Key Tronic's Q4 Sales Tumble
Net income was $300,000, down 88.5% from $2.6 million in 2008. The results included $700,000 in charges for severance. Still, it was the 22d consecutive profitable quarter for the EMS company.
The company announced four new program wins during the quarter, ranging from gaming technology, consumer medical devices and computer networking to HVAC control systems.
For its fiscal 2009, the company reported revenue of $184.9 million, down 9.4%. Net income was $1.1 million,down 80.3%.
President and chief executive Craig Gates said, “As we move into fiscal 2010, we continue to focus on controlling operating expense and on leveraging the capabilities of our facilities in Mexico, China and the US. We’re also taking steps to further increase the efficiency of our supply chain and new product introduction processes. Given our competitive advantages and the growing need for some potential customers to move forward with their outsourcing strategies, we’re strongly positioned to win new business in coming periods and grow our revenue and profits as the economy rebounds.”
For its fiscal 2010 first quarter the company expects revenue of $41 million to $44 million.
