Key Tronic Corp

NASDAQ:KTCCUnited States

Nov 5, 2024

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• -- Earnings Flash (KTCC) KEY TRONIC CORPORATION Reports Q1 Revenue $131.6M, from 4:08PM ET on Tuesday Nov 05, 2024 by MT Newswires

  4:08PM ET on Tuesday Nov 05, 2024 by MT Newswires
  Companies Mentioned: KTCC
  04:08 PM EST, 11/05/2024 (MT Newswires) -- ...

• *DJ Key Tronic 1Q EPS 10c >KTCC, from 4:08PM ET on Tuesday Nov 05, 2024 by Dow Jones

  4:08PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: KTCC

• Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025, from 4:08PM ET on Tuesday Nov 05, 2024 by Dow Jones

  4:08PM ET on Tuesday Nov 05, 2024 by Dow Jones
  Companies Mentioned: KTCC
  --- --------------- -------------- Net income $ 1,124 $ 335 === =============== ============== Net income per share -- Basic $ 0.10 $ 0.03 === =============== ============== Weighted average shares outstanding -- Basic 10,762 10,762 --- --------------- -------------- Net income per share -- Diluted $ 0.10 $ 0.03 === =============== ============== Weighted average shares outstanding -- Diluted 10,762 11,003 --- --------------- -------------- KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) 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, net 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 -------------- ---------- 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 income (loss) (1,053) (215) -------------- ---------- Total shareholders' equity 124,343 123,990 -------------- ---------- Total liabilities and shareholders' equity $ 355,934 $ 355,343 ============== ========== KEY TRONIC CORPORATION AND SUBSIDIARIES Reconciliation of GAAP to non-GAAP measures (In thousands, except per share amounts) (Unaudited) Three Months Ended September 28, 2024 September 30, 2023 ---------------------- ---------------------- GAAP net income $ 1,124 $ 335 Gain on insurance proceeds (net of losses) -- (431) Stock-based compensation expense 67 59 Income tax effect of non-GAAP adjustments (1) (13) 74 --- ------------- --- ------------- Adjusted net income: $ 1,178 $ 37 Adjusted net income per share -- non-GAAP Diluted $ 0.11 $ 0.00 === ============= === ============= Weighted average shares outstanding -- Diluted 10,762 11,003 --- ------------- --- ------------- (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods. CONTACTS: Tony Voorhees Michael Newman Chief Financial Officer Investor Relations Key Tronic Corporation StreetConnect (509)-927-5345 (206) 729-3625