Jasper, Ind.-based
Kimball International saw profits of $6.3 million (17 cents per share) last quarter, the company reported Thursday.
Those earnings include a $7.7 million after-tax gain from the sale of the land and facility housing the company’s Poznan, Poland operation.
In comparison, during the same period last year the company’s profits were $4.1 million (11 cents per share).
Kimball’s electronics division performed much better than did its furniture division.
Last quarter Kimball’s electronics division saw $190 million in sales, up 35 percent from the same period in 2009.
Excluding $6.7 million in pretax gains on the Poland property sale and $901,000 in pre-tax restructuring charges, the division had quarterly income of $4.3 million, as compared to a loss of $3 million during the same quarter in 2009.
In Kimball’s furniture division, sales and earnings were down sharply.
Net furniture sales last quarter were $92.2 million, down 28 percent from the previous year. The division posted a loss of $7.2 million last quarter, as compared to a profit of $152,000 last year.
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You don’t have to google very much to see the internal problems going on at Kimball right now.
The company is self imploding.