Aug 01, 2018
JASPER, Ind., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Kimball Electronics, Inc. (NASDAQ:KE), is a leading global electronic manufacturing services provider of high-quality, durable electronic products, today announced financial results for its fourth quarter and fiscal year ended June 30, 2018.
|Three Months Ended||Fiscal Year Ended|
|June 30,||June 30,|
|(Amounts in Thousands, except EPS)||2018||2017||2018||2017|
|Adjusted Operating Income (non-GAAP)*||$||11,354||$||8,455||$||42,348||$||39,052|
|Operating Income %||4.1||%||3.5||%||4.0||%||4.6||%|
|Adjusted Operating Income (non-GAAP) %||4.1||%||3.5||%||4.0||%||4.2||%|
|Adjusted Net Income (non-GAAP)*||$||7,193||$||8,128||$||34,611||$||30,755|
|Adjusted Diluted EPS (non-GAAP)*||$||0.27||$||0.30||$||1.28||$||1.12|
* A reconciliation of GAAP and non-GAAP financial measures is included below.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “Very strong growth in our automotive and medical end market verticals helped us achieve double-digit year-over-year growth for the fourth consecutive quarter and exceed our long-time stated goal of $1 billion in annual sales in fiscal year 2018."
Mr. Charron continued, “We are pleased to have improved our operating income margin by 60 basis points from the prior year quarter and 20 basis points sequentially when compared to the third quarter. Partially offsetting the improved operating performance in the fourth quarter were expenses directly associated with our pending acquisition of GES, which we believe is still on track to close in this first quarter of fiscal year 2019. The much-anticipated progress in Romania came through in the fourth quarter helping to drive the improved overall performance, and we look forward to their continued growth and positive contributions in fiscal year 2019. We remain focused on achieving our mid-range goal of 4.5% operating income.”
Fourth Quarter Fiscal Year 2018 Overview:
Net Sales by Vertical Market:
|Three Months Ended|
|(Amounts in Millions)||2018||2017||Percent Change|
|Total Net Sales||$||276.8||$||241.3||15||%|
Fiscal Year 2018 Overview:
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, successful integration of acquisitions and new operations, global economic conditions, geopolitical environment, significant volume reductions from key contract customers, loss of key customers or suppliers, financial stability of key customers and suppliers, availability or cost of raw materials, impact related to tariffs and other trade barriers, and increased competitive pricing pressures reflecting excess industry capacities. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in its Annual Report on Form 10-K for the year ended .
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 or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”) in in the statement of income, statement of comprehensive income, balance sheet, statement of cash flows, or statement of equity of the Company. The non-GAAP financial measures contained herein include adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. These measures include adjustments in the three months and fiscal year ended June 30, 2018 for the provisional tax items related to the U.S. Tax Cuts and Jobs Act (“Tax Reform”) enacted in and adjustments in the fiscal year ended June 30, 2017 related to proceeds from a lawsuit settlement and a bargain purchase gain on the acquisition of Aircom Manufacturing, Inc. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the financial highlights table below. Management believes it is useful for investors to understand how its core operations performed without the effects of the provisional tax items related to Tax Reform, proceeds from the lawsuit settlement, and the bargain purchase gain. Excluding these amounts allows investors to meaningfully trend, analyze, and benchmark the performance of the Company’s core operations. Many of the Company’s internal performance measures that management uses to make certain operating decisions exclude these items to enable meaningful trending of core operating metrics.
|Conference Call / Webcast|
|Date:||August 2, 2018|
|Time:||10:00 AM Eastern Time|
|Dial-In #:||800-992-4934 (International Calls - 937-502-2251)|
The live webcast of the conference call can be accessed at investors.kimballelectronics.com. For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com.
Recognized with a reputation for excellence, Kimball Electronics is committed to a high performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior. Kimball Electronics employees know they are part of the company culture that builds lasting relationships and global success for customers while enabling employees to share in the Company's success through personal, professional, and financial growth.
Kimball Electronics trades under the symbol "KE" on the NASDAQ Stock Market. Kimball Electronics is a global contract manufacturing services ("EMS") company that specializes in durable electronics for the automotive, medical, industrial, and public safety end markets. Kimball Electronics is well recognized by customers and industry trade publications for its excellent quality, reliability, and innovative service. From its manufacturing operations in the United States, China, Mexico, Poland, Romania, and Thailand, Kimball Electronics provides electronic manufacturing services, including engineering and supply chain support, which utilize common production and support capabilities to a variety of industries globally. Kimball Electronics is headquartered in Jasper, Indiana.
To learn more about Kimball Electronics, visit: www.kimballelectronics.com.
Lasting relationships. Global success.