Indiana | 001-36454 | 35-2047713 | ||||||||||||
(State or other jurisdiction of | (Commission File | (IRS Employer Identification No.) | ||||||||||||
incorporation) | Number) |
1205 Kimball Boulevard, Jasper, Indiana |
47546 | |||||||
(Address of principal executive offices) | (Zip Code) |
Not Applicable | ||
(Former name or former address, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each Class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, no par value | KE | The Nasdaq Stock Market LLC |
Exhibit | ||||||||
Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL) |
KIMBALL ELECTRONICS, INC. | |||||
By: | /s/ Jana T. Croom | ||||
JANA T. CROOM Chief Financial Officer |
Three Months Ended | |||||||||||
September 30, | |||||||||||
(Amounts in Thousands, except EPS) | 2023 | 2022 | |||||||||
Net Sales | $ | 438,081 | $ | 405,889 | |||||||
Operating Income | $ | 19,490 | $ | 13,571 | |||||||
Operating Income % | 4.4 | % | 3.3 | % | |||||||
Net Income | $ | 10,754 | $ | 9,509 | |||||||
Diluted EPS | $ | 0.43 | $ | 0.38 | |||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||||
(Amounts in Millions) | 2023 | * | 2022 | * | Percent Change | ||||||||||||||||||||||||
Automotive (1) |
$ | 212.5 | 49 | % | $ | 188.2 | 46 | % | 13 | % | |||||||||||||||||||
Medical (1) |
102.4 | 23 | % | 116.0 | 29 | % | (12) | % | |||||||||||||||||||||
Industrial (1) |
123.2 | 28 | % | 101.7 | 25 | % | 21 | % | |||||||||||||||||||||
Total Net Sales | $ | 438.1 | $ | 405.9 | 8 | % | |||||||||||||||||||||||
*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, smart metering, and public safety | |||||||||||||||||||||||||||||
Conference Call / Webcast | ||||||||
Date: | November 7, 2023 | |||||||
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: | 408670 |
Condensed Consolidated Statements of Income | |||||||||||||||||||||||
(Unaudited) | Three Months Ended | ||||||||||||||||||||||
(Amounts in Thousands, except Per Share Data) | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||
Net Sales | $ | 438,081 | 100.0 | % | $ | 405,889 | 100.0 | % | |||||||||||||||
Cost of Sales | 402,539 | 91.9 | % | 376,568 | 92.8 | % | |||||||||||||||||
Gross Profit | 35,542 | 8.1 | % | 29,321 | 7.2 | % | |||||||||||||||||
Selling and Administrative Expenses | 16,052 | 3.7 | % | 15,750 | 3.9 | % | |||||||||||||||||
Operating Income | 19,490 | 4.4 | % | 13,571 | 3.3 | % | |||||||||||||||||
Interest Income | 299 | 0.1 | % | 17 | — | % | |||||||||||||||||
Interest Expense | (5,447) | (1.2) | % | (1,920) | (0.5) | % | |||||||||||||||||
Non-Operating Income (Expense), net | (1,131) | (0.3) | % | 500 | 0.2 | % | |||||||||||||||||
Other Income (Expense), net | (6,279) | (1.4) | % | (1,403) | (0.3) | % | |||||||||||||||||
Income Before Taxes on Income | 13,211 | 3.0 | % | 12,168 | 3.0 | % | |||||||||||||||||
Provision for Income Taxes | 2,457 | 0.5 | % | 2,659 | 0.7 | % | |||||||||||||||||
Net Income | $ | 10,754 | 2.5 | % | $ | 9,509 | 2.3 | % | |||||||||||||||
Earnings Per Share of Common Stock: | |||||||||||||||||||||||
Basic | $ | 0.43 | $ | 0.38 | |||||||||||||||||||
Diluted | $ | 0.43 | $ | 0.38 | |||||||||||||||||||
Average Number of Shares Outstanding: | |||||||||||||||||||||||
Basic | 25,041 | 24,826 | |||||||||||||||||||||
Diluted | 25,238 | 24,955 | |||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | Three Months Ended | ||||||||||
(Unaudited) | September 30, | ||||||||||
(Amounts in Thousands) | 2023 | 2022 | |||||||||
Net Cash Flow provided by (used for) Operating Activities | $ | 12,801 | $ | (60,194) | |||||||
Net Cash Flow used for Investing Activities | (11,302) | (19,320) | |||||||||
Net Cash Flow provided by Financing Activities | 13,985 | 50,769 | |||||||||
Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash | (549) | (1,391) | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 14,935 | (30,136) | |||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 43,864 | 49,851 | |||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 58,799 | $ | 19,715 |
(Unaudited) | |||||||||||
Condensed Consolidated Balance Sheets | September 30, 2023 |
June 30, 2023 |
|||||||||
(Amounts in Thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 56,581 | $ | 42,955 | |||||||
Receivables, net | 259,419 | 308,167 | |||||||||
Contract assets | 87,675 | 78,798 | |||||||||
Inventories | 482,229 | 450,319 | |||||||||
Prepaid expenses and other current assets | 45,141 | 49,188 | |||||||||
Property and Equipment, net | 268,645 | 267,684 | |||||||||
Goodwill | 12,011 | 12,011 | |||||||||
Other Intangible Assets, net | 11,603 | 12,335 | |||||||||
Other Assets | 39,862 | 38,262 | |||||||||
Total Assets | $ | 1,263,166 | $ | 1,259,719 | |||||||
LIABILITIES AND SHARE OWNERS’ EQUITY |
|||||||||||
Current portion of borrowings under credit facilities | $ | 61,680 | $ | 46,454 | |||||||
Accounts payable | 308,912 | 322,274 | |||||||||
Advances from customers | 41,467 | 33,905 | |||||||||
Accrued expenses | 66,272 | 72,515 | |||||||||
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 | 18,318 | 19,718 | |||||||||
Share Owners’ Equity | 528,262 | 523,994 | |||||||||
Total Liabilities and Share Owners’ Equity | $ | 1,263,166 | $ | 1,259,719 |
Reconciliation of Non-GAAP Financial Measures | |||||||||||
(Unaudited) | |||||||||||
(Amounts in Thousands, except Per Share Data) | |||||||||||
Three Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net Sales Growth (vs. same period in prior year) | 8 | % | 39 | % | |||||||
Foreign Currency Exchange Impact | 1 | % | (5) | % | |||||||
Constant Currency Growth | 7 | % | 44 | % | |||||||
Operating Income, as reported | $ | 19,490 | $ | 13,571 | |||||||
SERP | (177) | (235) | |||||||||
Adjusted Operating Income | $ | 19,313 | $ | 13,336 | |||||||
Twelve Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating Income | $ | 93,648 | $ | 61,340 | |||||||
SERP | 759 | (1,711) | |||||||||
Legal Recovery | (212) | — | |||||||||
Adjusted Operating Income (non-GAAP) | $ | 94,195 | $ | 59,629 | |||||||
Tax Effect | 22,913 | 16,356 | |||||||||
After-tax Adjusted Operating Income | $ | 71,282 | $ | 43,273 | |||||||
Average Invested Capital (1) |
$ | 738,096 | $ | 544,711 | |||||||
ROIC | 9.7 | % | 7.9 | % |