Kimball Electronics(KE)2024-11-04 22:25Financial Performance - Net sales for Q1 Fiscal 2025 totaled 438.1 million in Q1 Fiscal 2024[2] - Operating income was 12.6 million, or 3.4% of net sales, compared to 4.8% in Q1 Fiscal 2024[2] - Net income for Q1 Fiscal 2025 was 10.8 million in Q1 Fiscal 2024[2] - The company reported a diluted EPS of 0.43 in the same quarter last year[2] - Net sales for the three months ended September 30, 2024, were 10.3 million in the same period last year[16] - Operating income improved to 0.2 million in the prior year[16] - Adjusted net income for the three months ended September 30, 2024, was 12,038 thousand in the same period last year[17] - Diluted earnings per share decreased to 0.43 year-over-year[17] Cash Flow and Assets - Cash generated from operating activities was 76.6 million at the end of the quarter[4] - Total assets decreased to 1,207,919 thousand, a decline of approximately 4.8%[14] - Cash conversion days increased to 108 days from 100 days, indicating a decline in working capital efficiency[15] - Average invested capital increased to 738,096 thousand, reflecting a rise in capital efficiency[17] - Long-term debt decreased to 235,000 thousand, indicating improved debt management[14] Business Operations and Strategy - The company confirmed guidance for Fiscal Year 2025, projecting net sales between 1.540 billion, reflecting an 8% to 14% decline year-over-year[6] - The divestiture of the Automation, Test, and Measurement business was completed, contributing to a reduction in debt to a two-year low[3] - The company plans to close its manufacturing facility in Tampa, FL, with production activities being transferred to expanded facilities in Mexico and Jasper[3] - Capital expenditures for Fiscal Year 2025 are expected to be between 50 million[6] - Open orders decreased to 714 million, primarily due to the cancellation of a major automotive program[15] - Selling and administrative expenses decreased to 14,536 thousand, showing cost control efforts[17]