$KTCC
KEY TRONIC CORP

2014 Q1 Form 10-Q Financial Statement

#000071973314000012 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q3 2013 Q1
Revenue $77.04M $77.97M $77.04M
YoY Change 0.0% 0.0% -19.35%
Cost Of Revenue $70.44M $71.35M $76.48M
YoY Change -7.91% -18.95% -11.89%
Gross Profit $6.607M $6.622M $6.607M
YoY Change 0.0% 0.0% -24.27%
Gross Profit Margin 8.58% 8.49% 8.58%
Selling, General & Admin $2.985M $2.817M $2.938M
YoY Change 1.6% 11.39% 2.05%
% of Gross Profit 45.18% 42.54% 44.47%
Research & Development $1.414M $1.345M $1.329M
YoY Change 6.4% 7.6% 15.26%
% of Gross Profit 21.4% 20.31% 20.12%
Depreciation & Amortization $1.000M $864.0K $690.0K
YoY Change 44.93% 41.18% 18.97%
% of Gross Profit 15.14% 13.05% 10.44%
Operating Expenses $4.399M $4.162M $4.267M
YoY Change 3.09% 10.13% 5.83%
Operating Profit $2.208M $2.460M $3.593M
YoY Change -38.55% -56.81% -23.42%
Interest Expense $12.00K $22.00K $38.00K
YoY Change -68.42% -81.03% -70.77%
% of Operating Profit 0.54% 0.89% 1.06%
Other Income/Expense, Net
YoY Change
Pretax Income $2.196M $2.438M $2.196M
YoY Change 0.0% 0.0% -51.86%
Income Tax $782.0K $733.0K $692.0K
% Of Pretax Income 35.61% 30.07% 31.51%
Net Earnings $1.414M $1.705M $1.414M
YoY Change 0.0% 0.0% -58.34%
Net Earnings / Revenue 1.84% 2.19% 1.84%
Basic Earnings Per Share $0.13 $0.16 $0.13
Diluted Earnings Per Share $0.12 $0.15 $0.12
COMMON SHARES
Basic Shares Outstanding 10.53M shares 10.51M shares 10.53M shares
Diluted Shares Outstanding 11.35M shares 11.34M shares 11.35M shares

Balance Sheet

Concept 2014 Q1 2013 Q3 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.200M $2.000M $3.200M
YoY Change -31.25% 11.11% 540.0%
Cash & Equivalents $2.241M $1.960M $3.202M
Short-Term Investments
Other Short-Term Assets $9.464M $7.788M $7.610M
YoY Change 24.36% 24.81% -14.49%
Inventory $46.09M $45.63M $47.74M
Prepaid Expenses
Receivables $52.60M $48.60M $48.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $111.9M $105.2M $107.9M
YoY Change 3.77% -16.14% -12.22%
LONG-TERM ASSETS
Property, Plant & Equipment $21.19M $19.49M $18.20M
YoY Change 16.45% 11.6% 7.66%
Goodwill $1.740M $1.740M
YoY Change
Intangibles $2.138M $2.267M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.914M $3.622M $3.896M
YoY Change -50.87% 82.93% -65.82%
Total Long-Term Assets $30.03M $31.09M $26.36M
YoY Change 13.93% 42.22% -6.52%
TOTAL ASSETS
Total Short-Term Assets $111.9M $105.2M $107.9M
Total Long-Term Assets $30.03M $31.09M $26.36M
Total Assets $142.0M $136.3M $134.2M
YoY Change 5.76% -7.49% -11.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.54M $27.60M $27.28M
YoY Change 4.6% -27.21% -33.45%
Accrued Expenses $6.300M $6.000M $6.800M
YoY Change -7.35% -16.67% 25.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $400.0K $800.0K
YoY Change -100.0% -42.86% 14.29%
Total Short-Term Liabilities $39.86M $37.80M $38.65M
YoY Change 3.14% -24.24% -22.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $564.0K $907.0K $956.0K
YoY Change -41.0% -20.51% -83.52%
Total Long-Term Liabilities $564.0K $2.648M $2.563M
YoY Change -77.99% -80.44% -88.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.86M $37.80M $38.65M
Total Long-Term Liabilities $564.0K $2.648M $2.563M
Total Liabilities $40.42M $40.45M $41.21M
YoY Change -1.91% -36.23% -46.13%
SHAREHOLDERS EQUITY
Retained Earnings $55.71M $51.18M $47.08M
YoY Change 18.33% 25.95%
Common Stock $44.02M $43.62M $43.13M
YoY Change 2.05% 2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.6M $95.86M $93.03M
YoY Change
Total Liabilities & Shareholders Equity $142.0M $136.3M $134.2M
YoY Change 5.76% -7.49% -11.16%

Cashflow Statement

Concept 2014 Q1 2013 Q3 2013 Q1
OPERATING ACTIVITIES
Net Income $1.414M $1.705M $1.414M
YoY Change 0.0% 0.0% -58.34%
Depreciation, Depletion And Amortization $1.000M $864.0K $690.0K
YoY Change 44.93% 41.18% 18.97%
Cash From Operating Activities $2.890M -$1.603M $8.420M
YoY Change -65.68% -126.62% -208.51%
INVESTING ACTIVITIES
Capital Expenditures -$1.860M $1.134M -$550.0K
YoY Change 238.18% 53.45% -36.05%
Acquisitions $6.027M
YoY Change
Other Investing Activities $0.00 -$6.030M $0.00
YoY Change
Cash From Investing Activities -$1.850M -$7.161M -$550.0K
YoY Change 236.36% 869.01% -36.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $189.0K
YoY Change 6.18%
Cash From Financing Activities -230.0K -$95.00K -4.920M
YoY Change -95.33% -97.62% -157.75%
NET CHANGE
Cash From Operating Activities 2.890M -$1.603M 8.420M
Cash From Investing Activities -1.850M -$7.161M -550.0K
Cash From Financing Activities -230.0K -$95.00K -4.920M
Net Change In Cash 810.0K -$8.859M 2.950M
YoY Change -72.54% -781.99% -3050.0%
FREE CASH FLOW
Cash From Operating Activities $2.890M -$1.603M $8.420M
Capital Expenditures -$1.860M $1.134M -$550.0K
Free Cash Flow $4.750M -$2.737M $8.970M
YoY Change -47.05% -151.81% -230.0%

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;29, 2014</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;30, 2013</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;">2014</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 28,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</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;">2013</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;29, 2013</font><font style="font-family:inherit;font-size:10pt;">, was also a 52 week year.</font></div></div>
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CY2013Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2273000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
3481000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
515000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2458000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
203000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1300000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1800000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
100000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
300000 USD
CY2014Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5021000 USD
CY2013Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3551000 USD
CY2013Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1445000 USD
CY2014Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
564000 USD
CY2013Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
576000 USD
CY2014Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
23000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
75000 USD
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
6000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6027000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4467000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2768000 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
144000 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
66528000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9000 USD
CY2014Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8000 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
16000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
19000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21188000 USD
CY2013Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17911000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
62000 USD
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
37000 USD
CY2014Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
52637000 USD
CY2013Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
47009000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
81539000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
576000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
542000 USD
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1329000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3804000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4181000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1414000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
55711000 USD
CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
49478000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
276418000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
77043000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
233267000 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
84343000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8964000 USD
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2938000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2985000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8406000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
483000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
647000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7500 shares
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
483000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
50000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
94160000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
101554000 USD
CY2014Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
5000000 USD
CY2014Q1 us-gaap Tax Credit Carryforward Deferred Tax Asset
TaxCreditCarryforwardDeferredTaxAsset
1900000 USD
CY2014Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3100000 USD
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
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10920000 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10926000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10489000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10523000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10533000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10488000 shares
ktcc Maximum Amount Of Income Tax Benefits Percentage Realized Upon Ultimate Settlement
MaximumAmountOfIncomeTaxBenefitsPercentageRealizedUponUltimateSettlement
0.50
ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
21500000 USD
ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
15200000 USD
CY2013Q1 ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
10900000 USD
CY2014Q1 ktcc Notional Amount Of Foreign Currency Forward Contracts
NotionalAmountOfForeignCurrencyForwardContracts
5000000 USD
ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
17600000 USD
CY2014Q1 ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
5700000 USD
CY2013Q1 ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
5800000 USD
ktcc Settlements Of Foreign Currency Exchange Forward Contracts
SettlementsOfForeignCurrencyExchangeForwardContracts
17000000 USD
CY2014Q1 ktcc Total Other Assets Non Current
TotalOtherAssetsNonCurrent
8844000 USD
CY2013Q2 ktcc Total Other Assets Non Current
TotalOtherAssetsNonCurrent
5452000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-03-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000719733
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
10539503 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
KEY TRONIC CORP
dei Trading Symbol
TradingSymbol
ktcc
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
67400000 USD

Files In Submission

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0000719733-14-000012-index-headers.html Edgar Link pending
0000719733-14-000012-index.html Edgar Link pending
0000719733-14-000012.txt Edgar Link pending
0000719733-14-000012-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
ktcc-03292014x10q.htm Edgar Link pending
ktcc-20140329.xml Edgar Link completed
ktcc-20140329.xsd Edgar Link pending
ktcc-20140329_cal.xml Edgar Link unprocessable
ktcc-20140329_def.xml Edgar Link unprocessable
ktcc-20140329_lab.xml Edgar Link unprocessable
ktcc-20140329_pre.xml Edgar Link unprocessable
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