Exhibit 99.1
KIMBALL ELECTRONICS, INC. REPORTS FIRST QUARTER FISCAL YEAR 2019 RESULTS
First quarter net sales were $266 million, up 5% from the prior year first quarter
Net income of $5.1 million and diluted earnings per share of $0.19
Returned $5.4 million to Share Owners in stock repurchases during the quarter
JASPER, IN (November 6, 2018) - Kimball Electronics, Inc. (Nasdaq: KE), a leading global electronics manufacturing services provider of high-quality, durable electronic products, today announced financial results for its first quarter ended September 30, 2018
 
 
 
 
 
 
Three Months Ended
 
 
September 30,
(Amounts in Thousands, except EPS)
 
2018 (1)
 
2017
Net Sales
 
$
265,620

 
$
253,204

Operating Income (2)
 
$
7,032

 
$
9,523

Adjusted Operating Income (non-GAAP) (2) (3)
 
$
6,940

 
$
9,523

Operating Income %
 
2.6
%
 
3.8
%
Net Income
 
$
5,069

 
$
8,480

Adjusted Net Income (non-GAAP) (3)
 
$
4,999

 
$
8,480

Diluted EPS
 
$
0.19

 
$
0.31

(1) During the three months ended September 30, 2018, the Company adopted the new accounting standard on Revenue from Contracts with Customers on a modified retrospective basis. The adoption was not material to the Condensed Consolidated Statement of Income for the three months ended September 30, 2018. The prior period was not restated.
(2) Prior period amounts have been restated to reflect the retrospective adoption of new accounting guidance on improving the presentation of net periodic pension cost and net periodic postretirement benefit cost.
(3) A reconciliation of GAAP and non-GAAP financial measures is included below.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “We achieved solid year-over-year organic growth in three of our four end market verticals as the ramp-up of new program launches helped to more than offset softness in certain mature programs.”
Mr. Charron continued, “While this was a challenging quarter for us, we are cautiously optimistic that our goals of 8% organic sales growth and 4.5% operating income remain within our reach for fiscal year 2019.”
First Quarter Fiscal Year 2019 Overview:
Consolidated net sales increased 5% organically compared to the first quarter of fiscal year 2018.
The current quarter includes non-operating expense of $0.7 million related to pre-tax net losses from foreign currency movements, which compares to pre-tax net gains of $1.1 million recognized in non-operating income in the same quarter of the prior year related to foreign currency movements.
The Romania facility continues to progress in its ramp-up and improved its impact to the consolidated operating income percent by 30 basis points compared to the prior year first quarter.
Operating activities used cash of $10.0 million during the quarter, which compares to cash used by operating activities of $0.2 million in the first quarter of fiscal year 2018.
Cash conversion days (“CCD”) for the quarter ended September 30, 2018 were 68 days, up from 59 days in the same quarter last year. CCD is calculated as the sum of days sales outstanding plus contract asset days plus production days supply on hand less accounts payable days.
$5.4 million was returned to Share Owners during the quarter in the form of common stock repurchases.
Investments in capital expenditures were $4.8 million during the quarter.
Cash and cash equivalents were $75.0 million and borrowings outstanding on credit facilities were $59.3 million at September 30, 2018.
Return on invested capital (“ROIC”), calculated for the trailing twelve months, was 9.3% and 10.2% for the twelve months ended September 30, 2018 and 2017, respectively (see reconciliation of non-GAAP financial measures for ROIC calculation).




The following information was filed by Kimball Electronics, Inc. (KE) on Tuesday, November 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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