Kimball International reported its fourth quarter results for fiscal year 2020, revealing a 20% decline in net sales to $156.1 million. Despite the revenue drop, gross margin improved by 70 basis points to 35.0%, leading to an operating income margin of 7.0%. Net income fell 17% to $9.2 million, with diluted EPS at $0.25. The company achieved $25.6 million in cost savings in fiscal 2020 and projects an additional $20 million in fiscal 2021. CEO Kristie Juster noted the resilience amid COVID-19 challenges and outlined the launch of the Connect 2.0 Strategy to enhance market share.
Kimball International (KBAL) will announce its fourth quarter fiscal year 2020 financial results on August 3, 2020, after market close. A conference call is scheduled for the same day at 5:00 p.m. ET, where the company's financial performance will be reviewed. Investors can access the call at 844-602-5643 (U.S.) or 574-990-3014 (internationally). The call's passcode is 'Kimball.' This meeting will also be available via live webcast and archived on their website.