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KIMBALL INTERNATIONAL CONFIRMS HIGHER SALES, LOWER INCOME FOR QUARTER

KIMBALL INTERNATIONAL CONFIRMS HIGHER SALES, LOWER INCOME FOR QUARTER
 JASPER, Ind., Oct. 14 /PRNewswire/ -- Kimball International, Inc. (NASDAQ-NMS: KBALB) reported sales in the fiscal first quarter ended Sept. 30, 1992, were $171,191,000, an increase of 24 percent over the prior year's $138,560,000.
 Net income, however, declined 8 percent to $7,320,000, or 34 cents per share of Class B Common Stock, from the year-earlier $7,943,000, or 37 cents per Class B Share, excluding last year's nonoperating gain relating to insurance proceeds from the fire that destroyed the company's Chandler Veneers plant.
 Net income declined 21 percent from last year's first quarter when including the nonoperating gain.
 Douglas A. Habig, President and Chief Executive Officer, in his report to Share Owners at the company's annual meeting yesterday, said major factors in the lower profitability were a shift in sales mix to lower margined products, losses by the International Group, and lower sales and income in the Contract and Lodging Groups. The International Group's loss also contributed to a higher effective tax rate as there were no offsetting tax benefits. Net income was also impacted by substantially lower income from Cash Investments as the company's investment balances and overall market interest rates declined.
 He said the quarter's sales growth was concentrated primarily in the Electronics and Office Furniture Groups. Both Groups also reported improved earnings. The office furniture results included the contributions from Harpers, the metal office furniture manufacturer acquired last January.
 Habig said, "While we are pleased with the improved sales trend in certain segments of our business, we are continuing to diligently pursue margin improvements in all units through cost containment and waste elimination. The investments we've made in employee involvement and other excellence programs have demonstrated efficiency gains and will be the foundation toward further operational improvements. We feel these are critical assets as we address the continuing economic softness in most of our marketplaces."
 -0- 10/14/92
 /CONTACT: Ken Sendelweck of Kimball International, Inc., 812-482-1600/
 (KBALB) CO: Kimball International, Inc. ST: Indiana IN: SU: ERN


KE -- CL017 -- 0078 10/14/92 16:50 EDT
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Publication:PR Newswire
Date:Oct 14, 1992
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