Key Tronic Corp 8-K, filed Jan 31, 2023

Key Tronic Corp (KTCC)

8-K 2023-01-31 For: 2023-01-31

Added on April 06, 2026

About this 8-K

Key Tronic Corp filed this 8-K on January 31, 2023.


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, no par value	KTCC	NASDAQ Global Market


Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			¨



Exhibit Number						Description
99.1						Press Release Dated January 31, 2023

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


	Three Months Ended				Six Months Ended
	December 31, 2022		January 1, 2022		December 31, 2022		January 1, 2022
Net sales	$	123,708	$	134,456	$	260,971	$	267,218
Cost of sales	114,788		124,648		241,672		247,272
Gross profit	8,920		9,808		19,299		19,946
Research, development and engineering expenses	2,287		2,498		4,583		4,947
Selling, general and administrative expenses	5,735		5,659		11,391		11,254
Gain on insurance proceeds, net of losses	(2,710)		—		(3,644)		—
Total operating expenses	5,312		8,157		12,330		16,201
Operating income	3,608		1,651		6,969		3,745
Interest expense, net	2,507		1,095		4,394		2,087
Income before income taxes	1,101		556		2,575		1,658
Income tax provision	134		(31)		456		256
Net income	$	967	$	587	$	2,119	$	1,402
Net income per share — Basic	$	0.09	$	0.05	$	0.20	$	0.13
Weighted average shares outstanding — Basic	10,762		10,762		10,762		10,762
Net income per share — Diluted	$	0.09	$	0.05	$	0.20	$	0.13
Weighted average shares outstanding — Diluted	10,832		11,057		10,832		11,055


	December 31, 2022		July 2, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	810	$	1,707
Trade receivables, net of allowance for doubtful accounts of $14 and $12	134,290		135,876
Contract assets	28,329		21,974
Inventories, net	171,749		155,741
Other	28,969		24,710
Total current assets	364,147		340,008
Property, plant and equipment, net	27,110		26,012
Operating lease right-of-use assets, net	18,652		16,731
Other assets:
Deferred income tax asset	10,911		10,055
Other	11,928		14,117
Total other assets	22,839		24,172
Total assets	$	432,748	$	406,923
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	140,704	$	121,393
Accrued compensation and vacation	7,813		11,836
Current portion of debt, net	6,667		7,402
Other	18,285		23,036
Total current liabilities	173,469		163,667
Long-term liabilities:
Term loans	4,603		5,716
Revolving loan	109,704		94,577
Operating lease liabilities	13,084		12,023
Deferred income tax liability	24		64
Other long-term obligations	4,553		5,998
Total long-term liabilities	131,968		118,378
Total liabilities	305,437		282,045
Shareholders’ equity:
Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively	47,576		47,474
Retained earnings	79,948		77,829
Accumulated other comprehensive income (loss)	(213)		(425)
Total shareholders’ equity	127,311		124,878
Total liabilities and shareholders’ equity	$	432,748	$	406,923


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))