Key Tronic Corporation reports developments as a Nasdaq-listed electronic manufacturing services provider and contract manufacturer for original equipment manufacturers. Its updates center on quarterly and annual operating results, reporting dates, gross margin trends, customer demand, new program launches and program wins across engineering, materials management, assembly, in-house testing and distribution services.
The company’s news also covers manufacturing-footprint decisions in the United States, Mexico and Vietnam, tariff-related operating conditions, cost-reduction actions, capital-structure disclosures and annual meeting timing. Business updates commonly connect revenue trends and margins to customer order patterns, turnkey and consigned materials programs, and the company’s role in outsourced electronic and mechanical manufacturing.
Key Tronic Corporation (KTCC) announced preliminary financial results for Q3 FY 2021, projecting revenues of approximately $134.6 million and earnings per share between $0.10 and $0.12. Despite strong customer demand, component supply issues led to factory downtimes and increased expenses. The company also faced legal costs related to an internal investigation, which is ongoing and has delayed quarterly filings. For Q4 FY 2021, Key Tronic estimates revenues between $130 million and $140 million with earnings per share between $0.10 and $0.20.
Key Tronic Corporation (Nasdaq: KTCC) received a notice from Nasdaq on February 17, 2021, indicating non-compliance due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020. This issue does not immediately affect the trading of its common stock.
The Company has 60 days to submit a compliance plan to Nasdaq and may receive an extension of up to 180 days if accepted. Key Tronic is actively working to file the necessary report within the prescribed timeline.
Key Tronic Corporation (Nasdaq: KTCC) announced it could not file its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020, due to irregularities in inventory classification. The Audit Committee launched an internal investigation and is cooperating with the SEC. Despite these setbacks, the company does not expect a material adverse impact on its historical financial statements. The progress of this investigation may affect the filing timeline of the Form 10-Q.
Key Tronic Corporation (Nasdaq: KTCC) reported significant growth with 13% year-to-date revenue increase. For Q2 FY2021, revenue reached $128.3 million, up 10% from $116.7 million in the same quarter of FY2020. Net income was $1.6 million or $0.14 per share, compared to $0.8 million or $0.08 per share last year. Despite challenges from the COVID-19 pandemic, including $1.8 million in related costs, the company achieved improved margins: gross margin at 8.3% and operating margin at 2.1%. Looking forward, Key Tronic anticipates Q3 revenue between $130 million and $140 million.
Key Tronic Corporation (Nasdaq: KTCC) will report its Q2 fiscal 2021 results after market close on January 26, 2021. A conference call is scheduled for 2:00 PM Pacific (5:00 PM Eastern) on the same day to discuss the results. Investors can access the call via Key Tronic's website or by phone. The company is a leading contract manufacturer providing engineering, materials management, and assembly services across its facilities in the U.S., Mexico, China, and Vietnam, serving major original equipment manufacturers.
Key Tronic Corporation (Nasdaq: KTCC) reported a revenue increase of 17%, totaling $123.2 million for Q1 FY2021, up from $105.3 million in Q1 FY2020.
The growth resulted from new customer programs and rising demand. However, labor shortages due to the COVID-19 pandemic impacted revenue and increased costs by approximately $1.4 million, affecting margins with a gross margin of 8.1% and operating margin of 2.3%.
Net income rose slightly to $1.7 million or $0.16 per share. For Q2 FY2021, the company forecasts revenue between $125 million and $135 million.
Key Tronic Corporation (Nasdaq: KTCC) plans to report its first-quarter fiscal 2021 results after market close on October 27, 2020. The company will host a conference call at 2:00 PM Pacific (5:00 PM Eastern) on the same day to discuss the results. Investors can access the call through Key Tronic’s website or by phone. Key Tronic is a leading contract manufacturer with facilities in the U.S., Mexico, China, and Vietnam, serving major original equipment manufacturers with engineering, materials management, and assembly services.
Key Tronic Corporation (Nasdaq: KTCC) announced the closing of a new $93 million credit facility on August 14, 2020, aimed at supporting anticipated growth. This new five-year asset-based senior secured revolving credit facility replaces the previous agreement with Wells Fargo. The facility allows for an additional $25 million increase, subject to conditions. After settling existing debt, approximately $16 million remains available. The facility is secured by the company's assets and entails financial covenants including a fixed charge coverage ratio of at least 1.25:1.00.
Key Tronic Corporation (KTCC) reported its fourth quarter results for fiscal year 2020, posting revenue of $116.0 million, a 10% increase from the previous year. However, the company's revenue faced constraints due to a temporary shutdown in Juarez owing to COVID-19. Full-year revenue dropped to $449.5 million from $464.0 million in fiscal 2019. The net income for Q4 was $1.5 million or $0.14 per share, boosted by a tax benefit. For Q1 of fiscal 2021, revenue guidance is $118 million to $125 million, with earnings projected between $0.18 and $0.25 per share.
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