Kimball International, Inc. (NASDAQ: KBAL) today announced results
for the quarter ended December 31, 2020.
Selected Financial Highlights:
Second Quarter FY 2021
- Net sales of $136.2 million
- Gross margin was 33.4%
- Net loss of $0.8 million includes $4.1 million of acquisition
and restructuring charges
- Diluted EPS of $(0.02), or $0.09 when adjusted for $0.11 of
acquisition and restructuring charges
- Adjusted EBITDA of $9.1 million
- Backlog of $144.9 million
Management Commentary
CEO Kristie Juster commented, “In the second quarter, we made
significant progress on our strategy to emerge from the COVID
health crisis as a stronger company highlighted by our acquisition
of Poppin. We continued to execute on our Connect 2.0 strategy,
which has created additional opportunities to gain share in our
target end markets and accelerate our long-term growth.
Additionally, Poppin, which brings us a digitally native platform
that we can leverage across our portfolio of brands, has greatly
advanced Kimball International’s eBusiness strategy.
“Business trends unfolded in line with our expectations in the
second quarter. Our Health business posted double-digit sequential
growth in revenue and order rates, supporting our thesis that this
market would be the first to recover from the impact of COVID-19.
Our Workplace business also showed sequential improvement in order
rates, although at a more modest rate, benefiting in part from
Kimball International’s significant presence in secondary markets,
which are rebounding more quickly than large metropolitan
areas.
“Second quarter revenue was reduced by approximately $6 million
due to port congestion delays that pushed out shipments in our
Hospitality end market. Additionally, we managed through
considerable gross margin headwinds in the second quarter with
transformation cost savings of $6.1 million and price realization
offsetting part of the impact of lower volumes and significantly
higher ocean and domestic freight costs. We announced price
increases within our Workplace and Health product lines, effective
March 1, 2021 to help offset a portion of the higher freight and
commodity costs that we expect to continue for the remainder of
this fiscal year.
“Kimball International’s first half fiscal 2021 performance
demonstrated continued resilience while operating under difficult
business conditions. The resurgence of COVID-19 has extended the
timing of a recovery in the Workplace end market, and higher
logistics expenses and inflationary impacts have pressured margins.
We continue to effectively navigate this challenging business
environment by making significant progress in reducing our
long-term cost structure while focusing on building our growth
initiatives around brands and products across our new omnichannel
platform.”
Overview
Second Quarter Fiscal 2021 Results
Consolidated net sales were $136.2 million, down 29% from $192.2
million in the year ago quarter. Organic net sales were down 31%
compared to the prior year. Gross margin declined by 60 basis
points to 33.4%, mainly resulting from higher domestic and ocean
freight costs and loss of leverage on the lower revenue, which more
than offset transformation plan benefits. Selling and
administrative expenses (S&A) of $46.0 million declined $3.8
million compared to the prior year; however, as a percentage of net
sales, S&A expenses were 33.7%, compared to 25.9% in the same
quarter a year ago. Adjusted selling and administrative expenses
were $40.7 million or 29.9% of net sales, compared to $48.8 million
or 25.4% of net sales in last year’s second quarter. The net loss
was $0.8 million, or ($0.02) per diluted share, compared to
earnings per diluted share of $0.30 reported in the fiscal 2020
second quarter. Adjusted earnings per share, which excludes
acquisition- and restructuring-related charges of $0.08 and $0.03,
respectively, was $0.09, compared to $0.33 last year. Adjusted
EBITDA decreased 56% to $9.1 million, and adjusted EBITDA margin
declined 420 basis points to 6.7%.
The Company ended the second quarter in a strong financial
position, with $41.2 million in cash and short-term investments and
a net debt to adjusted EBITDA ratio of approximately 0.7, inclusive
of the recorded liability for the earn-out payments related to the
Poppin acquisition.
|
|
|
|
|
|
|
Net Sales
by End Market |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
(Unaudited) |
December 31, |
|
|
|
December 31, |
|
|
(Amounts in Millions) |
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
|
% Change |
Workplace |
$ |
87.4 |
|
|
$ |
114.4 |
|
|
(24 |
%) |
|
$ |
182.7 |
|
|
$ |
240.1 |
|
|
(24 |
%) |
Health |
27.0 |
|
|
28.2 |
|
|
(4 |
%) |
|
47.6 |
|
|
57.1 |
|
|
(17 |
%) |
Hospitality |
21.8 |
|
|
49.6 |
|
|
(56 |
%) |
|
53.8 |
|
|
96.4 |
|
|
(44 |
%) |
Total Net Sales |
$ |
136.2 |
|
|
$ |
192.2 |
|
|
(29 |
%) |
|
$ |
284.1 |
|
|
$ |
393.6 |
|
|
(28 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Summary and Outlook
“With the acquisition of Poppin complete, we are moving forward
with our stage one priorities, notably scaling Poppin in secondary
markets where Kimball International is well-established, launching
Poppin privacy pods into our existing dealer network, building work
from home and corporate partnerships for Poppin and our Etc. brand,
and developing a complementary Poppin Pro Dealer Program.
“At the same time, we are making investments in our Health
business, where we have expanded our expertise with strategic hires
and plan to launch six new clinical products by the end of fiscal
2021. In Hospitality, we continue to partner closely with our
customers in navigating both the impact of the pandemic and the
temporary impact of higher freight costs.
“Post pandemic, what we knew as the office will change into an
exciting hybrid workplace. The office will be the center for
collaboration, community and culture; the home will be an extension
of work; and new, smaller office formats will emerge in satellite
offices in secondary markets. Our deep knowledge in residential
design, our multi-brand portfolio and new omnichannel capabilities
will enable us to access each end market in the broader new
workplace.
“Looking ahead, we expect third quarter organic revenue to be
similar to second quarter levels based on our backlog of $144.9
million, of which approximately $80 million is expected to ship in
the third quarter. While freight costs are expected to further
pressure fiscal third quarter gross margin, we anticipate a
sequential increase in gross margin in the fourth quarter as price
increases materialize and clarity around the new forming workplace
begins to take shape,” Ms. Juster concluded.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. A
non-GAAP financial measure is a numerical measure of a company’s
financial performance that excludes amounts so as to be different
than the most directly comparable measure calculated and presented
in accordance with Generally Accepted Accounting Principles
(“GAAP”) in the United States in the statements of income,
statements of comprehensive income, balance sheets, or statements
of cash flows of the Company. The non-GAAP financial measures used
within this release are (1) organic net sales, defined as net sales
excluding acquisition-related net sales; (2) adjusted selling and
administrative expense; (3) adjusted EBITDA; (4) adjusted operating
income; (5) adjusted net income; and (6) adjusted diluted earnings
per share. Adjusted operating income, adjusted net income, and
adjusted diluted earnings per share each exclude restructuring
expense, CEO transition costs, acquisition-related amortization and
inventory valuation adjustments, and costs of the acquisition from
the GAAP income measure. Adjusted selling and administrative
expense excludes market value adjustments related to the SERP
liability, CEO transition costs, acquisition-related amortization,
and costs of acquisition from the GAAP income measure.
Additionally, adjusted operating income excludes market value
adjustments related to the SERP liability. Adjusted EBITDA is
defined as earnings before interest, income taxes, depreciation
expense, amortization expense, restructuring expense, CEO
transition costs, acquisition-related inventory valuation
adjustments, and costs of acquisition. A reconciliation of the
reported GAAP numbers to the non-GAAP financial measures is
included in the Reconciliation of Non-GAAP Financial Measures table
below. Management believes that Adjusted EBITDA and other metrics
excluding restructuring expense, CEO transition expenses, market
value adjustments related to the SERP liability, and
acquisition-related adjustments are useful measurements to assist
investors in comparing our performance over various reporting
periods on a consistent basis by removing from operating results
the impact of items that do not reflect our core operating
performance.
The orders received metric is a key performance indicator used
to evaluate general sales trends and develop future operating
plans. Orders received represent firm orders placed by our
customers during the current quarter which are expected to be
recognized as revenue during current or future quarters. The orders
received metric is not intended to be presented as an alternative
measure of revenue recognized in accordance with GAAP.
Forward-Looking Statements
This document may contain certain forward-looking statements
about the Company, such as discussions of Company’s pricing trends,
liquidity, new business results, expansion plans, anticipated
expenses and planned schedules. The Company intends such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. These statements
generally can be identified by the use of words or phrases,
including, but not limited to, “intend,” “anticipate,” “believe,”
“estimate,” “project,” “target,” “plan,” “expect,” “setting up,”
“beginning to,” “will,” “should,” “would,” “resume” or similar
statements. We caution that forward-looking statements are subject
to known and unknown risks and uncertainties that may cause the
Company’s actual future results and performance to differ
materially from expected results including, but not limited to, the
possibility that any of the anticipated benefits of the transaction
between the Company and Poppin will not be realized or will not be
realized within the expected time period; the risk that integration
of the operations of Poppin with the Company will be materially
delayed or will be more costly or difficult than expected; the
effect of the announcement of the Poppin transaction, including on
customer relationships and operating results; the risk that any
projections or guidance by the Company, including revenues,
margins, earnings, or any other financial results are not realized;
adverse changes in global economic conditions; successful execution
of Phase 2 of the Company restructuring plan; the impact on the
Company of changes in tariffs; increased global competition;
significant reduction in customer order patterns; loss of key
suppliers; loss of or significant volume reductions from key
contract customers; financial stability of key customers and
suppliers; relationships with strategic customers and product
distributors; availability or cost of raw materials, components and
freight; changes in the regulatory environment; global health
concerns (including the impact of the COVID-19 outbreak); or
similar unforeseen events. 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 filing for the fiscal year ended June 30, 2020 and
other filings with the Securities and Exchange Commission.
|
Conference
Call / Webcast |
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|
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Date: |
|
February 4, 2021 |
Time: |
|
5:00 PM Eastern Time |
Dial-In #: |
|
844-602-5643 (International
Calls - 574-990-3014) |
Pass Code: |
|
Kimball |
|
|
|
A webcast of the live conference call may be accessed by
visiting Kimball International’s Investor Relations website at
www.ir.kimballinternational.com.
For those unable to participate in the live webcast, the call
will be archived at www.ir.kimballinternational.com within two
hours of the conclusion of the live call.
About Kimball International, Inc.
For 70 years, Kimball International has created design driven
furnishings that have helped our customers shape spaces into
places, bringing possibility to life by enabling collaboration,
discovery, wellness and relaxation. We go to market through our
family of brands: Kimball, National, Interwoven, Etc., Kimball
Hospitality, D’style by Kimball Hospitality and Poppin. Our values
and high integrity are demonstrated daily by living our Purpose and
Guiding Principles that establish us as an employer of choice. We
build success by growing long-term relationships with customers,
employees, suppliers, shareholders, and the communities in which we
operate. In fiscal year 2020, the company generated $728 million in
revenue and employed over 2,800 people. To learn more about Kimball
International, Inc. (KBAL), visit www.kimballinternational.com.
Financial highlights for the second quarter ended
December 31, 2020 are as follows:
|
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Income |
|
|
|
|
|
|
|
(Unaudited) |
Three Months Ended |
(Amounts in Thousands, except
per share data) |
December 31, 2020 |
|
December 31, 2019 |
Net Sales |
$ |
136,197 |
|
|
|
100.0 |
% |
|
$ |
192,164 |
|
|
100.0 |
% |
Cost of Sales |
90,648 |
|
|
|
66.6 |
% |
|
126,823 |
|
|
66.0 |
% |
Gross Profit |
45,549 |
|
|
|
33.4 |
% |
|
65,341 |
|
|
34.0 |
% |
Selling and Administrative
Expenses |
45,967 |
|
|
|
33.7 |
% |
|
49,719 |
|
|
25.9 |
% |
Restructuring Expense |
1,616 |
|
|
|
1.2 |
% |
|
1,396 |
|
|
0.7 |
% |
Operating Income (Loss) |
(2,034 |
) |
|
|
(1.5 |
%) |
|
14,226 |
|
|
7.4 |
% |
Other Income, net |
1,409 |
|
|
|
1.0 |
% |
|
1,185 |
|
|
0.6 |
% |
Income (Loss) Before Taxes on
Income |
(625 |
) |
|
|
(0.5 |
%) |
|
15,411 |
|
|
8.0 |
% |
Provision for Income
Taxes |
213 |
|
|
|
0.1 |
% |
|
4,372 |
|
|
2.3 |
% |
Net Income (Loss) |
$ |
(838 |
) |
|
|
(0.6 |
%) |
|
$ |
11,039 |
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share of
Common Stock: |
|
|
|
|
|
|
|
Basic |
$ |
(0.02 |
) |
|
|
|
|
$ |
0.30 |
|
|
|
Diluted |
$ |
(0.02 |
) |
|
|
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
Average Number of Total Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
36,962 |
|
|
|
|
|
36,921 |
|
|
|
Diluted |
36,962 |
|
|
|
|
|
37,221 |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
Six Months Ended |
(Amounts in Thousands, except
per share data) |
December 31, 2020 |
|
December 31, 2019 |
Net Sales |
$ |
284,141 |
|
|
100.0 |
% |
|
$ |
393,616 |
|
|
100.0 |
% |
Cost of Sales |
186,236 |
|
|
65.5 |
% |
|
257,905 |
|
|
65.5 |
% |
Gross Profit |
97,905 |
|
|
34.5 |
% |
|
135,711 |
|
|
34.5 |
% |
Selling and Administrative
Expenses |
87,654 |
|
|
30.9 |
% |
|
100,633 |
|
|
25.5 |
% |
Restructuring Expense |
5,856 |
|
|
2.1 |
% |
|
5,746 |
|
|
1.5 |
% |
Operating Income |
4,395 |
|
|
1.5 |
% |
|
29,332 |
|
|
7.5 |
% |
Other Income, net |
2,226 |
|
|
0.8 |
% |
|
1,770 |
|
|
0.4 |
% |
Income Before Taxes on
Income |
6,621 |
|
|
2.3 |
% |
|
31,102 |
|
|
7.9 |
% |
Provision for Income
Taxes |
2,073 |
|
|
0.7 |
% |
|
8,679 |
|
|
2.2 |
% |
Net Income |
$ |
4,548 |
|
|
1.6 |
% |
|
$ |
22,423 |
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
Earnings Per Share of Common
Stock: |
|
|
|
|
|
|
|
Basic |
$ |
0.12 |
|
|
|
|
$ |
0.61 |
|
|
|
Diluted |
$ |
0.12 |
|
|
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
Average Number of Total Shares
Outstanding: |
|
|
|
|
|
|
|
Basic |
36,968 |
|
|
|
|
36,929 |
|
|
|
Diluted |
37,465 |
|
|
|
|
37,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
Condensed Consolidated
Balance Sheets |
|
December 31,2020 |
|
|
|
June 30,2020 |
|
(Amounts in Thousands) |
|
|
|
|
|
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
39,720 |
|
|
$ |
91,798 |
|
Short-term investments |
1,505 |
|
|
5,294 |
|
Receivables, net |
54,759 |
|
|
68,365 |
|
Inventories |
60,199 |
|
|
49,857 |
|
Prepaid expenses and other current assets |
17,504 |
|
|
16,869 |
|
Assets held for sale |
0 |
|
|
215 |
|
Property and Equipment, net |
90,028 |
|
|
92,041 |
|
Right of use operating lease assets |
18,072 |
|
|
16,461 |
|
Goodwill |
82,958 |
|
|
11,160 |
|
Other Intangible Assets, net |
68,041 |
|
|
13,949 |
|
Deferred Tax Assets |
12,854 |
|
|
7,485 |
|
Other Assets |
18,460 |
|
|
12,773 |
|
Total Assets |
$ |
464,100 |
|
|
$ |
386,267 |
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
Short-term debt |
$ |
40,000 |
|
|
$ |
0 |
|
Current maturities of long-term debt |
1,282 |
|
|
27 |
|
Accounts payable |
42,268 |
|
|
40,229 |
|
Customer deposits |
28,965 |
|
|
19,649 |
|
Current portion of operating lease liability |
6,601 |
|
|
4,886 |
|
Dividends payable |
3,580 |
|
|
3,454 |
|
Accrued expenses |
31,726 |
|
|
41,076 |
|
Long-term debt, less current maturities |
1,331 |
|
|
109 |
|
Long-term operating lease liability |
15,527 |
|
|
16,610 |
|
Contingent earn-out liability |
31,790 |
|
|
0 |
|
Other |
17,018 |
|
|
15,431 |
|
Shareholders’ Equity |
244,012 |
|
|
244,796 |
|
Total Liabilities and Shareholders’ Equity |
$ |
464,100 |
|
|
$ |
386,267 |
|
|
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Cash Flows |
Six Months Ended |
(Unaudited) |
December 31, |
(Amounts in Thousands) |
2020 |
|
2019 |
Net Cash Flow provided by Operating Activities |
$ |
24,521 |
|
|
$ |
13,402 |
|
Net Cash Flow used for
Investing Activities |
(105,774 |
) |
|
(6,747 |
) |
Net Cash Flow provided by
(used for) Financing Activities |
32,456 |
|
|
(8,419 |
) |
Net Decrease in Cash, Cash
Equivalents, and Restricted Cash |
(48,797 |
) |
|
(1,764 |
) |
Cash, Cash Equivalents, and
Restricted Cash at Beginning of Period |
92,444 |
|
|
73,837 |
|
Cash, Cash Equivalents, and
Restricted Cash at End of Period |
$ |
43,647 |
|
|
$ |
72,073 |
|
|
|
|
|
|
|
|
|
Orders
Received by End Market |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
(Unaudited) |
December 31, |
|
|
|
December 31, |
|
|
(Amounts in Millions) |
2020 |
|
2019 |
|
% Change |
|
2020 |
|
2019 |
|
% Change |
Workplace * |
$ |
87.1 |
|
|
$ |
123.2 |
|
|
(29 |
%) |
|
$ |
166.6 |
|
|
$ |
240.9 |
|
|
(31 |
%) |
Health |
27.4 |
|
|
32.8 |
|
|
(16 |
%) |
|
49.7 |
|
|
62.4 |
|
|
(20 |
%) |
Hospitality |
20.4 |
|
|
58.9 |
|
|
(65 |
%) |
|
58.5 |
|
|
101.9 |
|
|
(43 |
%) |
Total Orders |
$ |
134.9 |
|
|
$ |
214.9 |
|
|
(37 |
%) |
|
$ |
274.8 |
|
|
$ |
405.2 |
|
|
(32 |
%) |
* Workplace end market includes education, government,
commercial, and financial vertical markets
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures |
|
|
|
(Unaudited) |
|
|
|
(Amounts in Thousands, except
per share data) |
|
|
|
|
|
|
|
Organic
Net Sales |
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2020 |
Net Sales, as reported |
$ |
136,197 |
|
|
$ |
284,141 |
|
Less: Poppin acquisition net
sales |
2,678 |
|
|
2,678 |
|
Organic Net Sales |
$ |
133,519 |
|
|
$ |
281,463 |
|
|
|
|
|
|
|
|
|
Adjusted
Selling and Administrative Expense |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Selling and Administrative Expense, as reported |
$ |
45,967 |
|
|
|
$ |
49,719 |
|
|
|
$ |
87,654 |
|
|
|
$ |
100,633 |
|
|
Less: Pre-tax Expense
Adjustment to SERP Liability |
(1,381 |
) |
|
|
(716 |
) |
|
|
(2,139 |
) |
|
|
(774 |
) |
|
Less: Pre-tax CEO Transition
Costs |
(141 |
) |
|
|
(175 |
) |
|
|
(282 |
) |
|
|
(350 |
) |
|
Less: Pre-tax
Acquisition-related Amortization |
(395 |
) |
|
|
0 |
|
|
|
(395 |
) |
|
|
0 |
|
|
Less: Pre-tax Costs of
Acquisition |
(3,388 |
) |
|
|
0 |
|
|
|
(3,388 |
) |
|
|
0 |
|
|
Adjusted Selling and
Administrative Expense |
$ |
40,662 |
|
|
|
$ |
48,828 |
|
|
|
$ |
81,450 |
|
|
|
$ |
99,509 |
|
|
Adjusted Selling and
Administrative Expense % |
29.9 |
|
% |
|
25.4 |
|
% |
|
28.7 |
|
% |
|
25.3 |
|
% |
|
|
|
|
|
|
|
|
Adjusted
Operating Income |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Operating Income (Loss), as
reported |
$ |
(2,034 |
) |
|
|
$ |
14,226 |
|
|
|
$ |
4,395 |
|
|
|
$ |
29,332 |
|
|
Add: Pre-tax Restructuring
Expense |
1,616 |
|
|
|
1,396 |
|
|
|
5,856 |
|
|
|
5,746 |
|
|
Add: Pre-tax Expense
Adjustment to SERP Liability |
1,381 |
|
|
|
716 |
|
|
|
2,139 |
|
|
|
774 |
|
|
Add: Pre-tax CEO Transition
Costs |
141 |
|
|
|
175 |
|
|
|
282 |
|
|
|
350 |
|
|
Add: Pre-tax
Acquisition-related Amortization |
395 |
|
|
|
0 |
|
|
|
395 |
|
|
|
0 |
|
|
Add: Pre-tax
Acquisition-related Inventory Valuation Adjustment |
42 |
|
|
|
0 |
|
|
|
42 |
|
|
|
0 |
|
|
Add: Pre-tax Costs of
Acquisition |
3,388 |
|
|
|
0 |
|
|
|
3,388 |
|
|
|
0 |
|
|
Adjusted Operating Income |
$ |
4,929 |
|
|
|
$ |
16,513 |
|
|
|
$ |
16,497 |
|
|
|
$ |
36,202 |
|
|
Adjusted Operating Income
% |
3.6 |
|
% |
|
8.6 |
|
% |
|
5.8 |
|
% |
|
9.2 |
|
% |
|
|
|
|
|
|
|
|
Adjusted
Net Income |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net Income (Loss), as
reported |
$ |
(838 |
) |
|
|
$ |
11,039 |
|
|
|
$ |
4,548 |
|
|
|
$ |
22,423 |
|
|
|
|
|
|
|
|
|
|
Pre-tax Restructuring
Expense |
1,616 |
|
|
|
1,396 |
|
|
|
5,856 |
|
|
|
5,746 |
|
|
Tax on Restructuring
Expense |
(416 |
) |
|
|
(359 |
) |
|
|
(1,508 |
) |
|
|
(1,479 |
) |
|
Add: After-tax Restructuring Expense |
1,200 |
|
|
|
1,037 |
|
|
|
4,348 |
|
|
|
4,267 |
|
|
Pre-tax CEO Transition
Costs |
141 |
|
|
|
175 |
|
|
|
282 |
|
|
|
350 |
|
|
Tax on CEO Transition
Costs |
(36 |
) |
|
|
(45 |
) |
|
|
(72 |
) |
|
|
(90 |
) |
|
Add: After-tax CEO Transition Costs |
105 |
|
|
|
130 |
|
|
|
210 |
|
|
|
260 |
|
|
Pre-tax Acquisition-related
Amortization |
395 |
|
|
|
0 |
|
|
|
395 |
|
|
|
0 |
|
|
Tax on Acquisition-related
Amortization |
(102 |
) |
|
|
0 |
|
|
|
(102 |
) |
|
|
0 |
|
|
Add: After-tax Acquisition-related Amortization |
293 |
|
|
|
0 |
|
|
|
293 |
|
|
|
0 |
|
|
Pre-tax Acquisition-related
Inventory Valuation Adjustment |
42 |
|
|
|
0 |
|
|
|
42 |
|
|
|
0 |
|
|
Tax on Acquisition-related
Inventory Valuation Adjustment |
(11 |
) |
|
|
0 |
|
|
|
(11 |
) |
|
|
0 |
|
|
Add: After-tax Acquisition-related Inventory Adjustment |
31 |
|
|
|
0 |
|
|
|
31 |
|
|
|
0 |
|
|
Pre-tax Costs of
Acquisition |
3,388 |
|
|
|
0 |
|
|
|
3,388 |
|
|
|
0 |
|
|
Tax on Costs of
Acquisition |
(872 |
) |
|
|
0 |
|
|
|
(872 |
) |
|
|
0 |
|
|
Add: After-tax Costs of Acquisition |
2,516 |
|
|
|
0 |
|
|
|
2,516 |
|
|
|
0 |
|
|
Adjusted Net Income |
$ |
3,307 |
|
|
|
$ |
12,206 |
|
|
|
$ |
11,946 |
|
|
|
$ |
26,950 |
|
|
|
|
|
|
|
|
|
|
Adjusted
Diluted Earnings Per Share |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Diluted Earnings (Loss) Per
Share, as reported |
$ |
(0.02 |
) |
|
|
$ |
0.30 |
|
|
|
$ |
0.12 |
|
|
|
$ |
0.60 |
|
|
Add: After-tax Restructuring
Expense |
0.03 |
|
|
|
0.03 |
|
|
|
0.12 |
|
|
|
0.11 |
|
|
Add: After-tax CEO Transition
Costs |
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
Add: After-tax
Acquisition-related Amortization |
0.01 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.00 |
|
|
Add: After-tax
Acquisition-related Inventory Valuation Adjustment |
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
Add: After-tax Costs of
Acquisition |
0.07 |
|
|
|
0.00 |
|
|
|
0.07 |
|
|
|
0.00 |
|
|
Adjusted Diluted Earnings Per
Share |
$ |
0.09 |
|
|
|
$ |
0.33 |
|
|
|
$ |
0.32 |
|
|
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
December 31, |
|
December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net Income (Loss) |
$ |
(838 |
) |
|
|
$ |
11,039 |
|
|
|
$ |
4,548 |
|
|
|
$ |
22,423 |
|
|
Provision for Income
Taxes |
213 |
|
|
|
4,372 |
|
|
|
2,073 |
|
|
|
8,679 |
|
|
Income (Loss) Before Taxes on
Income |
(625 |
) |
|
|
15,411 |
|
|
|
6,621 |
|
|
|
31,102 |
|
|
Interest Expense |
58 |
|
|
|
21 |
|
|
|
86 |
|
|
|
44 |
|
|
Interest Income |
(87 |
) |
|
|
(489 |
) |
|
|
(189 |
) |
|
|
(1,096 |
) |
|
Depreciation |
3,536 |
|
|
|
3,866 |
|
|
|
7,128 |
|
|
|
7,476 |
|
|
Amortization |
1,049 |
|
|
|
547 |
|
|
|
1,702 |
|
|
|
1,068 |
|
|
Pre-tax Restructuring
Expense |
1,616 |
|
|
|
1,396 |
|
|
|
5,856 |
|
|
|
5,746 |
|
|
Pre-tax CEO Transition
Costs |
141 |
|
|
|
175 |
|
|
|
282 |
|
|
|
350 |
|
|
Pre-tax Acquisition-related
Inventory Valuation Adjustment |
42 |
|
|
|
0 |
|
|
|
42 |
|
|
|
0 |
|
|
Pre-tax Costs of
Acquisition |
3,388 |
|
|
|
0 |
|
|
|
3,388 |
|
|
|
0 |
|
|
Adjusted EBITDA |
$ |
9,118 |
|
|
|
$ |
20,927 |
|
|
|
$ |
24,916 |
|
|
|
$ |
44,690 |
|
|
Adjusted EBITDA % |
6.7 |
|
% |
|
10.9 |
|
% |
|
8.8 |
|
% |
|
11.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary
Information |
|
|
|
|
|
|
|
Components of Other
Income (Expense), net |
Three Months Ended |
|
Six Months Ended |
(Unaudited) |
December 31, |
|
December 31, |
(Amounts in Thousands) |
2020 |
|
2019 |
|
2020 |
|
2019 |
Interest Income |
$ |
87 |
|
|
|
$ |
489 |
|
|
|
$ |
189 |
|
|
|
$ |
1,096 |
|
|
Interest Expense |
(58 |
) |
|
|
(21 |
) |
|
|
(86 |
) |
|
|
(44 |
) |
|
Gain on Supplemental Employee
Retirement Plan Investments |
1,381 |
|
|
|
716 |
|
|
|
2,139 |
|
|
|
774 |
|
|
Other Non-Operating Income
(Expense) |
(1 |
) |
|
|
1 |
|
|
|
(16 |
) |
|
|
(56 |
) |
|
Other Income, net |
$ |
1,409 |
|
|
|
$ |
1,185 |
|
|
|
$ |
2,226 |
|
|
|
$ |
1,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contacts:Lynn
Morgen lynn.morgen@advisiry.comEric
Prouty eric.prouty@advisiry.com
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