Key Tronic Corp. Files 10-Q for Period Ending December 30, 2023

TL;DR

<b>Key Tronic Corp. filed its Q2 2023 10-Q report on February 8, 2024.</b>

AI Summary

KEY TRONIC CORP (KTCC) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Key Tronic Corp. filed a 10-Q for the period ending December 30, 2023. The filing covers the second quarter of fiscal year 2023. The company's fiscal year ends on June 29. Key Tronic Corp. is incorporated in Washington state. The company's primary SIC code is 3672 (Printed Circuit Boards).

Why It Matters

For investors and stakeholders tracking KEY TRONIC CORP, this filing contains several important signals. This 10-Q filing provides an update on Key Tronic Corp.'s financial performance and operational status for the second quarter of fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: medium — KEY TRONIC CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not indicate any immediate, severe risks, but the nature of manufacturing and supply chain dependencies can introduce medium-term risks.

Analyst Insight

Monitor Key Tronic Corp.'s subsequent filings for updates on revenue, profitability, and any changes in debt levels or operational challenges.

Key Numbers

• 20231230 — Period End Date (Conformed period of report)
• 20240208 — Filing Date (Filed as of date)
• 0629 — Fiscal Year End (Fiscal year end)
• 3672 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• KEY TRONIC CORP (company) — Filer name
• 20231230 (date) — Conformed period of report
• 20240208 (date) — Filed as of date
• WA (location) — State of incorporation
• 3672 (industry_code) — Standard Industrial Classification
• SPOKANE (location) — Business address city
• 5099288000 (phone_number) — Business phone

FAQ

Industry Context

Key Tronic Corp. operates in the manufacturing sector, specifically focusing on printed circuit board assembly and related services.

Regulatory Implications

The filing is a standard 10-Q, which is a mandatory quarterly report for public companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Compare Key Tronic Corp.'s performance in this quarter to previous periods and industry benchmarks.
3. Analyze any disclosed risk factors or forward-looking statements for potential business impacts.

Key Dates

• 2023-12-30: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the second quarter of fiscal year 2023, providing updated financial information compared to previous filings.

Filing Documents

• ktcc-20231230.htm (10-Q) — 828KB
• q22024exhibit311.htm (EX-31.1) — 10KB
• q22024exhibit312.htm (EX-31.2) — 10KB
• q22024exhibit321.htm (EX-32.1) — 5KB
• q22024exhibit322.htm (EX-32.2) — 5KB
• 0000719733-24-000012.txt (&nbsp;) — 4946KB
• ktcc-20231230.xsd (EX-101.SCH) — 29KB
• ktcc-20231230_cal.xml (EX-101.CAL) — 66KB
• ktcc-20231230_def.xml (EX-101.DEF) — 105KB
• ktcc-20231230_lab.xml (EX-101.LAB) — 492KB
• ktcc-20231230_pre.xml (EX-101.PRE) — 299KB
• ktcc-20231230_htm.xml (XML) — 677KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION:

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Income 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Statements of Cash Flows 7 Condensed Consolidated Statements of Shareholders' Equity 8 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

OTHER INFORMATION

PART II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds*

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds*

Defaults upon Senior Securities*

Item 3. Defaults upon Senior Securities*

Mine Safety Disclosures*

Item 4. Mine Safety Disclosures*

Other Information*

Item 5. Other Information*

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 * Items are not applicable "We," "us," "our," "Company," and "Key Tronic," unless the context otherwise requires, means Key Tronic Corporation and its subsidiaries.

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands; except share data) December 30, 2023 July 1, 2023 ASSETS Current assets: Cash and cash equivalents $ 2,953 $ 3,603 Trade receivables, net of allowance for doubtful accounts of $ 72 and $ 23 134,892 150,600 Contract assets 27,770 29,925 Inventories 124,054 137,911 Other 22,612 27,510 Total current assets 312,281 349,549 Property, plant and equipment, net 28,935 28,870 Operating lease right-of-use assets, net 18,104 16,202 Other assets: Deferred income tax asset 13,161 12,254 Other 6,243 11,397 Total other assets 19,404 23,651 Total assets $ 378,724 $ 418,272 LIABILITIES AND SHAREHOLDERS ' EQUITY Current liabilities: Accounts payable $ 91,358 $ 115,899 Accrued compensation and vacation 5,677 13,351 Current portion of debt, net 5,610 7,849 Other 15,721 14,867 Total current liabilities 118,366 151,966 Long-term liabilities: Term loans 6,465 6,726 Revolving loan 108,429 114,805 Operating lease liabilities 12,380 10,317 Deferred income tax liability 22 274 Other long-term obligations 627 3,567 Total long-term liabilities 127,923 135,689 Total liabilities 246,289 287,655 Commitments and contingencies (Note 8) Shareholders' equity: Common stock, no par value—shares authorized 25,000 ; issued and outstanding 10,762 and 10,762 shares, respectively 47,839 47,728 Retained earnings 84,405 82,986 Accumulated other comprehensive Income (loss) 191 ( 97 ) Total shareholders' equity 132,435 130,617 Total liabilities and shareholders' equity $ 378,724 $ 418,272 See accompanying notes to consolidated financial statements. 4 KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in thousands, except per share amounts) Three Months Ended Six Months Ended December 30, 2023 December 31, 2022 December 30, 2023 December 31, 2022 Net sales $ 145,417 $ 123,708 $ 293,180 $ 260,971 Cost

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation The consolidated financial statements included herein have been prepared by Key Tronic Corporation and subsidiaries (the Company) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in our annual consolidated financial statements have been condensed or omitted. The year-end condensed consolidated balance sheet information was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The financial statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended July 1, 2023. The Company's reporting period is a 52/53 week fiscal year ending on the Saturday closest to June 30. The three month and six month periods ended December 30, 2023 and December 31, 2022, were both 13 week and 26 week periods. Fiscal year 2024 will end on June 29, 2024, which is a 52 week year. Fiscal year 2023 which ended on July 1, 2023, was also a 52 week year. Management's Assessment of Liquidity Historically, we

View Full Filing

View this 10-Q filing on SEC EDGAR