Printer Friendly

KEY TRONIC FISCAL 1993 EARNINGS HIGHEST IN NINE YEARS

 SPOKANE, Wash., Aug. 18 /PRNewswire/ -- Key Tronic Corp. (NASDAQ: KTCC), Spokane-based manufacturer of computer keyboards and other input devices, today announced net income of $3.8 million or $.42 a share for the full fiscal year 1993 ended July 3, compared to a loss of $7.5 million, or $.96 per share for the previous year. Sales in fiscal 1993 were $123.3 million, compared to $124 million in 1992. The recently announced acquisition of the Honeywell Computer Keyboard Division is not reflected in these results, having been completed July 30.
 The company reported a fourth quarter net loss of $145,000 or $.02 per share, which was an improvement over the loss of $5.2 million or $.67 per share during the same period in 1992. However, since the 1992 results included non-recurring charges of $6.2 million, operating income of $802,000 in the fourth quarter of 1992 declined to a loss of $108,000 in the comparable quarter of 1993. Fourth quarter sales declined from $31.9 million in 1992 to $26.9 million in 1993.
 In announcing the results, Chief Executive Officer Stanley Hiller said, "Key Tronic's 1993 earnings are the highest in nine years, and despite flat revenues, the company has delivered 40 percent more keyboards, increased revenues per employee by 34 percent and improved gross profit by 26 percent. The turbulent state of our maturing computer OEM market, marked by price cutting and inventory reductions by our customers, can still cause fluctuation in our progress as in this year's fourth quarter. Although these fluctuations may continue in the near term, Key Tronic's broadened customer base from new products and major new OEM contracts and the acquisition of the Honeywell Computer Keyboard Division should begin favorably affecting financial results in fiscal 1994.
 Key Tronic is the nation's largest independent producer of computer keyboards. Operating from bases in the U.S., Mexico, Ireland and Asia, the company's markets are computer manufacturers, distributors and large retail outlets worldwide.
 KEY TRONIC CORP.
 Financial Highlights
 (in thousands, except per share amounts)
 Fourth Quarter Ended Fiscal Year End
 7/3/93 7/4/92 7/3/93 7/4/92
 Net Sales $26,898 $31,886 $123,318 $123,983
 Gross Profit 4,786 6,466 28,245 22,457
 Operating
 Income (Loss) (108) 802 4,150 (346)
 (excludes restructure
 provision)
 Net Income (Loss) (145) (5,199) 3,849 (7,461)
 Per Share
 Income (Loss) $(.02)(A) $(.67)(A) $.42(B) $.96(B)
 Shares
 Outstanding 7,828(A) 7,751(A) 9,204(B) 7,740(A)
 (A) Antidilutive, therefore presented on a weighted average
 basis.
 (B) Dilutive, therefore presented on a fully diluted basis.
 -0- 8/18/93
 /CONTACT: Ronald F. Klawitter of Key Tronic, 509-927-5295/
 (KTCC)


CO: Key Tronic Corp. ST: Washington IN: CPR SU: ERN

SB -- NYON1 -- 3796 08/18/93 09:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 18, 1993
Words:477
Previous Article:OFFSHORE PIPELINES, INC. ANNOUNCES AWARD OF NEW PROJECTS TOTALING $71 MILLION
Next Article:LEO CAREY NAMED VICE PRESIDENT/GENERAL MANAGER OF DELAWARE VALLEY HMO
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters