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Key Tronic (KTCC)

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world's leading original equipment manufacturers.

Company profile

Ticker
KTCC
Exchange
CEO
Craig Gates
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
KT Services, Inc. • Key Tronic Juarez, SA • Incorporated in Mexico • Key Tronic China LTD • Key Tronic Computer Peripherals (Shanghai) Co. LTD • CDR Manufacturing, LLC • Key Tronic Viet Nam Company Limited ...
IRS number
910849125

KTCC stock data

Calendar

11 May 22
11 Aug 22
29 Jun 23
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jul 21 Jun 20 Jun 19 Jun 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.72M 1.72M 1.72M 1.72M 1.72M 1.72M
Cash burn (monthly) (no burn) (no burn) (no burn) (no burn) 369.33K 750.33K
Cash used (since last report) n/a n/a n/a n/a 1.59M 3.23M
Cash remaining n/a n/a n/a n/a 130.4K -1.51M
Runway (months of cash) n/a n/a n/a n/a 0.4 -2.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
29 Jul 22 Patrick Sweeney Stock Appreciation Right Common Stock Grant Acquire A No No 5.1 3,750 19.13K 3,750
29 Jul 22 James R Bean Stock Appreciation Right Common Stock Grant Acquire A No No 5.1 3,750 19.13K 3,750
29 Jul 22 Duane D Mackleit Stock Appreciation Right Common Stock Grant Acquire A No No 5.1 10,000 51K 10,000
29 Jul 22 Shamash Yacov A Stock Appreciation Right Common Stock Grant Acquire A No No 5.1 3,750 19.13K 3,750
29 Jul 22 Gates Craig D Stock Appreciation Right Common Stock Grant Acquire A No No 5.1 25,000 127.5K 25,000
43.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 26 26
Opened positions 3 2 +50.0%
Closed positions 3 3
Increased positions 5 5
Reduced positions 8 8
13F shares Current Prev Q Change
Total value 26.44M 28.77M -8.1%
Total shares 4.68M 4.61M +1.5%
Total puts 36.1K 40.8K -11.5%
Total calls 0 0
Total put/call ratio Infinity Infinity NaN%
Largest owners Shares Value Change
MS Morgan Stanley 1.9M $10.73M +9.2%
Dimensional Fund Advisors 797.15K $4.5M +0.9%
Tieton Capital Management 779.24K $4.4M -2.2%
Vanguard 436K $2.46M +6.0%
Moors & Cabot 210.35K $1.19M -32.8%
Ancora Advisors 98.49K $556K -0.5%
Mercer Global Advisors 65.8K $372K 0.0%
Osborne Partners Capital Management 57.3K $324K 0.0%
BLK Blackrock 53.98K $305K +1.4%
Geode Capital Management 52.09K $294K 0.0%
Largest transactions Shares Bought/sold Change
MS Morgan Stanley 1.9M +159.65K +9.2%
Moors & Cabot 210.35K -102.9K -32.8%
Bridgeway Capital Management 34.8K -25K -41.8%
Vanguard 436K +24.52K +6.0%
Shufro Rose & Co 19.44K +19.44K NEW
Renaissance Technologies 48.9K -17.88K -26.8%
Tieton Capital Management 779.24K -17.41K -2.2%
STT State Street 11.75K +11.75K NEW
Susquehanna International 23.36K +9.6K +69.7%
Dimensional Fund Advisors 797.15K +7.28K +0.9%

Financial report summary

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Risks
  • Our operations may be subject to certain risks.
  • We may experience fluctuations in quarterly results of operations.
  • We are exposed to general economic conditions, which could have a material adverse impact on our business, operating results and financial condition.
  • The majority of our sales come from a small number of customers and a decline in sales to any of these customers could adversely affect our business.
  • We depend on a limited number of suppliers for certain components that are critical to our manufacturing processes. A shortage of these components or an increase in their price could interrupt our operations and result in a significant change in our results of operations.
  • We operate in a highly competitive industry; if we are not able to compete effectively in the contract manufacturing industry, our business could be adversely affected.
  • Our success will continue to depend to a significant extent on our key personnel.
  • Start-up costs and inefficiencies related to new or transferred programs can adversely affect our operating results and such costs may not be recoverable if such new programs or transferred programs are canceled or don’t meet expected sales volumes.
  • Customers may change production timing and demand schedules which makes it difficult for us to schedule production and capital expenditures and to maximize the efficiency of our manufacturing capacity.
  • Compliance or the failure to comply with current and future environmental and health laws or regulations could cause us significant expense.
  • If our manufacturing processes and services do not comply with applicable statutory and regulatory requirements, or if we manufacture products containing design or manufacturing defects, demand for our services may decline and we may be subject to liability claims.
  • If we do not manage our growth effectively, our profitability could decline.
  • Energy price increases may negatively impact our results of operations.
  • Our operations are subject to cyberattacks that could have a material adverse effect on our business.
  • Disruptions to our information systems, including losses of data or outages, could adversely affect our operations.
  • If we are unable to maintain our technological and manufacturing process expertise, our business could be adversely affected.
  • Our ability to secure and maintain sufficient credit arrangements is key to our continued operations.
  • An adverse change in the interest rates for our borrowings could adversely affect our financial condition.
  • Our stock price is volatile.
  • We identified a material weakness in our internal control over financial reporting and concluded that our disclosure controls and procedures were not effective as of December 26, 2020 and April 3, 2021. If we fail to properly remediate any future deficiencies or material weaknesses or to maintain proper and effective internal controls, our business and financial condition could be materially adversely impacted.
  • Matters relating to or arising from the subject of the Audit Committee’s internal investigation, including expenses and diversion of personnel and resources, regulatory investigations, and proceedings and litigation matters, could have an adverse effect on our business, results of operations and financial condition.
  • Due to inherent limitations, there can be no assurance that our system of disclosure and internal controls and procedures will be successful in preventing all errors, theft and fraud, or in informing management of all material information in a timely manner.
  • We are involved in various legal proceedings.
  • Changes in securities laws and regulations will increase our costs and risk of noncompliance.
  • Changes in financial accounting standards may affect our reported financial condition or results of operations as well increase costs related to implementation of new standards and modifications to internal controls.
  • Our levels of insurance coverage may not be sufficient for potential damages, claims or losses.
  • We may encounter complications with acquisitions, which could potentially harm our business.
Management Discussion
  • The increase in net sales of $69.2 million from prior year period was primarily driven by an increase in new program wins and demand for current programs. However, partially offsetting the increase in revenue during fiscal year 2021, the Company’s revenue was constrained by tightening worldwide supply chain and transportation and logistics issues which delayed the arrival of key components, causing factory downtime.
  • We provide services to customers in a number of industries and produce a variety of products for our customers in each industry. Key Tronic does not target any particular industry, but rather seeks to find programs that strategically fit our vertical manufacturing capabilities. As we continue to diversify our customer base and win new customers, we expect to continue to see a change in the industry concentrations of our revenue.
  • Sales to foreign locations represented 28.2 percent and 24.6 percent of our total net sales in fiscal years 2021 and 2020, respectively.

Content analysis

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H.S. sophomore Avg
New words: consist, COVID, electric, growing, lockdown, mandated, mobility, outdoor, recreation, RFID, Shanghai, shutdown, true, Ukraine
Removed: factoring, inspection, prepay