Kimball International swings to 3Q loss on higher costs
JASPER, Ind.—Electronics and furniture manufacturer Kimball International Inc. said Wednesday it swung to a third-quarter loss on higher costs.
The company lost $889,000 or 2 cents per class A share, compared with a profit of $3.8 million or 9 cents per class A share in the 2007 third quarter.
Cost of sales rose to $276 million from $251.2 million.
Kimball said income from continuing operations was hurt by competitive pricing coupled with cost increases, particularly in furniture making for the hospitality industry. Other factors included a sales shift to lower margin products, higher commodity and fuel charges and increased investments in its sales force targeting the hospitality industry.
Sales rose 6.6 percent to $332.1 million from $311.6 million.
Kimball shares rose 19 cents to $10.77 in morning trading.
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