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Key Tronic Corp. (KTCC) Reports Third Quarter Earnings

Third quarter figures were reported recently by Key Tronic Corporation (NASD: KTCC), a provider of electronic manufacturing services (EMS). The quarter ended on March 29, 2008. In the after-hours of Tuesday’s trading, the company’s stock rose 33.85%.

The company reported total revenue of $51.5 million, up 9% from $47.2 million in the same period of last year’s figures. During the first nine months of fiscal 2008, total revenue was $146.8 million, lower than last year’s number of $152.6 million during the same period. Net income for the third quarter of fiscal 2008 was $1.2 million or $0.11 per diluted share, up 57% from $0.07 per diluted share from last year’s period. Net income for the first nine months of fiscal 2008 was reported to be $3.0 million or $0.29 per diluted share, an increase of 19% from $0.24 per diluted share for the same period of fiscal 2007.

Jack Oehlke, President and CEO of Key Tronic Corporation, said, “We are pleased with our strong year-over-year third quarter growth in revenue and earnings, driven by increased demand from both new and established customer programs. We were also pleased to see the expected improvement in our gross margin and profitability from the previous quarter.”

The company is anticipating fourth quarter numbers for fiscal 2008 to be in the range of $50 to $54 million, with earnings ranging from $0.10 to $0.15 per share. “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,” stated Mr. Oehlke.

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