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Press Release: Kimball International, Inc. -3-

· 02/04/2021 16:14
Reconciliation of Non-GAAP Financial Measures (Unaudited) (Amounts in Thousands, except per share data) Organic Net Sales Three Months Ended Six Months Ended December 31, December 31, -------------------- -------------------- 2020 2020 -------------------- -------------------- Net Sales, as reported $ 136,197 $ 284,141 Less: Poppin acquisition net sales 2,678 2,678 Organic Net Sales $ 133,519 $ 281,463 === =============== ============== Adjusted Selling and Administrative Expense Three Months Ended Six Months Ended December 31, December 31, --------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ ------------- Selling and Administrative Expense, as reported $45,967 $49,719 $87,654 $100,633 Less: Pre-tax Expense Adjustment to SERP Liability (1,381) (716) (2,139) (774) Less: Pre-tax CEO Transition Costs (141) (175) (282) (350) Less: Pre-tax Acquisition-related Amortization (395) 0 (395) 0 Less: Pre-tax Costs of Acquisition (3,388) 0 (3,388) 0 ------- ------- ------- -------- Adjusted Selling and Administrative Expense $40,662 $48,828 $81,450 $ 99,509 Adjusted Selling and Administrative Expense % 29.9 % 25.4 % 28.7 % 25.3 % Adjusted Operating Income Three Months Ended Six Months Ended December 31, December 31, -------------------------- --------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ ------------- Operating Income (Loss), as reported $(2,034) $14,226 $ 4,395 $ 29,332 Add: Pre-tax Restructuring Expense 1,616 1,396 5,856 5,746 Add: Pre-tax Expense Adjustment to SERP Liability 1,381 716 2,139 774 Add: Pre-tax CEO Transition Costs 141 175 282 350 Add: Pre-tax Acquisition-related Amortization 395 0 395 0 Add: Pre-tax Acquisition-related Inventory Valuation Adjustment 42 0 42 0 Add: Pre-tax Costs of Acquisition 3,388 0 3,388 0 ------- ------- ------- -------- Adjusted Operating Income $ 4,929 $16,513 $16,497 $ 36,202 Adjusted Operating Income % 3.6 % 8.6 % 5.8 % 9.2 % Adjusted Net Income Three Months Ended Six Months Ended December 31, December 31, -------------------------- --------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ ------------- Net Income (Loss), as reported $ (838) $11,039 $ 4,548 $ 22,423 Pre-tax Restructuring Expense 1,616 1,396 5,856 5,746 Tax on Restructuring Expense (416) (359) (1,508) (1,479) ------- ------- ------- -------- Add: After-tax Restructuring Expense 1,200 1,037 4,348 4,267 Pre-tax CEO Transition Costs 141 175 282 350 Tax on CEO Transition Costs (36) (45) (72) (90) ------- ------- ------- -------- Add: After-tax CEO Transition Costs 105 130 210 260 Pre-tax Acquisition-related Amortization 395 0 395 0 Tax on Acquisition-related Amortization (102) 0 (102) 0 ------- ------- ------- -------- Add: After-tax Acquisition-related Amortization 293 0 293 0 Pre-tax Acquisition-related Inventory Valuation Adjustment 42 0 42 0 Tax on Acquisition-related Inventory Valuation Adjustment (11) 0 (11) 0 ------- ------- ------- -------- Add: After-tax Acquisition-related Inventory Adjustment 31 0 31 0 Pre-tax Costs of Acquisition 3,388 0 3,388 0 Tax on Costs of Acquisition (872) 0 (872) 0 ------- ------- ------- -------- Add: After-tax Costs of Acquisition 2,516 0 2,516 0 ------- ------- ------- -------- Adjusted Net Income $ 3,307 $12,206 $11,946 $ 26,950 ====== ====== ====== ======= Adjusted Diluted Earnings Per Share Three Months Ended Six Months Ended December 31, December 31, -------------------------- --------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ ------------- Diluted Earnings (Loss) Per Share, as reported $ (0.02) $ 0.30 $ 0.12 $ 0.60 Add: After-tax Restructuring Expense 0.03 0.03 0.12 0.11 Add: After-tax CEO Transition Costs 0.00 0.00 0.00 0.01 Add: After-tax Acquisition-related Amortization 0.01 0.00 0.01 0.00 Add: After-tax Acquisition-related Inventory Valuation Adjustment 0.00 0.00 0.00 0.00 Add: After-tax Costs of Acquisition 0.07 0.00 0.07 0.00 ------- ------- ------- -------- Adjusted Diluted Earnings Per Share $ 0.09 $ 0.33 $ 0.32 $ 0.72 Adjusted EBITDA Three Months Ended Six Months Ended December 31, December 31, ------------------------- -------------------------- 2020 2019 2020 2019 ----------- ------------ ------------ ------------ Net Income (Loss) $ (838) $11,039 $ 4,548 $22,423 Provision for Income Taxes 213 4,372 2,073 8,679 ------ ------- ------- ------- Income (Loss) Before Taxes on Income (625) 15,411 6,621 31,102 ------ ------- ------- ------- Interest Expense 58 21 86 44 Interest Income (87) (489) (189) (1,096) Depreciation 3,536 3,866 7,128 7,476Activities 32,456 (8,419) Net Decrease in Cash, Cash Equivalents, and Restricted Cash (48,797) (1,764) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 92,444 73,837 ---------- ------- Cash, Cash Equivalents, and Restricted Cash at End of Period $ 43,647 $72,073 ====== ====== Orders Received by End Market Three Months Six Months Ended Ended (Unaudited) December 31, December 31, -------------- -------------- (Amounts in Millions) 2020 2019 % Change 2020 2019 % Change ------ ------ ---------- ------ ------ ---------- Workplace * $ 87.1 $123.2 (29%) $166.6 $240.9 (31%) Health 27.4 32.8 (16%) 49.7 62.4 (20%) Hospitality 20.4 58.9 (65%) 58.5 101.9 (43%) Total Orders $134.9 $214.9 (37%) $274.8 $405.2 (32%) ===== ===== ===== =====

* Workplace end market includes education, government, commercial, and financial vertical markets

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