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Press Release: Kimball International, Inc. -2-

· 02/04/2021 16:14
Condensed Consolidated Statements of Income (Unaudited) Three Months Ended (Amounts in Thousands, except per share data) December 31, 2020 December 31, 2019 -------------------- ------------------- Net Sales $136,197 100.0% $192,164 100.0% Cost of Sales 90,648 66.6% 126,823 66.0% -------- ----- -------- ----- Gross Profit 45,549 33.4% 65,341 34.0% Selling and Administrative Expenses 45,967 33.7% 49,719 25.9% Restructuring Expense 1,616 1.2% 1,396 0.7% -------- ----- -------- ----- Operating Income (Loss) (2,034) (1.5%) 14,226 7.4% Other Income, net 1,409 1.0% 1,185 0.6% -------- ----- -------- ----- Income (Loss) Before Taxes on Income (625) (0.5%) 15,411 8.0% Provision for Income Taxes 213 0.1% 4,372 2.3% -------- ----- -------- ----- Net Income (Loss) $ (838) (0.6%) $ 11,039 5.7% Earnings (Loss) Per Share of Common Stock: Basic $ (0.02) $ 0.30 Diluted $ (0.02) $ 0.30 Average Number of Total Shares Outstanding: Basic 36,962 36,921 Diluted 36,962 37,221 (Unaudited) Six Months Ended (Amounts in Thousands, except per share data) December 31, 2020 December 31, 2019 ------------------- ------------------- Net Sales $284,141 100.0% $393,616 100.0% Cost of Sales 186,236 65.5% 257,905 65.5% -------- ----- -------- ----- Gross Profit 97,905 34.5% 135,711 34.5% Selling and Administrative Expenses 87,654 30.9% 100,633 25.5% Restructuring Expense 5,856 2.1% 5,746 1.5% -------- ----- -------- ----- Operating Income 4,395 1.5% 29,332 7.5% Other Income, net 2,226 0.8% 1,770 0.4% -------- ----- -------- ----- Income Before Taxes on Income 6,621 2.3% 31,102 7.9% Provision for Income Taxes 2,073 0.7% 8,679 2.2% -------- ----- -------- ----- Net Income $ 4,548 1.6% $ 22,423 5.7% Earnings Per Share of Common Stock: Basic $ 0.12 $ 0.61 Diluted $ 0.12 $ 0.60 Average Number of Total Shares Outstanding: Basic 36,968 36,929 Diluted 37,465 37,274 (Unaudited) Condensed Consolidated Balance Sheets ------------ -------- December 31, June 30, (Amounts in Thousands) 2020 2020 ------------ -------- ASSETS Cash and cash equivalents $ 39,720 $ 91,798 Short-term investments 1,505 5,294 Receivables, net 54,759 68,365 Inventories 60,199 49,857 Prepaid expenses and other current assets 17,504 16,869 Assets held for sale 0 215 Property and Equipment, net 90,028 92,041 Right of use operating lease assets 18,072 16,461 Goodwill 82,958 11,160 Other Intangible Assets, net 68,041 13,949 Deferred Tax Assets 12,854 7,485 Other Assets 18,460 12,773 ------------- --------- Total Assets $ 464,100 $ 386,267 ============ ======== LIABILITIES AND SHAREHOLDERS' EQUITY Short-term debt $ 40,000 $ 0 Current maturities of long-term debt 1,282 27 Accounts payable 42,268 40,229 Customer deposits 28,965 19,649 Current portion of operating lease liability 6,601 4,886 Dividends payable 3,580 3,454 Accrued expenses 31,726 41,076 Long-term debt, less current maturities 1,331 109 Long-term operating lease liability 15,527 16,610 Contingent earn-out liability 31,790 0 Other 17,018 15,431 Shareholders' Equity 244,012 244,796 ------------- --------- Total Liabilities and Shareholders' Equity $ 464,100 $ 386,267 ============ ======== Condensed Consolidated Statements of Cash Flows Six Months Ended (Unaudited) December 31, (Amounts in Thousands) 2020 2019 ----------- ---------- Net Cash Flow provided by Operating Activities $ 24,521 $13,402 Net Cash Flow used for Investing Activities (105,774) (6,747) Net Cash Flow provided by (used for) FinancingConference Call / Webcast Date: February 4, 2021 Time: 5:00 PM Eastern Time Dial-In #: 844-602-5643 (International Calls - 574-990-3014) Pass Code: Kimball

This document may contain certain forward-looking statements about the Company, such as discussions of Company's pricing trends, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements generally can be identified by the use of words or phrases, including, but not limited to, "intend," "anticipate," "believe," "estimate," "project," "target," "plan," "expect," "setting up," "beginning to," "will," "should," "would," "resume" or similar statements. We caution that forward-looking statements are subject to known and unknown risks and uncertainties that may cause the Company's actual future results and performance to differ materially from expected results including, but not limited to, the possibility that any of the anticipated benefits of the transaction between the Company and Poppin will not be realized or will not be realized within the expected time period; the risk that integration of the operations of Poppin with the Company will be materially delayed or will be more costly or difficult than expected; the effect of the announcement of the Poppin transaction, including on customer relationships and operating results; the risk that any projections or guidance by the Company, including revenues, margins, earnings, or any other financial results are not realized; adverse changes in global economic conditions; successful execution of Phase 2 of the Company restructuring plan; the impact on the Company of changes in tariffs; increased global competition; significant reduction in customer order patterns; loss of key suppliers; loss of or significant volume reductions from key contract customers; financial stability of key customers and suppliers; relationships with strategic customers and product distributors; availability or cost of raw materials, components and freight; changes in the regulatory environment; global health concerns (including the impact of the COVID-19 outbreak); or similar unforeseen events. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in the Company's Form 10-K filing for the fiscal year ended June 30, 2020 and other filings with the Securities and Exchange Commission.

A webcast of the live conference call may be accessed by visiting Kimball International's Investor Relations website at www.ir.kimballinternational.com.

For those unable to participate in the live webcast, the call will be archived at www.ir.kimballinternational.com within two hours of the conclusion of the live call.

About Kimball International, Inc.

For 70 years, Kimball International has created design driven furnishings that have helped our customers shape spaces into places, bringing possibility to life by enabling collaboration, discovery, wellness and relaxation. We go to market through our family of brands: Kimball, National, Interwoven, Etc., Kimball Hospitality, D'style by Kimball Hospitality and Poppin. Our values and high integrity are demonstrated daily by living our Purpose and Guiding Principles that establish us as an employer of choice. We build success by growing long-term relationships with customers, employees, suppliers, shareholders, and the communities in which we operate. In fiscal year 2020, the company generated $728 million in revenue and employed over 2,800 people. To learn more about Kimball International, Inc. (KBAL), visit www.kimballinternational.com.

Financial highlights for the second quarter ended December 31, 2020 are as follows:

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February 04, 2021 16:14 ET (21:14 GMT)