Key Tronic’s Q4 Net Income Down 35%
SPOKANE VALLEY, WA – Contract electronics manufacturer Key Tronic Corp. today reported fiscal fourth-quarter 2011 net income of $1.5 million, down 34.8% year-over-year.
Revenue for the period ended July 2 rose 7% year-over-year to $66 million.
For the full year, total revenue was $253.8 million, up 27% compared to fiscal 2010. Net income was $5.7 million, down 34.5% compared to 2010.
“During most of the year, our operating performance was adversely affected, as we absorbed the costs associated with bringing many new programs into production, while dealing with industry-wide supply chain constraints. By the fourth quarter, the component shortages were behind us. We move into fiscal 2012 with strong business momentum and a highly diversified customer base, and anticipate more of our new programs moving into production and gradually ramping up,” said Craig Gates, president and CEO.
For the first quarter of fiscal 2012, the company expects to report revenue in the range of $65 million to $69 million.
