Key Tronic Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Key Tronic Corp. has filed its quarterly report (10-Q) for the period ending March 30, 2024.</b>

AI Summary

KEY TRONIC CORP (KTCC) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Key Tronic Corp. filed a 10-Q report for the period ending March 30, 2024. The company's fiscal year ends on June 29. The filing is dated May 14, 2024. Key Tronic Corp. is incorporated in Washington state. The company's 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 filing provides investors with an update on the company's financial performance and position as of the end of the third quarter of its fiscal year. The 10-Q report is a crucial document for understanding the company's operational status, risks, and any material changes since its last filing.

Risk Assessment

Risk Level: medium — KEY TRONIC CORP shows moderate risk based on this filing. The filing is a standard quarterly report, indicating ongoing operations and regulatory compliance, but lacks specific financial performance data to assess significant positive or negative trends.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess Key Tronic Corp.'s current performance and outlook.

Key Numbers

• 2024-03-30 — Period End Date (Quarterly report period)
• 2024-05-14 — Filing Date (Date the report was filed)
• 0629 — Fiscal Year End (Company's fiscal year end date)
• 3672 — SIC Code (Standard Industrial Classification for Printed Circuit Boards)

Key Players & Entities

• KEY TRONIC CORP (company) — Filer name
• 2024-03-30 (date) — Period of report
• 2024-05-14 (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
• KTCC (ticker) — Ticker symbol

FAQ

Industry Context

Key Tronic Corp. operates in the Printed Circuit Boards (PCB) manufacturing industry, a sector that is critical for electronic devices.

Regulatory Implications

As a publicly traded company, Key Tronic Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Examine the Risk Factors section for any new or evolving risks that could impact the company.

Key Dates

• 2024-03-30: Quarterly Period End — End date for the financial information presented in the 10-Q.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the period ending March 30, 2024. Comparative data from the previous year's quarter will be available in the full report.

Key Financial Figures

• $5.3 million — redit with Banorte Financial Group, and $5.3 million of cash was on hand. We are also in dis

Filing Documents

• ktcc-20240330.htm (10-Q) — 844KB
• q32024exhibit311.htm (EX-31.1) — 10KB
• q32024exhibit312.htm (EX-31.2) — 10KB
• q32024exhibit321.htm (EX-32.1) — 5KB
• q32024exhibit322.htm (EX-32.2) — 5KB
• 0000719733-24-000023.txt (&nbsp;) — 4976KB
• ktcc-20240330.xsd (EX-101.SCH) — 28KB
• ktcc-20240330_cal.xml (EX-101.CAL) — 66KB
• ktcc-20240330_def.xml (EX-101.DEF) — 104KB
• ktcc-20240330_lab.xml (EX-101.LAB) — 447KB
• ktcc-20240330_pre.xml (EX-101.PRE) — 297KB
• ktcc-20240330_htm.xml (XML) — 702KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION:

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 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 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

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 36

Exhibits

Item 6. Exhibits 36

Signatures

Signatures 37 * 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) March 30, 2024 July 1, 2023 ASSETS Current assets: Cash and cash equivalents $ 5,255 $ 3,603 Trade receivables, net of allowance for doubtful accounts of $ 85 and $ 23 135,642 150,600 Contract assets 28,619 29,925 Inventories 115,115 137,911 Other 22,224 27,510 Total current assets 306,855 349,549 Property, plant and equipment, net 29,046 28,870 Operating lease right-of-use assets, net 16,790 16,202 Other assets: Deferred income tax asset 14,577 12,254 Other 6,109 11,397 Total other assets 20,686 23,651 Total assets $ 373,377 $ 418,272 LIABILITIES AND SHAREHOLDERS ' EQUITY Current liabilities: Accounts payable $ 82,198 $ 115,899 Accrued compensation and vacation 7,071 13,351 Current portion of debt, net 5,928 7,849 Other 14,206 14,867 Total current liabilities 109,403 151,966 Long-term liabilities: Term loans 5,681 6,726 Revolving loan 116,512 114,805 Operating lease liabilities 11,351 10,317 Deferred income tax liability 19 274 Other long-term obligations 336 3,567 Total long-term liabilities 133,899 135,689 Total liabilities 243,302 287,655 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 47,891 47,728 Retained earnings 82,184 82,986 Accumulated other comprehensive (loss) — ( 97 ) Total shareholders' equity 130,075 130,617 Total liabilities and shareholders' equity $ 373,377 $ 418,272 See accompanying notes to consolidated financial statements. 4 KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) Three Months Ended Nine Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net sales $ 140,527 $ 164,553 $ 433,707 $ 425,524 Cost of sales 132,446 150,277 403,001 391,95

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 nine month periods ended March 30, 2024 and April 1, 2023, were both 13 week and 39 week periods, respectively. 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 Histor

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View this 10-Q filing on SEC EDGAR