Key Tronic Corporation (Nasdaq:KTCC), a provider of electronic manufacturing services (EMS), announced its results for the quarter and year ended July 2, 2011.

For the fourth quarter of fiscal 2011, Key Tronic reported total revenue of $66.0 million, up 7% from $61.9 million in the same period of fiscal 2010. For the full year of fiscal 2011, total revenue was $253.8 million, up 27% from $199.6 million in fiscal 2010.

Net income for the fourth quarter of fiscal 2011 was $1.5 million or $0.15 per diluted share, compared to $2.3 million or $0.22 per diluted share for the same period of fiscal 2010. For the full year of fiscal 2011, net income was $5.7 million or $0.55 per diluted share, compared to $8.7 million or $0.85 per diluted share for fiscal 2010.

“We’re pleased with our strong year-over-year revenue growth for fiscal 2011, driven by the production ramp ups of new programs for both our longstanding and new customers,” said Craig Gates, President and Chief Executive Officer. “Due to increasing industry awareness that our customers are benefiting from our unique blend of multinational facilities and centralized management, we continue to see our market share grow. During the fourth quarter, we continued to extend our customer portfolio across a wide range of industries, winning new programs involving solar power controllers, energy monitors and electronic whiteboards.

“During most of the year, our operating performance was adversely affected as we absorbed the costs associated with bringing many new programs into production while dealing with industry-wide supply chain constraints. By the fourth quarter, the component shortages were behind us and we made good progress in optimizing the product designs, production processes and supply chains of our new programs. As a result, we saw marked improvement in our margins in the fourth quarter and achieved another year of solid profitability.

“We move into fiscal 2012 with strong business momentum and a highly diversified customer base, and anticipate more of our new programs moving into production and gradually ramping up. Despite the current macroeconomic uncertainty, we expect to continue to capture market share and capitalize on emerging opportunities.”

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.

More about KTCC at www.keytronic.com

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