Exhibit 99.1
KIMBALL ELECTRONICS, INC. REPORTS SECOND QUARTER FISCAL YEAR 2020 RESULTS
Second quarter net sales were $307 million, up 8% year-over-year
Net income of $6.6 million and diluted earnings per share of $0.26
Returned $2.6 million to Share Owners in stock repurchases during the quarter
JASPER, IN (February 5, 2020) - Kimball Electronics, Inc. (NASDAQ: KE) today announced financial results for its second quarter ended December 31, 2019
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
December 31,
(Amounts in Thousands, except EPS)
2019
 
2018
 
2019
 
2018
Net Sales
$
307,084

 
$
284,149

 
$
620,469

 
$
549,769

Operating Income
$
8,684

 
$
10,212

 
$
19,799

 
$
17,244

Adjusted Operating Income (non-GAAP) (1)
$
8,684

 
$
10,212

 
$
19,799

 
$
17,152

Operating Income %
2.8
%
 
3.6
%
 
3.2
%
 
3.1
%
Net Income
$
6,612

 
$
7,115

 
$
13,210

 
$
12,184

Adjusted Net Income (non-GAAP) (1)
$
6,612

 
$
6,864

 
$
13,210

 
$
11,863

Diluted EPS
$
0.26

 
$
0.27

 
$
0.52

 
$
0.46

Adjusted Diluted EPS (non-GAAP) (1)
$
0.26

 
$
0.26

 
$
0.52

 
$
0.45

(1) A reconciliation of GAAP and non-GAAP financial measures is included below.
Donald D. Charron, Chairman and Chief Executive Officer, stated, “We are very pleased with the solid growth results we delivered in the second quarter of fiscal year 2020 despite significant headwinds, including the impact from the strike at General Motors and continued softness in the overall market. We expect softness and fluctuations in the overall demand to continue near term as our customers revise their outlook over the next few quarters, however, we remain cautiously optimistic that we will achieve our goal of 8% organic growth for fiscal year 2020.”
Mr. Charron continued, “We are also pleased with our efforts to minimize the operating margin impact of the strike at GM and we are working diligently to respond to the volatility in demand and change in the mix of our overall business. The signing of the phase one China trade agreement and USMCA provide us with renewed optimism as we further develop our long-term business plans for those geographies.”
Second Quarter Fiscal Year 2020 Overview:
Consolidated net sales increased 8% compared to the second quarter of fiscal year 2019.
Operating activities used cash of $0.3 million during the quarter, which compares to cash provided by operating activities of $5.6 million in the second quarter of fiscal year 2019.
Cash conversion days (“CCD”) for the quarter ended December 31, 2019 were 76 days, flat to the quarter ended December 31, 2018, and up from 73 days in the first quarter of fiscal year 2020. 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 $10.4 million during the quarter.
$2.6 million was returned to Share Owners during the quarter in the form of common stock repurchases.
Cash and cash equivalents were $52.2 million and borrowings outstanding on credit facilities were $119.4 million at December 31, 2019, including $91.5 million classified as long-term.
Return on invested capital (“ROIC”), calculated for the trailing twelve months, was 8.2% and 8.9% for the twelve months ended December 31, 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 Wednesday, February 5, 2020 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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