
1,519 |
|
|
0 |
|
Pre-tax Restructuring
Expense |
937 |
|
|
0 |
|
|
937 |
|
|
0 |
|
Tax on Restructuring
Expense |
(241 |
) |
|
0 |
|
|
(241 |
) |
|
0 |
|
Add: After-tax Restructuring Expense |
696 |
|
|
0 |
|
|
696 |
|
|
0 |
|
Adjusted Net Income |
$ |
11,981 |
|
|
$ |
10,254 |
|
|
$ |
41,559 |
|
|
$ |
34,439 |
|
|
|
|
|
|
|
|
|
Adjusted
Diluted Earnings Per Share |
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
June 30, |
|
June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Diluted Earnings Per Share, as
reported |
$ |
0.30 |
|
|
$ |
0.28 |
|
|
$ |
1.06 |
|
|
$ |
0.92 |
|
Add: After-tax CEO Transition
Costs |
0.00 |
|
|
0.00 |
|
|
0.04 |
|
|
0.00 |
|
Add: After-tax Restructuring
Expense |
0.02 |
|
|
0.00 |
|
|
0.02 |
|
|
0.00 |
|
Adjusted Diluted Earnings Per
Share |
$ |
0.32 |
|
|
$ |
0.28 |
|
|
$ |
1.12 |
|
|
$ |
0.92 |
|
|
|
|
|
|
|
|
|
Earnings
Before Interest, Taxes, Depreciation, and Amortization excluding
Restructuring Expense and CEO Transition Costs (“Adjusted
EBITDA”) |
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
June 30, |
|
June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net Income |
$ |
11,109 |
|
|
$ |
10,254 |
|
|
$ |
39,344 |
|
|
$ |
34,439 |
|
Provision for Income
Taxes |
3,052 |
|
|
4,689 |
|
|
12,326 |
|
|
17,886 |
|
Income Before Taxes on
Income |
14,161 |
|
|
14,943 |
|
|
51,670 |
|
|
52,325 |
|
Interest Expense |
28 |
|
|
61 |
|
|
174 |
|
|
221 |
|
Interest Income |
(592 |
) |
|
(331 |
) |
|
(1,931 |
) |
|
(1,057 |
) |
Depreciation |
3,726 |
|
|
3,469 |
|
|
14,803 |
|
|
13,701 |
|
Amortization |
322 |
|
|
489 |
|
|
1,777 |
|
|
1,769 |
|
Pre-tax CEO Transition
Costs |
237 |
|
|
0 |
|
|
2,046 |
|
|
0 |
|
Pre-tax Restructuring
Expense |
937 |
|
|
0 |
|
|
937 |
|
|
0 |
|
Adjusted EBITDA |
$ |
18,819 |
|
|
$ |
18,631 |
|
|
$ |
69,476 |
|
|
$ |
66,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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