Key Tronic Corporation
(Nasdaq:KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter and year ended July 3, 2010.
For the fourth quarter of fiscal 2010, Key Tronic reported record quarterly revenue of $61.9 million, up 20% from $51.7 million in the previous quarter and up 36% from $45.5 million in the same period of fiscal 2009. For the full year of fiscal 2010, total revenue was $199.6 million, up 8% from $184.9 million for fiscal 2009.
Net income for the fourth quarter of fiscal 2010 was $2.3 million or $0.22 per diluted share, up from $0.3 million or $0.03 per diluted share for the same period of fiscal 2009. For the full year of fiscal 2010, net income was $8.7 million or $0.85 per diluted share, up from $1.1 million or $0.11 per diluted share for fiscal 2009.
The Company continued to maintain strong operating efficiencies during the fourth quarter. For the fourth quarter of fiscal 2010, gross margin was 11% and operating margin was 5%, up from 6% and 1%, respectively, in the same period of fiscal 2009. For the full year of fiscal 2010, gross margin was 10% and operating margin was 4%, up from 7% and 1%, respectively, in fiscal 2009.
“We’re very pleased with our strong growth in revenue and earnings for fiscal 2010, driven by increased demand from both new and longstanding customers,” said Craig Gates, President and Chief Executive Officer, “We began the year in the depths of the global recession and ended with the highest quarterly revenue in Key Tronic’s history. We’ve remained profitable for 26 consecutive quarters and significantly increased our profitability in fiscal 2010 compared to recent years. As we grew our business and brought many new programs into production, we controlled our costs, maintained strong operating efficiencies and improved our new product introduction processes.