Latest news with #RichardD.Phillips
Business Wire
01-07-2025
- Business
- Business Wire
Operation HOPE and Georgia State University Launch Groundbreaking AI Literacy Program for Underserved Youth
ATLANTA--(BUSINESS WIRE)-- Operation HOPE and Georgia State University's J. Mack Robinson College of Business today announced the launch of the first pilot program of the AI Literacy Pipeline to Prosperity Project (AILP³): a first-of-its-kind summer program to equip Atlanta-area youth with the technical, entrepreneurial and financial-literacy skills required to thrive in an economy increasingly shaped by artificial intelligence. Launched in December 2024 at the HOPE Global Forums Annual Meeting, AILP³ is a 'K-to-College' collaboration between Operation HOPE and Robinson College of Business created to give students from underserved backgrounds a direct pathway into the opportunity-rich AI workforce. The inaugural week-long summer camp—slated for July on Georgia State's downtown campus—marks the project's first on-the-ground activation, kicking off a multi-year plan to scale across Georgia and ultimately the nation. The camp will run July 7 –11, 2025, hosting rising 9th–11th graders from Atlanta Public Schools and surrounding districts. Participants in the AILP³ summer camp can expect a transformative experience designed to prepare them for success in an AI-driven economy through: Bridging digital and economic divides. Participants will explore core AI concepts, ethics and real-world applications while receiving Operation HOPE's signature financial-literacy coaching. Hands-on learning. Programming includes coding labs, design-thinking sprints, career panels with AI professionals, and 'build-a-bot' challenges. Workforce alignment. Corporate partners drawn from Operation HOPE's AI Ethics Council will provide mentors and potential internship pipelines. 'Artificial intelligence is transforming every industry, but access to AI education is not yet equal, and we look forward to working with Operation HOPE to helping close that gap. True to our Georgia State University DNA, we are committed to ensuring all our students, who now include AILP³ camp students, receive the experiences, resources and support they need to realize their full potential,' said Richard D. Phillips, dean of the Robinson College of Business and member of the AI Ethics Council powered by Operation HOPE. 'For more than 30 years, Operation HOPE has delivered financial dignity to millions. AILP³ extends that mission into the AI era—ensuring young people can not only use these technologies, but profit from them,' added John Hope Bryant, Founder, Chairman, and CEO of Operation HOPE. About AILP³ Comprehensive scope: AILP³ is developing a range of programming to support Georgia's youth including K-12 immersion programs, AI-focused scholarships, apprenticeships and family support for workers displaced by automation. Scalable model: The Atlanta pilot will inform a template that partners can replicate nationally. Community impact: AILP³ will leverage the resources of Operation HOPE, which has already directed more than $4.2 billion in economic activity to underserved communities through its HOPE Inside platform. ABOUT OPERATION HOPE, INC. Since 1992, Operation HOPE has empowered more than 4 million individuals with financial literacy, credit and money management coaching, home ownership, and small business support—advancing 'silver rights' to help low- and moderate-income Americans achieve economic dignity. Through its award-winning HOPE Inside model, the organization has helped generate over $4.2 billion in economic activity. We operate in nearly 300 cities serving 1500 locations throughout the United States. Learn more at ABOUT GEORGIA STATE UNIVERSITY'S J. MACK ROBINSON COLLEGE OF BUSINESS Founded in 1913 and boasting close to 85,000 alumni, Georgia State University's J. Mack Robinson College of Business is one of the largest business schools in the U.S. The college offers 11 undergraduate majors, 12 specialized master's, and two MBAs as well as Ph.D. and practitioner doctorate (DBA) programs. A four-time recipient of AACSB's Innovations That Inspire award, Robinson's unique interdisciplinary culture and groundbreaking co-curricular and immersive experiences equip students with the critical skills employers seek in new hires. Consistent with Georgia State's award-winning student success model, Robinson works to ensure that students from all backgrounds can succeed, whether pioneering new businesses or leading established organizations. More Georgia executives hold advanced degrees from the Robinson College of Business and Georgia State University than any other school in the U.S.
Business Wire
06-05-2025
- Business
- Business Wire
Kimball Electronics Reports Q3 Results and Reiterates Guidance for Fiscal 2025 With Sales and Operating Income Expected at High-End of Range; Company Adds New Facility to Support Strategy to Drive Growth in the Medical CMO
- Third Quarter Fiscal 2025 Highlights Net sales totaled $374.6 million Operating income of $11.7 million, or 3.1% of net sales, adjusted operating income of 4.2% Inventory of $296.6 million, a reduction of $9.6 million from Q2 Cash generated by operating activities of $30.9 million, the fifth consecutive quarter of positive cash flow Borrowings on credit facilities of $178.8 million, a $26.2 million decrease from the second quarter, and down $116 million, or 40%, in the fiscal year Kimball Electronics reports Q3 results and reiterates guidance for fiscal 2025 with sales and operating income expected at high-end of range; company adds new facility to support strategy to drive growth in the medical CMO JASPER, Ind.--(BUSINESS WIRE)--Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the third quarter ended March 31, 2025. Kimball Electronics reports Q3 results and reiterates guidance for fiscal 2025 with sales and operating income expected at high-end of range; company adds new facility to support strategy to drive growth in the medical CMO Share Three Months Ended Nine Months Ended March 31, March 31, (Amounts in Thousands, except EPS) 2025 2024 2025 2024 Net Sales $ 374,607 $ 425,036 $ 1,106,255 $ 1,284,352 Operating Income $ 11,716 $ (6,431 ) $ 29,061 $ 29,669 Adjusted Operating Income (non-GAAP) (1) $ 15,706 $ 18,733 $ 41,629 $ 58,802 Operating Income % 3.1 % (1.5 )% 2.6 % 2.3 % Adjusted Operating Income (non-GAAP) % 4.2 % 4.4 % 3.8 % 4.6 % Net Income $ 3,817 $ (6,076 ) $ 10,403 $ 12,968 Adjusted Net Income (non-GAAP) (1) $ 6,837 $ 9,786 $ 19,718 $ 31,607 Diluted EPS $ 0.15 $ (0.24 ) $ 0.41 $ 0.51 Adjusted Diluted EPS (non-GAAP) (1) $ 0.27 $ 0.39 $ 0.79 $ 1.25 Expand (1) Beginning in the first quarter of fiscal year 2025, adjusted results exclude stock compensation expense. Prior reported periods have been revised accordingly. A reconciliation of GAAP and non-GAAP financial measures is included below. Expand Commenting on today's announcement, Richard D. Phillips, Chief Executive Officer, stated, 'I'm proud of the results for the third quarter and our team's ability to navigate an environment of uncertainty, while focusing on what is controllable. Sales in Q3 were in line with expectations, margins improved sequentially, cash generated from operating activities was positive for the fifth consecutive quarter, and the paydown of debt continued with borrowings now 45% lower than peak levels. We have ample liquidity to weather short-term unpredictability and significant dry powder to opportunistically invest in the business.' Mr. Phillips continued, 'As part of today's release, we are reiterating our guidance for fiscal 2025 with an expectation of sales and operating income at the high-end of the range, as well as, announcing the addition of a new manufacturing facility in Indianapolis focused on the medical industry. This is another step of repositioning the Company for a return to growth and expanding our medical CMO strategy.' The Company ended the third quarter of fiscal 2025 with cash and cash equivalents of $51.4 million and borrowing capacity available of $253.2 million. Capital expenditures were $4.0 million, and the company invested $3.0 million to repurchase 175,000 shares of common stock. Net Sales by Vertical Market for Q3 Fiscal 2025: Three Months Ended Nine Months Ended March 31, March 31, (Amounts in Millions) 2025 * 2024 * Percent Change 2025 * 2024 * Percent Change Automotive $ 173.1 46 % $ 202.0 47 % (14 )% $ 554.3 50 % $ 614.7 48 % (10 )% Medical 115.2 31 % 113.0 27 % 2 % 288.9 26 % 323.5 25 % (11 )% Industrial excluding AT&M (1) 86.3 23 % 101.9 24 % (15 )% 261.0 24 % 315.3 25 % (17 )% Net Sales excluding AT&M (1) $ 374.6 100 % $ 416.9 98 % (10 )% $ 1,104.2 100 % $ 1,253.5 98 % (12 )% AT&M (1) — — % 8.1 2 % (100 )% 2.1 — % 30.9 2 % (93 )% Total Net Sales $ 374.6 100 % $ 425.0 100 % (12 )% $ 1,106.3 100 % $ 1,284.4 100 % (14 )% * As a percent of Total Net Sales (1) Sales from our Automation, Test, and Measurement business (AT&M), which was divested effective July 31, 2024, were previously included in the Industrial vertical – Automotive includes electronic power steering, body controls, automated driver assist systems, and electronic braking systems – Medical includes sleep therapy and respiratory care, image guided therapy, in vitro diagnostics, drug delivery, AED, and patient monitoring – Industrial includes climate controls, automation controls, and public safety Expand Company Guidance for Fiscal Year 2025 The Company expects to be at the high-end of its guidance range for both net sales and adjusted operating income. The range for net sales is $1.40 - $1.44 billion, while the range for adjusted operating income (a) is 3.4% - 3.6% of net sales. Capital expenditures are estimated to be at the low-end of the guidance range of $40 - $50 million. (a) Fiscal year 2025 guidance reflects a change in our adjusted operating income calculation beginning in fiscal year 2025, which excludes stock compensation expense. This change better aligns our presentation with others in our industry. A reconciliation of GAAP and non-GAAP financial measures is included below. Expand Forward-Looking Statements Certain statements contained within this release are considered forward-looking, including our guidance, under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as 'expect,' 'should,' 'goal,' 'predict,' 'will,' 'future,' 'optimistic,' 'confident,' and 'believe.' Undue reliance should not be placed on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These forward-looking statements are subject to risks and uncertainties including, without limitation, global economic conditions, geopolitical environment and conflicts such as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, tariffs and other trade barriers, foreign exchange rate fluctuations, and our ability to convert new business opportunities into customers and revenue. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the company are contained in its Annual Report on Form 10-K for the year ended June 30, 2024. Non-GAAP Financial Measures This press release contains non-GAAP financial measures. The non-GAAP financial measures contained herein include constant currency growth, net sales excluding Automation, Test & Measurement, adjusted selling and administrative expenses, adjusted operating income, adjusted net income, adjusted diluted EPS, and ROIC. Reconciliations of the reported GAAP numbers to these non-GAAP financial measures are included in the Reconciliation of Non-GAAP Financial Measures section below. Management believes these measures are useful and allow investors to meaningfully trend, analyze, and benchmark the performance of the company's core operations. The company's non-GAAP financial measures are not necessarily comparable to non-GAAP information used by other companies. About Kimball Electronics, Inc. Kimball Electronics is a global, multifaceted manufacturer offering Electronics Manufacturing Services (EMS) and Contract Manufacturing Organization (CMO) solutions to customers around the world. From our operations in the United States, China, Mexico, Poland, Romania, and Thailand, our teams are proud to provide manufacturing services for a variety of industries. Recognized for a reputation of excellence, we are committed to a high-performance culture that values quality, reliability, value, speed, and ethical behavior. Kimball Electronics, Inc. (Nasdaq: KE) is headquartered in Jasper, Indiana. To learn more about Kimball Electronics, visit Lasting relationships. Global success. Financial highlights for the third quarter and year-to-date period ended March 31, 2025 are as follows: Condensed Consolidated Statements of Income (Unaudited) Three Months Ended (Amounts in Thousands, except Per Share Data) March 31, 2025 March 31, 2024 Net Sales $ 374,607 100.0 % $ 425,036 100.0 % Cost of Sales 347,711 92.8 % 391,492 92.1 % Gross Profit 26,896 7.2 % 33,544 7.9 % Selling and Administrative Expenses 13,154 3.6 % 16,861 3.9 % Other General Expense (Income) — — % (892 ) (0.2 )% Restructuring Expense 2,026 0.5 % 1,622 0.4 % Goodwill Impairment — — % 5,820 1.4 % Asset Impairment (Gain on Disposal) — — % 16,564 3.9 % Operating Income 11,716 3.1 % (6,431 ) (1.5 )% Interest Income 100 — % 83 — % Interest Expense (2,936 ) (0.8 )% (5,875 ) (1.4 )% Non-Operating Income (Expense), net (1,726 ) (0.4 )% (530 ) (0.1 )% Other Income (Expense), net (4,562 ) (1.2 )% (6,322 ) (1.5 )% Income Before Taxes on Income 7,154 1.9 % (12,753 ) (3.0 )% Provision (Benefit) for Income Taxes 3,337 0.9 % (6,677 ) (1.6 )% Net Income (Loss) $ 3,817 1.0 % $ (6,076 ) (1.4 )% Earnings Per Share of Common Stock: Basic $ 0.15 $ (0.24 ) Diluted $ 0.15 $ (0.24 ) Average Number of Shares Outstanding: Basic 24,728 25,118 Diluted 24,872 25,118 Expand (Unaudited) Nine Months Ended (Amounts in Thousands, except Per Share Data) March 31, 2025 March 31, 2024 Net Sales $ 1,106,255 100.0 % $ 1,284,352 100.0 % Cost of Sales 1,032,332 93.3 % 1,180,833 91.9 % Gross Profit 73,923 6.7 % 103,519 8.1 % Selling and Administrative Expenses 37,107 3.4 % 50,736 4.0 % Other General Expense (Income) — — % (892 ) (0.1 )% Restructuring Expense 9,019 0.8 % 1,622 0.1 % Goodwill Impairment — — % 5,820 0.5 % Asset Impairment (Gain on Disposal) (1,264 ) (0.1 )% 16,564 1.3 % Operating Income 29,061 2.6 % 29,669 2.3 % Interest Income 575 0.1 % 483 — % Interest Expense (11,969 ) (1.1 )% (17,459 ) (1.4 )% Non-Operating Income (Expense), net (4,155 ) (0.4 )% (959 ) — % Other Income (Expense), net (15,549 ) (1.4 )% (17,935 ) (1.4 )% Income Before Taxes on Income 13,512 1.2 % 11,734 0.9 % Provision (Benefit) for Income Taxes 3,109 0.3 % (1,234 ) (0.1 )% Net Income $ 10,403 0.9 % $ 12,968 1.0 % Earnings Per Share of Common Stock: Basic $ 0.42 $ 0.52 Diluted $ 0.41 $ 0.51 Average Number of Shares Outstanding: Basic 24,859 25,084 Diluted 25,047 25,263 Expand Condensed Consolidated Statements of Cash Flows Nine Months Ended (Unaudited) March 31, (Amounts in Thousands) 2025 2024 Net Cash Flow provided by Operating Activities $ 105,870 $ 24,717 Net Cash Flow used for Investing Activities (5,160 ) (37,702 ) Net Cash Flow (used for) provided by Financing Activities (126,615 ) 36,571 Effect of Exchange Rate Change on Cash, Cash Equivalents, and Restricted Cash 13 (113 ) Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash (25,892 ) 23,473 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 78,779 43,864 Cash, Cash Equivalents, and Restricted Cash at End of Period $ 52,887 $ 67,337 Expand (Unaudited) Condensed Consolidated Balance Sheets March 31, 2025 June 30, 2024 (Amounts in Thousands) ASSETS Cash and cash equivalents $ 51,377 $ 77,965 Receivables, net 251,138 282,336 Contract assets 78,378 76,320 Inventories 296,602 338,116 Prepaid expenses and other current assets 29,808 44,682 Assets held for sale — 27,587 Property and Equipment, net 268,351 269,659 Goodwill 6,191 6,191 Other Intangible Assets, net 2,601 2,994 Other Assets, net 90,109 82,069 Total Assets $ 1,074,555 $ 1,207,919 LIABILITIES AND SHARE OWNERS ' EQUITY Current portion of long-term debt $ 28,900 $ 59,837 Accounts payable 215,430 213,551 Advances from customers 39,676 30,151 Accrued expenses 46,951 63,189 Liabilities held for sale — 8,594 Long-term debt, less current portion 149,376 235,000 Long-term income taxes payable — 3,255 Other long-term liabilities 46,107 53,881 Share Owners' Equity 548,115 540,461 Total Liabilities and Share Owners' Equity $ 1,074,555 $ 1,207,919 Expand Other Financial Metrics (Unaudited) (Amounts in Millions, except CCD) At or For the Three Months Ended March 31, December 31, March 31, 2025 2024 2024 Depreciation and Amortization $ 9.2 $ 9.1 $ 10.5 Cash Conversion Days (CCD) (1) 99 107 110 Open Orders (2) $ 642 $ 564 $ 831 Expand (1) Cash Conversion Days ('CCD') are calculated as the sum of Days Sales Outstanding plus Contract Asset Days plus Production Days Supply on Hand less Accounts Payable Days and less Advances from Customers Days. CCD, or a similar metric, is used in our industry and by our management to measure the efficiency of managing working capital. (2) Open Orders are the aggregate sales price of production pursuant to unfulfilled customer orders. Our declining open orders are primarily due to the cancellation of a major automotive program and other demand reductions, as well as reduced lead times on customer orders as compared to March 31, 2024, when parts were more constrained. Expand Select Financial Results of Automation, Test and Measurement (Unaudited) (Amounts in Millions) Three Months Ended Nine Months Ended March 31, March 31, 2025 2024 2025 2024 Net Sales $ — $ 8.1 $ 2.1 $ 30.9 Operating Income (Loss) (1) $ — $ (25.4 ) $ 0.8 $ (24.3 ) Expand (1) Includes gain on sale of $1.3 million following the close of the sale on July 31, 2024 for the nine months ended March 31, 2025. Includes goodwill impairment of $5.8 million and asset impairment of $16.6 million for the three and nine months ended March 31, 2024. Each period also includes allocated corporate overhead expenses. Expand Reconciliation of Non-GAAP Financial Measures (Unaudited, Amounts in Thousands, except Per Share Data) Three Months Ended Nine Months Ended March 31, March 31, 2025 2024 2025 2024 Net Sales Growth (vs. same period in prior year) (12 )% (12 )% (14 )% (3 )% Foreign Currency Exchange Impact (1 )% — % — % — % Constant Currency Growth (11 )% (12 )% (14 )% (3 )% Selling and Administrative Expenses, as reported $ 13,154 $ 16,861 $ 37,107 $ 50,736 Stock Compensation Expense (1,955 ) (1,773 ) (4,528 ) (5,435 ) SERP (9 ) (277 ) (285 ) (584 ) Adjusted Selling and Administrative Expenses $ 11,190 $ 14,811 $ 32,294 $ 44,717 Operating Income (Loss), as reported $ 11,716 $ (6,431 ) $ 29,061 $ 29,669 Stock Compensation Expense 1,955 1,773 4,528 5,435 SERP 9 277 285 584 Legal Settlements (Recovery) — (892 ) — (892 ) Restructuring Expense 2,026 1,622 9,019 1,622 Goodwill Impairment — 5,820 — 5,820 Asset Impairment (Gain on Disposal) — 16,564 (1,264 ) 16,564 Adjusted Operating Income $ 15,706 $ 18,733 $ 41,629 $ 58,802 Net Income (Loss), as reported $ 3,817 $ (6,076 ) $ 10,403 $ 12,968 Stock Compensation Expense, After-Tax 1,483 1,345 3,434 4,122 Legal Settlements (Recovery), After-Tax — (676 ) — (676 ) Restructuring Expense, After-Tax 1,537 1,230 6,840 1,230 Goodwill Impairment, After-Tax — 4,414 — 4,414 Asset Impairment (Gain on Disposal), After-Tax — 9,549 (959 ) 9,549 Adjusted Net Income $ 6,837 $ 9,786 $ 19,718 $ 31,607 Diluted Earnings per Share, as reported $ 0.15 $ (0.24 ) $ 0.41 $ 0.51 Stock Compensation Expense 0.06 0.05 0.14 0.16 Legal Settlements (Recovery) — (0.03 ) — (0.03 ) Restructuring Expense 0.06 0.05 0.27 0.05 Goodwill Impairment — 0.18 — 0.18 Asset Impairment (Gain on Disposal) — 0.38 (0.03 ) 0.38 Adjusted Diluted Earnings per Share $ 0.27 $ 0.39 $ 0.79 $ 1.25 Twelve Months Ended March 31, 2025 2024 Operating Income $ 48,669 $ 61,118 Goodwill Impairment — 5,820 SERP 381 827 Restructuring Expense 9,783 1,622 Asset Impairment (Gain on Disposal) (788 ) 16,564 Legal Settlements (Recovery) — (1,104 ) Stock Compensation Expense 6,278 6,992 Adjusted Operating Income (non-GAAP) $ 64,323 $ 91,839 Tax Effect 20,174 21,698 After-tax Adjusted Operating Income $ 44,149 $ 70,141 Average Invested Capital (1) $ 726,208 $ 783,059 ROIC 6.1 % 9.0 % Expand (1) Average invested capital is computed using Share Owners' equity plus current and non-current debt less cash and cash equivalents averaged for the last five quarters. Expand Contacts Andrew D. Regrut Treasurer and Investor Relations Officer 812.827.4151 Industry: Engineering Other Manufacturing Manufacturing More News From Kimball Electronics, Inc. Get RSS Feed Kimball Electronics, Inc. Announces Date For Reporting Third Quarter Fiscal Year 2025 Financial Results JASPER, Ind.--(BUSINESS WIRE)--Kimball Electronics, Inc. (Nasdaq: KE) today announced that it will report third quarter fiscal year 2025 financial results on Tuesday, May 6, 2025, after the closing of the market. The company will host a conference call and live webcast to review the results on Wednesday, May 7, 2025, at 10:00 a.m. Eastern Time. The telephone number to access the conference call is 877-407-8293 / +1 201-689-8349. A live webcast of the conference call can be accessed at investors... Kimball Electronics Reports Q2 Results, Company Updates Outlook for Fiscal Year 2025 JASPER, Ind.--(BUSINESS WIRE)--Kimball Electronics, Inc. (Nasdaq: KE) today announced financial results for the second quarter ended December 31, 2024. Three Months Ended Six Months Ended December 31, December 31, (Amounts in Thousands, except EPS) 2024 2023 2024 2023 Net Sales $ 357,392 $ 421,235 $ 731,648 $ 859,316 Operating Income $ 8,230 $ 16,610 $ 17,345 $ 36,100 Adjusted Operating Income (non-GAAP) (1) $ 13,333 $ 19,063 $ 25,923 $ 40,0... Kimball Electronics, Inc. NASDAQ:KE Release Versions English Contacts Andrew D. Regrut Treasurer and Investor Relations Officer 812.827.4151
