Kimball Electronics, Inc. Reports First Quarter Fiscal Year 2020 Results

Nov 5, 2019, 00:00 AM by Nicole Lesniewicz
JASPER, Ind., Nov. 05, 2019 (GLOBE NEWSWIRE) -- Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its first quarter ended September 30, 2019.

 

Nov 05, 2019

 
 

First quarter net sales were  $313 million, up 18% year-over-year
Operating income, as a percent of net sales, increased 90 basis points from the prior year first quarter
Strong cash flow provided by operations of  $39.6 million during the quarter
Returned  $3.5 million to Share Owners in stock repurchases during the quarter
 

JASPER, Ind.,  Nov. 05, 2019 (GLOBE NEWSWIRE) --  Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its first quarter ended September 30, 2019.

 

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Donald D. Charron, Chairman and Chief Executive Officer, stated, “We delivered excellent growth results in the first quarter of fiscal year 2020 despite a general softening in the overall market.  We achieved double-digit growth in three of our four end market verticals when compared to the same period last year, including a new quarterly record for net sales in our Medical end market vertical.”

Mr. Charron continued, “We are extremely pleased with the progress we made in expanding our operating margin in the first quarter when comparing both year-over-year and sequentially from the fourth quarter of fiscal year 2019.  As new programs ramp up to projected run rates and we continue to drive improvements in the GES operations, we expect to realize additional leverage from our sales growth.”

First Quarter Fiscal Year 2020 Overview:

 


 

Net Sales by Vertical Market:

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Onward 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, successful integration of acquisitions, ramp up of 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.  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  June 30, 2019.

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  the United States in the statement of income, statement of comprehensive income, balance sheet, statement of cash flows, or statement of share owners’ equity of the Company.  The non-GAAP financial measures contained herein include adjusted operating income, adjusted net income, and ROIC.  These measures include adjustments for the three months ended September 30, 2018 for proceeds from a class action lawsuit settlement.  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 effect of the proceeds from the lawsuit settlement.  Excluding this amount allows investors to meaningfully trend, analyze, and benchmark the performance of the Company’s core operations.

 

 

Conference Call / Webcast
   
Date: November 6, 2019
Time: 10:00 AM Eastern Time
Dial-In #: 800-992-4934 (International Calls - 937-502-2251)
Conference ID: 1836429
   
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.

About  Kimball Electronics, Inc.
Kimball Electronics is a multifaceted manufacturing solutions provider of electronics and diversified contract manufacturing services to customers around the world.  From our operations in  the United States,  China,  India,  Japan,  Mexico,  Poland,  Romania,  Thailand, and  Vietnam, our teams are proud to provide manufacturing services for a variety of industries.  Recognized for a reputation of excellence, we are committed to a high-performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior.   Kimball Electronics, Inc. (NASDAQ: KE) is headquartered in  Jasper, Indiana.

To learn more about  Kimball Electronics, visit: www.kimballelectronics.com

 

Lasting relationships. Global success.

 

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