© Electronics Production | August 21, 2013

Key Tronic - up 4% in 2013

US EMS-provider, Key Tronic Corporation's full year revenue increased 4% during 2013 – up to USD 361.0 million from USD 346.5 million for fiscal 2012.
However, for the forth quarter, the company saw a decrease in total revenue of USD 84.6 million, compared to USD 96.7 million in the same period of fiscal 2012.

Net income for the fourth quarter of fiscal 2013 was USD 2.4 million, compared to USD 3.8 million for the same period of fiscal 2012. For the full year of fiscal 2013, net income was USD 12.6 million, up 8% from USD 11.6 million for the same period of fiscal 2012.

On July 1, 2013, the Company completed its previously announced acquisition of Sabre Manufacturing, a sheet metal fabrication company, for approximately USD 6.0 million in cash. Sabre enables Key Tronic to offer metal fabrication directly to its customers, in combination with plastic molding, PCB assembly, complete product assembly, design engineering and testing engineering services.

"For fiscal 2013, despite a challenging second half, we achieved record annual revenue and earnings," said Craig Gates, President and Chief Executive Officer. "After strong year-over-year growth in the first half of fiscal 2013, our revenue in the second half was primarily impacted by the anticipated slowdown from a large customer. At the same time, we saw the continued ramp up of our new programs, while maintaining strong operating efficiencies and significantly strengthening our balance sheet. During fiscal 2013, we increased our cash by over USD 10 million, fully paid off over USD 15 million of bank debt and reduced our inventory by approximately USD 14 million.”

Business Outlook

For the first quarter of fiscal 2014, the Company expects to report revenue in the range of USD 73 million to USD 78 million.


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