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Key Tronic reports earnings for 1Q

Key Tronic, the Spokane Valley contract manufacturer, reported earnings of $1.2 million or 12 cents a share for 1Q of 2012. That's compared with $1.7 million or 17 cents a share one year earlier.

Company executives on Tuesday saluted a very decent quarter, despite the slightly lower earnings from the same quarter of 2011.

The company said quarterly revenue, $69.8 million, was a record. A year ago it was $63.3 million.

Craig Gates, CEO and company president, said in a release, “We achieved the highest quarterly revenue in Key Tronic’s history and continued to diversify our future revenue base by winning new programs involving industrial processing equipment, medical devices, military equipment, educational displays and consumer products.”

Margins were down however, which explained why quarterly earnings fell slightly from a year ago.

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