Kimball International Remains Bullish on Acquisitions

The chief executive officer of Kimball International Inc. (Nasdaq: KBAL) says the Jasper-based furniture manufacturer will continue to actively pursue acquisition opportunities. During the company's most recent earnings report, Bob Schneider said Kimball recently completed the acquisition of California-based D'style Inc., which produces metal furnishings for public spaces and guest rooms. In the fiscal third quarter, Kimball is reporting net income of $5.9 million, compared to $7.2 million in the same period a year earlier.

Schneider says "we are investing in automation and new technologies in our operations, and have been active the last few quarters buying back shares, which we expect to continue. We have approximately 1.3 million shares remaining under our share repurchase program. Lastly, we just recently completed the acquisition of D'style and are continuing to actively pursue other tuck-in acquisitions that will create synergies with our current brands. Our capital structure continues to be very strong and available to support growth." Schneider added the company expects around $7 million in savings through synergies during the 2019 fiscal year, which will help offset rising costs in areas including transportation and commodities that Kimball estimates reduced operating income by nearly $2 million in the third quarter.