SPOKANE, WA -- Key Tronic Corp. an mid-sized EMS provider, today announced first-quarter revenue of $44.3 million, down 9% from last year, for the quarter ended Oct. 1.

Net income was $702,000, up 166% from $266,000.

Jack Oehlke, president and chief executive, said,  "We anticipated a decline in our revenue in the first quarter based upon forecasts from existing customers and new programs have not ramped up rapidly enough to offset the decline.

"Our improved production efficiencies have resulted in solid margins and increased year-over-year operating income and earnings. We also strengthened our balance sheet by reducing current liabilities as a result of reducing accounts payable and paying off the remaining portion of the longstanding litigation settlement."

Long-term liabilities increased $3.5 million, to $12.9 million at quarter's end. Cash rose $400,000, to $1.9 million. 

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