Key Tronic Corp. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended December 29, 2012; Provides Earnings Guidance for the Third Quarter and Capital Expenditure Guidance for the Fiscal 2013
January 30, 2013 at 02:38 am IST
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Key Tronic Corp. reported consolidated unaudited earnings results for the second quarter and six months ended December 29, 2012. For the second quarter, the company reported total revenue of $94.6 million, up 12% from $84.5 million in the same period of fiscal year 2012. Net income was $3.6 million or $0.33 per diluted share, up 13% from $3.2 million or $0.30 per diluted share for the same period of fiscal year 2012. Operating income was $5.332 million against $2.795 million a year ago. Income before income taxes was $5.240 million against $2.671 million a year ago. Capital expenditures for the second quarter of fiscal 2013 were approximately $1.5 million.
For the six months, the company's total revenue was $192.1 million, up 25% from $154.2 million in the same period of fiscal 2012. Net income was $7.3 million or $0.67 per diluted share, up 66% from $4.4 million or $0.42 per diluted share for the same period of fiscal 2012. Operating income was $11.028 million against $4.410 million a year ago. Income before income taxes was $10.820 million against $4.183 million a year ago.
For the third quarter of fiscal year 2013, the company expects to report revenue in the range of $83 million to $90 million, and earnings in the range of $0.24 to $0.30 per diluted share. The expected earnings range assumes an effective tax rate of 25%, reflecting the US government's recent renewal of research and development tax credits. The company expects its gross margin to be around 9%.
The company still expects its CapEx to be about $5 million for the entire fiscal year of 2013.
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. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended December 29, 2012; Provides Earnings Guidance for the Third Quarter and Capital Expenditure Guidance for the Fiscal 2013