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26-01-2010 22:00:00

Key Tronic Corporation Announces Second Quarter Results

Key Tronic Corporation (Nasdaq:KTCC), a provider of electronic

manufacturing services (EMS), today announced its results for the

quarter ended December 26, 2009. The results exceeded the sales and

earnings estimates announced in the Company’s revised guidance on

December 2, 2009.

For the second quarter of fiscal 2010, Key Tronic reported total revenue

of $44.8 million, compared to $41.3 million in the previous quarter and

$47.0 million in the same period of fiscal 2009. For the first six

months of fiscal 2010, total revenue was $86.1 million, compared to

$95.2 million in the same period of fiscal 2009.

Net income for the second quarter of fiscal 2010 was $1.7 million or

$0.17 per diluted share, up from $0.3 million or $0.03 per diluted share

in the previous quarter and up from $0.1 million or $0.01 per diluted

share for the same period of fiscal 2009. For the first six months of

fiscal 2010, net income was $2.0 million or $0.19 per diluted share, up

from $0.5 million or $0.05 per diluted share for the same period of

fiscal 2009.

A favorable sales mix in the second quarter of fiscal 2010 resulted in

unusually high gross margins of 11% and operating margins of 4%, up from

8% and 1%, respectively, in the same period of fiscal 2009.

“We’re very pleased with our strong sequential growth in revenue and

earnings during the second quarter of fiscal 2010, driven by increased

demand from both new and longstanding customers,” said Craig Gates,

President and Chief Executive Officer, “We’ve remained profitable for 24

consecutive quarters by continuing to control our costs, enhance our

operating efficiencies and improve our inventory management. We’ve also

strengthened our balance sheet, added square footage in our world-class

facilities in Mexico and China, and increased the efficiency of our

supply chain and new product introduction processes.

“During the second quarter of fiscal 2010, we won new programs involving

telecommunications, industrial, specialty printer, gaming and financial

transaction equipment. Our continued success in diversifying our revenue

base across a wide range of industries make us confident that our

profitable growth trends are sustainable in coming periods.”

Business Outlook

For the third quarter of fiscal 2010, the Company expects to report both

sequential and year-over-year growth, with revenue in the range of $44

million to $47 million, and earnings in the range of $0.15 to $0.20 per

share. The Company also expects to see continued sequential growth in

the fourth quarter of fiscal 2010.

Conference Call

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 877-941-6010 or +1

480-629-9772. A 48-hour replay will be available by calling 800-406-7325

or +1 303 590 3030 (Access Code: 4197912). A replay will also be

available on the Company’s Web site.

About Key Tronic

Key Tronic is a leading contract manufacturer offering value-added

design and manufacturing services from its facilities in the United

States, Mexico and China. The Company provides its customers full

engineering services, materials management, worldwide manufacturing

facilities, assembly services, in-house testing, and worldwide

distribution. Its customers include some of the world's leading original

equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com

Some of the statements in this press release are forward-looking

statements within the meaning of the Private Securities Litigation

Reform Act of 1995. Forward-looking statements include all passages

containing verbs such as ‘aims, anticipates, believes, estimates,

expects, hopes, intends, plans, predicts, projects or targets’ or nouns

corresponding to such verbs. Forward-looking statements also include

other passages that are primarily relevant to expected future events or

that can only be fully evaluated by events that will occur in the

future. Forward-looking statements in this release include, without

limitation, the Company’s statements regarding its expectations with

respect to quarterly revenue and earnings during fiscal 2010. There are

many factors, risks and uncertainties that could cause actual results to

differ materially from those predicted or projected in forward-looking

statements, including but not limited to the future of the global

economic environment and its impact on our customers and suppliers, the

accuracy of customers’ forecasts; success of customers’ programs; timing

of new programs; success of new-product introductions; acquisitions or

divestitures of operations or facilities; technology advances; changes

in pricing policies by the Company, its competitors, customers or

suppliers; and the other risks and uncertainties detailed from time to

time in the Company’s SEC filings.

KEY TRONIC CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

Second Quarters Ended

Six Months Ended

December 26

December 27

December 26

December 27

2009

2008

2009

2008

 

Net sales

$

44,750

$

46,990

$

86,059

$

95,227

Cost of sales

 

40,040

 

43,174

 

78,674

 

88,004

Gross profit on sales

4,710

3,816

7,385

7,223

 

Operating expenses:

Research, development and engineering

704

592

1,267

1,218

Selling, general and administrative

2,273

2,056

4,009

4,193

Goodwill impairment

 

0

 

765

 

0

 

765

 

Total operating expenses

2,977

3,413

5,276

6,176

 

Operating income

1,733

403

2,109

1,047

 

Interest expense

 

19

 

180

 

64

 

362

 

Income before income taxes

1,714

223

2,045

685

 

Income tax provision

 

44

 

117

 

80

 

171

 

Net income

$

1,670

 

$

106

 

$

1,965

 

$

514

 

Earnings per share:

 

Earnings per common share - basic

$

0.17

$

0.01

$

0.19

$

0.05

Weighted average shares outstanding - basic

10,087

10,065

10,076

10,053

 

Earnings per common share - diluted

$

0.17

$

0.01

$

0.19

$

0.05

Weighted average shares outstanding - diluted

10,110

10,073

10,094

10,081

KEY TRONIC CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

December 26

June 27

2009

2009

ASSETS

Current assets:

Cash and cash equivalents

$

7,217

$

729

Trade receivables

26,197

24,867

Inventories

28,906

32,291

Other

 

3,320

 

3,168

Total current assets

 

65,640

 

61,055

 

Property, plant and equipment - net

11,597

11,199

 

Other assets:

Restricted cash

-

124

Deferred income tax asset

4,576

4,611

Other

 

700

 

766

Total other assets

5,276

5,501

 

Total assets

$

82,513

$

77,755

 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

23,291

$

18,703

Accrued compensation and vacation

3,645

3,198

Current portion of other long-term obligations

243

359

Other

 

1,797

 

1,351

Total current liabilities

 

28,976

 

23,611

 

Long-term liabilities:

Revolving loan

-

2,412

Other long-term obligations

 

674

 

618

Total long-term liabilities

 

674

 

3,030

 

Shareholders' equity:

Common stock, no par value - share authorized

25,000; issued and outstanding

10,090 and 10,066 shares, respectively

39,396

39,359

Retained earnings

12,808

10,843

Accumulated other comprehensive loss

 

659

 

912

Total shareholders' equity

 

52,863

 

51,114

 

Total liabilities and shareholders' equity

$

82,513

$

77,755

Key Tronic Corporation

Ron Klawitter, Chief Financial Officer

509-927-5295

or

StreetConnect

Michael

Newman, Investor Relations

206-729-3625

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