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EX - 99.1 2 exhibit9918k12312020q210q.htm KIMBALL ELECTRONICS , INC . EX - 99.1 Exhibit 99.1 KIMBALL ELECTRONICS , INC . REPORTS SECOND QUARTER FISCAL YEAR 2021 RESULTS Net sales in the second quarter were $ 321 million , up 4 % year - over - year Second quarter operating income was 5.0 % of net sales and adjusted operating income ( non - GAAP ) was 5.3 % Net income of $ 15.1 million and diluted EPS of $ 0.60 in the second quarter Record quarterly cash flows provided by operating activities of $ 51.6 million during the second quarter ● JASPER , Ind . , February 3 , 2021 ( GLOBE NEWSWIRE ) -- Kimball Electronics , Inc. ( Nasdaq : KE ) today announced financial results for the second quarter ended December 31 , 2020 . ( Amounts in Thousands , except EPS ) Net Sales Operating Income Adjusted Operating Income ( non - GAAP ) ( 1 ) ( 2 ) Operating Income % Adjusted Operating Income ( non - GAAP ) % Net Income Adjusted Net Income ( non - GAAP ) ( ¹ ) Diluted EPS Adjusted Diluted EPS ( non - GAAP ) ( ¹ ) $ $ $ $ $ $ $ Three Months Ended December 31 , 2020 $ 320,604 16,179 16,990 $ $ 5.0 % 5.3 % 15,062 15,195 0.60 0.60 $ $ $ $ 2019 307,084 8,684 9,186 2.8 % 3.0 % 6,612 6,612 0.26 0.26 $ $ $ $ $ $ $ Six Months Ended December 31 , 2020 652,353 33,986 35,006 5.2 % 5.4 % 31,873 $ 31,747 $ 1.26 $ 1.25 $ $ LA GA $ $ 2019 620,469 19,799 20,279 3.2 % 3.3 % 13,210 13,210 0.52 0.52 ( 1 ) A reconciliation of GAAP and non - GAAP financial measures is included below . ( 2 ) Beginning in the first quarter of fiscal year 2021 , adjusted operating income excludes changes in the fair value of our supplemental employee retirement plan , or SERP , liability which are exactly offset by the revaluation to fair value of the SERP investments in Other Income ( Expense ) , net , and as a result have no impact on net income . Prior reported periods have been revised accordingly . Donald D. Charron , Chairman and Chief Executive Officer , stated , " We are very pleased with our operating results for the second quarter of fiscal year 2021. Our team remains resilient , and I am so proud of our collective response to the adversity that we have faced during this pandemic . We again exceeded our goal of 4.5 % operating income and continued to deliver excellent cash flow from operations . " Mr. Charron continued , “ Our strong results were primarily driven by improved operating execution , favorable product mix , and a weaker dollar . Looking ahead , we expect that our performance should approximate our long - stated goal of 4.5 % operating income . The persistence of the pandemic continues to draw our attention , and it's difficult to predict what we will face in the future . However , we are confident that our business will remain strong , and we are optimistic about our new business opportunities funnel . We remain committed to our goal of 8 % organic growth and believe the goal is well within our reach for fiscal year 2021. "