These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
KIMBALL INTERNATIONAL, INC.
|
(Exact name of registrant as specified in its charter)
|
Indiana
|
|
35-0514506
|
(State or other jurisdiction of
|
|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
|
|
|
1600 Royal Street, Jasper, Indiana
|
|
47549-1001
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(812) 482-1600
|
Registrant's telephone number, including area code
|
Not Applicable
|
Former name, former address and former fiscal year, if changed since last report
|
|
Page No.
|
|
|
|
|
|
|
PART I FINANCIAL INFORMATION
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
PART II OTHER INFORMATION
|
|
||
|
|
|
|
|
|
||
|
|
||
|
|
||
|
|
|
|
|
|||
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|||
|
March 31,
2014 |
|
June 30,
2013 |
||||
ASSETS
|
|
|
|
|
|
||
Current Assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
138,346
|
|
|
$
|
103,600
|
|
Receivables, net of allowances of $2,896 and $2,791, respectively
|
155,975
|
|
|
160,767
|
|
||
Inventories
|
133,633
|
|
|
123,998
|
|
||
Prepaid expenses and other current assets
|
45,480
|
|
|
39,013
|
|
||
Assets held for sale
|
1,121
|
|
|
1,521
|
|
||
Total current assets
|
474,555
|
|
|
428,899
|
|
||
Property and Equipment, net of accumulated depreciation of $355,462 and $371,232, respectively
|
188,583
|
|
|
185,744
|
|
||
Goodwill
|
2,564
|
|
|
2,511
|
|
||
Other Intangible Assets, net of accumulated amortization of $61,965 and $62,147, respectively
|
4,321
|
|
|
5,276
|
|
||
Other Assets
|
25,796
|
|
|
22,089
|
|
||
Total Assets
|
$
|
695,819
|
|
|
$
|
644,519
|
|
|
|
|
|
||||
LIABILITIES AND SHARE OWNERS' EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
25
|
|
|
$
|
23
|
|
Accounts payable
|
164,084
|
|
|
155,709
|
|
||
Dividends payable
|
1,882
|
|
|
1,863
|
|
||
Accrued expenses
|
70,111
|
|
|
56,856
|
|
||
Total current liabilities
|
236,102
|
|
|
214,451
|
|
||
Other Liabilities:
|
|
|
|
||||
Long-term debt, less current maturities
|
271
|
|
|
294
|
|
||
Other
|
26,013
|
|
|
25,268
|
|
||
Total other liabilities
|
26,284
|
|
|
25,562
|
|
||
Share Owners' Equity:
|
|
|
|
||||
Common stock-par value $0.05 per share:
|
|
|
|
||||
Class A - Shares authorized: 50,000,000
Shares issued: 11,408,000 and 12,025,000, respectively
|
570
|
|
|
601
|
|
||
Class B - Shares authorized: 100,000,000
Shares issued: 31,617,000 and 31,000,000, respectively
|
1,581
|
|
|
1,550
|
|
||
Additional paid-in capital
|
4,373
|
|
|
4,448
|
|
||
Retained earnings
|
481,075
|
|
|
462,957
|
|
||
Accumulated other comprehensive income (loss)
|
2,201
|
|
|
(3,477
|
)
|
||
Less: Treasury stock, at cost:
|
|
|
|
||||
Class A - 3,505,000 and 3,843,000 shares, respectively
|
(42,198
|
)
|
|
(47,152
|
)
|
||
Class B - 1,082,000 and 1,101,000 shares, respectively
|
(14,169
|
)
|
|
(14,421
|
)
|
||
Total Share Owners' Equity
|
433,433
|
|
|
404,506
|
|
||
Total Liabilities and Share Owners' Equity
|
$
|
695,819
|
|
|
$
|
644,519
|
|
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31
|
|
March 31
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net Sales
|
$
|
310,788
|
|
|
$
|
301,486
|
|
|
$
|
948,540
|
|
|
$
|
884,812
|
|
Cost of Sales
|
250,496
|
|
|
247,677
|
|
|
760,078
|
|
|
720,641
|
|
||||
Gross Profit
|
60,292
|
|
|
53,809
|
|
|
188,462
|
|
|
164,171
|
|
||||
Selling and Administrative Expenses
|
52,578
|
|
|
50,358
|
|
|
163,459
|
|
|
147,602
|
|
||||
Other General Income
|
(666
|
)
|
|
—
|
|
|
(5,688
|
)
|
|
—
|
|
||||
Restructuring Expense
|
—
|
|
|
47
|
|
|
402
|
|
|
138
|
|
||||
Operating Income
|
8,380
|
|
|
3,404
|
|
|
30,289
|
|
|
16,431
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
43
|
|
|
94
|
|
|
176
|
|
|
325
|
|
||||
Interest expense
|
(7
|
)
|
|
(12
|
)
|
|
(21
|
)
|
|
(27
|
)
|
||||
Non-operating income (expense), net
|
107
|
|
|
(15
|
)
|
|
2,236
|
|
|
(1,301
|
)
|
||||
Other income (expense), net
|
143
|
|
|
67
|
|
|
2,391
|
|
|
(1,003
|
)
|
||||
Income Before Taxes on Income
|
8,523
|
|
|
3,471
|
|
|
32,680
|
|
|
15,428
|
|
||||
Provision (Benefit) for Income Taxes
|
1,315
|
|
|
(207
|
)
|
|
7,067
|
|
|
2,610
|
|
||||
Net Income
|
$
|
7,208
|
|
|
$
|
3,678
|
|
|
$
|
25,613
|
|
|
$
|
12,818
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings Per Share of Common Stock:
|
|
|
|
|
|
|
|
|
|
||||||
Basic Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
||||||
Class A
|
$
|
0.18
|
|
|
$
|
0.09
|
|
|
$
|
0.65
|
|
|
$
|
0.32
|
|
Class B
|
$
|
0.19
|
|
|
$
|
0.10
|
|
|
$
|
0.67
|
|
|
$
|
0.34
|
|
Diluted Earnings Per Share:
|
|
|
|
|
|
|
|
||||||||
Class A
|
$
|
0.18
|
|
|
$
|
0.09
|
|
|
$
|
0.65
|
|
|
$
|
0.32
|
|
Class B
|
$
|
0.19
|
|
|
$
|
0.10
|
|
|
$
|
0.66
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Per Share of Common Stock:
|
|
|
|
|
|
|
|
||||||||
Class A
|
$
|
0.045
|
|
|
$
|
0.045
|
|
|
$
|
0.135
|
|
|
$
|
0.135
|
|
Class B
|
$
|
0.050
|
|
|
$
|
0.050
|
|
|
$
|
0.150
|
|
|
$
|
0.150
|
|
|
|
|
|
|
|
|
|
||||||||
Average Number of Shares Outstanding:
|
|
|
|
|
|
|
|
||||||||
Class A and B Common Stock:
|
|
|
|
|
|
|
|
||||||||
Basic
|
38,437
|
|
|
38,080
|
|
|
38,394
|
|
|
38,058
|
|
||||
Diluted
|
38,750
|
|
|
38,176
|
|
|
38,838
|
|
|
38,428
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||||||||||
(Unaudited)
|
Pre-tax
|
|
Tax
|
|
Net of Tax
|
|
Pre-tax
|
|
Tax
|
|
Net of Tax
|
||||||||||||
Net income
|
|
|
|
|
$
|
7,208
|
|
|
|
|
|
|
$
|
3,678
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
$
|
54
|
|
|
$
|
(33
|
)
|
|
$
|
21
|
|
|
$
|
(2,324
|
)
|
|
$
|
134
|
|
|
$
|
(2,190
|
)
|
Postemployment severance actuarial change
|
451
|
|
|
(180
|
)
|
|
271
|
|
|
356
|
|
|
(142
|
)
|
|
214
|
|
||||||
Derivative gain
|
362
|
|
|
(94
|
)
|
|
268
|
|
|
1,710
|
|
|
(469
|
)
|
|
1,241
|
|
||||||
Reclassification to (earnings) loss:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives
|
468
|
|
|
(104
|
)
|
|
364
|
|
|
(506
|
)
|
|
119
|
|
|
(387
|
)
|
||||||
Amortization of prior service costs
|
71
|
|
|
(28
|
)
|
|
43
|
|
|
71
|
|
|
(28
|
)
|
|
43
|
|
||||||
Amortization of actuarial change
|
80
|
|
|
(33
|
)
|
|
47
|
|
|
64
|
|
|
(25
|
)
|
|
39
|
|
||||||
Other comprehensive income (loss)
|
$
|
1,486
|
|
|
$
|
(472
|
)
|
|
$
|
1,014
|
|
|
$
|
(629
|
)
|
|
$
|
(411
|
)
|
|
$
|
(1,040
|
)
|
Total comprehensive income
|
|
|
|
|
$
|
8,222
|
|
|
|
|
|
|
$
|
2,638
|
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||||||||||
(Unaudited)
|
Pre-tax
|
|
Tax
|
|
Net of Tax
|
|
Pre-tax
|
|
Tax
|
|
Net of Tax
|
||||||||||||
Net income
|
|
|
|
|
$
|
25,613
|
|
|
|
|
|
|
$
|
12,818
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustments
|
$
|
4,937
|
|
|
$
|
(304
|
)
|
|
$
|
4,633
|
|
|
$
|
796
|
|
|
$
|
(53
|
)
|
|
$
|
743
|
|
Postemployment severance actuarial change
|
573
|
|
|
(229
|
)
|
|
344
|
|
|
1,052
|
|
|
(419
|
)
|
|
633
|
|
||||||
Derivative gain (loss)
|
(536
|
)
|
|
70
|
|
|
(466
|
)
|
|
3,005
|
|
|
(791
|
)
|
|
2,214
|
|
||||||
Reclassification to (earnings) loss:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives
|
1,085
|
|
|
(211
|
)
|
|
874
|
|
|
(1,473
|
)
|
|
340
|
|
|
(1,133
|
)
|
||||||
Amortization of prior service costs
|
214
|
|
|
(85
|
)
|
|
129
|
|
|
214
|
|
|
(85
|
)
|
|
129
|
|
||||||
Amortization of actuarial change
|
274
|
|
|
(110
|
)
|
|
164
|
|
|
236
|
|
|
(94
|
)
|
|
142
|
|
||||||
Other comprehensive income
|
$
|
6,547
|
|
|
$
|
(869
|
)
|
|
$
|
5,678
|
|
|
$
|
3,830
|
|
|
$
|
(1,102
|
)
|
|
$
|
2,728
|
|
Total comprehensive income
|
|
|
|
|
$
|
31,291
|
|
|
|
|
|
|
$
|
15,546
|
|
|
(Unaudited)
|
||||||
|
Nine Months Ended
|
||||||
|
March 31
|
||||||
|
2014
|
|
2013
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
25,613
|
|
|
$
|
12,818
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|||||
Depreciation and amortization
|
23,588
|
|
|
22,882
|
|
||
(Gain) loss on sales of assets
|
344
|
|
|
(63
|
)
|
||
Restructuring and asset impairment charges
|
1,509
|
|
|
—
|
|
||
Deferred income tax and other deferred charges
|
(7,780
|
)
|
|
(3,404
|
)
|
||
Stock-based compensation
|
5,071
|
|
|
3,396
|
|
||
Excess tax benefits from stock-based compensation
|
(43
|
)
|
|
(567
|
)
|
||
Other, net
|
404
|
|
|
2,934
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Receivables
|
6,553
|
|
|
(4,960
|
)
|
||
Inventories
|
(7,925
|
)
|
|
(10,436
|
)
|
||
Prepaid expenses and other current assets
|
(337
|
)
|
|
5,047
|
|
||
Accounts payable
|
5,780
|
|
|
8,218
|
|
||
Accrued expenses
|
12,073
|
|
|
5,489
|
|
||
Net cash provided by operating activities
|
64,850
|
|
|
41,354
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(24,848
|
)
|
|
(21,235
|
)
|
||
Proceeds from sales of assets
|
1,724
|
|
|
431
|
|
||
Purchases of capitalized software
|
(501
|
)
|
|
(878
|
)
|
||
Other, net
|
813
|
|
|
(272
|
)
|
||
Net cash used for investing activities
|
(22,812
|
)
|
|
(21,954
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Net change in credit facilities
|
—
|
|
|
1,331
|
|
||
Net change in capital leases and long-term debt
|
(21
|
)
|
|
32
|
|
||
Dividends paid to Share Owners
|
(5,625
|
)
|
|
(5,566
|
)
|
||
Excess tax benefits from stock-based compensation
|
43
|
|
|
567
|
|
||
Repurchase of employee shares for tax withholding
|
(1,953
|
)
|
|
(875
|
)
|
||
Net cash used for financing activities
|
(7,556
|
)
|
|
(4,511
|
)
|
||
Effect of Exchange Rate Change on Cash and Cash Equivalents
|
264
|
|
|
182
|
|
||
Net Increase in Cash and Cash Equivalents
|
34,746
|
|
|
15,071
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
103,600
|
|
|
75,197
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
138,346
|
|
|
$
|
90,268
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
||||
Cash paid (refunded) during the period for:
|
|
|
|
||||
Income taxes
|
$
|
12,189
|
|
|
$
|
(908
|
)
|
Interest expense
|
$
|
28
|
|
|
$
|
34
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31
|
|
March 31
|
||||||||||||
(Amounts in Thousands)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Foreign Currency/Derivative Gain (Loss)
|
$
|
87
|
|
|
$
|
(493
|
)
|
|
$
|
317
|
|
|
$
|
(1,009
|
)
|
Gain on Supplemental Employee Retirement Plan Investments
|
233
|
|
|
970
|
|
|
2,562
|
|
|
1,956
|
|
||||
Impairment on Privately-Held Investment
|
(7
|
)
|
|
(173
|
)
|
|
(7
|
)
|
|
(908
|
)
|
||||
Loss on Stock Warrants
|
(13
|
)
|
|
(119
|
)
|
|
(5
|
)
|
|
(871
|
)
|
||||
Other
|
(193
|
)
|
|
(200
|
)
|
|
(631
|
)
|
|
(469
|
)
|
||||
Non-operating income (expense), net
|
$
|
107
|
|
|
$
|
(15
|
)
|
|
$
|
2,236
|
|
|
$
|
(1,301
|
)
|
(Amounts in Thousands)
|
March 31, 2014
|
|
June 30,
2013 |
||||
Finished products
|
$
|
35,572
|
|
|
$
|
33,956
|
|
Work-in-process
|
13,683
|
|
|
12,746
|
|
||
Raw materials
|
97,631
|
|
|
90,167
|
|
||
Total FIFO inventory
|
$
|
146,886
|
|
|
$
|
136,869
|
|
LIFO reserve
|
(13,253
|
)
|
|
(12,871
|
)
|
||
Total inventory
|
$
|
133,633
|
|
|
$
|
123,998
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||||||
|
March 31
|
|
|
March 31
|
|
||||||||||||||
(Amounts in Thousands)
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
||||||||
Net Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Manufacturing Services
|
$
|
185,680
|
|
|
|
$
|
182,067
|
|
|
|
$
|
542,580
|
|
|
|
$
|
510,423
|
|
|
Furniture
|
125,108
|
|
|
|
119,419
|
|
|
|
405,960
|
|
|
|
374,389
|
|
|
||||
Consolidated
|
$
|
310,788
|
|
|
|
$
|
301,486
|
|
|
|
$
|
948,540
|
|
|
|
$
|
884,812
|
|
|
Net Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electronic Manufacturing Services
|
$
|
6,854
|
|
|
|
$
|
6,491
|
|
|
|
$
|
19,541
|
|
|
|
$
|
13,706
|
|
|
Furniture
|
760
|
|
|
|
(2,455
|
)
|
|
|
8,116
|
|
|
|
717
|
|
|
||||
Unallocated Corporate and Eliminations
|
(406
|
)
|
|
|
(358
|
)
|
|
|
(2,044
|
)
|
|
|
(1,605
|
)
|
|
||||
Consolidated
|
$
|
7,208
|
|
(1)
|
|
$
|
3,678
|
|
|
|
$
|
25,613
|
|
(1)
|
|
$
|
12,818
|
|
|
(1)
|
The EMS segment recorded in the three and
nine
months ended
March 31, 2014
, in millions,
$0.4
and
$3.4
, respectively, of after-tax income related to two class action lawsuits in which Kimball was a class member. Also during the
nine
months ended
March 31, 2014
, we recorded within Unallocated Corporate and Eliminations, in thousands,
$720
of after-tax impairment charges for an aircraft which was classified as held for sale in the first quarter of fiscal year 2014 and subsequently sold.
|
(Amounts in Thousands)
|
March 31,
2014 |
|
June 30,
2013 |
||||
Total Assets:
|
|
|
|
||||
Electronic Manufacturing Services
|
$
|
370,468
|
|
|
$
|
353,425
|
|
Furniture
|
185,889
|
|
|
185,925
|
|
||
Unallocated Corporate and Eliminations
|
139,462
|
|
|
105,169
|
|
||
Consolidated
|
$
|
695,819
|
|
|
$
|
644,519
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
Postemployment Benefits
|
|
|
||||||||||||
(Amounts in Thousands)
|
Foreign Currency Translation Adjustments
|
|
Derivative Gain (Loss)
|
|
Prior Service Costs
|
|
Net Actuarial Gain
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||
Balance at June 30, 2013
|
$
|
855
|
|
|
$
|
(4,359
|
)
|
|
$
|
(292
|
)
|
|
$
|
319
|
|
|
$
|
(3,477
|
)
|
Other comprehensive income (loss) before reclassifications
|
4,633
|
|
|
(466
|
)
|
|
—
|
|
|
344
|
|
|
4,511
|
|
|||||
Reclassification to (earnings) loss
|
—
|
|
|
874
|
|
|
129
|
|
|
164
|
|
|
1,167
|
|
|||||
Net current-period other comprehensive income
|
4,633
|
|
|
408
|
|
|
129
|
|
|
508
|
|
|
5,678
|
|
|||||
Balance at March 31, 2014
|
$
|
5,488
|
|
|
$
|
(3,951
|
)
|
|
$
|
(163
|
)
|
|
$
|
827
|
|
|
$
|
2,201
|
|
Reclassifications from Accumulated Other Comprehensive Income (Loss)
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Affected Line Item in the Condensed Consolidated Statements of Income
|
||||
|
March 31,
|
|
March 31,
|
|
||||||
(Amounts in Thousands)
|
|
2014
|
|
2014
|
|
|||||
Derivative Gain (Loss)
(1)
|
|
$
|
(465
|
)
|
|
$
|
(848
|
)
|
|
Cost of Sales
|
|
|
(3
|
)
|
|
(237
|
)
|
|
Non-operating income (expense), net
|
||
|
|
104
|
|
|
211
|
|
|
Benefit (Provision) for Income Taxes
|
||
|
|
$
|
(364
|
)
|
|
$
|
(874
|
)
|
|
Net of Tax
|
Postemployment Benefits:
|
|
|
|
|
|
|
||||
Amortization of Prior Service Costs
(2)
|
|
$
|
(41
|
)
|
|
$
|
(139
|
)
|
|
Cost of Sales
|
|
|
(30
|
)
|
|
(75
|
)
|
|
Selling and Administrative Expenses
|
||
|
|
28
|
|
|
85
|
|
|
Benefit (Provision) for Income Taxes
|
||
|
|
$
|
(43
|
)
|
|
$
|
(129
|
)
|
|
Net of Tax
|
|
|
|
|
|
|
|
||||
Amortization of Actuarial Gain (Loss)
(2)
|
|
$
|
(51
|
)
|
|
$
|
(184
|
)
|
|
Cost of Sales
|
|
|
(29
|
)
|
|
(90
|
)
|
|
Selling and Administrative Expenses
|
||
|
|
33
|
|
|
110
|
|
|
Benefit (Provision) for Income Taxes
|
||
|
|
$
|
(47
|
)
|
|
$
|
(164
|
)
|
|
Net of Tax
|
|
|
|
|
|
|
|
||||
Total Reclassifications for the Period
|
|
$
|
(454
|
)
|
|
$
|
(1,167
|
)
|
|
Net of Tax
|
|
Nine Months Ended
|
||||||
|
March 31
|
||||||
(Amounts in Thousands)
|
2014
|
|
2013
|
||||
Product Warranty Liability at the beginning of the period
|
$
|
2,384
|
|
|
$
|
2,251
|
|
Additions to warranty accrual (including changes in estimates)
|
2,356
|
|
|
967
|
|
||
Settlements made (in cash or in kind)
|
(1,346
|
)
|
|
(770
|
)
|
||
Product Warranty Liability at the end of the period
|
$
|
3,394
|
|
|
$
|
2,448
|
|
•
|
Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.
|
•
|
Level 2: Observable inputs other than those included in level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
|
•
|
Level 3: Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.
|
Financial Instrument
|
|
Level
|
|
Valuation Technique/Inputs Used
|
Cash Equivalents
|
|
1
|
|
Market - Quoted market prices
|
Derivative Assets: Foreign exchange contracts
|
|
2
|
|
Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates, considering counterparty credit risk.
|
Derivative Assets: Stock warrants
|
|
3
|
|
Market - Based on a probability-weighted Black-Scholes option pricing model with the following inputs (level 3 input values indicated in parenthesis): risk-free interest rate (0.07%), historical stock price volatility (82.7%) and weighted average expected term (6 months). Enterprise value was estimated using a discounted cash flow calculation.
Stock warrants are revalued and analyzed for reasonableness on a quarterly basis. The level 3 inputs used are the standard inputs used in the Black-Scholes model. Input values are based on publicly available information (Federal Reserve interest rates) and internally-developed information (historical stock price volatility of comparable investments) and remaining expected term of warrants.
Significant increases (decreases) in the historical stock price volatility, expected life, and enterprise value in isolation would result in a significantly higher (lower) fair value measurement. The inputs do not have any interrelationships.
|
Trading securities: Mutual funds held by nonqualified supplemental employee retirement plan
|
|
1
|
|
Market - Quoted market prices
|
Derivative Liabilities: Foreign exchange contracts
|
|
2
|
|
Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates adjusted for Kimball's non-performance risk.
|
|
March 31, 2014
|
||||||||||||||
(Amounts in Thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
97,386
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
97,386
|
|
Derivatives: Foreign exchange contracts
|
—
|
|
|
583
|
|
|
—
|
|
|
583
|
|
||||
Derivatives: Stock warrants
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
||||
Trading Securities: Mutual funds held by nonqualified supplemental employee retirement plan
|
22,135
|
|
|
—
|
|
|
—
|
|
|
22,135
|
|
||||
Total assets at fair value
|
$
|
119,521
|
|
|
$
|
583
|
|
|
$
|
20
|
|
|
$
|
120,124
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives: Foreign exchange contracts
|
$
|
—
|
|
|
$
|
1,293
|
|
|
$
|
—
|
|
|
$
|
1,293
|
|
Total liabilities at fair value
|
$
|
—
|
|
|
$
|
1,293
|
|
|
$
|
—
|
|
|
$
|
1,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
June 30, 2013
|
||||||||||||||
(Amounts in Thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
83,516
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
83,516
|
|
Derivatives: Foreign exchange contracts
|
—
|
|
|
273
|
|
|
—
|
|
|
273
|
|
||||
Derivatives: Stock warrants
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
||||
Trading Securities: Mutual funds held by nonqualified supplemental employee retirement plan
|
19,600
|
|
|
—
|
|
|
—
|
|
|
19,600
|
|
||||
Total assets at fair value
|
$
|
103,116
|
|
|
$
|
273
|
|
|
$
|
25
|
|
|
$
|
103,414
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives: Foreign exchange contracts
|
$
|
—
|
|
|
$
|
1,662
|
|
|
$
|
—
|
|
|
$
|
1,662
|
|
Total liabilities at fair value
|
$
|
—
|
|
|
$
|
1,662
|
|
|
$
|
—
|
|
|
$
|
1,662
|
|
Non-recurring fair value adjustment
|
|
Level
|
|
Valuation Technique/Inputs Used
|
Impairment of long-lived assets (property & equipment)
|
|
3
|
|
Market - Estimated potential net selling price.
|
Financial Instrument
|
|
Level
|
|
Valuation Technique/Inputs Used
|
Notes receivable
|
|
2
|
|
Market - Price approximated based on the assumed collection of receivables in the normal course of business, taking into account the customer's non-performance risk
|
Non-marketable equity securities (cost-method investments, which carry shares at cost except in the event of impairment)
|
|
3
|
|
Cost Method, with Impairment Recognized Using a Market-Based Valuation Technique - See the explanation below the table regarding the method used to periodically estimate the fair value of cost-method investments.
|
Long-term debt (carried at amortized cost)
|
|
3
|
|
Income - Price estimated using a discounted cash flow analysis based on quoted long-term debt market rates, taking into account Kimball's non-performance risk
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
Fair Value As of
|
|
|
|
Fair Value As of
|
||||||||||||
(Amounts in Thousands)
|
Balance Sheet Location
|
|
March 31,
2014 |
|
June 30,
2013 |
|
Balance Sheet Location
|
|
March 31,
2014 |
|
June 30,
2013 |
||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign exchange contracts
|
Prepaid expenses and other current assets
|
|
$
|
432
|
|
|
$
|
265
|
|
|
Accrued expenses
|
|
$
|
743
|
|
|
$
|
1,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
Prepaid expenses and other current assets
|
|
151
|
|
|
8
|
|
|
Accrued expenses
|
|
550
|
|
|
565
|
|
||||
Stock warrants
|
Other assets (long-term)
|
|
20
|
|
|
25
|
|
|
|
|
|
|
|
|
|
||||
Total derivatives
|
|
|
$
|
603
|
|
|
$
|
298
|
|
|
|
|
$
|
1,293
|
|
|
$
|
1,662
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
|
|
March 31
|
|
March 31
|
||||||||||||
(Amounts in Thousands)
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Amount of Pre-Tax Gain or (Loss) Recognized in Other Comprehensive Income (Loss) (OCI) on Derivatives (Effective Portion):
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange contracts
|
|
|
|
$
|
362
|
|
|
$
|
1,710
|
|
|
$
|
(536
|
)
|
|
$
|
3,005
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Amounts in Thousands)
|
|
|
|
March 31
|
|
March 31
|
||||||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
Location of Gain or (Loss)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Amount of Pre-Tax Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion):
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange contracts
|
|
Cost of Sales
|
|
$
|
(465
|
)
|
|
$
|
422
|
|
|
$
|
(848
|
)
|
|
$
|
1,591
|
|
Foreign exchange contracts
|
|
Non-operating income (expense)
|
|
(3
|
)
|
|
84
|
|
|
(237
|
)
|
|
(115
|
)
|
||||
Total
|
|
|
|
$
|
(468
|
)
|
|
$
|
506
|
|
|
$
|
(1,085
|
)
|
|
$
|
1,476
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amount of Pre-Tax Loss Reclassified from Accumulated OCI into Income (Ineffective Portion):
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange contracts
|
|
Non-operating income (expense)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivatives Not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Amount of Pre-Tax Gain or (Loss) Recognized in Income on Derivatives:
|
|
|
|
|
|
|
|
|
||||||||||
Foreign exchange contracts
|
|
Non-operating income (expense)
|
|
$
|
174
|
|
|
$
|
438
|
|
|
$
|
(664
|
)
|
|
$
|
(123
|
)
|
Stock warrants
|
|
Non-operating income (expense)
|
|
(13
|
)
|
|
(119
|
)
|
|
(5
|
)
|
|
(871
|
)
|
||||
Total
|
|
|
|
$
|
161
|
|
|
$
|
319
|
|
|
$
|
(669
|
)
|
|
$
|
(994
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Derivative Pre-Tax Gain (Loss) Recognized in Income
|
|
$
|
(307
|
)
|
|
$
|
825
|
|
|
$
|
(1,754
|
)
|
|
$
|
479
|
|
(Amounts in Thousands)
|
March 31,
2014 |
|
June 30,
2013 |
||||
SERP investments - current asset
|
$
|
8,423
|
|
|
$
|
7,031
|
|
SERP investments - other long-term asset
|
13,712
|
|
|
12,569
|
|
||
Total SERP investments
|
$
|
22,135
|
|
|
$
|
19,600
|
|
|
|
|
|
||||
SERP obligation - current liability
|
$
|
8,423
|
|
|
$
|
7,031
|
|
SERP obligation - other long-term liability
|
13,712
|
|
|
12,569
|
|
||
Total SERP obligation
|
$
|
22,135
|
|
|
$
|
19,600
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31
|
|
March 31
|
||||||||||||
(Amounts in Thousands)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Service cost
|
$
|
237
|
|
|
$
|
188
|
|
|
$
|
720
|
|
|
$
|
580
|
|
Interest cost
|
34
|
|
|
46
|
|
|
103
|
|
|
144
|
|
||||
Amortization of prior service costs
|
71
|
|
|
71
|
|
|
214
|
|
|
214
|
|
||||
Amortization of actuarial loss
|
80
|
|
|
64
|
|
|
274
|
|
|
236
|
|
||||
Net periodic benefit cost
|
$
|
422
|
|
|
$
|
369
|
|
|
$
|
1,311
|
|
|
$
|
1,174
|
|
Performance Shares
|
|
Quarter Awarded
|
|
Shares
|
|
Grant Date Fair Value
(4)
|
|||
Annual Performance Shares – Class A
(1)
|
|
1st Quarter
|
|
229,500
|
|
|
|
$11.05
|
|
Long-Term Performance Shares – Class A
(2)
|
|
1st Quarter
|
|
405,500
|
|
|
|
$11.05
|
|
Annual Performance Shares – Class A
(1)
|
|
2nd Quarter
|
|
4,958
|
|
|
$10.95 - $11.07
|
|
|
Long-Term Performance Shares – Class A
(2)
|
|
2nd Quarter
|
|
18,102
|
|
|
$10.95 - $11.07
|
|
|
Annual Performance Shares – Class A
(1)
|
|
3rd Quarter
|
|
3,667
|
|
|
$14.17 - $14.43
|
|
|
Long-Term Performance Shares – Class A
(2)
|
|
3rd Quarter
|
|
32,600
|
|
|
$14.17 - $18.27
|
|
|
|
|
|
|
|
|
|
|||
Unrestricted Shares
(3)
|
|
Quarter Awarded
|
|
Shares
|
|
Grant Date Fair Value
(4)
|
|||
Unrestricted Shares (Director Compensation) – Class B
|
|
1st Quarter
|
|
15,017
|
|
|
|
$10.09
|
|
Unrestricted Shares – Class B
|
|
1st Quarter
|
|
1,000
|
|
|
|
$10.01
|
|
Unrestricted Shares (Director Compensation) – Class B
|
|
3rd Quarter
|
|
3,260
|
|
|
|
$17.26
|
|
Unrestricted Shares – Class B
|
|
3rd Quarter
|
|
1,000
|
|
|
|
$14.78
|
|
(1)
|
Annual performance shares were awarded to officers. Payouts will be based upon the fiscal year
2014
cash incentive payout percentages calculated under Kimball's Profit Sharing Incentive Bonus Plan. The number of shares issued will be less than the maximum potential shares issuable if the maximum cash incentive payout percentages are not achieved. Annual performance shares vest after
one year
.
|
(2)
|
Long-term performance shares were awarded to officers and other key employees. Payouts will be based upon the cash incentive payout percentages calculated under Kimball's Profit Sharing Incentive Bonus Plan. Long-term performance shares are based on
five
successive annual performance measurement periods, with each annual tranche having a grant date when economic profit tiers are established at the beginning of the applicable fiscal year and a vesting date at the end of each annual period. The number of shares issued will be less than the maximum potential shares issuable if the target cash incentive payout percentages are not achieved.
|
(3)
|
Unrestricted shares were awarded to non-employee members of the Board of Directors as compensation for director's fees as a result of directors' elections to receive unrestricted shares in lieu of cash payment. Director's fees are expensed over the period that directors earn the compensation. Other unrestricted shares were awarded to a key employee as consideration for service to the Company. Unrestricted shares do not have vesting periods, holding periods, restrictions on sale, or other restrictions.
|
(4)
|
The grant date fair value of performance shares is based on the stock price at the date of the award, reduced by the present value of dividends normally paid over the vesting period which are not payable on outstanding performance share awards. The grant date fair value shown for long-term performance shares is applicable to the first tranche only. The grant date fair value of the unrestricted shares was based on the stock price at the date of the award.
|
|
As of March 31, 2014
|
|
As of June 30, 2013
|
||||||||||||||||||||
(Amounts in Thousands)
|
Unpaid Balance
|
|
Related Allowance
|
|
Receivable Net of Allowance
|
|
Unpaid Balance
|
|
Related Allowance
|
|
Receivable Net of Allowance
|
||||||||||||
Note Receivable from Sale of Indiana Facility
|
$
|
1,399
|
|
|
$
|
—
|
|
|
$
|
1,399
|
|
|
$
|
1,413
|
|
|
$
|
—
|
|
|
$
|
1,413
|
|
Notes Receivable from an Electronics Engineering Services Firm
|
55
|
|
|
55
|
|
|
—
|
|
|
521
|
|
|
440
|
|
|
81
|
|
||||||
Other Notes Receivable
|
59
|
|
|
13
|
|
|
46
|
|
|
127
|
|
|
85
|
|
|
42
|
|
||||||
Total
|
$
|
1,513
|
|
|
$
|
68
|
|
|
$
|
1,445
|
|
|
$
|
2,061
|
|
|
$
|
525
|
|
|
$
|
1,536
|
|
•
|
We continue to focus on mitigating the impact of raw material commodity pricing pressures.
|
•
|
Due to the contract and project nature of the EMS and Furniture industries, fluctuation in the demand for our products and variation in the gross margin on those projects is inherent to our business. Effective management of our manufacturing capacity is and will continue to be critical to our success. See the EMS and Furniture segment discussions below for further details regarding current sales and open order trends.
|
•
|
We continue to see volatility in order rates as customers continue to defer the purchase of new furniture for large projects driven by fiscal uncertainty which in turn can impact the operating results of our Furniture segment.
|
•
|
The Affordable Care Act is expected to increase our healthcare and related administrative expenses as the provisions of the law will be fully implemented over the next couple of years.
|
•
|
Globalization continues to reshape not only the industries in which we operate but also our key customers and competitors.
|
•
|
Kimball's employees throughout our business operations are an integral part of our ability to compete successfully, and the stability of the management team is critical to long-term Share Owner value. Our career development and succession planning processes help to maintain stability in management.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
March 31
|
|
March 31
|
||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
EMS segment net sales as % of total
|
60%
|
|
60%
|
|
57%
|
|
58%
|
Furniture segment net sales as % of total
|
40%
|
|
40%
|
|
43%
|
|
42%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
March 31
|
|
March 31
|
||||||||||||
(Amounts in Thousands)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Interest Income
|
$
|
43
|
|
|
$
|
94
|
|
|
$
|
176
|
|
|
$
|
325
|
|
Interest Expense
|
(7
|
)
|
|
(12
|
)
|
|
(21
|
)
|
|
(27
|
)
|
||||
Foreign Currency/Derivative Gain (Loss)
|
87
|
|
|
(493
|
)
|
|
317
|
|
|
(1,009
|
)
|
||||
Gain on Supplemental Employee Retirement Plan Investments
|
233
|
|
|
970
|
|
|
2,562
|
|
|
1,956
|
|
||||
Impairment on Privately-Held Investment
|
(7
|
)
|
|
(173
|
)
|
|
(7
|
)
|
|
(908
|
)
|
||||
Loss on Stock Warrants
|
(13
|
)
|
|
(119
|
)
|
|
(5
|
)
|
|
(871
|
)
|
||||
Other
|
(193
|
)
|
|
(200
|
)
|
|
(631
|
)
|
|
(469
|
)
|
||||
Other Income (Expense), net
|
$
|
143
|
|
|
$
|
67
|
|
|
$
|
2,391
|
|
|
$
|
(1,003
|
)
|
|
For the Nine Months Ended
|
||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||
(Amounts in Thousands)
|
Income Before Taxes
|
|
Effective Tax Rate
|
|
Income Before Taxes
|
|
Effective Tax Rate
|
||||||
United States
|
$
|
13,714
|
|
|
32.7
|
%
|
|
$
|
950
|
|
|
(53.9
|
)%
|
Foreign
|
$
|
18,966
|
|
|
13.6
|
%
|
|
$
|
14,478
|
|
|
21.6
|
%
|
Total
|
$
|
32,680
|
|
|
21.6
|
%
|
|
$
|
15,428
|
|
|
16.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
At or for the
Three Months Ended
|
|
|
|
For the
Nine Months Ended |
|
|
||||||||||||||
|
March 31
|
|
|
|
March 31
|
|
|
||||||||||||||
(Amounts in Millions)
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||||||||
Net Sales
|
$
|
185.7
|
|
|
$
|
182.1
|
|
|
2
|
%
|
|
$
|
542.6
|
|
|
$
|
510.4
|
|
|
6
|
%
|
Operating Income
|
$
|
9.1
|
|
|
$
|
8.9
|
|
|
2
|
%
|
|
$
|
24.4
|
|
|
$
|
18.9
|
|
|
29
|
%
|
Operating Income %
|
4.9
|
%
|
|
4.9
|
%
|
|
|
|
4.5
|
%
|
|
3.7
|
%
|
|
|
||||||
Net Income
|
$
|
6.9
|
|
|
$
|
6.5
|
|
|
6
|
%
|
|
$
|
19.5
|
|
|
$
|
13.7
|
|
|
43
|
%
|
Open Orders
|
$
|
170.7
|
|
|
$
|
186.7
|
|
|
(9
|
)%
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
March 31
|
|
March 31
|
||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Johnson Controls, Inc. sales as a percent of consolidated net sales
|
7
|
%
|
|
11
|
%
|
|
8
|
%
|
|
10
|
%
|
Johnson Controls, Inc. sales as a percent of EMS segment net sales
|
11
|
%
|
|
18
|
%
|
|
14
|
%
|
|
17
|
%
|
|
At or for the
Three Months Ended
|
|
|
|
For the
Nine Months Ended |
|
|
||||||||||||||
|
March 31
|
|
|
|
March 31
|
|
|
||||||||||||||
(Amounts in Millions)
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
||||||||||
Net Sales
|
$
|
125.1
|
|
|
$
|
119.4
|
|
|
5
|
%
|
|
$
|
406.0
|
|
|
$
|
374.4
|
|
|
8
|
%
|
Operating Income (Loss)
|
$
|
0.8
|
|
|
$
|
(3.7
|
)
|
|
121
|
%
|
|
$
|
12.0
|
|
|
$
|
1.0
|
|
|
1,058
|
%
|
Operating Income (Loss) %
|
0.6
|
%
|
|
(3.1
|
)%
|
|
|
|
3.0
|
%
|
|
0.3
|
%
|
|
|
||||||
Net Income (Loss)
|
$
|
0.8
|
|
|
$
|
(2.5
|
)
|
|
131
|
%
|
|
$
|
8.1
|
|
|
$
|
0.7
|
|
|
1,032
|
%
|
Open Orders
|
$
|
85.6
|
|
|
$
|
75.8
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
At or For the Period Ended
|
|
Limit As Specified in
|
|
|
||||||
Covenant
|
|
March 31, 2014
|
|
Credit Agreement
|
|
Excess
|
||||||
Minimum Net Worth
|
|
$
|
431,233,000
|
|
|
$
|
362,000,000
|
|
|
$
|
69,233,000
|
|
Debt to EBITDA Ratio
|
|
0.02
|
|
|
3.00
|
|
|
2.98
|
|
•
|
Sales returns and allowances - At the time revenue is recognized certain provisions may also be recorded, including a provision for returns and allowances, which involve estimates based on current discussions with applicable customers, historical experience with a particular customer and/or product, and other relevant factors. As such, these factors may change over time causing the provisions to be adjusted accordingly. At
March 31, 2014
and
June 30, 2013
, the reserve for returns and allowances was
$1.2 million
and
$1.7 million
, respectively. The returns and allowances reserve approximated 1% to 2% of gross trade receivables during the two-year period preceding
March 31, 2014
.
|
•
|
Allowance for doubtful accounts - Allowance for doubtful accounts is generally based on a percentage of aged accounts receivable, where the percentage increases as the accounts receivable become older. However, management judgment is utilized in the final determination of the allowance based on several factors including specific analysis of a customer's credit worthiness, changes in a customer's payment history, historical bad debt experience, and general economic and market trends. The allowance for doubtful accounts at
March 31, 2014
and
June 30, 2013
was
$2.1 million
and
$1.8 million
, respectively. During the two-year period preceding
March 31, 2014
, this reserve approximated 1% of gross trade accounts receivable.
|
3(a)
|
Amended and restated Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3(a) to the Company's Form 10-K for the fiscal year ended June 30, 2012)
|
3(b)
|
Restated By-laws of the Company (Incorporated by reference to Exhibit 3(b) to the Company's Form 8-K filed February 19, 2014)
|
11
|
Computation of Earnings Per Share
|
31.1
|
Certification filed by Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification filed by Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification furnished by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification furnished by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
KIMBALL INTERNATIONAL, INC.
|
|
|
|
|
By:
|
/s/ JAMES C. THYEN
|
|
|
James C. Thyen
President,
Chief Executive Officer
|
|
|
May 5, 2014
|
|
|
|
|
|
|
|
By:
|
/s/ ROBERT F. SCHNEIDER
|
|
|
Robert F. Schneider
Executive Vice President,
Chief Financial Officer
|
|
|
May 5, 2014
|
Exhibit No.
|
|
Description
|
3(a)
|
|
Amended and restated Articles of Incorporation of the Company (Incorporated by reference to Exhibit 3(a) to the Company's Form 10-K for the fiscal year ended June 30, 2012)
|
3(b)
|
|
Restated By-laws of the Company (Incorporated by reference to Exhibit 3(b) to the Company's Form 8-K filed February 19, 2014)
|
11
|
|
Computation of Earnings Per Share
|
31.1
|
|
Certification filed by Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
|
Certification filed by Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
|
Certification furnished by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
|
Certification furnished by the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
|
XBRL Instance Document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|