KEY TRONIC CORP. REPORTS EARNINGS
KEY TRONIC CORP. REPORTS EARNINGS SPOKANE, Wash., Jan. 6 /PRNewswire/ -- Key Tronic Corp.
(NASDAQ: KTCC), the Spokane-based manufacturer of computer keyboards and other input devices, today announced its first profitable quarter in a year. The company reported net income of $307,000 (4 cents per share) on sales of $28.4 million. In the second quarter of the previous year, the company recorded net income of $544,000 (7 cents per share) on substantially higher sales of $37.7 million.
"We are especially pleased with these positive results coming on the heels of a $3 million loss in our fiscal first quarter and following the substantial loss in fiscal 1991," said Wendell J. Satre, chairman and acting president. Satre, who took the helm on an interim basis midway through the first quarter, stated "The entire organization has responded and contributed to our financial improvement. I am pleased with how effective our management team has been in working toward profitability in the midst of a struggling industry and depressed economy." For the first two quarters of fiscal 1992, the company had a net loss of $2.7 million (35 cents per share) on sales of $55 million compared to net income of $1.6 million (20 cents per share) in fiscal 1991 on sales of $70.7 million. During the second quarter, the company completed renegotiation of its revolving credit facility resulting in a new $7.5 million unsecured line of credit with its banks. KEY TRONIC CORP. FINANCIAL HIGHLIGHTS (In thousands, except share and per-share amounts) Second Quarter Two Quarters Period Ended: Dec. 14, Dec. 15, Dec. 14, Dec. 15, 1991 1990 1991 1990 Net sales $28,360 $37,731 $54,995 $70,739 Net income (loss) 307 544 (2,726) 1,585 Per share (loss) $ 0.04 $ 0.07 $ (0.35) $ 0.20 Weighted average shares outstanding 7,735,720 7,735,720 7,735,720 7,735,720 -0- 1/6/92 /CONTACT: Steven Benner of Key Tronic Corp., 509-928-8000/ (KTCC) CO: Key Tronic Corp. ST: Washington IN: CPR SU: ERN
LM-TB -- SE003 -- 6884 01/06/92 11:46 EST
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|Date:||Jan 6, 1992|
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