Key Tronic Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Provides Earnings Guidance for Third Quarter and Fiscal 2012
January 01, 2012 at 02:30 am IST
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Key Tronic Corp. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported total revenue was $84.5 million, up 38% from $61.0 million in the same period of fiscal 2011. Net income for the second quarter of fiscal 2012 was $3.2 million or $0.30 per diluted share, up 83% from $1.7 million or $0.17 per diluted share for the same period of fiscal 2011. Net income per diluted share for the second quarter of fiscal 2012 included $0.11 for research and development tax credits. Operating income was $2.795 million against $1.715 million a year ago. Income before income taxes was $2.671 million against $1.640 million a year ago. Capital expenditures were approximately $2.8 million, which includes the purchase of another manufacturing facility in Juarez, Mexico.
For the first six months of fiscal 2012, total revenue was $154.2 million, up 24% from $124.4 million in the same period of fiscal 2011. For the first six months of fiscal 2012, net income was $4.4 million or $0.42 per diluted share, up 27% from $3.5 million or $0.33 per diluted share for the same period of fiscal 2011. Operating income was $4.410 million against $4.339 million a year ago. Income before income taxes was $4.183 million against $4.192 million a year ago.
For the third quarter of fiscal 2012, the company expects to report revenue in the range of $92 million to $97 million, and earnings in the range of $0.30 to $0.35 per diluted share. The expected earnings range assumes an effective tax rate of 30%.
The company expects capex to be about $5 million for fiscal 2012, which is comparable to fiscal 2011.
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 Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Provides Earnings Guidance for Third Quarter and Fiscal 2012