$KTCC
KEY TRONIC CORP

2018 Q1 Form 10-Q Financial Statement

#000071973318000012 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q3 2017 Q2
Revenue $108.4M $109.2M $113.6M
YoY Change -11.85% -4.05%
Cost Of Revenue $100.2M $101.4M $104.5M
YoY Change -10.37% -3.72%
Gross Profit $8.155M $7.845M $9.139M
YoY Change -27.64% -8.61%
Gross Profit Margin 7.53% 7.18% 8.04%
Selling, General & Admin $5.816M $5.171M $5.721M
YoY Change -9.28% 2.16%
% of Gross Profit 71.32% 65.91% 62.6%
Research & Development $1.560M $1.510M $1.569M
YoY Change -11.18% -1.94%
% of Gross Profit 19.13% 19.25% 17.17%
Depreciation & Amortization $1.950M $1.964M $1.870M
YoY Change 22.75% 22.22%
% of Gross Profit 23.91% 25.04% 20.46%
Operating Expenses $7.376M $6.681M $7.290M
YoY Change -8.48% 1.25%
Operating Profit $779.0K $1.164M $1.849M
YoY Change -67.13% -33.96%
Interest Expense $656.0K $594.0K $566.0K
YoY Change -199.0% -194.33%
% of Operating Profit 84.21% 51.03% 30.61%
Other Income/Expense, Net
YoY Change
Pretax Income $123.0K $570.0K $1.283M
YoY Change -80.24% -38.9%
Income Tax -$521.0K $138.0K $322.0K
% Of Pretax Income -423.58% 24.21% 25.1%
Net Earnings $644.0K $432.0K $961.0K
YoY Change -79.87% -46.61%
Net Earnings / Revenue 0.59% 0.4% 0.85%
Basic Earnings Per Share $0.06 $0.04 $0.09
Diluted Earnings Per Share $0.06 $0.04 $0.09
COMMON SHARES
Basic Shares Outstanding 10.76M shares 10.76M shares 10.76M shares
Diluted Shares Outstanding 10.76M shares 10.76M shares 10.96M shares

Balance Sheet

Concept 2018 Q1 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $400.0K $900.0K
YoY Change -60.0% 200.0%
Cash & Equivalents $298.0K $373.0K $911.0K
Short-Term Investments
Other Short-Term Assets $12.94M $11.04M $11.23M
YoY Change -6.12% -30.71%
Inventory $115.0M $101.6M $98.81M
Prepaid Expenses
Receivables $60.70M $65.20M $62.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $188.9M $178.2M $173.3M
YoY Change -1.8% -3.37%
LONG-TERM ASSETS
Property, Plant & Equipment $27.87M $30.50M $31.03M
YoY Change 9.21% 13.47%
Goodwill $9.957M $9.957M $9.957M
YoY Change 0.0% 0.0%
Intangibles $3.992M $4.800M $5.082M
YoY Change -19.03% -18.16%
Long-Term Investments
YoY Change
Other Assets $3.753M $2.413M $1.821M
YoY Change 44.23% 0.28%
Total Long-Term Assets $52.83M $54.65M $56.40M
YoY Change 0.33% 2.53%
TOTAL ASSETS
Total Short-Term Assets $188.9M $178.2M $173.3M
Total Long-Term Assets $52.83M $54.65M $56.40M
Total Assets $241.7M $232.8M $229.7M
YoY Change -1.31% -1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.23M $53.08M $49.39M
YoY Change -9.99% -12.14%
Accrued Expenses $6.600M $10.00M $8.000M
YoY Change 4.17% 1.27%
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 16.82% 16.82%
Total Short-Term Liabilities $90.47M $77.75M $75.37M
YoY Change -7.56% -9.25%
LONG-TERM LIABILITIES
Long-Term Debt $29.40M $18.77M $20.23M
YoY Change -11.66% -10.08%
Other Long-Term Liabilities $0.00 $1.412M $3.085M
YoY Change -79.56% -45.75%
Total Long-Term Liabilities $29.39M $38.52M $41.55M
YoY Change -16.68% -11.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.47M $77.75M $75.37M
Total Long-Term Liabilities $29.39M $38.52M $41.55M
Total Liabilities $119.9M $116.3M $116.9M
YoY Change -10.79% -9.91%
SHAREHOLDERS EQUITY
Retained Earnings $74.98M $73.55M $72.21M
YoY Change 8.27% 9.77%
Common Stock $46.10M $45.80M $45.63M
YoY Change 1.26% 1.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $121.9M $116.6M $112.8M
YoY Change
Total Liabilities & Shareholders Equity $241.7M $232.8M $229.7M
YoY Change -1.31% -1.99%

Cashflow Statement

Concept 2018 Q1 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $644.0K $432.0K $961.0K
YoY Change -79.87% -46.61%
Depreciation, Depletion And Amortization $1.950M $1.964M $1.870M
YoY Change 22.75% 22.22%
Cash From Operating Activities $730.0K $1.341M $4.450M
YoY Change -69.17% -244.48%
INVESTING ACTIVITIES
Capital Expenditures -$1.020M $1.287M -$2.630M
YoY Change -139.48% 6.05%
Acquisitions
YoY Change
Other Investing Activities $2.250M $720.0K $10.00K
YoY Change -49.65%
Cash From Investing Activities $1.230M $1.072M -$2.620M
YoY Change -158.58% 5.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.468M
YoY Change
Cash From Financing Activities -2.110M -$1.809M -2.200M
YoY Change 1.63% -147.41%
NET CHANGE
Cash From Operating Activities 730.0K $1.341M 4.450M
Cash From Investing Activities 1.230M $1.072M -2.620M
Cash From Financing Activities -2.110M -$1.809M -2.200M
Net Change In Cash -150.0K $604.0K -370.0K
YoY Change -18.38% -59.78%
FREE CASH FLOW
Cash From Operating Activities $730.0K $1.341M $4.450M
Capital Expenditures -$1.020M $1.287M -$2.630M
Free Cash Flow $1.750M $54.00K $7.080M
YoY Change -99.29% -1280.0%

Facts In Submission

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CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
232840000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
241718000 USD
CY2017Q3 us-gaap Liabilities Current
LiabilitiesCurrent
77753000 USD
CY2018Q1 us-gaap Liabilities Current
LiabilitiesCurrent
90473000 USD
CY2017Q3 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
38520000 USD
CY2018Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
29392000 USD
CY2017Q3 us-gaap Line Of Credit
LineOfCredit
18300000 USD
CY2018Q1 us-gaap Line Of Credit
LineOfCredit
15000000 USD
CY2017Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
26300000 USD
CY2018Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
29600000 USD
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
35233000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
35000000 USD
CY2017Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
5841000 USD
CY2018Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5841000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
871000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
27121000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5871000 USD
CY2018Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1467000 USD
CY2017Q3 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
18335000 USD
CY2018Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
15000000 USD
CY2017Q3 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
18773000 USD
CY2018Q1 us-gaap Long Term Notes And Loans
LongTermNotesAndLoans
14392000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-232000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7755000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7455000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2191000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7580000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9871000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
961000 USD
us-gaap Net Income Loss
NetIncomeLoss
4281000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
644000 USD
us-gaap Net Income Loss
NetIncomeLoss
852000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
7290000 USD
us-gaap Operating Expenses
OperatingExpenses
21274000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
7376000 USD
us-gaap Operating Expenses
OperatingExpenses
21206000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1849000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
7186000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
779000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
3594000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
11037000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
12941000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2413000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3753000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
4763000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
2497000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
4340000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
4127000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
2500000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1300000 USD
CY2018Q1 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
1100000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8829000 USD
CY2018Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8790000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1412000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
221000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
17000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
122000 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
7568000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3176000 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
119791000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
135876000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
113000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
985000 USD
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
32000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
49000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
39000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30496000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27872000 USD
CY2017Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
65193000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
60689000 USD
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
0 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
119631000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
139211000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3968000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1569000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4756000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1560000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4565000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
73545000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
74983000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
113601000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
349253000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
108352000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
329294000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5721000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16518000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5816000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16641000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
524000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
307000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
385000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
116567000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
121853000 USD
CY2018Q1 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
7800000 USD
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
97000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4000000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10957000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10916000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10760000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10760000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10759000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10755000 shares
CY2018Q1 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 nine month periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">April&#160;1, 2017</font><font style="font-family:inherit;font-size:10pt;">, were 13 and 39 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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