JASPER, IN – Kimball Intl Inc. reported net sales of $327.6 million and income from continuing operations of $8.2 million for the second quarter of fiscal year 2009, which ended Dec. 31, 2008. This is down 6% from $347.8 million in net sales in December 2007. Gross profit was $56.3 million, compared to $66.7 million during the prior year period.
James C. Thyen said, “We continue to respond to the rapid change in the markets with a sharpened focus on preserving liquidity while seeking to sustain sales and market share. We are continuing, with intensity, driving additional cost reductions and process improvements supporting variable cost productivity. We have tightened controls on capital spending and increased oversight risk assessment of working capital, customers and suppliers.”
Thyen added, “This economic environment will continue to present very significant challenges in the near term. Until the financial and housing crises abate and recovery is demonstrated by increased consumer confidence and spending, we will be forced to make very difficult cost choices impacting quarterly earnings versus sustaining longer-term core capabilities. A common characteristic of all of our vertical markets is that changes in demand for products and services can and do change weekly. Visibility into the future, for us and our customers, is very limited and much more unpredictable than at any time in the past. Our balance sheet remains strong which will allow us to continue to invest prudently to improve our market position.”
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