JASPER, Ind.–(BUSINESS WIRE)–Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the third quarter of fiscal 2024 with net sales totaling $425.0 million and a net loss of $6.1 million, or $0.24 per share. This result includes the impairment of the Automation, Test & Measurement business, which the Company expects to divest, along with restructuring expense, partially offset by the recovery of a legal settlement. A detailed reconciliation is provided later in this release.
- Excluding these items, adjusted net income in the third quarter of fiscal 2024 totaled $8.4 million, or $0.34 per diluted share, and adjusted operating income equaled $17.0 million, or 4.0% of net sales.
- Cash flow from operating activities in the quarter was $42.6 million driven by inventory reductions.
- Company sharpens strategic focus on EMS operations and aligns cost structure to short-term demand trends.
- Guidance for adjusted operating income in fiscal 2024 reiterated, while the estimate for net sales was updated, in response to the challenging operating environment, and capital expenditures strategically reduced.
- Resumption of share repurchases approved by the Board of Directors.
|
|
Three Months Ended |
|
Nine Months Ended 
|
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
|
(Amounts in Thousands, except EPS) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Net Sales |
$ |
425,036 |
|
|
$ |
484,703 |
|
|
$ |
1,284,352 |
|
|
$ |
1,327,288 |
|
|
Operating Income |
$ |
(6,431 |
) |
|
$ |
25,220 |
|
|
$ |
29,669 |
|
|
$ |
56,280 |
|
|
Adjusted Operating Income (non-GAAP) (1) |
$ |
16,960 |
|
|
$ |
25,573 |
|
|
$ |
53,367 |
|
|
$ |
56,738 |
|
|
Operating Income % |
|
(1.5 |
)% |
|
|
5.2 |
% |
|
|
2.3 |
% |
|
|
4.2 |
% |
|
Adjusted Operating Income (non-GAAP) % |
|
4.0 |
% |
|
|
5.3 |
% |
|
|
4.2 |
% |
|
|
4.3 |
% |
|
Net Income (Loss) |
$ |
(6,076 |
) |
|
$ |
16,400 |
|
|
$ |
12,968 |
|
|
$ |
36,629 |
|
|
Adjusted Net Income (non-GAAP) (1) |
$ |
8,441 |
|
|
$ |
16,400 |
|
|
$ |
27,485 |
|
|
$ |
36,908 |
|
|
Diluted EPS |
$ |
(0.24 |
) |
|
$ |
0.65 |
|
|
$ |
0.51 |
|
|
$ |
1.46 |
|
|
Adjusted Diluted EPS (non-GAAP) (1) |
$ |
0.34 |
|
|
$ |
0.65 |
|
|
$ |
1.09 |
|
|
$ |
1.47 |
|
|
(1) A reconciliation of GAAP and non-GAAP financial measures is included below. |
|||||||||||||||
Commenting on today’s announcement, Richard D. Phillips, Chief Executive Officer, stated, “As we anticipated, the operating environment has remained challenged for the EMS industry, and our sales in the third quarter declined as expected. During this period of end market softness, we have focused on ‘controlling what we can control,’ proactively aligning our cost structure with short-term demand trends, maintaining competitiveness with stable operating margins, and focusing on working capital improvements.”
Mr. Phillips continued, “We’re taking meaningful steps to sharpen our strategic focus and further position the Company for profitable growth, and stronger performance moving forward. With the expected divestiture of the Automation, Test & Measurement business, our team can increase focus and support on our core EMS operations. While we suspect the macro headwinds will persist in fiscal 2025, we’re continuing to make investments in long-term growth opportunities supported by a robust funnel for new business in the next 18-24 months, while deploying a capital allocation strategy that balances growth, lasting customer relationships, and returning cash to Share Owners with opportunistic share repurchases.”
The Company ended the third quarter of fiscal 2024 with cash and cash equivalents of $65.2 million and borrowings outstanding on credit facilities of $319.6 million, including $235.0 million classified as long term, and $117.4 million of borrowing capacity available. Capital expenditures were $13.4 million in Q3.
Net Sales by Vertical Market for Q3 Fiscal 2024:
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
||||||||||||||||||||||||||
|
|
March 31, |
|
|
|
March 31, |
|
|
||||||||||||||||||||||||||
|
(Amounts in Millions) |
2024 |
|
* |
|
2023 |
|
* |
|
Percent |
|
2024 |
|
* |
|
2023 |
|
* |
|
Percent |
||||||||||||||
|
Automotive (1) |
$ |
202.0 |
|
47 |
% |
|
$ |
221.9 |
|
46 |
% |
|
(9 |
)% |
|
$ |
614.7 |
|
48 |
% |
|
$ |
615.3 |
|
46 |
% |
|
— |
% |
||||
|
Medical (1) |
|
113.0 |
|
|
27 |
% |
|
|
135.5 |
|
|
28 |
% |
|
(17 |
)% |
|
|
323.5 |
|
|
25 |
% |
|
|
377.1 |
|
|
29 |
% |
|
(14 |
)% |
|
Industrial (1) |
|
110.0 |
|
|
26 |
% |
|
|
127.3 |
|
|
26 |
% |
|
(14 |
)% |
|
|
346.2 |
|
|
27 |
% |
|
|
334.9 |
|
|
25 |
% |
|
3 |
% |
|
Total Net Sales |
$ |
425.0 |
|
|
|
|
$ |
484.7 |
|
|
|
|
(12 |
)% |
|
$ |
1,284.4 |
|
|
|
|
$ |
1,327.3 |
|
|
|
|
(3 |
)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
* As a percent of Total Net Sales |
|||||||||||||||||||||||||||||||||
|
(1) Beginning in fiscal year 2024, miscellaneous sales previously reported in Other are now reported in the respective three end market verticals; all prior periods have been recast to conform to current period presentation |
|||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
– Automotive includes electronic power steering, body controls, automated driver assist systems, and electronic braking systems |
|||||||||||||||||||||||||||||||||
|
– Medical includes sleep therapy and respiratory care, image guided therapy, in vitro diagnostics, drug delivery, AED, and patient monitoring |
|||||||||||||||||||||||||||||||||
|
– Industrial includes climate controls, automation controls, optical inspection, and public safety |
|||||||||||||||||||||||||||||||||
Guidance for Fiscal Year 2024
The Company reiterated its guidance for adjusted operating income in fiscal year 2024 of 4.2% to 4.6% of net sales. In response to the current economic environment, net sales are now expected to decline 4% to 6%, compared to the previous estimate of a 2% to 4% decrease. Capital expenditures are estimated to be in the range of $55 to $60 million, compared to the previous guidance of $70 to $80 million.
Forward-Looking Statements
Certain statements contained within this release are considered forward-looking, including our fiscal year 2024 guidance, under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as “expect,” “should,” “goal,” “predict,” “will,” “future,” “optimistic,” “confident,” and “believe.” Undue reliance should not be placed on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These forward-looking statements are subject to risks and uncertainties including, without limitation, global economic conditions, geopolitical environment and conflicts such as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, foreign exchange rate fluctuations, and our ability to convert new business opportunities into customers and revenue. 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, 2023.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. The non-GAAP financial measures contained herein include constant currency growth, adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the Reconciliation of Non-GAAP Financial Measures section below. Management believes these measures are useful and allow investors to meaningfully trend, analyze, and benchmark the performance of the company’s core operations. The company’s non-GAAP financial measures are not necessarily comparable to non-GAAP information used by other companies.
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.
|
Conference Call / Webcast |
||
|
|
|
|
|
Date: |
|
May 8, 2024 |
|
Time: |
|
10:00 AM Eastern Time |
|
Live Webcast: |
|
investors.kimballelectronics.com/events-and-presentations/events |
|
Dial-In #: |
|
404-975-4839 (other locations – 833-470-1428) |
|
Conference ID: |
|
889032 |
For those unable to participate in the live webcast, the call will be archived at investors.kimballelectronics.com.
Lasting relationships. Global success.
Financial highlights for the third quarter and year-to-date period ended March 31, 2024 are as follows:
|
Condensed Consolidated Statements of Income |
|||||||||||||
|
(Unaudited) |
Three Months Ended |
||||||||||||
|
(Amounts in Thousands, except Per Share Data) |
March 31, 2024 |
|
March 31, 2023 |
||||||||||
|
Net Sales |
$ |
425,036 |
|
|
100.0 |
% |
|
$ |
484,703 |
|
|
100.0 |
% |
|
Cost of Sales |
|
391,492 |
|
|
92.1 |
% |
|
|
441,731 |
|
|
91.1 |
% |
|
Gross Profit |
|
33,544 |
|
|
7.9 |
% |
|
|
42,972 |
|
|
8.9 |
% |
|
Selling and Administrative Expenses |
|
16,861 |
|
|
3.9 |
% |
|
|
17,752 |
|
|
3.7 |
% |
|
Other General Expense (Income) |
|
(892 |
) |
|
(0.2 |
)% |
|
|
— |
|
|
— |
% |
|
Restructuring Expense |
|
1,622 |
|
|
0.4 |
% |
|
|
— |
|
|
— |
% |
|
Goodwill Impairment |
|
5,820 |
|
|
1.4 |
% |
|
|
— |
|
|
— |
% |
|
Asset Impairment |
|
16,564 |
|
|
3.9 |
% |
|
|
— |
|
|
— |
% |
|
Operating Income (Loss) |
|
(6,431 |
) |
|
(1.5 |
)% |
|
|
25,220 |
|
|
5.2 |
% |
|
Interest Income |
|
83 |
|
|
— |
% |
|
|
45 |
|
|
— |
% |
|
Interest Expense |
|
(5,875 |
) |
|
(1.4 |
)% |
|
|
(4,822 |
) |
|
(1.0 |
)% |
|
Non-Operating Income (Expense), net |
|
(530 |
) |
|
(0.1 |
)% |
|
|
1,433 |
|
|
0.3 |
% |
|
Other Income (Expense), net |
|
(6,322 |
) |
|
(1.5 |
)% |
|
|
(3,344 |
) |
|
(0.7 |
)% |
|
Income Before Taxes on Income |
|
(12,753 |
) |
|
(3.0 |
)% |
|
|
21,876 |
|
|
4.5 |
% |
|
Provision for Income Taxes |
|
(6,677 |
) |
|
(1.6 |
)% |
|
|
5,476 |
|
|
1.1 |
% |
|
Net Income (Loss) |
$ |
(6,076 |
) |
|
(1.4 |
)% |
|
$ |
16,400 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
||||||
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
(0.24 |
) |
|
|
|
$ |
0.66 |
|
|
|
||
|
Diluted |
$ |
(0.24 |
) |
|
|
|
$ |
0.65 |
|
|
|
||
|
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
||||||
|
Basic |
|
25,118 |
|
|
|
|
|
24,898 |
|
|
|
||
|
Diluted |
|
25,118 |
|
|
|
|
|
25,067 |
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
(Unaudited) |
Nine Months Ended |
||||||||||||
|
(Amounts in Thousands, except Per Share Data) |
March 31, 2024 |
|
March 31, 2023 |
||||||||||
|
Net Sales |
$ |
1,284,352 |
|
|
100.0 |
% |
|
$ |
1,327,288 |
|
|
100.0 |
% |
|
Cost of Sales |
|
1,180,833 |
|
|
91.9 |
% |
|
|
1,220,804 |
|
|
92.0 |
% |
|
Gross Profit |
|
103,519 |
|
|
8.1 |
% |
|
|
106,484 |
|
|
8.0 |
% |
|
Selling and Administrative Expenses |
|
50,736 |
|
|
4.0 |
% |
|
|
50,204 |
|
|
3.8 |
% |
|
Other General Expense (Income) |
|
(892 |
) |
|
(0.1 |
)% |
|
|
— |
|
|
— |
% |
|
Restructuring Expense |
|
1,622 |
|
|
0.1 |
% |
|
|
— |
|
|
— |
% |
|
Goodwill Impairment |
|
5,820 |
|
|
0.5 |
% |
|
|
— |
|
|
— |
% |
|
Asset Impairment |
|
16,564 |
|
|
1.3 |
% |
|
|
— |
|
|
— |
% |
|
Operating Income |
|
29,669 |
|
|
2.3 |
% |
|
|
56,280 |
|
|
4.2 |
% |
|
Interest Income |
|
483 |
|
|
— |
% |
|
|
88 |
|
|
— |
% |
|
Interest Expense |
|
(17,459 |
) |
|
(1.4 |
)% |
|
|
(10,790 |
) |
|
(0.8 |
)% |
|
Non-Operating Income (Expense), net |
|
(959 |
) |
|
— |
% |
|
|
2,659 |
|
|
0.2 |
% |
|
Other Income (Expense), net |
|
(17,935 |
) |
|
(1.4 |
)% |
|
|
(8,043 |
) |
|
(0.6 |
)% |
|
Income Before Taxes on Income |
|
11,734 |
|
|
0.9 |
% |
|
|
48,237 |
|
|
3.6 |
% |
|
Provision for Income Taxes |
|
(1,234 |
) |
|
(0.1 |
)% |
|
|
11,608 |
|
|
0.8 |
% |
|
Net Income |
$ |
12,968 |
|
|
1.0 |
% |
|
$ |
36,629 |
|
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
||||||
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
0.52 |
|
|
|
|
$ |
1.47 |
|
|
|
||
|
Diluted |
$ |
0.51 |
|
|
|
|
$ |
1.46 |
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
||||||
|
Basic |
|
25,084 |
|
|
|
|
|
24,868 |
|
|
|
||
|
Diluted |
|
25,263 |
|
|
|
|
|
25,031 |
|
|
|
||
|
Condensed Consolidated Statements of Cash Flows |
Nine Months Ended |
||||||
|
(Unaudited) |
March 31, |
||||||
|
(Amounts in Thousands) |
2024 |
|
2023 |
||||
|
Net Cash Flow provided by (used for) Operating Activities |
$ |
24,717 |
|
|
$ |
(57,885 |
) |
|
Net Cash Flow used for Investing Activities |
|
(37,702 |
) |
|
|
(66,497 |
) |
|
Net Cash Flow provided by Financing Activities |
|
36,571 |
|
|
|
107,148 |
|
|
Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash |
|
(113 |
) |
|
|
(294 |
) |
|
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash |
|
23,473 |
|
|
|
(17,528 |
) |
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period |
|
43,864 |
|
|
|
49,851 |
|
|
Cash, Cash Equivalents, and Restricted Cash at End of Period |
$ |
67,337 |
|
|
$ |
32,323 |
|
|
|
(Unaudited) |
|
|
||||
|
Condensed Consolidated Balance Sheets |
March 31, |
|
June 30, |
||||
|
(Amounts in Thousands) |
|||||||
|
ASSETS |
|
|
|
||||
|
Cash and cash equivalents |
$ |
65,208 |
|
$ |
42,955 |
||
|
Receivables, net |
|
277,894 |
|
|
|
308,167 |
|
|
Contract assets |
|
76,073 |
|
|
|
78,798 |
|
|
Inventories |
|
396,199 |
|
|
|
450,319 |
|
|
Prepaid expenses and other current assets |
|
43,018 |
|
|
|
49,188 |
|
|
Assets held for sale |
|
29,619 |
|
|
|
— |
|
|
Property and Equipment, net |
|
273,823 |
|
|
|
267,684 |
|
|
Goodwill |
|
6,191 |
|
|
|
12,011 |
|
|
Other Intangible Assets, net |
|
3,197 |
|
|
|
12,335 |
|
|
Other Assets |
|
89,606 |
|
|
|
38,262 |
|
|
Total Assets |
$ |
1,260,828 |
|
|
$ |
1,259,719 |
|
|
|
|
|
|
||||
|
LIABILITIES AND SHARE OWNERS’ EQUITY |
|
|
|
||||
|
Current portion of borrowings under credit facilities |
$ |
84,618 |
|
|
$ |
46,454 |
|
|
Accounts payable |
|
248,174 |
|
|
|
322,274 |
|
|
Advances from customers |
|
36,099 |
|
|
|
33,905 |
|
|
Accrued expenses |
|
59,621 |
|
|
|
72,515 |
|
|
Liabilities held for sale |
|
9,369 |
|
|
|
— |
|
|
Long-term debt under credit facilities, less current portion |
|
235,000 |
|
|
|
235,000 |
|
|
Long-term income taxes payable |
|
3,255 |
|
|
|
5,859 |
|
|
Other long-term liabilities |
|
45,631 |
|
|
|
19,718 |
|
|
Share Owners’ Equity |
|
539,061 |
|
|
|
523,994 |
|
|
Total Liabilities and Share Owners’ Equity |
$ |
1,260,828 |
|
|
$ |
1,259,719 |
|
|
Other Financial Metrics |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
(Amounts in Millions, except CCD) |
|||||||||||||||
|
|
At or For the |
|
|
|
|
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Depreciation and Amortization |
$ |
10.5 |
|
$ |
8.2 |
|
$ |
28.5 |
|
$ |
23.8 |
||||
|
Stock-Based Compensation |
$ |
1.8 |
|
|
$ |
2.0 |
|
|
$ |
5.4 |
|
|
$ |
5.4 |
|
|
Cash Conversion Days (CCD) (1) |
|
110 |
|
|
|
92 |
|
|
|
|
|
||||
|
Open Orders (2) |
$ |
831 |
|
|
$ |
882 |
|
|
|
|
|
||||
|
(1) |
Cash Conversion Days (“CCD”) are calculated as the sum of Days Sales Outstanding plus Contract Asset Days plus Production Days Supply on Hand less Accounts Payable Days and less Advances from Customers Days. CCD, or a similar metric, is used in our industry and by our management to measure the efficiency of managing working capital. |
|
|
(2) |
Open Orders are the aggregate sales price of production pursuant to unfulfilled customer orders. |
|
Select Financial Results of Automation, Test & Measurement |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
(Amounts in Millions) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Net Sales |
$ |
8.1 |
|
|
$ |
16.8 |
|
$ |
30.9 |
|
|
$ |
40.6 |
||
|
Operating Income (Loss) (1) |
$ |
(25.4 |
) |
|
$ |
1.6 |
|
|
$ |
(24.3 |
) |
|
$ |
0.1 |
|
|
(1) |
Includes goodwill impairment of $5.8 million and asset impairment of $16.6 million for the three and nine months ended March 31, 2024. Also includes allocated corporate overhead expenses. |
|
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
(Amounts in Thousands, except Per Share Data) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Net Sales Growth (vs. same period in prior year) |
|
(12 |
)% |
|
|
32 |
% |
|
|
(3 |
)% |
|
|
36 |
% |
|
Foreign Currency Exchange Impact |
|
— |
% |
|
|
(2 |
)% |
|
|
— |
% |
|
|
(4 |
)% |
|
Constant Currency Growth |
|
(12 |
)% |
|
|
34 |
% |
|
|
(3 |
)% |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
||||||||
|
Selling and Administrative Expenses, as reported |
$ |
16,861 |
|
|
$ |
17,752 |
|
|
$ |
50,736 |
|
|
$ |
50,204 |
|
|
SERP |
|
(277 |
) |
|
|
(353 |
) |
|
|
(584 |
) |
|
|
(458 |
) |
|
Adjusted Selling and Administrative Expenses |
$ |
16,584 |
|
|
$ |
17,399 |
|
|
$ |
50,152 |
|
|
$ |
49,746 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Income (Loss), as reported |
$ |
(6,431 |
) |
|
$ |
25,220 |
|
|
$ |
29,669 |
|
|
$ |
56,280 |
|
|
SERP |
|
277 |
|
|
|
353 |
|
|
|
584 |
|
|
|
458 |
|
|
Legal Settlements (Recovery) |
|
(892 |
) |
|
|
— |
|
|
|
(892 |
) |
|
|
— |
|
|
Restructuring Expense |
|
1,622 |
|
|
|
— |
|
|
|
1,622 |
|
|
|
— |
|
|
Goodwill Impairment |
|
5,820 |
|
|
|
— |
|
|
|
5,820 |
|
|
|
— |
|
|
Asset Impairment |
|
16,564 |
|
|
|
— |
|
|
|
16,564 |
|
|
|
— |
|
|
Adjusted Operating Income |
$ |
16,960 |
|
|
$ |
25,573 |
|
|
$ |
53,367 |
|
|
$ |
56,738 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net Income (Loss), as reported |
$ |
(6,076 |
) |
|
$ |
16,400 |
|
|
$ |
12,968 |
|
|
$ |
36,629 |
|
|
Adjustments After Measurement Period on GES Acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
279 |
|
|
Legal Settlements (Recovery), After-Tax |
|
(676 |
) |
|
|
— |
|
|
|
(676 |
) |
|
|
— |
|
|
Restructuring Expense, After-Tax |
|
1,230 |
|
|
|
— |
|
|
|
1,230 |
|
|
|
— |
|
|
Goodwill Impairment, After-Tax |
|
4,414 |
|
|
|
— |
|
|
|
4,414 |
|
|
|
— |
|
|
Asset Impairment, After-Tax |
|
9,549 |
|
|
|
— |
|
|
|
9,549 |
|
|
|
— |
|
|
Adjusted Net Income |
$ |
8,441 |
|
|
$ |
16,400 |
|
|
$ |
27,485 |
|
|
$ |
36,908 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted Earnings per Share, as reported |
$ |
(0.24 |
) |
|
$ |
0.65 |
|
|
$ |
0.51 |
|
|
$ |
1.46 |
|
|
Adjustments After Measurement Period on GES Acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
Legal Settlements (Recovery) |
|
(0.03 |
) |
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
Restructuring Expense |
|
0.05 |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
Goodwill Impairment |
|
0.18 |
|
|
|
— |
|
|
|
0.18 |
|
|
|
— |
|
|
Asset Impairment |
|
0.38 |
|
|
|
— |
|
|
|
0.38 |
|
|
|
— |
|
|
Adjusted Diluted Earnings per Share |
$ |
0.34 |
|
|
$ |
0.65 |
|
|
$ |
1.09 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Twelve Months Ended |
||||||||||||
|
|
|
|
March 31, |
||||||||||||
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
||||
|
Operating Income |
|
|
|
|
$ |
61,118 |
|
|
$ |
76,858 |
|
||||
|
Goodwill Impairment |
|
|
|
|
|
5,820 |
|
|
|
— |
|
||||
|
SERP |
|
|
|
|
|
827 |
|
|
|
(701 |
) |
||||
|
Legal Recovery |
|
|
|
|
|
(1,104 |
) |
|
|
— |
|
||||
|
Restructuring Expense |
|
|
|
|
|
1,622 |
|
|
|
— |
|
||||
|
Asset Impairment |
|
|
|
|
|
16,564 |
|
|
|
— |
|
||||
|
Adjusted Operating Income (non-GAAP) |
|
|
|
|
$ |
84,847 |
|
|
$ |
76,157 |
|
||||
|
Tax Effect |
|
|
|
|
|
19,947 |
|
|
|
20,375 |
|
||||
|
After-tax Adjusted Operating Income |
|
|
|
|
$ |
64,900 |
|
|
$ |
55,782 |
|
||||
|
Average Invested Capital (1) |
|
|
|
|
$ |
783,059 |
|
|
$ |
659,911 |
|
||||
|
ROIC |
|
|
|
|
|
8.3 |
% |
|
|
8.5 |
% |
||||
|
(1) |
Average invested capital is computed using Share Owners’ equity plus current and non-current debt less cash and cash equivalents averaged for the last five quarters. |
Contacts
Andrew D. Regrut
Vice President, Investor Relations
812.827.4151
Investor.Relations@kimballelectronics.com
