-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Kimball Electronics, Inc. Reports Fourth Quarter Loss And Fiscal Year 2020 Results
August 20, 2020 | Globe NewswireEstimated reading time: 2 minutes
Kimball Electronics, Inc. announced financial results for its fourth quarter and fiscal year ended June 30, 2020.
Highlights include:
- Net sales in the fourth quarter were $286 million, down 10% year over year
- Fourth quarter net loss of $1.3 million, which includes a non-cash after-tax goodwill impairment charge of $6.9 million and after-tax non-operating charge of $2.9 million related to the finalization of the net working capital adjustment after the measurement period for the GES acquisition
- Adjusted net income of $8.5 million
- Loss per share of $0.5 and adjusted diluted earnings per share (non-GAAP) of $0.34 for the quarter
- Strong cash flows provided by operating activities of $21.5 million during the fourth quarter
Donald D. Charron, chairman and chief executive officer, stated, “We are pleased with the operating results we delivered in the fourth quarter of fiscal year 2020 despite the global interruptions and challenges caused by the COVID-19 pandemic. The health and safety of our employees remains our number one priority, and we continue to make every effort to keep our facilities safe, utilizing protection shields, face masks, body temperature scanning, social distancing, and proper hygiene.
“Of our 6,400 employees around the world, approximately 1% have tested positive for the virus and in each positive test case, our responses followed our procedures for communication to our employees, contact tracing, self-quarantining, testing, and sanitization of the affected work areas. Because of the disciplined response and extraordinary effort of our people around the world, we were able to perform our mission as an ‘essential business’ and support the significant increases from our medical customers for their respiratory care and patient monitoring products.”
He continues, “In the fourth quarter of fiscal year 2020, sales in our medical vertical increased 23% compared to the fourth quarter of fiscal year 2019 and were up 42% sequentially. We expect the momentum in our medical vertical to continue during the first half of fiscal year 2021. I feel honored and privileged that our company can play such an important role to help in the recovery of people infected by the virus.”
Charron concluded, “The sales decline in our automotive vertical was disappointing, but was not surprising, given the extensive automotive plant shutdowns across North America and Europe during the months of April and May. While the automotive industry restart has been slower than expected, we are encouraged to see our June-ending run rates start to approach pre-COVID-19 levels. Lastly, while changes to anticipated revenues for our GES reporting unit resulted in an impairment charge in the quarter, we remain optimistic about the long-term opportunities for GES and continue to make progress on our integration and diversification plans. During the quarter, GES realized its strongest net sales and operating performance since the acquisition in October 2018.”
Suggested Items
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Aspocomp’s Q1 Net Sales and Operating Result Decreased YoY
04/18/2024 | AspocompInflation and interest rates, weak economic development, the uncertainties posed by Russia’s war of aggression and the situation in the Middle East, and global trade policy tensions will affect the operating environment of Aspocomp and its customers in the 2024 fiscal year.
Cicor Records Solid Growth in Q1
04/16/2024 | CicorThe Cicor Group continued to grow in the first three months of the year. Quarterly sales increased by 11.8% to CHF 107.3 million compared to the first quarter of the previous year (Q1/2023: CHF 96.0 million).
Europe’s IT, Business Services Sector on the Rebound in Q1: ISG Index
04/15/2024 | BUSINESS WIREEurope’s demand for IT and business services in the first quarter rose for the first time in a year, powered by growth from the banking, financial services and insurance (BFSI) sector, according to the latest state-of-the-industry report from Information Services Group (ISG), a leading global technology research and advisory firm.
FTG Announces Q1 2024 Financial Results
04/12/2024 | Firan Technology Group CorporationDuring Q1 2024, the Corporation has continued to invest in technology in existing sites, grow the business organically, and integrate the two acquisitions completed last year. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished the following in Q1 2024, which continues to improve the Corporation and position it for the future: