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Key Tronic Corp. (KTCC) Reports Third Quarter Earnings of 11 Cents per Diluted Share

Key Tronic Corp. (KTCC), a provider of electronic manufacturing services (EMS) to original equipment manufacturers (OEMs), reported solid third quarter earnings after the closing bell today. KTCC earned $1.2 million or 11 cents per diluted share, an increase of 57% year over year, on $51.5 million in revenues, a 9% increase over last year’s sales. The results exceed guidance previously issued by the company of 5-8 cents EPS on $49 – $51 million in sales.

Additionally, the company offered guidance for the fourth quarter, predicting $50-$54 million in sales and 10-15 cents per share in earnings. President and Chief Executive Officer Jack Oehlke said, “During the third quarter, we continued to diversify our customer portfolio across a wide range of industries, winning new customer programs involving a consumer medical device, energy technology, home air filtration and specialized touch-screen panels. We expect these new programs to begin contributing revenue in fiscal 2009 and we continue to pursue new opportunities for profitable growth.”

Shares of KTCC finished the regular session trading at $2.60 per share. The current bid is $3.19 in extended hours, a pop of 23%. Even with the afterhours gain, KTCC trades at a 29% discount to net tangible assets of approximately $4.50/share. KTCC has 10.0 million basic shares outstanding.

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