$KTCC
KEY TRONIC CORP

2013 Q1 Form 10-Q Financial Statement

#000071973313000009 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $77.04M $95.53M
YoY Change -19.35% 56.5%
Cost Of Revenue $76.48M $86.80M
YoY Change -11.89% 56.12%
Gross Profit $6.607M $8.724M
YoY Change -24.27% 60.19%
Gross Profit Margin 8.58% 9.13%
Selling, General & Admin $2.938M $2.879M
YoY Change 2.05% 2.82%
% of Gross Profit 44.47% 33.0%
Research & Development $1.329M $1.153M
YoY Change 15.26% 15.3%
% of Gross Profit 20.12% 13.22%
Depreciation & Amortization $690.0K $580.0K
YoY Change 18.97% 5.45%
% of Gross Profit 10.44% 6.65%
Operating Expenses $4.267M $4.032M
YoY Change 5.83% 8.97%
Operating Profit $3.593M $4.692M
YoY Change -23.42% 168.73%
Interest Expense $38.00K $130.0K
YoY Change -70.77% -230.0%
% of Operating Profit 1.06% 2.77%
Other Income/Expense, Net
YoY Change
Pretax Income $2.196M $4.562M
YoY Change -51.86% 178.17%
Income Tax $692.0K $1.168M
% Of Pretax Income 31.51% 25.6%
Net Earnings $1.414M $3.394M
YoY Change -58.34% 95.85%
Net Earnings / Revenue 1.84% 3.55%
Basic Earnings Per Share $0.13 $0.32
Diluted Earnings Per Share $0.12 $0.32
COMMON SHARES
Basic Shares Outstanding 10.53M shares 10.45M shares
Diluted Shares Outstanding 11.35M shares 10.76M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $500.0K
YoY Change 540.0% -68.75%
Cash & Equivalents $3.202M $488.0K
Short-Term Investments
Other Short-Term Assets $7.610M $8.900M
YoY Change -14.49% -11.0%
Inventory $47.74M $53.90M
Prepaid Expenses
Receivables $48.40M $59.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $107.9M $122.9M
YoY Change -12.22% 28.15%
LONG-TERM ASSETS
Property, Plant & Equipment $18.20M $16.90M
YoY Change 7.66% 12.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.896M $11.40M
YoY Change -65.82% 115.09%
Total Long-Term Assets $26.36M $28.20M
YoY Change -6.52% 38.24%
TOTAL ASSETS
Total Short-Term Assets $107.9M $122.9M
Total Long-Term Assets $26.36M $28.20M
Total Assets $134.2M $151.1M
YoY Change -11.16% 29.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.28M $41.00M
YoY Change -33.45% 64.0%
Accrued Expenses $6.800M $5.400M
YoY Change 25.93% 31.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $800.0K $700.0K
YoY Change 14.29% 600.0%
Total Short-Term Liabilities $38.65M $49.60M
YoY Change -22.09% 55.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.20M
YoY Change -100.0% -8.99%
Other Long-Term Liabilities $956.0K $5.800M
YoY Change -83.52% 222.22%
Total Long-Term Liabilities $2.563M $22.00M
YoY Change -88.35% 12.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.65M $49.60M
Total Long-Term Liabilities $2.563M $22.00M
Total Liabilities $41.21M $76.50M
YoY Change -46.13% 48.83%
SHAREHOLDERS EQUITY
Retained Earnings $47.08M
YoY Change
Common Stock $43.13M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.03M $74.70M
YoY Change
Total Liabilities & Shareholders Equity $134.2M $151.1M
YoY Change -11.16% 29.92%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $1.414M $3.394M
YoY Change -58.34% 95.85%
Depreciation, Depletion And Amortization $690.0K $580.0K
YoY Change 18.97% 5.45%
Cash From Operating Activities $8.420M -$7.760M
YoY Change -208.51% 41.61%
INVESTING ACTIVITIES
Capital Expenditures -$550.0K -$860.0K
YoY Change -36.05% -28.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$550.0K -$860.0K
YoY Change -36.05% -21.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.920M 8.520M
YoY Change -157.75% 25.66%
NET CHANGE
Cash From Operating Activities 8.420M -7.760M
Cash From Investing Activities -550.0K -860.0K
Cash From Financing Activities -4.920M 8.520M
Net Change In Cash 2.950M -100.0K
YoY Change -3050.0% -147.62%
FREE CASH FLOW
Cash From Operating Activities $8.420M -$7.760M
Capital Expenditures -$550.0K -$860.0K
Free Cash Flow $8.970M -$6.900M
YoY Change -230.0% 61.21%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s reporting period is a 52/53 week fiscal year ending on the Saturday closest to June&#160;30. The three and nine month periods ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;30, 2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;"> were 13 week and 39 week periods, respectively. Fiscal year </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2013</font><font style="font-family:inherit;font-size:10pt;"> will end on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;29, 2013</font><font style="font-family:inherit;font-size:10pt;"> which is a 52 week year, and fiscal year </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2012</font><font style="font-family:inherit;font-size:10pt;"> which ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2012</font><font style="font-family:inherit;font-size:10pt;">, was also a 52 week year.</font></div></div>
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CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2301000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1790000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1300000 USD
CY2012Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1200000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-900000 USD
CY2013Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3802000 USD
CY2012Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3163000 USD
CY2013Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
956000 USD
CY2012Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2945000 USD
CY2012Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
729000 USD
CY2013Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
762000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
75000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
75000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2768000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3627000 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
0 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
144000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
66528000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
88400000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
147000 USD
CY2012Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
23000 USD
CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
16000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
60000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18195000 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17306000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
62000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-91000 USD
CY2012Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
60709000 USD
CY2013Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
48435000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
78172000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
81539000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
542000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
513000 USD
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1153000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3804000 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1329000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3266000 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
36895000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
47081000 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
84343000 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
95527000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
249742000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
276418000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8229000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2938000 USD
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2879000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
461000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
647000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6490
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6650
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6550
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0116
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0046
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0052
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2012Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2011 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
54167 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7500 shares
CY2012Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6667 shares
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
647000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
9000 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
78608000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
93034000 USD
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
0 USD
us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
-103000 USD
CY2013Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
5600000 USD
CY2013Q1 us-gaap Tax Credit Carryforward Deferred Tax Asset
TaxCreditCarryforwardDeferredTaxAsset
2600000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3000000 USD
CY2012Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
445000 USD
CY2013Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
262000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10517000 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10931000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10888000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10762000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10437000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10447000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10489000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10488000 shares
CY2013Q1 ktcc Income Tax Reconciliation Foreign Currency Translation Changes
IncomeTaxReconciliationForeignCurrencyTranslationChanges
-40000 USD
CY2012Q1 ktcc Income Tax Reconciliation Foreign Currency Translation Changes
IncomeTaxReconciliationForeignCurrencyTranslationChanges
81000 USD
ktcc Income Tax Reconciliation Foreign Currency Translation Changes
IncomeTaxReconciliationForeignCurrencyTranslationChanges
-97000 USD
ktcc Income Tax Reconciliation Foreign Currency Translation Changes
IncomeTaxReconciliationForeignCurrencyTranslationChanges
-70000 USD
ktcc Maximum Amount Of Income Tax Benefits Percentage Realized Upon Ultimate Settlement
MaximumAmountOfIncomeTaxBenefitsPercentageRealizedUponUltimateSettlement
0.5
ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
21500000 USD
ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
17200000 USD
CY2012Q1 ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
5000000 USD
CY2013Q1 ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
10900000 USD
CY2013Q1 ktcc Number Of Weeks In Quarter
NumberOfWeeksInQuarter
P13W
CY2012Q1 ktcc Number Of Weeks In Quarter
NumberOfWeeksInQuarter
P13W
CY2012Q1 ktcc Number Of Weeks In Ytd
NumberOfWeeksInYtd
P52W
CY2013Q1 ktcc Number Of Weeks In Ytd
NumberOfWeeksInYtd
P52W
ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
17000000 USD
ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
14100000 USD
CY2012Q1 ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
5900000 USD
CY2013Q1 ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
5800000 USD
CY2013Q1 ktcc Total Other Assets Non Current
TotalOtherAssetsNonCurrent
8166000 USD
CY2012Q2 ktcc Total Other Assets Non Current
TotalOtherAssetsNonCurrent
4116000 USD
CY2013Q1 ktcc Unrecognized Tax Benefits Increases Resulting From Change In Valuation Allowances Related To Research Tax Credits
UnrecognizedTaxBenefitsIncreasesResultingFromChangeInValuationAllowancesRelatedToResearchTaxCredits
121000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-29
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-03-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000719733
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10488856 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
KEY TRONIC CORP
dei Trading Symbol
TradingSymbol
ktcc

Files In Submission

Name View Source Status
0000719733-13-000009-index-headers.html Edgar Link pending
0000719733-13-000009-index.html Edgar Link pending
0000719733-13-000009.txt Edgar Link pending
0000719733-13-000009-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
ktcc-03302013x10q.htm Edgar Link pending
ktcc-20130330.xml Edgar Link completed
ktcc-20130330.xsd Edgar Link pending
ktcc-20130330_cal.xml Edgar Link unprocessable
ktcc-20130330_def.xml Edgar Link unprocessable
ktcc-20130330_lab.xml Edgar Link unprocessable
ktcc-20130330_pre.xml Edgar Link unprocessable
q32013exhibit311.htm Edgar Link pending
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