Keytronic Corp. Files Q2 FY25 10-Q

TL;DR

Keytronic Corp. 10-Q filed for Q2 FY25. Check financials.

AI Summary

Keytronic Corp. reported its second quarter fiscal year 2025 results for the period ending December 28, 2024. The company's financial performance for this quarter is detailed in this 10-Q filing. Specific revenue, net income, and earnings per share figures for the quarter and year-to-date are provided.

Why It Matters

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

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in the manufacturing sector which can be subject to economic fluctuations and supply chain risks.

Key Numbers

• 20241228 — Quarter End Date (Second quarter fiscal year 2025)
• 20250207 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• KEY TRONIC CORP (company) — Filer
• 20241228 (date) — Conformed Period of Report
• 20250207 (date) — Filed as of Date
• SPOKANE, WA (location) — Business Address

FAQ

Filing Documents

• ktcc-20241228.htm (10-Q) — 940KB
• q22025exhibit311.htm (EX-31.1) — 10KB
• q22025exhibit312.htm (EX-31.2) — 10KB
• q22025exhibit321.htm (EX-32.1) — 5KB
• q22025exhibit322.htm (EX-32.2) — 5KB
• 0000719733-25-000011.txt ( ) — 5694KB
• ktcc-20241228.xsd (EX-101.SCH) — 31KB
• ktcc-20241228_cal.xml (EX-101.CAL) — 67KB
• ktcc-20241228_def.xml (EX-101.DEF) — 144KB
• ktcc-20241228_lab.xml (EX-101.LAB) — 495KB
• ktcc-20241228_pre.xml (EX-101.PRE) — 352KB
• ktcc-20241228_htm.xml (XML) — 799KB

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 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION:

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

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 39

Exhibits

Item 6. Exhibits 39

Signatures

Signatures 40 * 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) December 28, 2024 June 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 4,244 $ 4,752 Trade receivables, net of credit losses of $ 2,931 and $ 2,918 113,132 132,559 Contract assets 18,892 21,250 Inventories 100,709 105,099 Other, net of credit losses of $ 1,496 and $ 1,679 24,159 24,739 Total current assets 261,136 288,399 Property, plant and equipment, net 27,123 28,806 Operating lease right-of-use assets, net 13,829 15,416 Other assets: Deferred income tax asset 19,287 17,376 Other 6,454 5,346 Total other assets 25,741 22,722 Total assets $ 327,829 $ 355,343 LIABILITIES AND SHAREHOLDERS ' EQUITY Current liabilities: Accounts payable $ 63,585 $ 79,394 Accrued compensation and vacation 6,218 6,510 Current portion of long-term debt 5,063 3,123 Other 18,904 15,149 Total current liabilities 93,770 104,176 Long-term liabilities: Long-term debt, net 106,020 116,383 Operating lease liabilities 8,429 10,312 Deferred income tax liability 9 263 Other long-term obligations 114 219 Total long-term liabilities 114,572 127,177 Total liabilities 208,342 231,353 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 47,367 47,284 Retained earnings 73,131 76,921 Accumulated other comprehensive (loss) ( 1,011 ) ( 215 ) Total shareholders' equity 119,487 123,990 Total liabilities and shareholders' equity $ 327,829 $ 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 Six Months Ended December 28, 2024 December 30, 2023 December 28, 2024 December 30, 2023 Net sales $ 113,853 $ 147,847 $ 245,411 $ 297,959 Cost of

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 and six month periods ended December 28, 2024 and December 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

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View this 10-Q filing on SEC EDGAR