$KTCC
KEY TRONIC CORP

2017 Q4 Form 10-Q Financial Statement

#000071973318000005 Filed on February 08, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $111.7M $109.2M $118.5M
YoY Change -5.73% -11.85% 1.82%
Cost Of Revenue $102.9M $101.4M $108.9M
YoY Change -5.49% -10.37% 1.5%
Gross Profit $8.800M $7.845M $9.612M
YoY Change -8.45% -27.64% 5.51%
Gross Profit Margin 7.88% 7.18% 8.11%
Selling, General & Admin $5.654M $5.171M $5.462M
YoY Change 3.52% -9.28% 5.02%
% of Gross Profit 64.25% 65.91% 56.82%
Research & Development $1.495M $1.510M $1.603M
YoY Change -6.74% -11.18% 6.44%
% of Gross Profit 16.99% 19.25% 16.68%
Depreciation & Amortization $1.930M $1.964M $1.619M
YoY Change 19.21% 22.75% 7.22%
% of Gross Profit 21.93% 25.04% 16.84%
Operating Expenses $7.149M $6.681M $7.065M
YoY Change 1.19% -8.48% 5.34%
Operating Profit $1.651M $1.164M $2.547M
YoY Change -35.18% -67.13% 5.99%
Interest Expense $616.0K $594.0K $552.0K
YoY Change 11.59% -199.0% 5.95%
% of Operating Profit 37.31% 51.03% 21.67%
Other Income/Expense, Net
YoY Change
Pretax Income $1.035M $570.0K $1.995M
YoY Change -48.12% -80.24% 6.0%
Income Tax $1.259M $138.0K $467.0K
% Of Pretax Income 121.64% 24.21% 23.41%
Net Earnings -$224.0K $432.0K $1.528M
YoY Change -114.66% -79.87% -14.49%
Net Earnings / Revenue -0.2% 0.4% 1.29%
Basic Earnings Per Share -$0.02 $0.04 $0.14
Diluted Earnings Per Share -$0.02 $0.04 $0.14
COMMON SHARES
Basic Shares Outstanding 10.76M shares 10.76M shares 10.76M shares
Diluted Shares Outstanding 10.76M shares 10.76M shares 10.97M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.0K $400.0K $300.0K
YoY Change 66.67% -60.0% -75.0%
Cash & Equivalents $450.0K $373.0K $298.0K
Short-Term Investments
Other Short-Term Assets $13.80M $11.04M $10.89M
YoY Change 26.74% -6.12% -23.44%
Inventory $108.9M $101.6M $98.11M
Prepaid Expenses
Receivables $57.40M $65.20M $64.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $180.6M $178.2M $176.7M
YoY Change 2.17% -1.8% 1.47%
LONG-TERM ASSETS
Property, Plant & Equipment $28.47M $30.50M $29.94M
YoY Change -4.89% 9.21% 15.0%
Goodwill $9.957M $9.957M $9.957M
YoY Change 0.0% 0.0% 0.0%
Intangibles $4.258M $4.800M $5.364M
YoY Change -20.62% -19.03% -17.38%
Long-Term Investments
YoY Change
Other Assets $2.097M $2.413M $1.471M
YoY Change 42.56% 44.23% -11.39%
Total Long-Term Assets $52.25M $54.65M $57.78M
YoY Change -9.57% 0.33% 7.45%
TOTAL ASSETS
Total Short-Term Assets $180.6M $178.2M $176.7M
Total Long-Term Assets $52.25M $54.65M $57.78M
Total Assets $232.8M $232.8M $234.5M
YoY Change -0.72% -1.31% 2.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.54M $53.08M $51.18M
YoY Change 20.24% -9.99% -9.96%
Accrued Expenses $6.500M $10.00M $7.400M
YoY Change -12.16% 4.17% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.841M $5.841M $5.841M
YoY Change 0.0% 16.82% 16.82%
Total Short-Term Liabilities $83.67M $77.75M $79.01M
YoY Change 5.9% -7.56% -5.06%
LONG-TERM LIABILITIES
Long-Term Debt $15.85M $18.77M $21.69M
YoY Change -26.93% -11.66% -8.66%
Other Long-Term Liabilities $844.0K $1.412M $7.998M
YoY Change -89.45% -79.56% 24.52%
Total Long-Term Liabilities $32.33M $38.52M $48.62M
YoY Change -33.51% -16.68% 13.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.67M $77.75M $79.01M
Total Long-Term Liabilities $32.33M $38.52M $48.62M
Total Liabilities $116.0M $116.3M $127.6M
YoY Change -9.11% -10.79% 1.25%
SHAREHOLDERS EQUITY
Retained Earnings $73.75M $73.55M $71.25M
YoY Change 3.52% 8.27% 11.33%
Common Stock $46.05M $45.80M $45.47M
YoY Change 1.28% 1.26% 1.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $116.8M $116.6M $106.9M
YoY Change
Total Liabilities & Shareholders Equity $232.8M $232.8M $234.5M
YoY Change -0.72% -1.31% 2.88%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income -$224.0K $432.0K $1.528M
YoY Change -114.66% -79.87% -14.49%
Depreciation, Depletion And Amortization $1.930M $1.964M $1.619M
YoY Change 19.21% 22.75% 7.22%
Cash From Operating Activities $570.0K $1.341M -$1.417M
YoY Change -140.23% -69.17% -170.15%
INVESTING ACTIVITIES
Capital Expenditures -$870.0K $1.287M $2.956M
YoY Change -129.43% -139.48% -173.35%
Acquisitions
YoY Change
Other Investing Activities $3.610M $720.0K $90.00K
YoY Change 3911.11% -49.65% -97.59%
Cash From Investing Activities $2.740M $1.072M -$2.863M
YoY Change -195.7% -158.58% 887.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.468M $1.250M
YoY Change
Cash From Financing Activities -3.840M -$1.809M $3.537M
YoY Change -208.57% 1.63% -620.15%
NET CHANGE
Cash From Operating Activities 570.0K $1.341M -$1.417M
Cash From Investing Activities 2.740M $1.072M -$2.863M
Cash From Financing Activities -3.840M -$1.809M $3.537M
Net Change In Cash -530.0K $604.0K -$743.0K
YoY Change -28.67% -18.38% -170.76%
FREE CASH FLOW
Cash From Operating Activities $570.0K $1.341M -$1.417M
Capital Expenditures -$870.0K $1.287M $2.956M
Free Cash Flow $1.440M $54.00K -$4.373M
YoY Change -132.93% -99.29% -172.28%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
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72308000 USD
CY2017Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
20596000 USD
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
22115000 USD
us-gaap Inventory Write Down
InventoryWriteDown
306000 USD
us-gaap Inventory Write Down
InventoryWriteDown
26000 USD
CY2017Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
400000 USD
CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
400000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
116273000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
115999000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
232840000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
232812000 USD
CY2017Q3 us-gaap Liabilities Current
LiabilitiesCurrent
77753000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
83670000 USD
CY2017Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
38520000 USD
CY2017Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
32329000 USD
CY2017Q3 us-gaap Line Of Credit
LineOfCredit
18300000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
15600000 USD
CY2017Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
26300000 USD
CY2017Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
29000000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
37326000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
35000000 USD
CY2017Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
5841000 USD
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
5841000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
871000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
27754000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5871000 USD
CY2017Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2935000 USD
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
18773000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15852000 USD
CY2017Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
18335000 USD
CY2017Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
15633000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1967000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5650000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4835000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1173000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3130000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6900000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
1528000 USD
us-gaap Net Income Loss
NetIncomeLoss
3320000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-224000 USD
us-gaap Net Income Loss
NetIncomeLoss
208000 USD
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
7065000 USD
us-gaap Operating Expenses
OperatingExpenses
13984000 USD
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
7149000 USD
us-gaap Operating Expenses
OperatingExpenses
13830000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
2547000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
5337000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
1651000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2815000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
11037000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
13804000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2413000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2097000 USD
CY2016Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1266000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2266000 USD
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1225000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-213000 USD
CY2016Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-700000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-1200000 USD
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-600000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-100000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8829000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9810000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1412000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
844000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
193000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
12000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
116000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4936000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2155000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
3919000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
79260000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
91707000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
101000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
982000 USD
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
32000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
35000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
63000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
21000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30496000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28473000 USD
CY2017Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
65193000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
57437000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
78403000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
94409000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2936000 USD
CY2016Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1603000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3187000 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1495000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3005000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
73545000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
73753000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
118517000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
235652000 USD
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
111725000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
220942000 USD
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5462000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10797000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5654000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10825000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
355000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
251000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
367000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
116567000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
116813000 USD
CY2017Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
7700000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
105000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4000000 USD
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10968000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10919000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10760000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10760000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10758000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10753000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10760000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10760000 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;">December&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</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;">2018</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 30,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2018</font><font style="font-family:inherit;font-size:10pt;">, which is a 52 week year. Fiscal year 2017 which ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">July&#160;1, 2017</font><font style="font-family:inherit;font-size:10pt;">, was a 52 week year.</font></div></div>

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