Keytronic Corp. Files 10-Q for Q1 2025

TL;DR

Keytronic Corp. 10-Q filed. Financials for Q1 2025 are in.

AI Summary

Keytronic Corp. filed its 10-Q for the period ending September 28, 2024, reporting on its financial performance. The filing details the company's financial position and operational results for the quarter. Specific financial figures and operational highlights are presented within the document.

Why It Matters

This filing provides investors and analysts with the latest financial data for Keytronic Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine financial filing (10-Q) and does not inherently present new risks.

Key Players & Entities

• KEY TRONIC CORP (company) — Filer
• 20240928 (date) — Period of Report
• 20241112 (date) — Filing Date
• SPOKANE (location) — Business Address City
• WA (location) — Business Address State

FAQ

Filing Documents

• ktcc-20240928.htm (10-Q) — 742KB
• q12025exhibit311.htm (EX-31.1) — 10KB
• q12025exhibit312.htm (EX-31.2) — 10KB
• q12025exhibit321.htm (EX-32.1) — 5KB
• q12025exhibit322.htm (EX-32.2) — 5KB
• 0000719733-24-000131.txt ( ) — 5163KB
• ktcc-20240928.xsd (EX-101.SCH) — 30KB
• ktcc-20240928_cal.xml (EX-101.CAL) — 66KB
• ktcc-20240928_def.xml (EX-101.DEF) — 143KB
• ktcc-20240928_lab.xml (EX-101.LAB) — 504KB
• ktcc-20240928_pre.xml (EX-101.PRE) — 347KB
• ktcc-20240928_htm.xml (XML) — 629KB

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 21

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

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 38

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 * 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) September 28, 2024 June 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 6,555 $ 4,752 Trade receivables, net of credit losses of $ 3,129 and $ 2,918 133,984 132,559 Contract assets 23,626 21,250 Inventories 95,845 105,099 Other, net of credit losses of $ 1,642 and $ 1,679 28,273 24,739 Total current assets 288,283 288,399 Property, plant and equipment, net 27,910 28,806 Operating lease right-of-use assets, net 14,612 15,416 Other assets: Deferred income tax asset 18,394 17,376 Other 6,735 5,346 Total other assets 25,129 22,722 Total assets $ 355,934 $ 355,343 LIABILITIES AND SHAREHOLDERS ' EQUITY Current liabilities: Accounts payable $ 83,768 $ 79,394 Accrued compensation and vacation 6,870 6,510 Current portion of long-term debt 3,057 3,123 Other 18,450 15,149 Total current liabilities 112,145 104,176 Long-term liabilities: Long-term debt, net 109,675 116,383 Operating lease liabilities 9,573 10,312 Deferred income tax liability 74 263 Other long-term obligations 124 219 Total long-term liabilities 119,446 127,177 Total liabilities 231,591 231,353 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 47,351 47,284 Retained earnings 78,045 76,921 Accumulated other comprehensive (loss) ( 1,053 ) ( 215 ) Total shareholders' equity 124,343 123,990 Total liabilities and shareholders' equity $ 355,934 $ 355,343 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 September 28, 2024 September 30, 2023 Net sales $ 131,558 $ 150,112 Cost of sales 118,255 139,250 Gross profit 13,303 10,862 Research, develop

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 June 29, 2024. The Company's reporting period is a 52/53 week fiscal year ending on the Saturday closest to June 30. The three month periods ended September 28, 2024 and September 30, 2023, were both 13 week periods. Fiscal year 2025 will end on June 28, 2025, which is a 52 week year. Fiscal year 2024 which ended on June 29, 2024, was also a 52 week year. Management's Assessment of Liquidity Historically, due to the timing betw

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View this 10-Q filing on SEC EDGAR