Brief: Key Tronic Sees Q3 2019 EPS Of $0.01 To $0.03 Excluding Items

Key Tronic

10/04/2019 21:08

April 10 (Reuters) - Key Tronic Corp  KTCC.O :
    * ORATION ANNOUNCES PRELIMINARY RESULTS FOR THE THIRD
QUARTER OF
FISCAL 2019
    * SEES Q3 2019 REVENUE ABOUT $108 MILLION
    * SEES Q4 2019 EARNINGS PER SHARE $0.10 TO $0.20
    * SEES Q4 2019 REVENUE $115 MILLION TO $120 MILLION
    * SEES Q3 2019 EARNINGS PER SHARE $0.01 TO $0.03 EXCLUDING
ITEMS
    * SEES Q3 2019 LOSS PER SHARE $1.10 TO $1.20
    * LOWER PRELIM REVENUE FOR Q3 IS PRIMARILY A RESULT OF
REDUCED
ORDERS FROM TWO LARGE, LONGSTANDING CUSTOMERS
    * KEY TRONIC - WAS ABLE TO REDUCE WORKFORCE BY ABOUT 10%,
RESULTING IN SEVERANCE CHARGE OF $1 MILLION/$0.07 PER SHARE IN
Q3
    * WILL WRITE DOWN ITS GOODWILL AND INTANGIBLES BY
APPROXIMATELY
$12.5 MILLION IN Q3 OF 2019
    * KEY TRONIC - EXCLUDING GOODWILL WRITE DOWN & SEVERANCE
COSTS,
WOULD HAVE EXPECTED PROFIT FOR Q3 OF FISCAL 2019 IN RANGE OF
$0.01 TO $0.03 PER SHARE
    * KEY TRONIC - COST REDUCTION EXPECTED TO REDUCE ANNUAL
MANUFACTURING & OPERATING EXPENSES BY ABOUT $3 MILLION ANNUALLY

Source text for Eikon:  ID:nGNXbhbHFt 
Further company coverage:  KTCC.O 

 (Reuters.Briefs@thomsonreuters.com)