SPOKANE VALLEY, WA -- Key Tronic reported fiscal first quarter revenue of $41.3 million, down 14.3% from last year.

The electronic manufacturing services firm said net income was $300,000 for the quarter ended Sept. 26, down 25% from a year ago.

As of the end of the quarter, the company had paid down all debt, and entered into a credit agreement with Wells Fargo for a $20 million revolving credit facility available to fund working capital needs.

“In the first quarter of fiscal 2010, we continued to successfully meet the challenges of the global recession by reducing our costs while ramping up our new customer programs and further diversifying our customer portfolio across a wide range of industries,” said Craig Gates, president and chief executive.

During the first quarter, Key Tronic won new programs involving specialty printers and data storage systems. It cut operating expense 17% from last year.

For its fiscal second quarter, the company expects revenue of $38 million to $43 million.

 

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