Kimball International, Inc. (NASDAQ: KBAL) will release its second quarter fiscal year 2021 financial results on February 4, 2021, after market close. A conference call to discuss the results will be held the same day at 5:00 p.m. ET. Investors can access the call via phone or through a live webcast. In fiscal year 2020, the company achieved $728 million in revenue and employed over 2,800 people, emphasizing its commitment to customer relationships and ethical values.
Kimball International (NASDAQ: KBAL) has finalized its acquisition of Poppin, Inc., a leading B2B commercial furniture design firm. CEO Kristie Juster emphasized the strategic significance of this merger, expecting revenue and operational synergies to foster sustainable value for stakeholders. Post-acquisition, the company's pro forma Net Debt to adjusted EBITDA ratio stands at approximately 0.5x, showcasing a strong balance sheet. This acquisition is positioned to enhance Kimball's market share and navigate a dynamic marketplace effectively.
Kimball International (NASDAQ: KBAL) has announced a definitive agreement to acquire Poppin, Inc. for $110 million, with total potential cash consideration reaching $180 million based on future performance. This acquisition aims to enhance Kimball's eBusiness strategy by integrating a digitally native brand, addressing new market segments, and expanding product offerings. Poppin, known for innovative office furniture, had a gross margin of 36% and generated $44 million in sales in the first nine months of 2020, despite a decline due to COVID-19. The deal is expected to close by December 31, 2020.
Kimball International (NASDAQ: KBAL) reported a 27% drop in net sales for Q1 FY 2021, totaling $147.9 million. Despite lower revenues, gross margin improved by 50 basis points to 35.4%, thanks to cost-saving initiatives. Net income fell 53% to $5.4 million, while adjusted EBITDA decreased 34% to $15.8 million. The company ended with a backlog of $139.5 million and is on track with a $20 million cost savings program. Kimball is resuming its share repurchase program and has signed an agreement to acquire Poppin, aligning with its growth strategy.
At the 2020 Annual Meeting, Kimball International (NASDAQ: KBAL) elected nominees Susan B. Frampton and Scott S. Settersten to the Board of Directors for three-year terms. Shareholders approved the advisory vote on executive compensation and ratified Deloitte & Touche as the independent accounting firm for fiscal year 2021. Additionally, a quarterly cash dividend of $0.09 per share was declared, payable on January 15, 2021, to shareholders recorded by December 21, 2020.
Kimball International, Inc. (NASDAQ: KBAL) will report its fiscal Q1 2021 financial results on November 4, 2020, post-market close. A conference call is scheduled for the same day at 5:00 p.m. ET, accessible via phone at 844-602-5643 or internationally at 574-990-3014, with the passcode "Kimball." The call will also feature a live webcast, which will be archived for later listening. Kimball International generated $728 million in revenue in FY 2020 and employs over 2,800 people, focusing on design-driven furnishings.
Kimball International (NASDAQ: KBAL) announced leadership changes in its Finance and Corporate Business Practices on October 19, 2020. Michelle Schroeder steps back as CFO but will remain a senior leader, focusing on governance and investor relations. Timothy (T.J.) Wolfe will take over as CFO, bringing over 20 years of experience from roles in global organizations, including Coca-Cola. CEO Kristie Juster expressed confidence in T.J.'s ability to enhance the company’s financial operations and strategic initiatives.
Kimball International (NASDAQ: KBAL) will participate in the Sidoti Fall 2020 Investor Conference on September 24 at 10:00 a.m. Eastern Time. CEO Kristine Juster and CFO Michelle Schroeder will present the company's latest updates. A live audio webcast will be available for interested investors, with a replay accessible for three months post-conference. In fiscal year 2020, Kimball International generated $728 million in revenue and employed over 2,800 people, continuing its commitment to designing innovative furnishings across its various brands.
Kimball International, Inc. (NASDAQ: KBAL) has declared a quarterly cash dividend of $0.09 per share, payable on October 15, 2020, to shareholders of record on September 25, 2020. The company reported $728 million in revenue for fiscal year 2020 and employs over 2,800 people. Established for 70 years, Kimball International emphasizes design-driven furnishings and values long-term relationships with customers and communities.
Kimball International (NASDAQ: KBAL) has restructured into four market-centric business units: Workplace, Health, Hospitality, and eBusiness. This initiative, part of the Connect 2.0 strategy, aims to enhance market share in response to changes stemming from the COVID-19 pandemic. CEO Kristie Juster emphasized the need for a new framework to support the evolving workplace and expand into eCommerce. Each business unit is led by experienced professionals from within the company, indicating a commitment to innovation and growth. In fiscal year 2020, Kimball generated $728 million in revenue.