Kimball Electronics (KE) has reported 71.17 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $7.81 million, or $0.28 a share in the quarter, compared with $4.56 million, or $0.16 a share for the same period last year.
Revenue during the quarter grew 11.17 percent to $230.26 million from $207.13 million in the previous year period. Gross margin for the quarter expanded 115 basis points over the previous year period to 8.93 percent. Total expenses were 94.68 percent of quarterly revenues, down from 96.65 percent for the same period last year. This has led to an improvement of 197 basis points in operating margin to 5.32 percent.
Operating income for the quarter was $12.24 million, compared with $6.93 million in the previous year period.
Donald D. Charron, chairman and chief executive officer, stated, "Continued strength in the automotive market combined with double-digit growth in our industrial end market vertical helped us set a new quarterly sales record for the fourth consecutive quarter. Our new program launch activity remains high as we continue to work diligently to achieve our goal of $1 billion in annual sales by fiscal year 2018."
Operating cash flow improves significantlyKimball Electronics has generated cash of $26.09 million from operating activities during the first half, up 59.88 percent or $9.77 million, when compared with the last year period. The company has spent $21.69 million cash to meet investing activities during the first six months as against cash outgo of $19.26 million in the last year period.
The company has spent $15.03 million cash to carry out financing activities during the first six months as against cash outgo of $1.19 million in the last year period.
Cash and cash equivalents stood at $42.74 million as on Dec. 31, 2016, down 29.35 percent or $17.76 million from $60.50 million on Dec. 31, 2015.
Debt increases substantiallyKimball Electronics has witnessed an increase in total debt over the last one year. It stood at $9 million as on Dec. 31, 2016, up 200 percent or $6 million from $3 million on Dec. 31, 2015. Total debt was 1.72 percent of total assets as on Dec. 31, 2016, compared with 0.62 percent on Dec. 31, 2015. Debt to equity ratio was at 0.03 as on Dec. 31, 2016, up from 0.01 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
