Key Tronic announces Q3 - Year-to-date earnings up 64%, several new customer wins
May 03, 2006
Key Tronic Corporation (Nasdaq:KTCC) announced its results for the quarter ended April 1, 2006.
For the third quarter of fiscal 2006, Key Tronic reported total revenue of $45.6 million, compared to $45.4 million for the previous quarter and $49.7 million for the third quarter of fiscal 2005. For the first nine months of fiscal 2006, total revenue was $135.2 million, compared to $149.7 million in the same period of fiscal 2005.
Net income for the third quarter of fiscal 2006 was $917,000 or $0.09 per diluted share, compared to $1.0 million or $0.10 per diluted share in the previous quarter and $852,000 or $0.09 per share for the third quarter of fiscal 2005. For the first nine months of fiscal 2006, net income was $2.6 million or $0.26 per diluted share, up 64% from $1.6 million or $0.16 per share for the same period of fiscal 2005.
"We had another solid quarter with strong operating efficiencies and continued year-over-year earnings growth, despite the challenge of helping our customers meet the new European Directive on the restriction of the use of hazardous substances in electrical and electronic equipment (RoHS)," said Jack Oehlke, President and Chief Executive Officer. "During the third quarter, we won new business for programs involving industrial tools, networking equipment, specialty printers, scientific instruments and security surveillance devices which we expect to contribute revenue in the next fiscal year. In coming periods, we anticipate that most of the RoHS conversion effort will be behind us and believe Key Tronic is well-positioned to continue to grow profitably and win new business."
In the fourth quarter of fiscal 2006, the Company expects revenue in the range of $46 million to $50 million and earnings between $0.07 and $0.12 per share.