Arrow-right Camera
The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Key Tronic reports higher profits for first half of fiscal year

From staff reports

Spokane Valley electronics maker Key Tronic Corp. reported a profit of $1.5 million, or 14 cents per share, for the quarter that ended Dec. 31. That’s down slightly from $1.8 million, 16 cents per share, for the same quarter a year earlier.

For the first half of the company’s current fiscal year, net income was $3.3 million, or 30 cents per share, up 27 percent over the same period of fiscal year 2016.

Total revenue in the last quarter was $118.5 million, up 2 percent year over year.

New programs more than offset a modest slowdown in demand from a few longstanding customers in the quarter ending Dec. 31, President and CEO Craig Gates said in a statement this week.

“At the same time, we captured significant new business from other (electronic manufacturing services) competitors, including established programs that will begin generating revenue before the end of fiscal 2017,” Gates said.

Key Tronic recently won new programs involving inventory automation systems and commercial lighting. Moving into this quarter, “we continue to see a robust pipeline of potential new business,” he said.

In addition to its Spokane assembly plant, the company operates plants in Arkansas, Mississippi and Minnesota, as well as Juarez, Mexico, and Shanghai, China. Its products range from simple consumer devices to complex, high-end commercial and industrial electro-mechanical products. Its customers include some of the world’s leading original equipment manufacturers.

Key Tronic trades on the Nasdaq under the ticker KTCC.