Kimball International's 4Q 2021 consolidated net sales were $146.2 million, compared to $156.1 million in the prior year 4Q. Net income was $7.4 million, or $0.20 per diluted share, inclusive of an after-tax contingent earn-out gain of $8.6 million, as well as intangible amortization expense and acquisition-related and restructuring charges. In last year’s fourth quarter, the company reported earnings per diluted share of $0.25. For the quarter, adjusted net income and adjusted earnings per share were $2.1 million, and $0.06 per diluted share, respectively. Adjusted EBITDA for the quarter was $2.9 million compared to $19.1 million in the year ago quarter.
CEO Kristie Juster commented, “Year-over-year revenue growth in our Workplace and Health markets, which accounted for over 80% of total fourth quarter revenues, and robust growth of 33% in orders from those markets are strong indications of the post-pandemic recovery that is underway in our business. In fact, our revenues and orders increased progressively throughout the fourth quarter, reflecting positive momentum that has continued into July.”
Fiscal year 2021 net sales were $569.0 million, compared to $727.9 million a year ago. Net income for fiscal year 2021 was $7.4 million, or $0.20 per diluted share, inclusive of an after-tax contingent earn-out gain of $8.6 million, as well as restructuring expense, intangible amortization expense, and acquisition-related costs. Fiscal year 2020 net income was $41.1 million, or $1.11 per diluted share, inclusive of restructuring expense.
Adjusted net income in fiscal 2021 was $13.0 million, or $0.35 per diluted share, compared to $47.9 million, or $1.29 per diluted share in the prior year. Fiscal year 2021 adjusted EBITDA was $29.7 million, or 5.2% of net sales, compared to fiscal year 2020 adjusted EBITDA of $81.3 million, or 11.2% of net sales.
Kimball International consists of three furniture brands: Kimball, National, and Kimball Hospitality.
