-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Kimball Electronics Reports Q3 FY2016 Results
May 9, 2016 | Kimball ElectronicsEstimated reading time: 2 minutes
Kimball Electronics, Inc., a leading global electronic manufacturing services provider of high-quality, durable electronic products, today announced financial results for its third quarter of fiscal year 2016 which ended March31, 2016.
Donald D. Charron , Chairman and Chief Executive Officer, stated, “We continued to see firmer demand throughout our fiscal third quarter as three of our four end market verticals were up sequentially over the second quarter. Automotive was particularly strong led by double-digit year over year growth in China and stronger demand in Europe. Sales in our medical vertical were up 10% year over year as we successfully completed the launch of a critical next generation product for one of our largest customers. We continue to make good progress on the launches of a number of new business awards with both existing and new customers, and we are still expecting sales from these launches this fiscal year. Our new business opportunities pipeline remains healthy, and we continue to work diligently to achieve our medium range goal of $1 billion in annual net sales by fiscal year 2018.”
Mr. Charron continued, “As we have stated previously, over the last few quarters, and continuing in this quarter, our operating margin is under pressure due to incremental costs related to the Romania greenfield start-up and capital deployments for new customer programs in advance of revenue. Margin improvement through cost control and productivity improvements continues to be a high focus area for us as we remain committed to our 4% operating income goal.”
Third Quarter Fiscal Year 2016 Overview:
- Net sales increased 4% compared to the third quarter of fiscal year 2015.
- A discrete foreign income tax benefit of $1.8 million was recognized during the quarter as a result of a favorable tax ruling related to the capitalization of the Company’s Romania subsidiary.
- Incremental costs associated with the start-up of the Romania facility, excluding the above tax benefit, reduced net income by $0.4 million for the quarter.
- Spin-off expenses of $0.3 million were incurred in the prior year third quarter. No spin-off expenses were incurred in the current year third quarter.
- Cash flow from operating activities was $11.7 million during the quarter.
- Investments in capital expenditures were $8.6 million during the quarter.
- $4.4 million was returned to Share Owners during the quarter in the form of common stock repurchases associated with the $20 million stock repurchase program announced in October 2015.
- Cash and cash equivalents were $59.8 million and borrowings outstanding on credit facilities were $3.0 million at March31, 2016.
- Days sales outstanding, calculated as the average of monthly trade accounts and notes receivable divided by one day’s average net sales, was 59.5 days for the three months ended March31, 2016 compared to 58.9 days for the three months ended March31, 2015.
- Production days supply on hand, defined as the average of the monthly gross inventory divided by an average day’s cost of sales, was 59.6 days for the current year third quarter compared to 60.0 days for the same period last year.
About Kimball Electronics, Inc.
Recognized with a reputation for excellence, Kimball Electronics is committed to a high performance culture that values personal and organizational commitment to quality, reliability, value, speed, and ethical behavior. Kimball Electronics employees know they are part of a company culture that builds lasting relationships and global success for customers while enabling employees to share in the Company’s success through personal, professional, and financial growth.
Suggested Items
ZESTRON Academy Launches 2024 Advanced Packaging & Power Electronics Webinar Series
05/01/2024 | ZESTRONZESTRON, the leading global provider of high-precision cleaning products, services, and training solutions in the electronics manufacturing and semiconductor industries, proudly announces the launch of its highly anticipated webinar series on Advanced Packaging & Power Electronics, a webinar series on the latest innovations, cleaning, and corrosion challenges.
NextFlex Convenes the Hybrid Electronics Community at Binghamton University
05/01/2024 | NextFlexBinghamton University hosted the NextFlex hybrid electronics community on April 18 for a day of expert presentations, breakout sessions on technology and manufacturing topics, and networking.
HQ NextPCB of HQ Electronics Debut on the International Stage for Electronics Manufacture at IPC APEX 2024
05/01/2024 | PRNewswireHQ NextPCB of HQ Electronics, a leading Chinese-based multilayer PCB manufacturer and assembly house showcased its industrial prowess on the international stage for the first time at the IPC APEX Expo 2024.
GPV’s Q1 2024 Interim Financial Report Shows Strong Navigation in Uncertain Times
05/01/2024 | GPVDanish-based GPV recorded an expected drop in sales to DKK 2.3 billion for the first quarter of 2024. The decline also affected the operating profit, which was DKK 155 million compared to DKK 179 million in the same quarter last year, although the EBITDA margin was maintained. In general, demand has been softer in 2024, but GPV continues to invest for the long-term and expects the trend to turn in the second half of 2024.
All-Inclusive: PRIDE Industries Helps Employees With Disabilities to Succeed
05/01/2024 | Sandy Gentry, IPCPRIDE Industries is the leading employer of people with disabilities and those with other barriers to employment in the United States, including veterans and former foster youth. The company offers job training, placement, on-the-job coaching, and skills development for independent living. It has held IPC membership since 2000. Read more about this unique business and its connection to the electronics manufacturing industry.