Key Tronic's earnings dip for quarter, increase for yearAugust 15th, 2013
Key Tronic Corp., Spokane Valley-based provider of electronic manufacturing services, reported this afternoon net income of $2.4 million, or 22 cents a diluted share, for its fiscal 2013 fourth quarter that ended June 29. That's down from earnings of $3.8 million, or 35 cents a share, in the year-earlier period.
For all of its 2013 fiscal year, the company reported income of $12.6 million, or $1.15 a diluted share, up from $11.6 million, or $1.11 a share, in its prior fiscal year.
Key Tronic President and CEO Craig Gates said the company's revenue in the second half of the fiscal year declined primarily due to an anticipated slowdown from a large customer.
However, he said, "For fiscal 2013, despite a challenging second half, we achieved record annual revenue and earnings."
On July 1, the company completed its acquisition of Sabre Manufacturing, a sheet metal fabrication company located near Key Tronic's facility in Juarez, Mexico. Key Tronic paid about $6 million cash for Sabre and said the purchase will enable the company to offer metal fabrication directly to its customers, in combination with plastic molding and other services.