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Key Tronic Corporation Announces First Quarter Fiscal Year 2013 Results

Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the three months ended September 29, 2012.

For the first quarter of fiscal year 2013, Key Tronic reported total revenue of $97.5 million, up 40% from $69.8 million in the same period of fiscal year 2012. Net income for the first quarter of fiscal year 2013 was $3.7 million or $0.35 per diluted share, up 200% from $1.2 million or $0.12 per diluted share for the same period of fiscal year 2012.

For the first quarter of fiscal year 2013, gross margin was 10% and operating margin was 6%, compared to 7% and 2%, respectively, in the same period of fiscal year 2012.

“We’re pleased with our strong year-over-year growth in revenue and earnings for the first quarter of fiscal year 2013,” said Craig Gates, President and Chief Executive Officer. “We achieved record quarterly revenue and continued to increase our operating efficiencies. At the end of the first quarter of fiscal 2013, we were generating revenue from 168 separate programs and had 51 distinct customers, up from 135 programs and 36 customers a year ago. We also continued to diversify our future revenue base during the first quarter of fiscal 2013 by winning new programs involving solar energy and power management products.

“While we continue to face global macroeconomic uncertainty, we believe our unique combination of world-class engineering, global logistics and world-class production capabilities in Mexico, China and the United States continues to provide us with competitive advantage. We expect to continue to see our new programs ramp up, our market share increase and our revenue base diversify. As we grow our business over the long term, we remain focused on maintaining outstanding customer service, carefully managing our operating expenses and maximizing our return on invested capital.”

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