Local News - Local News - October 24, 2013
Key Tronic Corp., the Spokane Valley-based provider of electronic manufacturing services, announced this afternoon net income of $1.7 million, or 16 cents a diluted share, for its fiscal year 2014 first quarter ended Sept. 28, down from $3.7 million, or 35 cents a share, in the year-earlier period.
For the recently ended quarter, the company's revenue decreased to $78 million during the quarter from $97.5 million in the year-earlier period.
Craig Gates, Key Tronic's president and CEO, said in a press release, "As expected, our revenue and earnings were impacted by a significant reduction in orders from some of our large, longstanding customers."
He said the Key Tronic is ramping up new programs and increasing its revenue diversification. By the end of the first quarter, he said, the company was generating revenue from 189 separate programs with 57 distinct customers, up from 168 programs and 51 customers a year earlier.
"We continue to see a robust pipeline of potential new business and have further diversified our future revenue base during the first quarter by winning new customer programs involving fitness equipment and HVAC (heating, ventilation, and air conditioning)controls," Gates says.