Exhibit 99.1
KIMBALL ELECTRONICS, INC. REPORTS FIRST QUARTER FISCAL YEAR 2020 RESULTS
First quarter net sales were $313 million, up 18% year-over-year
Operating income, as a percent of net sales, increased 90 basis points from the prior year first quarter
Strong cash flow provided by operations of $39.6 million during the quarter
Returned $3.5 million to Share Owners in stock repurchases during the quarter
JASPER, IN (November 5, 2019) - Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its first quarter ended September 30, 2019
 
 
 
 
 
Three Months Ended
 
September 30,
(Amounts in Thousands, except EPS)
2019
 
2018
Net Sales
$
313,385

 
$
265,620

Operating Income
$
11,115

 
$
7,032

Adjusted Operating Income (non-GAAP) (1)
$
11,115

 
$
6,940

Operating Income %
3.5
%
 
2.6
%
Net Income
$
6,598

 
$
5,069

Adjusted Net Income (non-GAAP) (1)
$
6,598

 
$
4,999

Diluted EPS
$
0.26

 
$
0.19

(1) A reconciliation of GAAP and non-GAAP financial measures is included below.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “We delivered excellent growth results in the first quarter of fiscal year 2020 despite a general softening in the overall market. We achieved double-digit growth in three of our four end market verticals when compared to the same period last year, including a new quarterly record for net sales in our Medical end market vertical.”
Mr. Charron continued, “We are extremely pleased with the progress we made in expanding our operating margin in the first quarter when comparing both year-over-year and sequentially from the fourth quarter of fiscal year 2019. As new programs ramp up to projected run rates and we continue to drive improvements in the GES operations, we expect to realize additional leverage from our sales growth.”
First Quarter Fiscal Year 2020 Overview:
Consolidated net sales increased 18% compared to the first quarter of fiscal year 2019. The GES acquisition added 2% to net sales for the quarter while unfavorable foreign currency movements adversely impacted consolidated net sales by approximately 2% compared to the same quarter a year ago.
Operating activities provided cash of $39.6 million during the quarter, which compares to cash used by operating activities of $10.0 million in the first quarter of fiscal year 2019.
Cash conversion days (“CCD”) for the quarter ended September 30, 2019 were 73 days, which declined sequentially from 77 days in the fourth quarter of fiscal year 2019 from improvement in days sales outstanding as a result of increased utilization of accounts receivable factoring arrangements. 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 $11.7 million during the quarter.
$3.5 million was returned to Share Owners during the quarter in the form of common stock repurchases.
Cash and cash equivalents were $55.4 million and borrowings outstanding on credit facilities were $109.6 million at September 30, 2019, including $91.5 million classified as long-term.
Return on invested capital (“ROIC”), calculated for the trailing twelve months, was 9.0% and 9.3% for the twelve months ended September 30, 2019 and 2018, respectively (see reconciliation of non-GAAP financial measures for ROIC calculation).




The following information was filed by Kimball Electronics, Inc. (KE) on Tuesday, November 5, 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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