SPOKANE VALLEY, WA -- Key Tronic reported fiscal first-quarter net income rose to $1.7 million, up 467% from a $300,000 profit last year.

The electronic manufacturing services firm said revenue was up 53% to $63.3 million from the same period last year. 0.03 per diluted share for the same period of fiscal 2010.

The company reported gross margins of 9% and operating margins of 4%, up from 6% and 1%, respectively, in the same period of fiscal 2010.

“We’re very pleased with our strong growth in revenue and earnings for the first quarter of fiscal 2011, driven by the production ramp up for new programs from both new and longstanding customers,” said Craig Gates, president and chief executive. “We achieved the highest quarterly revenue in Key Tronic’s history and continued to significantly increase our profitability over the same quarter of the prior year.

He said the company had about $3.5 million in production delays due to component shortages.

Key Tronic guided for January quarter revenue of $61 million to $64 million and full year revenue of $270 million to $280 million.

Key Tronic was CIRCUITS ASSEMBLY's EMS Company of the Year for 2009.

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