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KEY TRONIC CORP [KTCC], a leading electronics manufacturing services provider, has announced its financial results for the fiscal year ended July 1, 2023. The company reported a net income of $5.2 million and achieved annual revenue of $588.1 million, reflecting solid performance and growth across its operations.
The company's gross profit for the year reached $47.5 million, showing an increase from the previous year's $43.2 million. Key Tronic Corp efficiently managed its cost of sales, which totaled $540.7 million, compared to $488.6 million in the previous fiscal year. Despite a rise in operating expenses, including research, development, and engineering expenses, and selling, general, and administrative expenses, the company's operating income amounted to $16.3 million, a significant improvement from $8.8 million the previous year.
Key Tronic Corp experienced a healthy revenue growth of 10% during the fiscal year. The company's net sales reached $588.1 million, compared to $531.8 million in the previous year. This growth can be attributed to increased demand for the company's electronic manufacturing services across its customer base.
The company's financial position remained stable, with total assets of $418.3 million and total liabilities of $287.7 million as of July 1, 2023. Key Tronic Corp exhibited strong liquidity with cash and cash equivalents of $3.6 million, and a manageable level of debt with long-term liabilities of $135.7 million. The company's ability to generate positive cash flow from operating activities is crucial in ensuring its financial stability.
Key Tronic Corp reported earnings per share of $0.48 on a basic and $0.47 on a diluted basis. These earnings per share reflect the profitable performance of the company in delivering value to its shareholders. The weighted average shares outstanding remained consistent at 10.8 million for the year.
Looking ahead, Key Tronic Corp is optimistic about its future prospects. The company expects to capitalize on the growing demand for electronic manufacturing services, driven by technological advancements and increased outsourcing. Key Tronic Corp will continue to invest in research and development to enhance its product offerings and expand its customer base. Additionally, the company will focus on improving operational efficiencies to deliver sustainable growth and profitability.
Key Tronic Corp's fiscal year 2023 financial results demonstrate its ability to deliver solid performance and capitalize on market opportunities. With a focus on innovation and operational excellence, the company is well-positioned to maintain its growth trajectory and create long-term value for its shareholders.