SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 13, 2001
KIMBALL INTERNATIONAL, INC. |
(Exact name of registrant as specified in its charter) |
Indiana | 0-3279 | 35-0514506 |
| (State or other jurisdiction of | (Commission File | (IRS Employer Identification No.) |
| incorporation) | Number) |
|
| |
1600 Royal Street, Jasper, Indiana | 47549-1001 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code (812) 482-1600
Not Applicable |
(Former name or former address, if changed since last report) |
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Item 9. Regulation FD Disclosure
Kimball International, Inc. Announces Second Quarter Outlook
Jasper, IN (December 13, 2001) - Kimball International, Inc. (NASDAQ: KBALB) today announced its earnings outlook for its second quarter fiscal 2002 ending December 31, 2001. Kimball's second quarter results are scheduled to be released on Thursday, January 17, 2002, prior to the opening of the financial markets. This information is intended to comply with Kimball's obligation under the SEC's Regulation FD.
Kimball International expects its earnings for the second quarter of fiscal 2002 to be $0.12 to $0.16 per Class B share. This estimate includes costs associated with executing the Company's restructuring plan announced in June, including adjustments to original cost estimates and costs expensed as incurred during the second quarter, which together are projected to reduce earnings by approximately $0.01 per share. The projected earnings per share for the second quarter would be a reduction from earnings of $0.32 per Class B share reported during the same period one year ago.
Sales in the Electronic Contract Assemblies Segment are projected to increase over the prior year second quarter due to sales related to a previously announced acquisition during the current year second quarter. Excluding sales related to the current year acquisition, sales in this Segment are estimated to fall below the prior year level due in part to the softening economy. Net income is projected to decline from the prior year second quarter level due to operating margin pressures at select operations where sales volumes are significantly below the prior year and start-up inefficiencies associated with the production of new products as this Segment continues to expand its contract customer base.
In the Furniture and Cabinets Segment, sales are projected to decline from the year ago comparable second quarter period linked to the slower economy and a resulting reduction in sales volumes in each of the primary markets within this segment. Net income is also projected to be below the prior year level, relating to continued operating margin pressure driven by the reduction in sales volumes and higher competitive price discounting.
Kimball International will conduct a conference call on Thursday, January 17, 2002 following the release of its second quarter fiscal 2002 results. A webcast of the conference call will take place simultaneously. Details of the conference call and webcast will be released on or about January 10, 2002.
The above second quarter fiscal 2002 earnings guidance is considered forward-looking under the Private Securities Litigation Reform Act of 1995, and is subject to risks and uncertainties including, but not limited to, successful execution of the Company's restructuring plan, significant volume reductions from key contract customers, loss of key customers or suppliers within specific industries, availability or cost of raw materials, and increased competitive pricing pressures reflecting excess industry capacities. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in the Company's Form 10-K filing for the period ending June 30, 2001.
Kimball International, Inc. provides a vast array of products from its two business segments: the Furniture and Cabinets Segment and the Electronic Contract Assemblies Segment. The Furniture and Cabinets Segment manufactures furniture for the office, residential, lodging and healthcare industries and store display fixtures, all sold under the Company's family of brand names. Other products produced by Kimball on a contract basis include store fixtures, television cabinets and stands, residential furniture and furniture components. The Electronic Contract Assemblies Segment provides design engineering, manufacturing, packaging and distribution of electronic assemblies, circuit boards, multi-chip modules and semiconductor components on a contract basis to a variety of industries on a global scale.
For more information about Kimball International, Inc., visit the Company's web site on the Internet at www.kimball.com.
"We Build Success"
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
| KIMBALL INTERNATIONAL, INC. | |
By: | /s/ Robert F. Schneider |
| ROBERT F. SCHNEIDER Executive Vice President, Chief Financial Officer Treasurer |
Date: December 15, 2001
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