SPOKANE VALLEY, WA – Key Tronic posted fiscal fourth quarter revenue of $105.6 million, down 9.7% year-over-year.
For the quarter ended June 29, the company had net income of $800,000, compared to a net loss of $2.2 million in the same period of fiscal 2018.
For fiscal 2019, revenue was $464 million, up 4% from fiscal 2018.
“Despite the many unexpected challenges during the second half of fiscal 2019, we managed to increase our revenue for the fiscal year by 4% over fiscal year 2018 and to ramp up most of our new programs,” said Craig Gates, president and CEO. “In the fourth quarter of fiscal year 2019, we saw a disruption in deliveries of a critical component from a supplier in China; delays in the ramp of a new program due to customer-driven design changes; and temporary reductions in customer demand due to concerns over tariffs and trade tension between the US and Mexico. Moving into the first quarter of fiscal 2020, the disruption and delays experienced in the fourth quarter have been largely resolved, and we expect revenue to increase.
“During the fourth quarter, we continued to win significant new business from EMS competitors and from existing customers, including new programs involving smart security, architectural LED lighting, power meters and smart grid, and wireless power solutions. We also continue to invest in new equipment and processes to be more productive in our Mexico and Vietnam facilities, and we’re expanding and enhancing our profitable US facilities. We’re optimistic about our opportunities for growth in fiscal 2020 and beyond.”
For the fiscal first quarter of 2020, Key Tronic expects revenue in the range of $115 million to $120 million.