KTCC-$2.20. Pretty good earnings after the bell (.09 vs .01). Guiding for .08 - .12 next quarter. Low float so it may see some action tomorrow. Any thoughts?
Key Tronic Corporation Announces Third Quarter Results
Thursday April 28, 4:01 pm ET
Year-over-Year Quarterly Revenue Up 33% and Over Six-fold Increase in Earnings
SPOKANE, Wash.--(BUSINESS WIRE)--April 28, 2005--Key Tronic Corporation (Nasdaq:KTCC - News), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended April 2, 2005.
For the third quarter of fiscal 2005, Key Tronic reported total revenue of $49.7 million, up 33% from $37.3 million for the third quarter of fiscal 2004. For the first nine months of fiscal 2005, total revenue was $149.7 million, up 43% from $104.5 million in the same period of fiscal 2004.
Net income for the third quarter of fiscal 2005 was $852,000 or $0.09 per share, up 661% from $112,000 or $0.01 per share for the third quarter of fiscal 2004, and up 74% from $490,000 or $0.05 per share for the previous quarter. For the first nine months of fiscal 2005, net income was $1.6 million or $0.16 per share, up from a net loss of $155,000 or ($0.02) per share for the same period of fiscal 2004.
"We are pleased with our improved operating efficiencies and earnings in the third quarter," said Jack Oehlke, President and Chief Executive Officer. "Our year-over-year growth continues to be primarily driven by increased production on programs for established customers involving specialty printer accessories and components, and gaming technology. In the third quarter, we began production on a new consumer product for an existing customer and expect to start a medical technology program for a new customer in the fourth quarter. We also recently won business from a new customer for hospital equipment, which is expected to get underway in the first half of fiscal 2006."
"To prepare for growth in coming periods, we are adding to our printed circuit board capacity in China and Mexico, and plan to expand our capacity in Mexico by buying the building adjacent to our existing facility in Juarez during the fourth quarter of fiscal 2005. We also are investing in our worldwide printed circuit board operations to ensure compliance with new environmental regulations impacting our industry. The EMS industry continues to grow and we are well-positioned to capitalize on the opportunities ahead."
In the fourth quarter of fiscal 2005, the Company expects revenue to increase 5% to 10% from the third quarter and earnings to be in the range of $0.08 to $0.12 per share.
Key Tronic will host a conference call today to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern). A broadcast of the conference call will be available at www.keytronic.com under "Investor Relations" or by calling 800-218-0204 or +1 303-262-2211. A 48-hour replay will be available by calling 800-405-2236 or +1 303-590-3000 (Reservation No. 11027377). A replay will also be available on the Company's Web site.
