$KTCC
KEY TRONIC CORP

2014 Q4 Form 10-Q Financial Statement

#000071973315000008 Filed on February 05, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $114.3M $78.25M
YoY Change 46.08% 0.0%
Cost Of Revenue $105.1M $71.30M
YoY Change 47.37% -16.19%
Gross Profit $9.239M $6.950M
YoY Change 32.94% 0.0%
Gross Profit Margin 8.08% 8.88%
Selling, General & Admin $5.425M $3.163M
YoY Change 71.51% 7.62%
% of Gross Profit 58.72% 45.51%
Research & Development $1.297M $1.421M
YoY Change -8.73% 16.0%
% of Gross Profit 14.04% 20.45%
Depreciation & Amortization $1.540M $930.0K
YoY Change 65.59% 40.91%
% of Gross Profit 16.67% 13.38%
Operating Expenses $6.722M $4.584M
YoY Change 46.64% 10.09%
Operating Profit $2.517M $2.366M
YoY Change 6.38% -55.63%
Interest Expense $404.0K $16.00K
YoY Change 2425.0% -82.61%
% of Operating Profit 16.05% 0.68%
Other Income/Expense, Net
YoY Change
Pretax Income $2.113M $2.350M
YoY Change -10.09% 0.0%
Income Tax $487.0K -$764.0K
% Of Pretax Income 23.05% -32.51%
Net Earnings $1.626M $3.114M
YoY Change -47.78% 0.0%
Net Earnings / Revenue 1.42% 3.98%
Basic Earnings Per Share $0.15 $0.30
Diluted Earnings Per Share $0.14 $0.27
COMMON SHARES
Basic Shares Outstanding 10.55M shares 10.53M shares
Diluted Shares Outstanding 11.47M shares 11.35M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $1.400M
YoY Change -85.71% 600.0%
Cash & Equivalents $201.0K $1.433M
Short-Term Investments
Other Short-Term Assets $13.58M $7.798M
YoY Change 74.1% 21.43%
Inventory $71.37M $47.07M
Prepaid Expenses
Receivables $68.50M $51.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $159.2M $109.3M
YoY Change 45.61% -4.4%
LONG-TERM ASSETS
Property, Plant & Equipment $29.98M $20.18M
YoY Change 48.57% 10.38%
Goodwill $9.957M $1.639M
YoY Change 507.5%
Intangibles $7.620M $2.207M
YoY Change 245.27%
Long-Term Investments
YoY Change
Other Assets $1.247M $2.150M
YoY Change -42.0% 17.61%
Total Long-Term Assets $48.81M $29.45M
YoY Change 65.76% 33.07%
TOTAL ASSETS
Total Short-Term Assets $159.2M $109.3M
Total Long-Term Assets $48.81M $29.45M
Total Assets $208.0M $138.8M
YoY Change 49.88% 1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.95M $27.78M
YoY Change 54.6% -12.28%
Accrued Expenses $7.400M $5.900M
YoY Change 25.42% 11.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $200.0K
YoY Change 2400.0% -71.43%
Total Short-Term Liabilities $63.91M $38.25M
YoY Change 67.11% -8.36%
LONG-TERM LIABILITIES
Long-Term Debt $28.75M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $3.462M $722.0K
YoY Change 379.5% -32.9%
Total Long-Term Liabilities $45.28M $722.0K
YoY Change 6172.02% -90.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.91M $38.25M
Total Long-Term Liabilities $45.28M $722.0K
Total Liabilities $109.2M $38.97M
YoY Change 180.22% -20.48%
SHAREHOLDERS EQUITY
Retained Earnings $57.19M $54.30M
YoY Change 5.34% 22.79%
Common Stock $44.56M $43.89M
YoY Change 1.54% 2.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $98.81M $99.81M
YoY Change
Total Liabilities & Shareholders Equity $208.0M $138.8M
YoY Change 49.88% 1.67%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income $1.626M $3.114M
YoY Change -47.78% 0.0%
Depreciation, Depletion And Amortization $1.540M $930.0K
YoY Change 65.59% 40.91%
Cash From Operating Activities $7.300M $1.060M
YoY Change 588.68% -83.44%
INVESTING ACTIVITIES
Capital Expenditures -$2.450M -$1.480M
YoY Change 65.54% 0.0%
Acquisitions
YoY Change
Other Investing Activities $1.530M $0.00
YoY Change -100.0%
Cash From Investing Activities -$920.0K -$1.480M
YoY Change -37.84% 11.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.140M -110.0K
YoY Change 6390.91% -98.34%
NET CHANGE
Cash From Operating Activities 7.300M 1.060M
Cash From Investing Activities -920.0K -1.480M
Cash From Financing Activities -7.140M -110.0K
Net Change In Cash -760.0K -530.0K
YoY Change 43.4% -65.81%
FREE CASH FLOW
Cash From Operating Activities $7.300M $1.060M
Capital Expenditures -$2.450M -$1.480M
Free Cash Flow $9.750M $2.540M
YoY Change 283.86% -67.77%

Facts In Submission

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LiabilitiesNoncurrent
45284000 USD
CY2014Q4 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
12000000 USD
CY2014Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
17700000 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
33800000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
35000000 USD
CY2014Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
28750000 USD
CY2014Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
0 USD
CY2014Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
11992000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-207000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37976000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8635000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48741000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-544000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5163000 USD
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
3114000 USD
us-gaap Net Income Loss
NetIncomeLoss
4819000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
1626000 USD
us-gaap Net Income Loss
NetIncomeLoss
103000 USD
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
4584000 USD
us-gaap Operating Expenses
OperatingExpenses
8746000 USD
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
6722000 USD
us-gaap Operating Expenses
OperatingExpenses
12665000 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2366000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
4826000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2517000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
812000 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
11186000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
13576000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2712000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1247000 USD
CY2013Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
566000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
312000 USD
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3564000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-5350000 USD
CY2013Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
300000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
200000 USD
CY2014Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1800000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-2800000 USD
CY2014Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4293000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8539000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
578000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3462000 USD
CY2014Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
7853000 USD
CY2014Q4 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
5000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
11000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
11000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6027000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
47964000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2608000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4701000 USD
us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
3000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
69050000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
0 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
35000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3924000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1147000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
80000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
6000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
42000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23596000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29984000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
84000 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
49658000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
68511000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
57058000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
380000 USD
CY2013Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1421000 USD
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1297000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2633000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
57091000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
57194000 USD
CY2013Q4 us-gaap Sales Revenue Net
SalesRevenueNet
78250000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
156224000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
114311000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
200653000 USD
CY2014Q2 us-gaap Secured Debt Repurchase Agreements
SecuredDebtRepurchaseAgreements
7900000 USD
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3163000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5979000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5425000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10032000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
335000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
344000 USD
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
344000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
17000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
103645000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
98809000 USD
CY2014Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
5600000 USD
CY2014Q4 us-gaap Tax Credit Carryforward Deferred Tax Asset
TaxCreditCarryforwardDeferredTaxAsset
2400000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3200000 USD
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11354000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11330000 shares
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11471000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11442000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10530000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10519000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10552000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10550000 shares
us-gaap Fiscal Period
FiscalPeriod
<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 six month periods ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;27, 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;">December&#160;28, 2013</font><font style="font-family:inherit;font-size:10pt;"> were 13 and 26 week periods, respectively. Fiscal year </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</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 27,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2015</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;">2014</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;28, 2014</font><font style="font-family:inherit;font-size:10pt;">, was also a 52 week year.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;font-style:italic;font-weight:bold;">Reclassifications </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period reclassifications were made to conform with the current period presentation. These reclassifications had no effect on reported income, comprehensive income, cash flows, total assets, or shareholders' equity as previously reported. </font></div></div>

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