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Key Tronic Corporation Announces Fourth Quarter And Year End Results

Stocks in this article: KTCC

Key Tronic Corporation (Nasdaq:KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter and year ended June 30, 2012.

For the fourth quarter of fiscal 2012, Key Tronic reported total revenue of $96.7 million, up 46% from $66.0 million in the same period of fiscal 2011. For the full year of fiscal 2012, total revenue was a record $346.5 million, up 36% from $253.8 million in fiscal 2011.

Net income for the fourth quarter of fiscal 2012 was $3.8 million or $0.35 per diluted share, up 148% from $1.5 million or $0.15 per diluted share for the same period of fiscal 2011. For the full year of fiscal 2012, net income was $11.6 million or $1.10 per diluted share, up 103% from $5.7 million or $0.55 per diluted share for fiscal 2011.

“Fiscal 2012 was another great year for Key Tronic, with strong growth in revenue and earnings, driven by the rapid production ramp up of new customer programs,” said Craig Gates, President and Chief Executive Officer. “We achieved record revenue and continued to increase our operating efficiencies. At the end of fiscal 2012, we were generating revenue from 165 separate programs and had 48 distinct customers, up from 119 programs and 33 customers at the end of the prior fiscal year. We also continued to diversify our future revenue base during the fourth quarter by winning new programs involving robotic, automotive, industrial and gaming products.

“Moving into fiscal 2013, we continue to face global macroeconomic uncertainty. Nevertheless, we believe that with our unique combination of world-class engineering and global logistics, together with the cost and logistical advantages of our substantial and expanding production capabilities in Mexico, China and the United States, we will continue to see our new programs ramp up, our market share increase and our revenue base diversify. As we grow our business, we remain focused on maintaining outstanding customer service, carefully managing our operating expenses and maximizing our return on invested capital.”

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