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Key Tronic Corp (KTCC) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, July 2, 2022

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KTCC Annual Reports

Key Tronic Corp

CIK: 719733 Ticker: KTCC

Exhibit 99.1
FOR IMMEDIATE RELEASE
 
CONTACTS: Brett LarsenMichael Newman
 Chief Financial OfficerInvestor Relations
 Key Tronic CorporationStreetConnect
 (509) 927-5500(206) 729-3625
KEY TRONIC CORPORATION ANNOUNCES RESULTS
FOR THE FOURTH QUARTER AND YEAR END OF FISCAL 2022
Strong Customer Demand for North American Production and New Program Wins
Spokane Valley, WA— August 9, 2022 — Key Tronic Corporation
(Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter and the year ended July 2, 2022.
For the fourth quarter of fiscal year 2022, Keytronic reported total revenue of $126.2 million, compared to $132.6 million in the same period of fiscal year 2021. For the full year of fiscal 2022, total revenue was $531.8 million, up 3% from $518.7 million for fiscal year 2021. During fiscal year 2022, the Company added significant new programs and its backlog for orders reached historic highs. At the same time, constraints in the global supply chain and transportation issues continued to limit production throughout the year.
During the fourth quarter of fiscal year 2022, the results were impacted by intermittent parts supply and factory downtime. The Company’s facilities in Shanghai, China were closed for most of the fourth quarter due to a government mandated COVID shutdown. While the reopening of the Company’s China facility took longer than anticipated, operations have since resumed. Legal costs related specifically to the SEC’s review of last year’s whistleblower complaint totaled approximately $0.08 per diluted share during the quarter, though we estimate legal costs to decrease in coming periods.
For the fourth quarter of fiscal year 2022, the Company’s gross margin was 9.3% and operating margin was 1.8%, compared to a gross margin of 7.8% and an operating margin of 1.1% in the same period of fiscal year 2021. The increased margins primarily reflect an increase in sales pricing to recoup higher materials and labor costs incurred by the Company throughout the fiscal year. While the fourth quarter was a significant improvement of gross margin, margins are expected to return to historical levels in coming quarters.
For the fourth quarter of fiscal year 2022, net income was $1.0 million or $0.09 per share, up from $0.2 million or $0.02 per share for the same period of fiscal year 2021. For the full year of fiscal year 2022, net income was $3.4 million or $0.31 per share, compared to $4.3 million or $0.39 per share for fiscal year 2021.
“Despite the continued headwinds from the global supply chain challenges during fiscal 2022, we still managed to grow our business, driven by the successful ramp of new programs and our expanding customer base,” said Craig Gates, President and Chief Executive Officer. “During the fourth quarter of fiscal year 2022, we won new programs involving audio products, GPS devices, utility meters, personal safety devices, and innovative internet solutions.”
“Moving into fiscal 2023, the global supply chain and COVID-19 crises continue to present uncertainty and multiple business challenges. At the same time, global logistics problems and heightened assurance of supply concerns continue to drive the favorable trend of contract manufacturing returning to North America.”
“In fiscal 2023, we expect to ramp a number of new programs, including the previously announced program with a leading power equipment company in our Mexico facility during the second quarter. We believe we are well positioned to benefit from the growing demand for North American onshoring and see the potential for significant growth in fiscal 2023 and beyond.”
The financial data presented for the fourth quarter and year end of fiscal year 2022 should be considered preliminary and could be subject to change, as the Company’s independent auditor has not completed their audit.


The following information was filed by Key Tronic Corp (KTCC) on Tuesday, August 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Key Tronic Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Shareholder's Equity
. Trade Accounts Receivable Purchase Programs
Assets And Liabilities, Lessee (Detail)
Commitments And Contingencies (Narrative) (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Detail)
Derivative Financial Instruments (Gain (Loss) Of Derivative Instruments In Statement Of Operations) (Detail)
Derivative Financial Instruments (Summarized Fair Value Of Derivative Instruments In Consolidated Balance Sheets) (Detail)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Reconciliation Of Denominator And Number Of Antidilutive Common Share Awards Not Included In Diluted Earnings Per Share Calculation) (Detail)
Earnings Per Share (Tables)
Enterprise Wide Disclosures (Narrative) (Detail)
Enterprise-Wide Disclosures
Enterprise-Wide Disclosures (Net Sales And Long-Lived Assets (Property, Plant, And Equipment) By Geographic Area) (Detail)
Enterprise-Wide Disclosures (Percentage Of Net Sales To And Trade Accounts Receivables From Significant Customers) (Detail)
Enterprise-Wide Disclosures (Tables)
Enterprise-Wide Disclosures Schedule Of Revenue From External Customers Attributed To Foreign Countries By Geographic Area (Detail)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On Recurring Basis) (Detail)
Fair Value Measurements (Tables)
Income Tax (Income Tax Expense (Benefit)) (Detail)
Income Taxes
Income Taxes (Components Of Income Before Income Taxes) (Detail)
Income Taxes (Deferred Income Tax Assets And Liabilities) (Detail)
Income Taxes (Effective Tax Rate Reconciliation) (Detail)
Income Taxes (Narrative) (Detail)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Detail)
Income Taxes (Tables)
Inventories
Inventories (Components Of Inventories) (Detail)
Leases
Leases (Detail)
Leases (Tables)
Lessee, Operating Lease, Liability, Maturity (Detail)
Long-Term Debt
Long-Term Debt (Narrative) (Detail)
Long-Term Debt (Tables)
Property Plant And Equipment (Schedule Of Property Plant And Equipment) (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Quarterly Financial Data
Quarterly Financial Data (Detail)
Quarterly Financial Data (Tables)
Revenue
Revenue (Detail)
Revenue (Disaggregation Of Revenue) (Detail)
Revenue (Tables)
Significant Accounting Policies (Narrative) (Detail)
Significant Accounting Policies (Policies)
Stock Option And Benefit Plans (Additional Information Regarding Options Outstanding) (Detail)
Stock Option And Benefit Plans (Grant Date Fair Value For Awards Estimated Using Option Valuation Method With Weighted Average Assumptions) (Detail)
Stock Option And Benefit Plans (Narrative) (Detail)
Stock Option And Benefit Plans (Summarizes Option/Sars Activity Of All Plans) (Detail)
Stock Option And Benefit Plans (Tables)
Trade Accounts Receivable Purchase Programs
Ticker: KTCC
CIK: 719733
Form Type: 10-K Annual Report
Accession Number: 0000719733-22-000063
Submitted to the SEC: Wed Sep 14 2022 4:28:31 PM EST
Accepted by the SEC: Wed Sep 14 2022
Period: Saturday, July 2, 2022
Industry: Computer Peripheral Equipment

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