Edition:
United Kingdom

Key Tronic Corp Awarded $6.7 Million In Arbitration Proceeding


Wednesday, 5 Sep 2018 

Sept 5 (Reuters) - Key Tronic Corp ::KEY TRONIC CORPORATION AWARDED $6.7 MILLION IN ARBITRATION PROCEEDING.KEY TRONIC - AWARDED $6.7 MILLION FOLLOWING CONCLUSION OF A PREVIOUSLY DISCLOSED ARBITRATION PROCEEDING, WHICH CO COMMENCED IN Q2 OF FISCAL YEAR 2017.KEY TRONIC - ARBITRATION PROCEEDING WILL RESULT IN AN APPROXIMATELY $3.4 MILLION ONE-TIME ADVERSE IMPACT TO CO'S FISCAL YEAR 2018 NET INCOME.KEY TRONIC - COLLECTION OF ARBITRATION AWARD IS EXPECTED TO BE CASH POSITIVE FOR CO AS INVENTORY HAS BEEN PREVIOUSLY PAID FOR.KEY TRONIC - FOR Q4 OF FISCAL YEAR 2018, CO, WITH INCLUSION OF IMPACT OF ARBITRATION AWARD, IS EXPECTED TO REPORT A NET LOSS OF ABOUT $2.1 MILLION.KEY TRONIC - WITH INCLUSION OF IMPACT OF ARBITRATION AWARD, CO EXPECTED TO REPORT A NET LOSS OF $1.3 MILLION FOR FULL FISCAL YEAR 2018. 

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