KEY TRONIC EARNINGS AND SALES GAIN IN FIRST QUARTER FY93
KEY TRONIC EARNINGS AND SALES GAIN IN FIRST QUARTER FY93 SPOKANE, Wash., Oct. 30 /PRNewswire/ -- Key Tronic Corp.
(NASDAQ: KTCC), in its first several months of new management, today announced improved net income and increased sales for the first quarter of fiscal 1993. Earnings per share were the highest in seven quarters.
The Spokane-based manufacturer of computer keyboards and other input devices reported that first-quarter net income was $891,000, or 11 cents per share, compared to a net loss of $3.1 million, or 40 cents per share, in the same quarter of 1992. Net sales for the first fiscal 1993 quarter amounted to $31,581,000, up 10 percent over the $28,781,000 sales during the prior-year quarter. Included in the results of the 1992 quarter were severance provisions of $953,000 for reductions in the workforce and in top management. The quarter comparisons were slightly affected by a restatement of 1992 results due to a change in the company's fiscal year from 13 four-week periods to four equal quarters. The quarterly performance figures were announced by the Chief Executive Officer Stanley Hiller Jr., whose corporate rebuilding group began managing Key Tronic last March. Hiller said, "The company's recovery is progressing within our plan. Key Tronic is returning to its original foundations, with a decision-making structure backed by an expanded and empowered board of directors. Changes in the processes of product creation, manufacturing and marketing are already producing a new mix of more competitive products, aimed at a broader world market." Hiller noted that gross margins in the first quarter improved to 22.2 percent of revenue compared to 12.5 percent in the same period of the prior year. Key Tronic Corp. is the nation's largest independent producer of computer keyboards. Operating from bases in the United States, Ireland and Asia, the company's markets are computer manufacturers, distributors and large retail outlets. KEY TRONIC CORP. FINANCIAL HIGHLIGHTS (In thousands, except shares and per-share amounts) First Quarters Ended (restated) 10/3/92 10/5/91 Net sales $31,581 $28,781 Gross profit 7,015 3,606 Net income (loss) 891 (3,074) Earnings (loss) per share: Primary $ 0.11 $ (0.40) Fully diluted $ 0.11 -- Common shares and equivalents: Primary 8,885,582 7,735,720 Fully diluted 8,885,582 -- -0- 10/30/92 /CONTACT: Steve Benner of Key Tronic, 509-928-8000/ (KTCC) CO: Key Tronic Corp. ST: Washington IN: CPR SU: ERN
SW-LM -- SE007 -- 7294 10/30/92 16:30 EST
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|Date:||Oct 30, 1992|
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