Kimball International Inc. turned a profit in its fiscal third quarter after reaping proceeds from the sale of undeveloped land, reversing a loss experienced a year earlier.
The Jasper-based furniture and electronics manufacturer today reported profit of $4.1 million, or 11 cents per share, for the period ended March 31, compared to a loss of $900,000, or 2 cents per share, a year earlier.
Profit in the most recent quarter included a $13.9 million after-tax gain from a November auction of a 12,000-acre property that sold for $24.5 million.
Revenue for the period dropped 19 percent, to $268.9 million. Sales declined in both the company’s furniture and electronics divisions.
“We had several encouraging new-customer wins during the third quarter, but these wins could not offset the general downdraft of the overall markets,” Kimball CEO James C. Thyen said in a written statement.
Shares of Kimball stock traded at $5.32 this morning, up 3 cents.