Kimball Electronics sees earnings rise for 4Q, full year
Kimball Electronics, which spun off from Kimball International last fall, says it’s essentially finished with all the work required to function independent of its former parent.
Until last year, Kimball International operated two different divisions: furniture and electronic manufacturing services. In October, the electronics side of the business was spun off as a separate public company, Kimball Electronics. The furniture manufacturing business continues to operate as Kimball International. Both companies are based in Jasper.
Even after last year’s spinoff, additional work remained to physically separate the companies’ information technology systems and office facilities.
“We are very pleased to report that this work has now been substantially completed, six months ahead of our original schedule,” said Kimball Electronics Board Chairman and Chief Executive Officer Don Charron.
The company released its fourth-quarter and fiscal-year-end financial results this week, and Charron made his remarks Thursday during a conference call with analysts.
Within the next few weeks, Charron said, Kimball Electronics expects to move into its new headquarters.
When that happens, the CEO said, the spinoff will be “substantially complete.”
The company reported fourth-quarter net income of $7.4 million (25 cents per diluted share), up from $5.4 million (18 cents per diluted share) during the same period last year.
Net sales for the quarter totaled $201.1 million, up 1 percent over a year ago.
Full-year earnings totaled $26.2 million (89 cents per diluted share), up from $24.6 million (84 cents per diluted share) the prior year.