Key Tronic Corp., the Spokane Valley-based provider of electronic manufacturing services, announced today net income of $1.4 million, or 13 cents a diluted share, for its 2014 fiscal year third quarter that ended March 29, down from income of $2.9 million, or 26 cents a share, in the year-earlier period.

The company reported quarterly revenue of $77 million, down from $84.3 million in the year-earlier period.

Craig Gates, Key Tronic’s president and CEO, said in a press release that many of the company’s new programs ramped up during the third quarter and the company expects growth during its fiscal fourth quarter. Increasing revenue from new customers should offset and then exceed the demand reduction by two of the company’s largest customers, he said.

“At the end of the third quarter of fiscal year 2014, we were generating revenue from 192 separate programs, compared to 177 programs (a year earlier),” Gates said. “At the same time, we continued to diversify our future revenue base during the third quarter by winning two new programs from new customers involving consumer products and fitness equipment.”