WEB NEWS Comments & Business Outlook
First Quarter 2013 Results
Total revenue of $97.5 million, up 40% from $69.8 million in the same period of fiscal year 2012.
Net income for the first quarter of fiscal year 2013 was $3.7 million or $0.35 per diluted share, up 200% from $1.2 million or $0.12 per diluted share for the same period of fiscal year 2012.
“We’re pleased with our strong year-over-year growth in revenue and earnings for the first quarter of fiscal year 2013,” said Craig Gates, President and Chief Executive Officer. “We achieved record quarterly revenue and continued to increase our operating efficiencies. At the end of the first quarter of fiscal 2013, we were generating revenue from 168 separate programs and had 51 distinct customers, up from 135 programs and 36 customers a year ago. We also continued to diversify our future revenue base during the first quarter of fiscal 2013 by winning new programs involving solar energy and power management products.
“While we continue to face global macroeconomic uncertainty, we believe our unique combination of world-class engineering, global logistics and world-class production capabilities in Mexico, China and the United States continues to provide us with competitive advantage. We expect to continue to see our new programs ramp up, our market share increase and our revenue base diversify. As we grow our business over the long term, we remain focused on maintaining outstanding customer service, carefully managing our operating expenses and maximizing our return on invested capital.”
Business Outlook
For the second quarter of fiscal year 2013, the Company expects to report revenue in the range of $93 million to $99 million, and earnings in the range of $0.32 to $0.38 per diluted share. The expected earnings range assumes an effective tax rate of 30%.
Comments & Business Outlook
Fourth Quarter 2012 Results
For the fourth quarter of fiscal 2012, Key Tronic reported total revenue of $96.7 million, up 46% from $66.0 million in the same period of fiscal 2011.
Net income for the fourth quarter of fiscal 2012 was $3.8 million or $0.35 per diluted share, up 148% from $1.5 million or $0.15 per diluted share for the same period of fiscal 2011.
“Fiscal 2012 was another great year for Key Tronic, with strong growth in revenue and earnings, driven by the rapid production ramp up of new customer programs,” said Craig Gates, President and Chief Executive Officer. “We achieved record revenue and continued to increase our operating efficiencies. At the end of fiscal 2012, we were generating revenue from 165 separate programs and had 48 distinct customers, up from 119 programs and 33 customers at the end of the prior fiscal year. We also continued to diversify our future revenue base during the fourth quarter by winning new programs involving robotic, automotive, industrial and gaming products.
“Moving into fiscal 2013, we continue to face global macroeconomic uncertainty. Nevertheless, we believe that with our unique combination of world-class engineering and global logistics, together with the cost and logistical advantages of our substantial and expanding production capabilities in Mexico, China and the United States, we will continue to see our new programs ramp up, our market share increase and our revenue base diversify. As we grow our business, we remain focused on maintaining outstanding customer service, carefully managing our operating expenses and maximizing our return on invested capital.”
Business Outlook
For the first quarter of fiscal 2013, the Company expects to report revenue in the range of $94 million to $99 million, and earnings in the range of $0.32 to $0.39 per diluted share. The expected earnings range assumes an effective tax rate of 30%.
Comments & Business Outlook
Third Quarter 2012 Results
For the third quarter of fiscal 2012, Key Tronic reported total revenue of $95.5 million, up 51% from $63.4 million in the same period of fiscal 2011. For the first nine months of fiscal 2012, total revenue was $249.7 million, up 33% from $187.8 million in the same period of fiscal 2011.
Net income for the third quarter of fiscal 2012 was $3.4 million or $0.32 per diluted share, up from $0.7 million or $0.07 per diluted share for the same period of fiscal 2011. For the first nine months of fiscal 2012, net income was $7.8 million or $0.74 per diluted share, up 86% from $4.2 million or $0.40 per diluted share for the same period of fiscal 2011.
“We’re very pleased with our strong growth in revenue and earnings for the third quarter of fiscal 2012, driven primarily by the rapid production ramp up for new customer programs,” said Craig Gates, President and Chief Executive Officer. “During the quarter, we achieved record quarterly revenue and continued to increase our operating efficiencies. Our gross margin and operating margin were approximately 9% and 5%, respectively. We also continued to diversify our future revenue base by winning new programs involving transportation management, medical and consumer electronic devices.
“In coming periods, we expect to continue capturing market share, driven by our unique combination of world-class engineering and global logistics, and by growing recognition of the cost and logistical advantages of our expanding production capabilities in Mexico. As we grow our business, we remain focused on maintaining outstanding customer service, carefully managing our operating expenses and maximizing our return on invested capital.”
Business Outlook
For the fourth quarter of fiscal 2012, the Company expects to report revenue in the range of $93 million to $98 million, and earnings in the range of $0.31 to $0.37 per diluted share, excluding any tax benefits that may be recognized in the period. The expected earnings range assumes an effective tax rate of 30%.
Comments & Business Outlook
Second Quarter 2012 Results , Release on 1/31/2011
For the second quarter of fiscal 2012 , Key Tronic reported total revenue of $84.5 m ill ion , up 38% from $61.0 million in the same period of fiscal 2011.
Net income for the second quarter of fiscal 2012 was $3.2 million or $0.30 per diluted share, up 83% from $1.7 million or $0.17 per diluted share for the same period of fiscal 2011. Net income per diluted share for the second quarter of fiscal 2012 included $0.11 for research and development tax credits.
“We’re very pleased with our strong growth in revenue and earnings for the second quarter of fiscal 2012, driven primarily by the rapid production ramp up for new customer programs,” said Craig Gates, President and Chief Executive Officer, “During the quarter, we achieved the highest quarterly revenue in Key Tronic’s history and significantly increased our operating efficiencies from recent quarters. We also continued to diversify our future revenue base by winning new programs involving irrigation equipment, gaming devices, electric transportation and military equipment.
“Moving into the third quarter, we expect continued strong growth in revenue and earnings. As a result of the increasing recognition of our unique combination of world-class engineering, global logistics and cost-effective production, we’re capturing market share from many of our competitors. As we grow our business, we remain focused on maintaining outstanding customer service, carefully managing our operating expenses and maximizing our return on invested capital.”
Business Outlook
For the third quarter of fiscal 2012 , the Company expects to report revenue in the range of $92 million to $97 million, and earnings in the range of $0.30 to $0.35 per diluted share. The expected earnings range assumes an effective tax rate of 30%.
