$KTCC
KEY TRONIC CORP

2016 Q1 Form 10-Q Financial Statement

#000071973316000093 Filed on February 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2014 Q4
Revenue $116.4M $114.3M
YoY Change 1.83% 46.08%
Cost Of Revenue $107.3M $105.1M
YoY Change 2.11% 47.37%
Gross Profit $9.110M $9.239M
YoY Change -1.4% 32.94%
Gross Profit Margin 7.83% 8.08%
Selling, General & Admin $5.201M $5.425M
YoY Change -4.13% 71.51%
% of Gross Profit 57.09% 58.72%
Research & Development $1.506M $1.297M
YoY Change 16.11% -8.73%
% of Gross Profit 16.53% 14.04%
Depreciation & Amortization $1.510M $1.540M
YoY Change -1.95% 65.59%
% of Gross Profit 16.58% 16.67%
Operating Expenses $6.707M $6.722M
YoY Change -0.22% 46.64%
Operating Profit $2.403M $2.517M
YoY Change -4.53% 6.38%
Interest Expense $521.0K $404.0K
YoY Change 28.96% 2425.0%
% of Operating Profit 21.68% 16.05%
Other Income/Expense, Net
YoY Change
Pretax Income $1.882M $2.113M
YoY Change -10.93% -10.09%
Income Tax $95.00K $487.0K
% Of Pretax Income 5.05% 23.05%
Net Earnings $1.787M $1.626M
YoY Change 9.9% -47.78%
Net Earnings / Revenue 1.54% 1.42%
Basic Earnings Per Share $0.17 $0.15
Diluted Earnings Per Share $0.16 $0.14
COMMON SHARES
Basic Shares Outstanding 10.71M shares 10.71M shares 10.55M shares
Diluted Shares Outstanding 11.42M shares 11.47M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $200.0K
YoY Change 500.0% -85.71%
Cash & Equivalents $1.193M $201.0K
Short-Term Investments
Other Short-Term Assets $14.23M $13.58M
YoY Change 4.79% 74.1%
Inventory $97.91M $71.37M
Prepaid Expenses
Receivables $60.80M $68.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $174.2M $159.2M
YoY Change 9.4% 45.61%
LONG-TERM ASSETS
Property, Plant & Equipment $26.03M $29.98M
YoY Change -13.18% 48.57%
Goodwill $9.957M $9.957M
YoY Change 0.0% 507.5%
Intangibles $6.492M $7.620M
YoY Change -14.8% 245.27%
Long-Term Investments
YoY Change
Other Assets $1.660M $1.247M
YoY Change 33.12% -42.0%
Total Long-Term Assets $53.77M $48.81M
YoY Change 10.17% 65.76%
TOTAL ASSETS
Total Short-Term Assets $174.2M $159.2M
Total Long-Term Assets $53.77M $48.81M
Total Assets $227.9M $208.0M
YoY Change 9.58% 49.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.84M $42.95M
YoY Change 32.35% 54.6%
Accrued Expenses $7.400M $7.400M
YoY Change 0.0% 25.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M
YoY Change 0.0% 2400.0%
Total Short-Term Liabilities $83.22M $63.91M
YoY Change 30.21% 67.11%
LONG-TERM LIABILITIES
Long-Term Debt $23.75M $28.75M
YoY Change -17.39%
Other Long-Term Liabilities $6.423M $3.462M
YoY Change 85.53% 379.5%
Total Long-Term Liabilities $42.83M $45.28M
YoY Change -5.41% 6172.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.22M $63.91M
Total Long-Term Liabilities $42.83M $45.28M
Total Liabilities $126.1M $109.2M
YoY Change 15.44% 180.22%
SHAREHOLDERS EQUITY
Retained Earnings $64.00M $57.19M
YoY Change 11.9% 5.34%
Common Stock $44.94M $44.56M
YoY Change 0.86% 1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.9M $98.81M
YoY Change
Total Liabilities & Shareholders Equity $227.9M $208.0M
YoY Change 9.58% 49.88%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $1.787M $1.626M
YoY Change 9.9% -47.78%
Depreciation, Depletion And Amortization $1.510M $1.540M
YoY Change -1.95% 65.59%
Cash From Operating Activities $2.020M $7.300M
YoY Change -72.33% 588.68%
INVESTING ACTIVITIES
Capital Expenditures -$4.030M -$2.450M
YoY Change 64.49% 65.54%
Acquisitions
YoY Change
Other Investing Activities $3.740M $1.530M
YoY Change 144.44%
Cash From Investing Activities -$290.0K -$920.0K
YoY Change -68.48% -37.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -680.0K -7.140M
YoY Change -90.48% 6390.91%
NET CHANGE
Cash From Operating Activities 2.020M 7.300M
Cash From Investing Activities -290.0K -920.0K
Cash From Financing Activities -680.0K -7.140M
Net Change In Cash 1.050M -760.0K
YoY Change -238.16% 43.4%
FREE CASH FLOW
Cash From Operating Activities $2.020M $7.300M
Capital Expenditures -$4.030M -$2.450M
Free Cash Flow $6.050M $9.750M
YoY Change -37.95% 283.86%

Facts In Submission

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CY2014Q3 us-gaap Long Term Debt
LongTermDebt
35000000 USD
CY2015Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
26250000 USD
CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
23750000 USD
CY2015Q2 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
11631000 USD
CY2015Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
12660000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37976000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1125000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48741000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1361000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5163000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3307000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
1626000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
1787000 USD
us-gaap Net Income Loss
NetIncomeLoss
2604000 USD
us-gaap Net Income Loss
NetIncomeLoss
103000 USD
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
6722000 USD
us-gaap Operating Expenses
OperatingExpenses
12665000 USD
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
6707000 USD
us-gaap Operating Expenses
OperatingExpenses
13846000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2517000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
812000 USD
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2403000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
4183000 USD
CY2015Q2 us-gaap Other Assets Current
OtherAssetsCurrent
13646000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
14226000 USD
CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1621000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1660000 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
CY2015Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
687000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2293000 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
CY2015Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
400000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1200000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
10794000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
13999000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
4855000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6423000 USD
CY2015Q2 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
5000000 USD
CY2015Q4 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
56000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
47964000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4701000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7544000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
69050000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
101397000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
35000000 USD
us-gaap Proceeds From Repayments Of Other Long Term Debt
ProceedsFromRepaymentsOfOtherLongTermDebt
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3924000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
6183000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1147000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
17000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
115000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
42000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
42000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
40000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26974000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26032000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
72852000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
60840000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
57058000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
100368000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1250000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2500000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
8969000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2014Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1297000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2633000 USD
CY2015Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1506000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3062000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
61395000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
63999000 USD
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
114311000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
200653000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
116403000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
242612000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5425000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10032000 USD
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5201000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10784000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
344000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
426000 USD
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
8000 shares
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
426000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
100768000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
101887000 USD
CY2015Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
6600000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3700000 USD
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
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11418000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11279000 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
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10710000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10708000 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;26, 2015</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;27, 2014</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;">2016</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;">July 2,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2016</font><font style="font-family:inherit;font-size:10pt;"> which is a 53 week year. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2015</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;27, 2015</font><font style="font-family:inherit;font-size:10pt;">, was a 52 week year.</font></div></div>
us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;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%;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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