Kimball International reports 1st quarter sales down

Kimball International, Inc. reported first-quarter sales were down 27 percent due to impacts from the pandemic.

Selected Financial Highlights:

First Quarter FY 2021

• Net sales decreased 27% to $147.9 million
• Gross margin expanded by 50 basis points despite lower revenue
• Operating income margin of 4.3%, or 7.8% on an adjusted basis
• Net income of $5.4 million, decreased 53%
• Adjusted EBITDA of $15.8 million, decreased 34%, and adjusted EBITDA margin of 10.7% decreased 110 basis points on lower volume
• Diluted EPS of $0.14, or $0.23 on an adjusted basis, a decrease of 43% compared to adjusted EPS of $0.40 a year ago
• Backlog of $139.5 million

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