UNITED STATES
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) November 14, 2008
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) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement
Kimball International, Inc. (the "Company") entered into agreements to sell undeveloped land holdings and timberlands which approximate 27,200 acres. The sale was conducted utilizing an auction approach. The auctions began on November 6, 2008, and negotiations concluded on November 13, 2008. These agreements are with numerous buyers, and the combined purchase price for all buyers was $50.6 million for the entire acreage. These agreements are not contingent upon the buyers obtaining financing. The final closings are expected to be complete by January 31, 2009.
This summary is not intended to be complete and is qualified in its entirety by reference to the Contract to Purchase Real Estate at Public Auction included as Exhibit 10.1 to this report and incorporated herein by reference.
Item 8.01 Other Events
Based on the total purchase price of $50.6 million, the Company expects to record a pre-tax gain of approximately $30 million net of applicable selling and other expenses including the buyer's premium primarily during its fiscal year 2009 third quarter.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is filed as part of this report:
Exhibit | ||
Number | Description | |
10.1 | Contract to Purchase Real Estate at Public Auction |
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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 hereunto duly authorized.
KIMBALL INTERNATIONAL, INC. | |
By: | /s/ Robert F. Schneider |
ROBERT F. SCHNEIDER Executive Vice President, Chief Financial Officer |
Date: November 14, 2008
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EXHIBIT INDEX
Exhibit | ||
Number | Description | |
10.1 | Contract to Purchase Real Estate at Public Auction |
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