Spokane Valley,
WA— December 2, 2009 -- Key Tronic Corporation
(Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today
announced revised guidance for the quarter ending December 26, 2009.
For the second quarter of fiscal 2010, Key Tronic
expects to report total revenue in the range of $42 million to $44 million, up
from previous estimates of $38 million to $43 million.
The higher than anticipated revenue is expected to
result in improved factory utilization and manufacturing efficiencies. As a
result, net income for the second quarter of fiscal 2010 is expected to be in
the range of $0.10 to $0.13 per share, up significantly from the previous
estimate of $0.02 to $0.05 per share.
“Based on preliminary results for the quarter to
date and forecasts for the remainder of the second quarter of fiscal 2010, we
are seeing stronger than anticipated demand from many of our customers in a wide
variety of industries, including our new customer programs which are ramping up
faster than projected,” said Craig Gates, President and Chief Executive
Officer. “The significant increase in earnings guidance reflects both our
stronger than expected revenue and our sustained efforts to enhance our
operating efficiency.”
The Company expects to report its complete results
for the second quarter of fiscal 2010 on January 26, 2010.
About
Key Tronic
Key Tronic is a leading contract manufacturer
offering value-added design and manufacturing services from its facilities in
the United States, Mexico and China. The
Company provides its customers full engineering services, materials management,
worldwide manufacturing facilities, assembly services, in-house testing, and
worldwide distribution. Its
customers include some of the world's leading original equipment manufacturers.
For more information about Key Tronic visit: www.keytronic.com.
Some of the statements in this press
release are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing
verbs such as ‘aims, anticipates, believes, estimates, expects, hopes,
intends, plans, predicts, projects or targets’ or nouns corresponding to such
verbs. Forward-looking statements
also include other passages that are primarily relevant to expected future
events or that can only be fully evaluated by events that will occur in the
future. Forward-looking statements
in this release include, without limitation, the Company’s statements
regarding its expectations with respect to quarterly revenue and earnings during
fiscal 2010. There are many factors, risks and uncertainties that could cause
actual results to differ materially from those predicted or projected in
forward-looking statements, including but not limited to the future of the
global economic environment and its impact on our customers and suppliers, the
accuracy of customers’ forecasts; success of customers’ programs; timing of
new programs; success of new-product introductions; acquisitions or divestitures
of operations or facilities; technology advances; changes in pricing policies by
the Company, its competitors, customers or suppliers; and the other risks and
uncertainties detailed from time to time in the Company’s SEC filings.