HNI closes Kimball merger; pro forma FY2022 revenue $3.06B, net income $65.4M

HNI CORP

Pro forma FY2022 (year ended Dec 31, 2022): net sales $3,058M, net income $65.4M, diluted EPS $1.39.
Pro forma Q1 2023 (3 months ended Apr 1, 2023): net sales $640.4M, net income $1.6M, diluted EPS $0.04.
Total estimated purchase consideration $503.6M: 0.1301 HNI shares + $9.00 cash per Kimball share.
Preliminary purchase price allocation: goodwill $189.1M, intangible assets $194.0M, net debt $356.6M added.

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