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Key Tronic Corporation Announces Results For The Fourth Quarter And Fiscal Year End 2013

SPOKANE VALLEY, Wash., Aug. 20, 2013 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq:KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the three months and full year ended June 29, 2013.

For the fourth quarter of fiscal 2013, Key Tronic reported total revenue of $84.6 million, compared to $96.7 million in the same period of fiscal 2012. For the full year of fiscal 2013, total revenue was $361.0 million, up 4% from $346.5 million for fiscal 2012.

Net income for the fourth quarter of fiscal 2013 was $2.4 million or $0.22 per diluted share, compared to $3.8 million or $0.35 per diluted share for the same period of fiscal 2012. For the full year of fiscal 2013, net income was $12.6 million or $1.15 per diluted share, up 8% from $11.6 million or $1.10 per diluted share for the same period of fiscal 2012.

For the fourth quarter of fiscal year 2013, gross margin was 9% and operating margin was 4%, compared to 10% and 5%, respectively, in the same period of fiscal 2012. For the full year of fiscal 2013, gross margin was 10% and operating margin was 5%, up from 9% and 4%, respectively, for fiscal 2012.

On July 1, 2013, the Company completed its previously announced acquisition of Sabre Manufacturing, a sheet metal fabrication company, for approximately $6.0 million in cash. Sabre enables Key Tronic to offer metal fabrication directly to its customers, in combination with plastic molding, PCB assembly, complete product assembly, design engineering and testing engineering services. The acquisition furthers the Company's strategic focus on providing all the EMS services available from a much larger tier I company, while still bringing the flexibility and high customer service levels of a tier II supplier.

"For fiscal 2013, despite a challenging second half, we achieved record annual revenue and earnings," said Craig Gates, President and Chief Executive Officer. "After strong year-over-year growth in the first half of fiscal 2013, our revenue in the second half was primarily impacted by the anticipated slowdown from a large customer. At the same time, we saw the continued ramp up of our new programs, while maintaining strong operating efficiencies and significantly strengthening our balance sheet. During fiscal 2013, we increased our cash by over $10 million, fully paid off over $15 million of bank debt and reduced our inventory by approximately $14 million.

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