Key Tronic Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 28, 2013; Provides Earnings Guidance for Third Quarter of Fiscal Year 2014; Provides CapEx Guidance for the Fiscal 2014
January 28, 2014 at 09:00 pm
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Key Tronic Corp. announced unaudited consolidated earnings results for the second quarter and six months ended December 28, 2013. For the second quarter of fiscal year 2014, Key Tronic reported total revenue of $78.3 million, compared to $94.6 million in the same period of fiscal year 2013. Net income was $3.1 million or $0.28 per diluted share, compared to $3.6 million or $0.33 per diluted share for the same period of fiscal year 2013. Results for the second quarter of fiscal year 2014 include a one-time tax benefit of approximately $1.5 million or $0.13 per diluted share due to changes in Mexico's tax laws enacted in December of 2013. Operating income was $2,366,000 compared to $5,332,000 a year ago. Income before income taxes was $2,350,000 compared to $5,240,000 a year ago. Capital expenditures for the second quarter of fiscal 2014 were approximately $1.5 million, reflecting investment in expanding new sheet metal fabrication capabilities.
For the first six months of fiscal year 2014, total revenue was $156.2 million, compared to $192.1 million in the same period of fiscal year 2013. Net income was $4.8 million or $0.44 per diluted share, compared to $7.3 million or $0.67 per diluted share for the same period of fiscal year 2013. Operating income was $4,826,000 compared to $11,028,000 a year ago. Income before income taxes was $4,788,000 compared to $10,820,000 a year ago.
For the third quarter of fiscal year 2014, the company expected to report revenue in the range of $73 million to $78 million, and earnings in the range of $0.13 to $0.18 per diluted share. The expected earnings range assumes an effective tax rate of 32%. It expects gross margin to remain around 9%.
The company expects CapEx to be about $6 million for the full fiscal year 2014.
Key Tronic Corporation is a contract manufacturer offering value-added design and manufacturing services. The Company provides full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, distribution and unparalleled customer service. It provides a mix of manufacturing services for outsourced original equipment manufacturing (OEM) products. Its services include product design, surface mount technologies (SMT) and pin through hole capability for printed circuit board assembly, tool making, precision plastic molding, sheet metal fabrication and painting, liquid injection molding, complex assembly, prototype design and full product assembly. Its customers include some of the original equipment manufacturers, and its combined capabilities and vertical integration are proving to be a desirable offering to its expanded customer base. Its manufacturing facilities are located in the United States, Mexico, China and Vietnam.
Key Tronic Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 28, 2013; Provides Earnings Guidance for Third Quarter of Fiscal Year 2014; Provides CapEx Guidance for the Fiscal 2014