News
SCHAUMBURG, IL – Lenovo yesterday said it plans to sell its failing mobile phone business for $100 million to a private equity firm under its parent, Legend Holdings.
TORONTO – Celestica Inc. reported fourth quarter revenue slipped 2% from last year to $2.2 billion. The EMS firm’s net loss shrunk to $11.7 million, from $60.8 million for the quarter ended Dec. 31.
SPOKANE VALLEY, WA – Key Tronic Corp. reported December quarter revenue of $50.8 million, up 14% sequentially and 2% last year.
Net income was $1.6 million, up from $300,000 a year ago. The results include a gain of approximately $951,000 from the company’s sale of its former facility in Las Cruces, NM.
Gross margins were diminished from higher overtime and shipping expenses.
In a press release, president and chief executive Jack Oehlke said, “Accelerated customer demand in December caused our revenue to actually exceed expectations. We expect over 10 new customer programs to be generating revenue by the end of the fiscal year” in June.
Key Tronic expects March quarter revenue in the range of $49 million to $51 million. Said Oehlke, “In the second half of fiscal 2008, we expect increased revenue and earnings, as well as some improvement in our gross margins.”
Net income was $1.6 million, up from $300,000 a year ago. The results include a gain of approximately $951,000 from the company’s sale of its former facility in Las Cruces, NM.
Gross margins were diminished from higher overtime and shipping expenses.
In a press release, president and chief executive Jack Oehlke said, “Accelerated customer demand in December caused our revenue to actually exceed expectations. We expect over 10 new customer programs to be generating revenue by the end of the fiscal year” in June.
Key Tronic expects March quarter revenue in the range of $49 million to $51 million. Said Oehlke, “In the second half of fiscal 2008, we expect increased revenue and earnings, as well as some improvement in our gross margins.”
WASHINGTON – Under pressure from industry groups, the U.S. EPA has decided to withdraw certain data elements sought under last year’s information collection request for its Toxics Release Inventory rules.
In announcing the revisions, EPA bowed to concerns that many TRI filers were unaware of the proposed changes, which various critics say were hidden within the ICR. IPC, among others, claimed EPA’s proposals should have been conducted through its notice-and-comment rule-making process.
The proposed changes to the TRI forms included collection of small business information, more detailed information on how facilities estimate their data, additional point of contacts, and reasons for withdrawals and revisions.
On behalf of its members, IPC filed comments opposing the changes.
ST. LOUIS – LaBarge Inc. reported second-quarter fiscal 2008 profits were $3.4 million, up 6% compared to last year. Net sales rose 10% year-over-year to $67.1 million.
WASHINGTON – The U.S. Internal Revenue Service will credit corporate taxes paid to the Mexican government while the IRS undertakes a study of that nation’s new corporate tax law.
Mexico's flat tax, called the IETU tax, went into effect Jan. 1. According to the previously issued U.S. IRS Notice 2008-3, the agency has not determined whether the IETU is qualified as an income tax under Article 24(1) of the US-Mexico Tax Treaty and is thus creditable. The agency is studying the new tax to make a determination.
The U.S. is Mexico's largest trading partner, buying about 80% of all exports.
Agreements are in place with the U.K., Italy, India, South Africa and the Bahamas on the new tax law.
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