Exhibit 99.1
KIMBALL ELECTRONICS, INC. REPORTS RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR 2019

JASPER, IN (July 31, 2019) - Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its fourth quarter and fiscal year ended June 30, 2019
 
 
 
 
 
Three Months Ended
 
Fiscal Year Ended
 
June 30,
 
June 30,
(Amounts in Thousands, except EPS)
2019 (1)
 
2018
 
2019 (1)
 
2018
Net Sales
$
318,621

 
$
276,768

 
$
1,181,844

 
$
1,072,061

Operating Income (2)
$
10,319

 
$
11,266

 
$
42,060

 
$
42,038

Adjusted Operating Income (non-GAAP) (2) (3)
$
10,104

 
$
11,266

 
$
41,753

 
$
42,038

Operating Income %
3.2
%
 
4.1
%
 
3.6
%
 
3.9
%
Adjusted Operating Income (non-GAAP) %
3.2
%
 
4.1
%
 
3.5
%
 
3.9
%
Net Income
$
7,525

 
$
5,784

 
$
31,558

 
$
16,752

Adjusted Net Income (non-GAAP) (3)
$
7,362

 
$
7,193

 
$
31,074

 
$
34,611

Diluted EPS
$
0.29

 
$
0.22

 
$
1.21

 
$
0.62

Adjusted Diluted EPS (non-GAAP) (3)
$
0.29

 
$
0.27

 
$
1.19

 
$
1.28

(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. The impact of the adoption was not material to the results of operations for the three months ended June 30, 2019. For the fiscal year ended June 30, 2019, the adoption increased Net Sales $8.7 million, increased Net Income $0.8 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, “Fiscal year 2019 was another record-breaking year for our company as we reached a new high in net sales and achieved double-digit sales growth for the fourth time in the past five years.”
Mr. Charron continued, “We are extremely pleased with the success that we have had with the organic growth of our business, even while experiencing softness in select markets. We recognize that there is still work to do to achieve our profitability goals. As new programs ramp up to projected run rates and we drive improvements in the GES operations, we expect to realize the leverage from our sales growth. With the dedication and commitment of our associates around the world, we will continue our relentless pursuit to create greater value for our Share Owners.”
Fourth Quarter Fiscal Year 2019 Overview:
Consolidated net sales set a new quarterly record while increasing 15% compared to the fourth quarter of fiscal year 2018. The GES acquisition added 2% to net sales during the quarter while unfavorable foreign currency movements decreased net sales by approximately 3% compared to the prior year fourth quarter.
Operating activities provided cash of $12.2 million during the quarter, which compares to cash provided by operating activities of $19.3 million in the fourth quarter of fiscal year 2018.
Cash conversion days (“CCD”) for the quarter ended June 30, 2019 were 77 days, up from 63 days in the same quarter last year largely related to an increase in raw material inventories to maintain appropriate buffer stock levels in the tight supply environment. CCD is calculated as the sum of days sales outstanding plus contract asset days plus production days supply on hand less accounts payable days.
Investments in capital expenditures were $9.8 million during the quarter.
Cash and cash equivalents were $49.3 million and borrowings outstanding on credit facilities were $126.2 million at June 30, 2019, including $91.5 million classified as long-term.




The following information was filed by Kimball Electronics, Inc. (KE) on Wednesday, July 31, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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