Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico and China. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world's leading original equipment manufacturers.
Shares Outstanding: 10,130,000
% held by insiders: 12.02%
% held by institutions: 28.00%
POKANE VALLEY, Wash.--(BUSINESS WIRE)--Key Tronic Corporation (NASDAQ:KTCC - News), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended April 3, 2010.
For the third quarter of fiscal 2010, Key Tronic reported total revenue of $51.7 million, up 16% from $44.8 million in the previous quarter and up 17% from $44.2 million in the same period of fiscal 2009. For the first nine months of fiscal 2010, total revenue was $137.8 million, compared to $139.5 million in the same period of fiscal 2009.
Net income for the third quarter of fiscal 2010 was $4.4 million or $0.43 per diluted share, up from $1.7 million or $0.17 per diluted share in the previous quarter and up from $0.3 million or $0.03 per diluted share for the same period of fiscal 2009. Results for the third quarter of fiscal 2010 include a net deferred tax benefit of $2.2 million or approximately $0.22 per diluted share. For the first nine months of fiscal 2010, net income was $6.4 million or $0.63 per diluted share, up from $0.8 million or $0.08 per diluted share for the same period of fiscal 2009.
Higher than anticipated production volumes for the third quarter of fiscal 2010 resulted in a strong gross margin of 10% and an operating margin of 4%, up from 7% and 1%, respectively, in the same period of fiscal 2009.
“We’re very pleased with our strong sequential growth in revenue and earnings during the third quarter of fiscal 2010, driven by increased demand from both new and longstanding customers,” said Craig Gates, President and Chief Executive Officer. “We’ve remained profitable for 25 consecutive quarters by continuing to control our costs, maintain strong operating efficiencies and improve our new product introduction processes, even as we have brought many new programs into production and grown our business.
“During the third quarter of fiscal 2010, we continued to diversify our revenue base by winning new programs involving specialty printers, motion warning systems and video communications equipment. We had about $5 million in orders that were delayed to the fourth quarter because of industry-wide shortages in the global supply chain. In coming periods, we plan to expand capacity in our world-class campuses in Mexico and China to accommodate new programs that we have already won and are moving into production.”
For the fourth quarter of fiscal 2010, the Company expects to report revenue in the range of $52 million to $58 million, and earnings in the range of $0.14 to $0.19 per share, reflecting an effective tax rate of approximately 33%. Previous quarters have had near zero effective tax rates because profits were offset by the benefits of net operating loss carryforwards, which have now been fully recognized. The Company’s forecast for the fourth quarter of fiscal 2010 may be impacted by continuing supply chain issues that could result in variances in its results as the world’s solid state supply ramps up to meet demand.
Key Tronic will host a conference call today to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on April 27, 2010. A broadcast of the conference call will be available at www.keytronic.com under “Investor Relations” or by calling 877-941-6010 or +1 480-629-9773. A 48-hour replay will be available by calling 800-406-7325 or +1-303-590-3030 (Access Code: 4282480). A replay will also be available on the Company’s Web site.
|Form || ||(Filer) || Received ( Period ) |
|SC 13G/A || ||KEY TRONIC CORP(SIGNIA CAPITAL MANAGEMENT LLC) || 05/07/10 |
|8-K || ||KEY TRONIC CORP || 04/27/10 (04/27/10) |
|4 || ||KEY TRONIC CORP(PILZ DALE F) || 04/23/10 (04/22/10) |
|4 || ||KEY TRONIC CORP(BURKHARDT DOUGLAS G) || 03/12/10 (03/11/10) |
|8-K || ||KEY TRONIC CORP || 03/10/10 (03/05/10) |
|8-K || ||KEY TRONIC CORP || 02/26/10 (02/22/10) |
|3 || ||KEY TRONIC CORP(LARSEN BRETT R.) || 02/26/10 (02/22/10) |
|SC 13G/A || ||KEY TRONIC CORP(MORGAN STANLEY) || 02/12/10 |
|10-Q || ||KEY TRONIC CORP || 02/09/10 (12/26/09) |
|SC 13G/A || ||KEY TRONIC CORP(DIMENSIONAL FUND ADVISORS LP) || 02/08/10 |
|8-K || ||KEY TRONIC CORP || 01/26/10 (01/26/10) |
|SC 13G/A || ||KEY TRONIC CORP(TIETON CAPITAL MANAGEMENT, LLC) || 01/22/10 |
|SC 13G/A || ||KEY TRONIC CORP(SIGNIA CAPITAL MANAGEMENT LLC) || 01/11/10 |
|3 || ||KEY TRONIC CORP(SINCLAIR DONALD RALPH) || 01/06/10 (01/04/10) |
|10-Q || ||KEY TRONIC CORP || 11/09/09 (09/26/09) |
|8-K || ||KEY TRONIC CORP || 10/27/09 (10/27/09) |
|3 || ||KEY TRONIC CORP(HOCHBERG PHILIP SCOTT) || 10/27/09 (10/22/09) |
|4 || ||KEY TRONIC CORP(NEMETH KATHLEEN L) || 10/26/09 (10/22/09) |
|4 || ||KEY TRONIC CORP(BURKHARDT DOUGLAS G) || 10/15/09 (10/13/09) |
|SC 13G/A || ||KEY TRONIC CORP(CITIGROUP INC) || 10/09/09 |