Jasper, Ind. – Kimball International, an omnichannel commercial furniture company, closed its fourth quarter and fiscal year 2022 on June 30 with a notable increase in net sales, but a decline in net income.
For the quarter, net sales were $176.9 million, up 21% year over year, while for the year, net sales were $665.9 million dollars, up 17% over the previous year.
Net income for the fourth quarter was $4.4 million or 12 cents per diluted share, compared to $7.4 million or 20 cents per diluted share for the 2021 quarter.
For the year, the company recorded a net loss of $15.7 million, including a non-cash goodwill impairment charge of $34.1 million associated with its acquisition of Poppin, partially offset by an additional non-cash conditional price of $17 million.
“Demand remained strong in our key workplace and healthcare markets, where fourth quarter sales increased 33% year-on-year and accounted for 88% of fourth quarter revenue, led by our commercial verticals and educational,” Kristie Juster, CEO, said in the tax filing. “This strong sales performance, coupled with pricing initiatives taken to offset inflationary pressures and continued cost savings, has resulted in a substantial increase in profitability.”
Juster noted that Poppin’s sales have returned to pre-pandemic levels, adding that Poppin is “a critical part of our long-term value creation, and we look forward to further unleashing its full contribution.”
Fiscal 2023 projections call for the company to post revenue of $750 million to $780 million and adjusted EBITDA of between $48 million and $52 million, both expected to be weighted somewhat toward the second half of year, with the fourth quarter being the strongest. .
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