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Kimball International, Inc. (NASDAQ: KBAL) will announce its third quarter fiscal year 2023 financial results on May 4, 2023, post-market. Due to its pending acquisition by HNI Corporation, the company will not host an earnings conference call this quarter, which is typical in such scenarios. Kimball International has over 70 years of experience in omnichannel commercial furnishings, catering to the Workplace, Health, and Hospitality sectors. Its portfolio features brands like Kimball, National, and Kimbal Hospitality. Based in Jasper, Indiana, the company emphasizes customization and connection with clients.
HNI Corporation (NYSE: HNI) has announced its acquisition of Kimball International (NASDAQ: KBAL) in a cash and stock transaction valued at approximately $485 million. Each Kimball shareholder will receive $9.00 in cash plus 0.1301 shares of HNI common stock, resulting in Kimball shareholders owning around 10% of the combined entity. The merger is projected to generate $25 million in annual cost synergies within three years, enhancing HNI's revenue potential, which will reach approximately $3.1 billion post-transaction. The deal has been unanimously approved by both companies' boards and is expected to close by mid-2023.
Kimball International (NASDAQ: KBAL) has declared a quarterly cash dividend of $0.09 per share for all outstanding shares of common stock. This dividend will be payable on April 14, 2023, to shareholders of record on March 24, 2023.
The company, based in Jasper, Indiana, specializes in commercial furnishings across the Workplace, Health, and Hospitality markets. With over 70 years of experience, Kimball's brands aim to provide customized solutions that transform ordinary spaces into meaningful experiences.
Kimball International, Inc. (KBAL) reported a strong fiscal Q2 2023, with net sales reaching $183 million, a 21% increase year-over-year. Gross margin improved significantly, expanding 550 basis points to 36.2%. Despite a net loss of $36.1 million due to a non-cash goodwill impairment charge, adjusted net income stood at $3 million or $0.08 per diluted share. Adjusted EBITDA was $16 million, up from $4 million year-over-year. The company maintains its fiscal 2023 guidance of 47% EBITDA growth amidst a challenging economic environment, emphasizing resilience and growth opportunities in its ancillary product market.
Kimball International (NASDAQ: KBAL) will announce its second quarter fiscal year 2023 financial results on February 2, 2023, after market close. A conference call will be held the same day at 5:00 p.m. ET to discuss the financial performance. Interested participants can join by dialing 1-833-535-2198 or 1-412-317-0667 internationally, ten minutes prior to the call. The event will also be available via live webcast and archived on their investor relations website. Kimball International specializes in commercial furnishings, providing solutions for Workplace, Health, and Hospitality markets, under various brands.
Kimball International reported strong Q1 FY 2023 results, with net sales reaching $177.8 million, up 14% year-over-year. Gross margin improved by 220 basis points to 33.5%, driven by price increases that offset inflation. Net income was $6.6 million, compared to a net loss of $5 million last year. The company reaffirms fiscal 2023 guidance, projecting revenue growth of 15% and adjusted EBITDA growth of 47%. The Workplace and Health markets contributed significantly to revenue, accounting for 89% of total sales.
