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17-08-2010 22:00:00

Key Tronic Corporation Announces Fourth Quarter and Year End Results

Relateret indhold

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.

“During the fourth quarter of fiscal 2010, we continued to diversify our

revenue base by winning a new program involving gaming technology and

two new programs for industrial safety equipment. To accommodate new

programs moving into production, we significantly expanded our

world-class production capacity in Mexico and China during the fourth

quarter. Similar to recent quarters, we also had approximately $4

million in order delays from a number of customers due to industry-wide

shortages in the global supply chain, which we expect to persist in

coming quarters.

“Moving into fiscal 2011, we have good business momentum, growing our

business faster than many of our peers. Recent forecasts predict

double-digit growth for the EMS market in coming years. With our unique

combination of world-class engineering, global logistics and

cost-effective production, we’re increasingly well positioned to

continue to capture market share and capitalize on emerging

opportunities in fiscal 2011 and beyond.”

Business Outlook

For the first quarter of fiscal 2011, the Company expects to report

revenue in the range of $58 million to $61 million, and earnings in the

range of $0.17 to $0.20 per share. The Company’s forecast for the first

quarter of fiscal 2011 may be impacted by continuing supply chain issues

that could result in variances in its results as the world’s electronic

parts supply ramps up to meet demand.

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 877-941-2333 or +1

480-629-9723. A 48-hour replay will be available by calling 800-406-7325

or +1 303 590 3030 (Access Code: 4325641). 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 2011. 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;

shortages in the global supply chain; 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)

 

 

Three Months Ended

 

Twelve Months Ended

July 3

 

June 27

July 3

 

June 27

2010

2009

2010

2009

 

Net sales

$

61,864

$

45,464

$

199,620

$

184,924

Cost of sales

 

55,241

 

42,819

 

 

180,370

 

 

171,744

Gross profit on sales

6,623

2,645

19,250

13,180

 

Operating expenses:

Research, development and engineering

720

515

2,783

2,266

Selling, general and administrative

2,854

1,833

9,079

8,366

Goodwill impairment

 

0

 

0

 

 

0

 

 

765

 

Total operating expenses

3,574

2,348

11,862

11,397

 

Operating income

3,049

297

7,388

1,783

 

Interest expense

 

25

 

97

 

 

102

 

 

590

 

Income before income taxes

3,024

200

7,286

1,193

 

(Benefit from) provision for income taxes

 

713

 

(87

)

 

(1404

)

 

130

 

Net income

$

2,311

$

287

 

$

8,690

 

$

1,063

 

 

Earnings per share:

 

Earnings per common share - basic

$

0.23

$

0.03

$

0.86

$

0.11

Weighted average shares outstanding - basic

10,219

10,066

10,124

10,059

 

Earnings per common share - diluted

$

0.22

$

0.03

$

0.85

$

0.11

Weighted average shares outstanding - diluted

10,342

10,074

10,191

10,075

 

KEY TRONIC CORPORATION AND

SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

July 3

 

June 27

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$

770

$

729

Trade receivables

34,617

24,867

Inventories

39,775

32,291

Other

 

5,588

 

 

3,168

Total current assets

 

80,750

 

 

61,055

 

Property, plant and equipment - net

13,898

11,199

 

Other assets:

Restricted cash

-

124

Deferred income tax asset

4,815

4,611

Other

 

653

 

 

766

Total other assets

 

5,468

 

 

5,501

 

Total assets

$

100,116

 

$

77,755

 

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

29,158

$

18,703

Accrued compensation and vacation

5,097

3,198

Current portion of other long-term obligations

146

359

Other

 

2,670

 

 

1,351

Total current liabilities

 

37,071

 

 

23,611

 

Long-term liabilities:

Revolving loan

1,554

2,412

Other long-term obligations

 

2,074

 

 

618

Total long-term liabilities

 

3,628

 

 

3,030

 

Shareholders' equity:

Common stock, no par value - share authorized 25,000;

issued and outstanding 10,124 and 10,066 shares, respectively

40,126

39,359

Retained earnings

19,533

10,843

Accumulated other comprehensive (loss) income

 

(242

)

 

912

Total shareholders' equity

 

59,417

 

 

51,114

 

Total liabilities and shareholders' equity

$

100,116

 

$

77,755

Key Tronic Corporation

Chief Financial Officer

Ron Klawitter,

509-927-5295

or

StreetConnect

Investor Relations

Michael

Newman, 206-729-3625

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