Jasper based Kimball International revealed the company’s third-quarter net sales for the fiscal year 2016 at 150-million dollars as well as income from continuing operations of 2.8 million, or 7 cents per diluted share.
The company says adjusted income from continuing operations for the third quarter of fiscal year 2016 was $4.4 million, or 12 cents per diluted share, which excludes charges related to a previously announced restructuring plan.
Highlights of the third quarter include:
Net sales in the third quarter of fiscal year 2016 increased 3 percent from the prior year third quarter. The increase was primarily driven by the healthcare and government verticals.
Sales from new office furniture products introduced in the last three years increased 54 percent compared to the third quarter of last year.
Orders received during the third quarter of fiscal year 2016 increased 13 percent over the prior year.
Third quarter gross profit as a percent of net sales increased 3 tenths of a percentage point over the prior year third quarter, driven by price increases, an overall shift in sales mix to higher margin business, the benefit of leverage on higher sales, and lower freight costs, partially offset by increased labor and overhead expenses.
The company’s cash and cash equivalents balance was $43.8 million as of March 31st, compared to June 30th of 2015, as well as cash and cash equivalents of $34.7 million. The increase was driven by strong current year cash flows from operations.