Kimball International, Inc. Reports Fourth Quarter and Fiscal Year 2006 Results.JASPER, Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- Kimball International Kimball International, Inc. NASDAQ: KBALB is a manufacturer of furniture and industrial electronics. Founded by W.W. Kimball in 1857 as a piano dealership, it was discontinued after 1996 but remains one of America's oldest and most distinguished keyboard instrument , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :KBALB) today announced financial results for the fourth quarter and fiscal year 2006, which ended June June: see month. 30, 2006. Sales, gross profit, selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. , operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the discussed below exclude the results of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for all periods. Net income discussed below includes the results of discontinued operations. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Overview Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter of fiscal year 2006 were $333.2 million, an increase of 27% over net sales of $263.0 million in the fourth quarter of fiscal year 2005. Fourth quarter sales include $61.5 million from acquisitions that were completed during the quarter in the Company's Electronic Contract Assemblies segment. Fourth quarter net sales in the Electronic Contract Assemblies segment increased 60% primarily related to the acquisitions and sales in the Furniture and Cabinets segment increased 3%. Income from continuing operations in the fourth quarter of fiscal year 2006 improved to $10.6 million or $0.27 per Class B share, inclusive of inclusive of prep. Taking into consideration or account; including. ($0.7) million, or ($0.02) per Class B share, of after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges associated with restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities. Excluding the restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , income from continuing operations in the current year fourth quarter was $11.3 million, or $0.29 per Class B share. Income from continuing operations in the prior year fourth quarter was $4.5 million, or $0.12 per Class B share, inclusive of ($0.1) million, or less than ($0.01) per Class B share, of after-tax restructuring charges. Net income for the current year fourth quarter was $10.4 million, or $0.27 per Class B share, which includes a ($0.2) million after-tax loss, or less than ($0.01) per Class B share from discontinued operations. For the prior year fourth quarter, net income was $4.1 million, or $0.11 per Class B share, including a loss from discontinued operations of ($0.4) million after-tax, or ($0.01) per Class B share. Consolidated gross profit as a percent of sales in the fourth quarter of fiscal year 2006 was 20.4% compared to 22.4% in the prior year. Acquisitions completed during the quarter had the effect of lowering consolidated gross profit as a percent of sales for the quarter. Excluding the acquisitions, consolidated fourth quarter gross profit as a percent of sales would have increased over the prior year on improvements in the Furniture and Cabinets segment. Consolidated selling, general and administrative (SG&A) costs for the fourth quarter of fiscal year 2006 increased in dollars but declined as a percent of sales compared to the prior year. SG&A increased in dollars primarily due to higher incentive compensation costs and the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. SG&A costs of the newly acquired operations. Consolidated SG&A costs declined as a percent of sales in the fourth quarter because the acquisitions carry a lower SG&A percentage to sales ratio thereby reducing the consolidated SG&A percentage to sales ratio. Excluding acquisitions, consolidated SG&A as a percent of sales would have increased slightly. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta restructuring charges in the current year fourth quarter totaled ($1.2) million and included various facility exit costs, employee transition costs and accelerated amortization costs within both segments. Pre-tax restructuring costs were ($0.1) million in the fourth quarter of the prior year. Fiscal year 2006 fourth quarter operating income including restructuring charges improved to $7.9 million from the $5.1 million reported in the same quarter last year primarily related to improvements in the Furniture and Cabinets segment. Partially offsetting these improvements were the higher restructuring charges in the current year. Other income in the current year fourth quarter was $4.5 million compared to $1.5 million in the prior year. Included in the current year fourth quarter was income of $2.2 million pre-tax, or $0.03 per Class B share after-tax, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc funds received as part of a Polish Polish (when pronounced /ˈpoʊːlɪʃ/ or /ˈpəʊːlɪʃ/) may refer to:
The fourth quarter of the current fiscal year also benefited from a lower effective tax rate when compared to the prior year as the current year fourth quarter includes $1.8 million for adjustments to income tax accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. resulting from the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. closure of several prior year tax audits. Also, during the fourth quarter of fiscal year 2006 the Company's effective tax rate continued to benefit from income generated by foreign operations which have a lower tax rate. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the fourth quarter of fiscal year 2006 totaled $21.1 million compared to $9.3 million in the fourth quarter of last year. The Company's cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investment balance increased to $171.7 million at June 30, 2006 compared to $117.5 million at June 30, 2005 primarily due to the generation of positive operating cash flow. On an annual basis, fiscal year 2006 net sales of $1.14 billion increased 8% from fiscal year 2005 sales of $1.05 billion. Acquisitions within the Electronic Contract Assemblies segment contributed sales of $61.5 million in fiscal year 2006. Income from continuing operations for fiscal year 2006 was $22.2 million, or $0.58 per Class B share, inclusive of after-tax restructuring charges of ($6.0) million, or ($0.16) per Class B share. Fiscal year 2005 income from continuing operations was $21.1 million, or $0.55 per Class B share, including after-tax restructuring charges of ($0.3) million, or ($0.01) per Class B share. Including a loss from discontinued operations of ($7.1) million or ($0.19) per Class B share and income from a cumulative effect of accounting change adjustment of $0.3 million or $0.01 per Class B share, fiscal year 2006 net income was $15.4 million, or $0.40 per Class B share. Net income for fiscal year 2005 was $16.6 million, or $0.44 per Class B share, including a loss on discontinued operations of ($4.5) million, or ($0.11) per Class B share. Operating cash flow for the fiscal year 2006 annual period was $76.6 million compared to $64.7 million in the prior fiscal year. During the fourth quarter, the Company completed two acquisitions within the Electronic Contract Assemblies segment. In April 2006, the Company purchased certain assets of the Bridgend Coordinates: Bridgend (Welsh: Pen-y-bont ar Ogwr) is a town in the traditional county of Glamorgan and the main town in the County Borough of Bridgend in South Wales. It is roughly midway between Cardiff and Swansea. , Wales Wales, Welsh Cymru, western peninsula and political division (principality) of Great Britain (1991 pop. 2,798,200), 8,016 sq mi (20,761 sq km), west of England; politically united with England since 1536. The capital is Cardiff. , UK manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. of Bayer Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler Manufacturing Limited. The assets purchased were primarily inventory and some equipment. The building and land were not included in the transaction, and the Company is leasing a portion of the previous facility. The Company retained a majority of the existing workforce. The purchase price was $31.5 million and direct costs of the acquisition totaled $0.5 million. In May 2006, the Company acquired a printed circuit board assembly operation in Longford Longford, town, Republic of Ireland Longford, town (1991 pop. 6,393), seat of Co. Longford, N central Republic of Ireland, on the Camlin River. It is primarily a farm market. The Roman Catholic bishopric of Ardagh and Clonmacnois is there. , Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. from Magna Donnelly Donnelly is a surname, of Irish origins, and may refer to:
The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge beginning on the respective acquisition dates. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. C. Thyen, Chief Executive Officer and President, stated, "We had a busy quarter with the completion of two acquisitions within our Electronics segment. The acquisition of Bayer's manufacturing operation in Bridgend, Wales, UK, was completed at the beginning of the quarter, and we spoke about it in our last earnings conference call. The expertise of the Bridgend team will help solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our medical platform strategy on a global scale and will benefit us well into the future within this entire segment." Mr. Thyen added, "The second acquisition of certain assets of a Magna Donnelly facility in Longford, Ireland was on a smaller scale, but still very important to our global footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. and diversifying our current automotive book of business. This acquisition includes a supply agreement with Magna Donnelly to produce printed circuit board assemblies. Both of these acquisitions emphasize our strategic expansion of global capabilities and responsiveness responsiveness Medtalk The ability to respond to a stimulus. See Airway responsiveness. in serving our customers." In conclusion, Mr. Thyen stated, "We also have some exciting trends to talk about in our Furniture and Cabinets segment. Less than one year ago we announced our organizational restructuring within this segment, and already we have experienced significant improvement in our earnings as a result of a lot of hard work by many of our dedicated employees in executing those actions. We have not yet completed all of the actions we outlined with this plan, but the results thus far are very encouraging. Also, with the tightened focus on our primary markets, we are seeing strong growth within our branded office and hospitality furniture products." Furniture and Cabinets Segment Fourth quarter net sales in fiscal year 2006 for the Furniture and Cabinets segment totaled $160.2 million, an increase of 3% from the prior year fourth quarter sales of $154.8 million. Sales of branded furniture products, which include office and hospitality furniture, experienced a double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. increase when compared to the prior year. Sales of contract private label products decreased from the prior year as a result of the planned exit of contract private label furniture products as part of the previously announced restructuring plan. Income from continuing operations in this segment for the fourth quarter of fiscal year 2006 increased $2.2 million from the prior year. Included in the current year fourth quarter earnings was ($0.4) million of after-tax restructuring costs consisting of exit costs associated with the consolidation of two Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum operations into one facility and costs resulting from the consolidation of various business functions within this segment. After-tax restructuring costs in the prior year fourth quarter totaled ($0.1) million. Gross profit as a percent of sales in this segment improved over last year's fourth quarter. When compared to the prior year, earnings in the current year fourth quarter were aided by price increases on select products, continued operating improvements resulting from the organizational restructuring within this segment and a sales mix sales mix See product mix. shift away from the lower margin contract private label products. Partially offsetting these improvements are continued inefficiencies at the Company's furniture operations in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. as sales volumes in this facility have declined when compared to the prior year. SG&A costs increased in both dollars and as a percent of sales in the fourth quarter when compared to last year primarily on higher incentive compensation costs. Including an after-tax loss of ($0.2) million from discontinued operations, net income in this segment was $4.8 million in the fourth quarter of fiscal year 2006. Net income in the fourth quarter of the prior fiscal year was $2.3 million which included a ($0.4) million after-tax loss from discontinued operations. For the fiscal year, net sales in this segment for the current year totaled $645.6 million, an increase of 5% from the prior year annual sales of $612.6 million. Income from continuing operations for fiscal year 2006 improved by $3.6 million over the prior year primarily due to higher sales volumes and improvements in gross profit percent. Income from continuing operations includes after-tax restructuring costs of ($5.5) million in fiscal year 2006 and ($0.3) million in fiscal year 2005. Net income, which includes ($7.1) million of loss on discontinued operations, was $3.6 million in fiscal year 2006. In the prior fiscal year, net income was $2.6 million including ($4.5) million of loss on discontinued operations. Electronic Contract Assemblies Segment Net sales for the fourth quarter of fiscal year 2006 in the Electronic Contract Assemblies segment were $173.0 million compared to net sales of $108.0 million in the fourth quarter of the prior year. Included in fourth quarter sales are $61.5 million in sales from the previously mentioned acquisitions. Sales to customers in the medical and automotive industries Automotive Industries, Ltd. (Hebrew: תעשיות רכב נצרת עלית, תע"ר were higher in the fourth quarter compared to last year as a result of the acquisitions. Fourth quarter sales to customers in the industrial controls industry also increased compared to the prior year. Fourth quarter fiscal year 2006 income from continuing operations in this segment increased $2.0 million from the same period last year as a result of the funds received as part of a Polish offset credit program for investments made in this segment's Poland operation, a lower effective tax rate in the current year quarter, and positive net income contribution from the two acquisitions completed during the quarter. Earnings in this segment were negatively impacted in the fourth quarter when compared to the prior year by lower gross profit as a percent of sales resulting primarily from a shift in the mix of sales among various programs and by after-tax restructuring costs of ($0.3) million related to the exit of a U.S. manufacturing facility. For the annual period, net sales in this segment for fiscal year 2006 were $496.7 million compared to $439.7 million in fiscal year 2005. Fiscal year 2006 net sales include $61.5 million of sales from acquisitions. Income from continuing operations in fiscal year 2006 declined $4.3 million from the prior year primarily related to lower gross profit as a percent of sales. Reclassifications The Company changed its classification of gains and losses on the sale of property and equipment, previously shown in non-operating income, to selling, general and administrative expense for each of the periods presented in the Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statements of Income. Amounts reclassified in the three month and fiscal year periods ended June 30, 2005 were gains of, in millions, $0.7 and $1.4, respectively. In the three month and fiscal year periods ended June 30, 2006, the Company recognized, in millions, $1.1 and $2.3, respectively, of gains on the sale of property and equipment as selling, general and administrative expense. Non-GAAP Financial Measures This press release contains non-GAAP financial measures. A non-GAAP financial measure is a numerical numerical expressed in numbers, i.e. Arabic numerals of 0 to 9 inclusive. numerical nomenclature a numerical code is used to indicate the words, or other alphabetical signals, intended. measure of a Company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in the statement of income, balance sheet or statement of cash flows of the Company. The non-GAAP financial measures used within this release are income from continuing operations excluding restructuring charges and earnings per share excluding restructuring charges. A reconciliation of the reported GAAP numbers to these non-GAAP financial measures is included in the Financial Highlights tables below. Management believes it is useful for investors to understand how its core operations performed without the effects of costs incurred in executing its restructuring plans as inclusion of these costs make results less comparable between reporting periods. Excluding these costs allows investors to meaningfully trend, analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. and benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. the performance of the Company's core operations. Many of the Company's internal performance measures that management uses to make certain operating decisions exclude costs associated with executing its restructuring plans to enable meaningful trending of core operating metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. over an extended period of time. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements contained within this release are considered forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and are subject to risks and uncertainties including, but not limited to, significant volume reductions from key contract customers, loss of key customers or suppliers within specific industries, availability or cost of raw materials, increased competitive pricing pressures reflecting excess industry capacities and unexpected integration issues with acquisitions. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filing for the period ended June 30, 2005. Conference Call / Webcast Kimball International will conduct its fourth quarter financial results conference call beginning at 2:00 PM Eastern Time today, August 3, 2006. To listen to the live conference call, dial 800-295-3991, or for international calls, dial 617-614-3924. A webcast of the live conference call may be accessed by visiting Kimball's Investor Relations Investor relations The process by which the corporation communicates with its investors. website at www.ir.kimball Kimball may refer to: In places in the US:
For those unable to participate in the live webcast, the call will be archived at www.ir.kimball.com within two hours of the conclusion of the live call and will remain there for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 90 days. A telephone replay of the conference call will be available within two hours after the conclusion of the live event through August 17, 2006, at 888-286-8010 or internationally at 617-801-6888. The pass code to access the replay is 99294545. About Kimball International, Inc. Recognized with a reputation for excellence, Kimball International is committed to a high performance culture that values personal and organizational commitment In the study of organizational behavior and Industrial/Organizational Psychology, organizational commitment is, in a general sense, the employee's psychological attachment to the organization. to quality, reliability, value, speed and ethical eth·i·cal adj. 1. Of, relating to, or dealing with ethics. 2. Being in accordance with the accepted principles of right and wrong that govern the conduct of a profession. behavior. Kimball employees know they are part of a corporate culture that builds success for Customers while enabling employees to share in the Company's success through personal, professional and financial growth. Kimball International, Inc. provides a variety of products from its two business segments: the Furniture and Cabinets segment and the Electronic Contract Assemblies segment. The Furniture and Cabinets segment provides furniture for the office and hospitality industries sold under the Company's family of brand names. The Furniture and Cabinets segment also provides engineering and manufacturing services which utilize common production and support capabilities on a contract basis to customers primarily in the residential furniture and cabinets industry. The Electronic Contract Assemblies segment provides engineering and manufacturing services which utilize common production and support capabilities to a variety of industries globally. For more information about Kimball International, Inc., visit the Company's website on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.kimball.com. "We Build Success" Financial Highlights for the quarter and fiscal year ended June 30, 2006, follow:
Condensed Consolidated Statements of Income
(Unaudited) Three Months Ended
($000's, except per share data) June 30, June 30,
2006 2005
---------------- ----------------
Net Sales $333,195 100.0% $263,033 100.0%
Cost of Sales 265,388 79.6% 204,011 77.6%
--------- ------ --------- ------
Gross Profit 67,807 20.4% 59,022 22.4%
Selling, General & Administrative
Expenses 58,760 17.6% 53,754 20.4%
Restructuring Expense 1,160 0.4% 127 0.0%
--------- ------ --------- ------
Operating Income 7,887 2.4% 5,141 2.0%
Other Income - Net 4,525 1.3% 1,485 0.5%
--------- ------ --------- ------
Income from Continuing Operations
Before Taxes on Income 12,412 3.7% 6,626 2.5%
Provision for Income Taxes 1,838 0.5% 2,092 0.8%
--------- ------ --------- ------
Income from Continuing Operations 10,574 3.2% 4,534 1.7%
Income (Loss) from Discontinued
Operations, Net of Tax (172) (0.1%) (396) (0.1%)
--------- ------ --------- ------
Net Income $10,402 3.1% $4,138 1.6%
========= ====== ========= ======
Earnings Per Share of Common Stock:
Basic from Continuing
Operations:
Class A $0.28 $0.12
Class B $0.28 $0.12
Diluted from Continuing
Operations:
Class A $0.28 $0.12
Class B $0.27 $0.12
Basic:
Class A $0.27 $0.11
Class B $0.27 $0.11
Diluted:
Class A $0.27 $0.11
Class B $0.27 $0.11
Average Shares Outstanding
Basic 38,212 38,152
Diluted 38,565 38,809
Fiscal Year Ended
($000's, except per share data) June 30, June 30,
2006 2005
------------------ ------------------
Net Sales $1,142,581 100.0% $1,053,147 100.0%
Cost of Sales 896,391 78.5% 823,305 78.2%
----------- ------ ----------- ------
Gross Profit 246,190 21.5% 229,842 21.8%
Selling, General & Administrative
Expenses 219,438 19.2% 210,940 20.0%
Restructuring Expense 9,635 0.8% 448 0.0%
----------- ------ ----------- ------
Operating Income 17,117 1.5% 18,454 1.8%
Other Income - Net 10,795 0.9% 8,005 0.7%
----------- ------ ----------- ------
Income from Continuing Operations
Before Taxes on Income 27,912 2.4% 26,459 2.5%
Provision for Income Taxes 5,733 0.5% 5,358 0.5%
----------- ------ ----------- ------
Income from Continuing Operations 22,179 1.9% 21,101 2.0%
Income (Loss) from Discontinued
Operations, Net of Tax (7,116) (0.6%) (4,513) (0.4%)
----------- ------ ----------- ------
Income Before Cumulative Effect
of Change in Accounting
Principle 15,063 1.3% 16,588 1.6%
Cumulative Effect of Change in
Accounting Principle 299 0.0% - 0.0%
----------- ------ ----------- ------
Net Income $15,362 1.3% $16,588 1.6%
=========== ====== =========== ======
Earnings Per Share of Common
Stock:
Basic from Continuing
Operations:
Class A $0.57 $0.55
Class B $0.58 $0.56
Diluted from Continuing
Operations:
Class A $0.57 $0.54
Class B $0.58 $0.55
Basic:
Class A $0.39 $0.43
Class B $0.41 $0.44
Diluted:
Class A $0.39 $0.42
Class B $0.40 $0.44
Average Shares Outstanding
Basic 38,197 38,141
Diluted 38,384 38,359
Condensed Consolidated Statements of Cash Flows
Fiscal Year Ended
($000's) June 30, June 30,
2006 2005
-------------------
Net Cash Flow provided by Operating Activities $76,612 $64,707
Net Cash Flow used for Investing Activities (66,238) (25,036)
Net Cash Flow used for Financing Activities (3,304) (22,533)
Effect of Exchange Rates 534 124
--------- ---------
Net Increase in Cash & Cash Equivalents 7,604 17,262
Cash & Cash Equivalents at Beginning of Period 57,253 39,991
--------- ---------
Cash & Cash Equivalents at End of Period $64,857 $57,253
========= =========
Cash & Cash Equivalents $64,857 $57,253
Short-Term Investments 106,846 60,270
--------- ---------
Totals $171,703 $117,523
========= =========
Condensed Consolidated Balance Sheets
($000's) June 30, June 30,
2006 2005
-------------------
Assets
---------------------------------------------------
Cash, Cash Equivalents and Short-Term Investments $171,703 $117,523
Receivables, Net 154,571 125,178
Inventories 109,479 87,531
Other Current Assets 32,327 21,808
Property & Equipment, Net 151,122 176,054
Capitalized Software, Net 26,602 37,273
Goodwill 3,286 2,166
Other Assets 29,931 33,007
--------- ---------
Totals $679,021 $600,540
========= =========
Liabilities & Share Owners' Equity
---------------------------------------------------
Current Liabilities $236,699 $148,372
Long-Term Debt, Less Current Maturities 1,125 350
Deferred Income Taxes & Other 18,615 23,592
Share Owners' Equity 422,582 428,226
--------- ---------
Totals $679,021 $600,540
========= =========
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
($000's, except per share data)
Income from Continuing Operations, excluding Restructuring Charges
Three Months Ended
June 30, June 30,
2006 2005
--------------------
Income from Continuing Operations, as reported $10,574 $4,534
Restructuring Charges, Net of Tax 735 85
---------- ---------
Income from Continuing Operations, excluding
Restructuring Charges $11,309 $4,619
========== =========
Earnings Per Share of Common Stock, excluding Restructuring Charges
Diluted from Continuing Operations, Class B, as
reported $0.27 $0.12
Diluted Impact of Restructuring Charges, Class B $0.02 -
---------- ---------
Diluted from Continuing Operations, Class B,
excluding Restructuring Charges $0.29 $0.12
========== =========
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