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EX - 99.1 2 exhibit9918k03312021q310q.htm KIMBALL ELECTRONICS , INC . EXHIBIT 99.1 Exhibit 99.1 KIMBALL ELECTRONICS , INC . REPORTS THIRD QUARTER FISCAL YEAR 2021 RESULTS Net sales in the third quarter were $ 310 million , up 6 % year - over - year Third quarter operating income was 4.7 % of net sales and adjusted operating income ( non - GAAP ) was 4.6 % Net income of $ 10.5 million ( adjusted non - GAAP $ 9.9 million ) and diluted EPS of $ 0.41 ( adjusted non - GAAP $ 0.39 ) in the third quarter Strong cash flows provided by operating activities of $ 31.5 million during the third quarter ● JASPER , Ind . , May 5 , 2021 ( GLOBE NEWSWIRE ) -- Kimball Electronics , Inc. ( Nasdaq : KE ) today announced financial results for the third quarter ended March 31 , 2021 . ( 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 March 31 , 2021 310,329 14,638 14,426 4.7 % 4.6 % 10,472 9,933 0.41 0.39 $ $ $ $ $ $ $ 2020 293,925 10,588 9,674 3.6 % 3.3 % 6,259 6,259 0.25 0.25 $ $ $ $ LA GA $ $ $ Nine Months Ended March 31 , 2021 962,682 48,624 49,432 5.1 % 5.1 % 42,345 41,680 1.67 1.65 $ $ $ $ LA LA LA $ $ $ 2020 914,394 30,387 29,953 3.3 % 3.3 % 19,469 19,469 0.76 0.76 ( 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 third quarter of fiscal year 2021. Our team remains resilient as we work through the ongoing challenges caused by the pandemic and the global semiconductor shortage . Despite the adversity , we again delivered solid operating income exceeding our goal of 4.5 % , and we continued to deliver excellent cash flow from operations , which on a year - to - date basis has more than doubled from the prior year . " Mr. Charron continued , " Due to the global semiconductor shortage , a significant amount of our shippable backlog shifted out of Q3 and Q4 of fiscal year 2021 to the first half of fiscal year 2022. Many industry experts are forecasting the global semiconductor shortage will remain with us for most of this calendar year . However , when considering the semiconductor delivery commitments that we currently have from our suppliers , we are still expecting a very strong fourth quarter of fiscal year 2021 both sequentially and year - over - year . ”