News
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.
FREMONT, CA – Dage Precision Industries will showcase new x-ray inspection developments at Virtual PCB, sponsored by UP Media Group, on Feb. 12-13.
Information will be available on the XiDAT XD7600NT, XD7500VR and XD7500NT x-ray inspection systems, as well as computerized tomography for 3-D modeling and volumetric measurement of critical solder interconnections.
Attendees can interact with the Dage technical staff to interactively discuss inspection challenges and receive the latest information on products and inspection solutions.
The Virtual PCB trade show is a fully interactive, Web-based event that incorporates all the features of a live event, including customized exhibit booths, live chat groups, lounge areas, technical presentations and online learning.
To register, visit www.circuitsassembly.com or www.virtual-pcb.com.
RICHARDSON, TX – Titan Global Holdings announced record revenue of $122 million and a consolidated net operating loss of $24.4 million for the first quarter of 2008, up 75.4% and 75.8% year-over-year, respectively.
Titan’s net operating loss included $21.1 million in net writedowns for goodwill in its communications and global brands divisions, and an additional $4.4 million asset writedown in its communications division.
Titan’s electronics and homeland security division, which includes its PWB and EMS operations, recorded revenues of $6.8 million and net operating income of $574,000; revenue increased 20.6% compared to the first quarter of 2007, on the acquisition of Nexus Nano (now called Neo EMS).
Titan’s communications division recorded revenue of $22.3 million and a net operating loss of $18.7 million, a revenue decrease of nearly 9% and a loss increase of 99% year-over-year.
Titan says it has initiated a plan to revitalize its communications division during the second quarter.
Titan’s net operating loss included $21.1 million in net writedowns for goodwill in its communications and global brands divisions, and an additional $4.4 million asset writedown in its communications division.
Titan’s electronics and homeland security division, which includes its PWB and EMS operations, recorded revenues of $6.8 million and net operating income of $574,000; revenue increased 20.6% compared to the first quarter of 2007, on the acquisition of Nexus Nano (now called Neo EMS).
Titan’s communications division recorded revenue of $22.3 million and a net operating loss of $18.7 million, a revenue decrease of nearly 9% and a loss increase of 99% year-over-year.
Titan says it has initiated a plan to revitalize its communications division during the second quarter.
