Exhibit 99.1
KIMBALL ELECTRONICS, INC. REPORTS RECORD RESULTS FOR ITS THIRD QUARTER FISCAL YEAR 2019
Quarterly records for net sales, operating income, net income, and diluted EPS
Net sales up 10% year-over-year to $313 million
Record quarterly operating income of $14.5 million
New quarterly records for net income of $11.8 million and diluted earnings per share of $0.46
Returned $4.7 million to Share Owners in stock repurchases during the quarter
JASPER, IN (May 7, 2019) - Kimball Electronics, Inc. (Nasdaq: KE), a leading global electronics manufacturing services provider of high-quality, durable electronic products, today announced financial results for its third quarter ended March 31, 2019
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
March 31,
 
March 31,
(Amounts in Thousands, except EPS)
2019 (1)
 
2018
 
2019 (1)
 
2018
Net Sales
$
313,454

 
$
283,938

 
$
863,223

 
$
795,293

Operating Income (2)
$
14,497

 
$
11,130

 
$
31,741

 
$
30,772

Adjusted Operating Income (non-GAAP) (2) (3)
$
14,497

 
$
11,130

 
$
31,649

 
$
30,772

Operating Income %
4.6
%
 
3.9
%
 
3.7
%
 
3.9
%
Net Income
$
11,849

 
$
10,835

 
$
24,033

 
$
10,968

Adjusted Net Income (non-GAAP) (3)
$
11,849

 
$
10,705

 
$
23,712

 
$
27,418

Diluted EPS
$
0.46

 
$
0.40

 
$
0.92

 
$
0.41

Adjusted Diluted EPS (non-GAAP) (3)
$
0.46

 
$
0.40

 
$
0.90

 
$
1.01

(1) As of the beginning of fiscal year 2019, the Company adopted the new accounting standard on Revenue from Contracts with Customers on a modified retrospective basis. For the three months ended March 31, 2019, the adoption increased Net Sales $2.6 million, Net Income increased $0.4 million, and Diluted EPS increased by $0.01. For the nine months ended March 31, 2019, the adoption increased Net Sales $9.0 million, Net Income increased $0.6 million, and Diluted EPS increased $0.03. The prior periods were 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 delivered record sales, operating income, net income, and diluted EPS in our third quarter. Strong double-digit organic growth in our Medical and Industrial end market verticals helped us exceed our 8% organic growth goal and set the new quarterly sales record.  New program launches and ramp-ups more than offset continued softness in certain other programs primarily caused by global macro-economic conditions and trade uncertainties.”
Mr. Charron continued, “We made excellent progress optimizing the business as we were successful expanding our operating margin by 70 basis points when compared to the third quarter of fiscal year 2018, helping us exceed our goal of 4.5% operating income.  Our acquisition integration work with GES continues as we remain focused on our strategy to become a multifaceted manufacturing solutions company.  We have good momentum, and we are cautiously optimistic that we can begin to consistently achieve our goals of 8% organic growth and 4.5% operating income.”
Third Quarter Fiscal Year 2019 Overview:
Consolidated net sales increased 10% compared to the third quarter of fiscal year 2018. Net sales in the third quarter were impacted by:
Unfavorable foreign currency movements decreased net sales by approximately 3% compared to the prior year third quarter.
Net sales during the quarter were up 2% as a result of the GES acquisition and 1% as a result of the adoption of new revenue recognition accounting standards.
Operating income, as a percent of net sales, of 4.6% represents our best quarter since the second quarter of fiscal year 2017.
The Romania facility continued its progress with achieving the milestone of generating net income for the quarter.



The following information was filed by Kimball Electronics, Inc. (KE) on Tuesday, May 7, 2019 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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