UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1997
__ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-3279
KIMBALL INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Indiana 35-0514506
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes _X_ No___
The number of shares outstanding of the Registrant's common stock as of January
21, 1998 were:
Class A Common Stock - 14,422,756 shares
Class B Common Stock - 27,121,977 shares
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KIMBALL INTERNATIONAL, INC.
FORM 10-Q
INDEX
PAGE NO.
PART I FINANCIAL INFORMATION:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets
- December 31, 1997 (Unaudited) and June 30, 1997 . . . . . . . 3
Consolidated Statements of Income (Unaudited)
- Three Months and Six Months Ended December 31, 1997 and 1996. 4
Consolidated Statements of Cash Flows (Unaudited)
- Six Months Ended December 31, 1997 and 1996 . . . . . . . . . 5
Notes To Consolidated Financial Statements (Unaudited). . . . . 6-7
Item 2. Management's Discussion and Analysis Of
Financial Condition and Results of Operations . . . . . . . . . 8-11
PART II OTHER INFORMATION:
Item 2. Changes in Securities. . . . . . . . . . . . . . . . . . . . 12
Item 4(c). Submission of Matters to a Vote of Security Holders. . . . . 12-13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . 13
SIGNATURES . . . . . . . . . . . . . . 13
- Exhibit #3a - Amended and Restated Articles of Incorporation
of the Company.
- Exhibit #3b - Restated Bylaws of the Company
- Exhibit #11 - Computation of Earnings Per Share
- Exhibit #27 - Financial Data Schedule
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PART I.
FINANCIAL INFORMATION
KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
December 31, June 30,
1997 1997
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 31,397 $ 18,818
Short-term investments 133,639 149,677
Receivables, less allowances
of $4,250 and $4,017, respectively 120,956 110,142
Inventories 83,285 76,142
Other 22,451 21,994
Total Current Assets 391,728 376,773
PROPERTY AND EQUIPMENT - at cost, less
accumulated depreciation of $236,938
and $237,191, respectively 174,009 174,010
OTHER ASSETS 30,956 30,800
Total Assets $596,693 $581,583
LIABILITIES AND SHARE OWNERS' EQUITY
CURRENT LIABILITIES:
Loans payable $ 2,423 $ 2,472
Current maturities of long-term debt 329 471
Accounts payable 51,070 53,063
Dividends payable 6,159 5,989
Accrued expenses 69,532 71,263
Total Current Liabilities 129,513 133,258
OTHER LIABILITIES:
Long-term debt, less current maturities 2,174 2,313
Deferred income taxes and other 24,087 23,186
Total Other Liabilities 26,261 25,499
SHARE OWNERS' EQUITY:
Common stock 2,151 6,723
Additional paid-in capital 6,155 1,607
Foreign currency translation adjustment 1,617 1,721
Unrealized gain (loss) on available-for-sale
securities 408 (73)
Retained earnings 451,021 434,665
Less: Treasury stock, at cost (20,433) (21,817)
Total Share Owners' Equity 440,919 422,826
Total Liabilities and Share Owners' Equity $596,693 $581,583
See Notes to Consolidated Financial Statements
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KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands except per share amounts)
(unaudited) (unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1997 1996 1997 1996
Net Sales $264,524 $253,780 $510,381 $501,480
Cost of Sales 184,572 178,611 356,149 353,177
Gross Profit 79,952 75,169 154,232 148,303
Selling, Administrative
and General Expenses 60,134 55,003 116,411 108,954
Operating Income 19,818 20,166 37,821 39,349
Other Income (Expense):
Interest Expense ( 98) (115) (193) (232)
Interest Income 2,309 2,082 4,587 3,995
Other - net 2,661 1,238 3,307 (1,559)
Other Income - net 4,872 3,205 7,701 2,204
Income Before Taxes on Income 24,690 23,371 45,522 41,553
Taxes on Income 9,205 8,750 17,008 13,411
Net Income $ 15,485 $ 14,621 $ 28,514 $ 28,142
Earnings Per Share of Common Stock:
Basic:
Class A Common Stock $ .37 $ .35 $ .68 $ .68
Class B Common Stock $ .38 $ .35 $ .69 $ .68
Diluted:
Class A Common Stock $ .36 $ .35 $ .67 $ .67
Class B Common Stock $ .37 $ .35 $ .68 $ .67
Dividends Per Share of Common Stock:
Class A Common Stock $ .14 1/2 $ .12 7/8 $ .28 7/8 $ .25 3/4
Class B Common Stock $ .15 $ .13 $ .29 1/2 $ .26
Average total number of shares
outstanding Class A and B
Common Stock:
Basic 41,523,445 41,413,500 41,498,745 41,501,996
Diluted 41,930,291 41,766,315 41,942,481 41,759,218
See Notes to Consolidated Financial Statements
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KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
Six Months Ended
December 31,
1997 1996
Cash Flows From Operating Activities:
Net income $ 28,514 $ 28,142
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 16,516 16,533
Gain on sales of assets (1,835) (446)
Deferred income tax and other deferred charges (652) 318
Change in current assets and liabilities:
Receivables (10,814) 7,889
Inventories (7,143) 12,609
Other current assets 1,096 (2,690)
Accounts payable (1,993) (1,202)
Accrued expenses (1,228) 4,207
Net Cash Provided By Operating Activities 22,461 65,360
Cash Flows From Investing Activities:
Capital expenditures (16,490) (18,825)
Proceeds from sales of assets 374 573
Proceeds from sale of division/subsidiary 3,150 2,345
Increase in other assets (2,132) (515)
Purchases of held-to-maturity investments (21,413) (397)
Maturities of held-to-maturity investments 34,932 27,420
Purchases of available-for-sale securities (20,000) (53,709)
Sales and maturities of available-for-sale securities 23,000 --
Net Cash Provided By/(Used For) Investing Activities 1,421 (43,108)
Cash Flows From Financing Activities:
Change in short-term borrowings (49) 496
Decrease in long-term debt (281) (341)
Dividends paid (11,988) (10,780)
Proceeds from exercise of stock options 1,039 215
Acquisition of treasury stock, net of sales -0- (4,326)
Other - net (14) 1,008
Net Cash Used For Financing Activities (11,293) (13,728)
Effect of Exchange Rate Change on
Cash and Cash Equivalents (10) 7
Net Increase in Cash and Cash Equivalents 12,579 8,531
Cash and Cash Equivalents-Beginning of Period 18,818 5,647
Cash and Cash Equivalents-End of Period $ 31,397 $ 14,178
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for:
Income taxes $ 15,750 $ 17,173
Interest $ 207 $ 258
Total Cash, Cash Equivalents and
Short-Term Investments:
Cash and cash equivalents $ 31,397 $ 14,178
Short-term investments 133,639 135,111
Totals $165,036 $149,289
See Notes to Consolidated Financial Statements
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KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
(1) The interim condensed consolidated financial statements included herein
have been prepared by the Company, without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission. All
significant intercompany transactions and balances have been eliminated.
Management believes the financial statements include all adjustments,
consisting only of adjustments, of a normal recurring nature, necessary
to present fairly the financial statements of the interim period.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such
rules and regulations, although the Company believes that the
disclosures are adequate to make the information presented not
misleading. It is suggested that these financial statements be read in
conjunction with the financial statements and the notes thereto included
in the Company's latest annual report on Form 10-K.
(2) Inventories consist of: (in thousands)
December 31, June 30,
1997 1997
Raw Materials $44,204 $40,468
Work-in-Process 12,035 11,852
Finished Goods 27,046 23,822
Total $83,285 $76,142
For interim reporting, LIFO inventories are computed based on estimated
year-end quantities and interim changes in price levels. Changes in such
estimates will be reflected in the interim financial statements in the
period in which they occur.
(3) Earnings per share are computed under the method prescribed in Financial
Accounting Standards Board Statement No. 128 for computing earnings per
share for two class common stock due to the dividend preference of Class
B Common Stock. The Company adopted FASB Statement No. 128 effective
with the second quarter of fiscal year 1998, disclosing both basic and
diluted earnings per share. The Company's outstanding stock options are
considered when calculating diluted earnings per share. Prior period
amounts have been restated for the new disclosures.
(4) The Company recorded a $1.8 million pretax gain on the sale of an
automotive service center in the second quarter of the current fiscal
year. This pretax gain is reported in Other-net, and added $1.0 million
to net income, or $0.02 per common share.
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(5) The Company sold its piano key and action production facility located in
the United Kingdom, Herrburger Brooks, PLC, during the first quarter of
the prior fiscal year. Included in the six month consolidated statement
of income ended December 31, 1996, is a $3.8 million pretax loss on the
sale reported in Other-net, with an offsetting $3.8 million income tax
benefit reported in Taxes on Income. This tax benefit was the result of
a higher U.S. tax basis in this subsidiary due to previously
nondeductible losses on the investment in this U.K. subsidiary. This
transaction resulted in no impact to fiscal year 1997 consolidated six
month net income.
(6) At the annual meeting held on October 28, 1997, the Company's Share
Owners approved a two-for-one stock split on the Company's Class A and
Class B Common Stock. The Share Owners also approved restating the
Company's Articles of Incorporation by increasing the number of
authorized shares to 150 million shares, reducing the par value of
common stock from $.3125 to $0.05, and increasing the annual dividend
preference on Class B Common Stock to $0.02 per share. The stock split
became effective on November 12, 1997. Financial information contained
in this report, including prior period share and per share amounts, has
been adjusted to reflect the impact of the common stock split.
$4,572,000 was reclassified from common stock to additional paid-in
capital during the second quarter of the current fiscal year, to reflect
the reduction in par value of common stock from $.3125 to $0.05. Refer
to Item 2 - Changes in Securities, which can be found in Part II of
this document.
(7) Certain prior period amounts have been reclassified to conform with the
current period presentations.
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Management's Discussion and Analysis
of Financial Condition and Results of Operations
OVERVIEW
Net sales in the second quarter of fiscal year 1998 increased 4% over the prior
year second quarter and set a new quarterly record of $264,524,000. Net sales
of $510,381,000 for the current year six month period increased 2% over the same
period of the prior year. Second quarter net income and Class B basic earnings
per share were $15,485,000 and $0.38, respectively, an increase of 6% over one
year ago. Net income of $28,514,000 and earnings per share of $0.69 for the six
month period of fiscal year 1998 were 1% above the prior year. The current year
second quarter net income included a $1,008,000 after tax gain ($0.02 per share)
on the sale of an automotive service enter. Open orders as of December 31, 1997
were $227,572,000.
RESULTS OF OPERATIONS - THREE AND SIX MONTHS ENDED DECEMBER 31, 1997 COMPARED TO
THREE AND SIX MONTHS ENDED DECEMBER 31, 1996
Net sales for the three and six month periods ending December 31, 1997 were
$264,524,000 and $510,381,000, increases of 4% and 2%, respectively, over the
same periods in the prior year. Net sales in the Company's two largest
segments, Furniture and Cabinets and Electronic Contract Assemblies, increased
in both the three and six month periods when compared to the prior year. Net
sales in the Processed Wood and Other segment, the Company's smallest segment,
declined in both the three and six month periods when compared to the prior
year. Operating income was $19,818,000 in the second quarter and $37,821,000 in
the six month period, decreases of 2% and 4%, respectively, over the same
periods in the prior year.
FURNITURE AND CABINETS
Net sales in the Company's largest segment, Furniture and Cabinets, increased 3%
and 2%, respectively, for the three and six month periods when compared to one
year ago, primarily on office furniture volume increases.
Three and six month office furniture sales growth resulted from volume increases
in all major product lines, as sales of higher-end casegoods and seating as well
as value-oriented products increased. Internal re-engineering efforts continue
in the office furniture area, as a new order management information system is
implemented. In the interim, two systems are being supported, resulting in
increased costs. Current year three and six month period sales were benefited
by selected price increases on certain products. The Company's overall office
furniture sales growth is currently below the industry growth rate, although
growth in the metal product offerings outpaced the industry as a whole. The
Company introduced a new award-winning higher-end casegoods product, which has
had initial orders higher than budgeted levels.
Cabinets and furniture sales for the three and six month periods were lower than
the same periods in the prior year as television cabinets and stands, and audio
speaker cabinets experienced lower demand. The Company's production flexibility
allows it to utilize portions of the available production capacity created by
lower volumes within these product lines to support and balance increased
production schedules of other product lines within this segment. The relocation
of a large customer has resulted in a temporary decrease in volumes of Original
Equipment Manufacturer product lines, primarily television cabinets and stands,
as the customer's start up time has been longer than anticipated.
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Sales of lodging furniture declined in the second quarter when compared to the
prior year, on lower volumes of hospitality product as well as furniture for
healthcare and other institutional facilities. Sales for the six month period
were flat with the prior year. The lodging industry remains competitive as
pricing pressures are evident in the marketplace.
Operating income in the Furniture and Cabinets segment declined in the three and
six month periods in spite of higher sales when compared to the same periods one
year ago. Lower material costs, as a percent of sales, due primarily to a shift
in the product mix were partially offset by increased labor costs, as a percent
of sales, in the three month period. Lower material costs, as a percent of
sales, were more than offset by increased labor costs, as a percent of sales,
for the six month period. Sales and administrative expenses increased in the
three and six month periods as a result of higher investments in people and
technology, as well as increased sales incentive costs, as the Company positions
itself for growth in selected markets.
ELECTRONIC CONTRACT ASSEMBLIES
Net sales in the Electronic Contract Assemblies segment increased 10% in the
second quarter when compared to the prior year, as demand increased in both
electronic automotive products and computer-related products. Net sales for the
six month period increased 3% over the prior year, as increases in electronic
automotive products were partially offset by decreases in computer-related
products. Rescheduling, production flexibility and material availability are
inherent risks in the contract electronic assemblies market. This segment's
working capital carries a higher degree of risk than the Company as a whole due
to the inherent risks in the industry and also due to being a supplier to
customers that bear risk associated with labor relations within their
industries. Included in this segment are sales to three customers which
combined accounted for 26% and 25%, respectively, of consolidated sales in the
three month and six month periods of fiscal 1998 and 25% in each of the same
periods of fiscal 1997. One of these customers accounted for 16% of
consolidated sales in both the three and six month periods in the current year.
This same customer accounted for 15% in the three and six month periods one year
ago.
Operating income increased in the three month period primarily due to higher
volumes and lower material costs, as a percent of sales, on a product mix
shift. Operating income decreased in the six month period when compared to
the prior year as lower material costs, as a percent of sales, were offset to
an extent by higher labor costs, as a percent of sales, both attributed
mainly to product mix shift; and higher overhead costs, as a percent of
sales, on increased investment in equipment. Investments in people and
technology resulted in increased selling and administrative expenses for
both the three and six month periods.
PROCESSED WOOD PRODUCTS AND OTHER
Net outside sales in the Company's smallest segment, Processed Wood Products and
Other, which accounted for only 5% of consolidated outside sales in the second
quarter, declined 13% in the second quarter compared to the prior year, on
decreased sales of lumber, dimension products and plastic components. Net sales
for the six month period declined 7% over the prior year, as decreased sales of
dimension products and plastic components were only partially offset by
increases in lumber, laminate and veneer products. Internal sales of this
segment to the Company's other operations, particularly the Furniture and
Cabinets segment, provide a key link in the Company's vertically integrated
supply chain. Operating income increased for the three and six month periods on
decreased labor costs. The three and six month periods in fiscal year 1997 also
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included higher process reengineering expenses related to the Company's
logistics services unit.
CONSOLIDATED OPERATIONS
Other income in the three and six month periods increased over the prior year as
interest income increased on higher average investment balances. The Company
also recorded a $1.0 million after tax gain ($0.02 per share) on the sale of an
automotive service center in the second quarter of the current year. In
addition, the prior year six month period included a $3.8 million pretax loss
(no after tax affect) charged to Other - net related to the sale of a foreign
subsidiary.
The effective income tax rate decreased 0.1 percentage point in the second
quarter of fiscal 1998 over the prior year. The six month effective income tax
rate increased 5.1 percentage points due primarily to the above described $3.8
million tax benefit received on the sale of a foreign subsidiary. Excluding
this benefit, the effective income tax rate decreased 0.5 percentage point when
compared to the prior six month period due to reduced European operating losses.
The Company achieved second quarter net income and Class B basic earnings per
share of $15,485,000 and $0.38, respectively, an increase of 6% over one year
ago. Net income of $28,514,000 and earnings per share of $0.69 for the six
month period of fiscal year 1998 were 1% above the prior year. Diluted Class B
earnings per share for the current year three and six month periods were $0.37
and $0.68, respectively, compared to $0.35 and $0.67, for the same periods of
the prior year. The current quarter and six month earnings per share amounts
reflect a two-for-one stock split which occurred during the second quarter. All
prior year amounts have been restated.
LIQUIDITY AND CAPITAL RESOURCES
The Company's liquidity position remained strong with $165 million in cash, cash
equivalents, and short-term investments at December 31, 1997, compared to $168
million at the end of fiscal 1997. Working capital at December 31, 1997 was
$262 million with a current ratio of 3.0, compared to working capital of $244
million and a current ratio of 2.8 at June 30, 1997.
Operating activities generated $22 million of cash in the first six months of
fiscal year 1998, as the Company continues to build on record operating cash
flows from fiscal year 1997. The Company invested $19 million in capital
investments for the future, including facility and production equipment upgrades
and investments in the Company's information systems. An additional $11 million
was used for financing activities, primarily dividends to Share Owners. Cash
needs were funded by available cash balances provided by the Company's strong
liquidity position in cash and short-term investments on hand. Net cash flow,
excluding the purchases and maturities of short-term investments was a negative
$4 million for the six month period ending December 31, 1997. A $408,000
unrealized gain and $73,000 unrealized loss on the available-for-sale
securities are reflected in the short-term investments balances at December 31,
1997 and June 30, 1997, respectively, but had no cash flow impact.
The Company is in the process of modifying its computer information systems to
prepare for the year 2000. The Company is still gathering information, but
believes that the impact on its results of operations and financial position
will not be material. The Company is redeploying existing information
technology resources which are anticipated to account for approximately 50% of
the needed resources, with the balance being incremental costs to the Company.
While there are risks inherent in any technology project, the Company maintains
executive oversight on this issue to mitigate these risks.
- 10 -
The Company anticipates maintaining a strong liquidity position for the
remainder of the 1998 fiscal year and believes its available funds on hand,
borrowing capacity, and cash generated from operations will be sufficient for
working capital needs and to fund investments in the Company's future.
During fiscal year 1997, the Financial Accounting Standards Board issued
Statement No. 128, Earnings Per Share, effective for both interim and annual
periods ending after December 15, 1997. The Company has begun disclosing both
basic and diluted earnings per share, beginning with the second quarter of
fiscal year 1998, and has restated the prior year, in accordance with the new
pronouncement.
This discussion contains certain statements which could be considered
forward-looking under the Private Securities Litigation Reform Act of 1995.
Cautionary statements regarding these statements have been included in this
discussion, when appropriate. Additional cautionary statements regarding these
statements and other factors that could have an effect on the future performance
of the Company are contained in the Company's Form 8-K filing dated April 10,
1997.
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PART II.
OTHER INFORMATION
Item 2 - Changes in Securities
(Amounts in thousands, except per share data)
---------------------Common Stock-----------------------------
--------Class A---------- -------Class B--------- Total Additional
Authorized ---Issued--- Authorized ---Issued--- Issued Paid-In
Shares Shares Amount Shares Shares Amount Amount Capital
Amounts at June 30, 1997 . . . . 10,416 7,274 $2,273 30,000 14,238 $4,450 $6,723 $1,607
Increase number of authorized
shares. . . . . . . . . . . . . 39,584 70,000
2 for 1 stock split. . . . . . . 7,271 14,242
Change par value from $.31 1/4
pre stock split to $.05
post stock split. . . . . . . . (1,545) (3,027) (4,572) 4,572
Other transactions during
the period. . . . . . . . . . . (9) (1) 9 1 --- (24)
Amounts at December 31, 1997 . . 50,000 14,536 $ 727 100,000 28,489 $1,424 $2,151 $6,155
Item 4 (c) - Submission of Matters to a Vote of Security Holders
The Company's Annual Meeting of Share Owners was held on October 28, 1997.
The Board of Directors was elected in its entirety, based on the following
election results as restated for the 2 for 1 common stock split:
Nominees as Directors by
Holders of Class A Common Stock Votes For* Votes Withheld
Thomas L. Habig 13,796,624 424
Douglas A. Habig 13,796,624 424
James C. Thyen 13,796,304 744
John B. Habig 13,796,624 424
Ronald J. Thyen 13,796,304 744
Christine M. Vujovich 13,796,624 424
Brian K. Habig 13,796,624 424
John T. Thyen 13,796,304 744
Gary P. Critser 13,796,624 424
Alan B. Graf, Jr. 13,796,624 424
* Votes for nominees as Directors by holders of Class A Common Stock
represented 96% of the total 14,432,592 Class A shares outstanding
and eligible to vote.
Nominee as Director by
Holders of Class B Common Stock Votes For* Votes Withheld
Dr. Jack R. Wentworth 24,242,858 230,690
* Votes for nominee as Director by holders of Class B Common Stock
represented 90% of the total 27,029,164 Class B shares outstanding
and eligible to vote.
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Share Owners approved restating the Company's Articles of Incorporation by
increasing the number of authorized shares to 150 million shares, reducing the
par value of common stock from $.3125 to $0.05 and increasing the dividend
preference on Class B Common Stock to $0.02 per share, and approved a two-for-one
stock split, based on the following election results:
Votes For* Votes Against Votes Withheld
32,260,204 4,625,924 155,566
* Votes for restating the Company's Articles of Incorporation and a two-
for-one stock split represented 78% of the total 41,461,756 Class A and Class B
shares outstanding and eligible to vote.
Item 6. - Exhibits and Reports on Form 8-K
(a) Exhibits (numbered in accordance with Item 601 of Regulation S-K)
(3a) Amended and Restated Articles of Incorporation of the
Company
(3b) Restated Bylaws of the Company
(11) Computation of Earnings Per Share
(27) Financial Data Schedule
(b) Reports on Form 8-K
On October 28, 1997, the Company filed a Form 8-K reporting
its press release under Item 5 - Other Events "Kimball
International anticipates FY98 sales and earnings will set new
records; Share Owners approve stock split".
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 thereunto duly authorized.
KIMBALL INTERNATIONAL, INC.
Douglas A. Habig
DOUGLAS A. HABIG
(Chairman, Chief Executive Officer)
Roy W. Templin
ROY W. TEMPLIN
(Vice President, Corporate Controller)
Date: February 4, 1998
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Kimball International, Inc
Exhibit Index
Exhibit No. Description
3a Amended and Restated Articles of Incorporation of the
Company
3b Restated By-laws of the Company
11 Computation of Earnings Per Share
27 Financial Data schedule
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