Key Tronic reports drop in 4Q income

Spokane Valley-based Key Tronic Corp. has reported net income of $1.3 million for the fourth quarter of its fiscal year ending in July, a decline company officials attributed to lower sales.

The electronic manufacturing services company’s fourth-quarter income provided 12 cents per share, compared to 20 cents per share on income of $2.1 million for the same period a year ago, according to a company news release.

For its fourth quarter, Key Tronic reported total revenue of $118.5 million, compared to its $123.9 million in its fourth quarter 2016. Total revenue for the company’s fiscal 2017 was $467.8 million, compared to $485 million for fiscal 2016.

For the full year, Key Tronic posted income of $5.6 million, or 51 cents a share, down from $6.5 million, or 58 cents a share, in fiscal 2016.

Declining demand from longstanding customers affected the company’s revenues, Craig Gates, president and chief executive, said in the release, adding that revenue had not yet been replaced by that expected from its new programs.

Guidance provided by Key Tronic in the release noted earnings in the range of 10 cents to 15 cents per share in company’s first quarter of 2018.