Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025
Key Tronic Corporation Announces Results for the First Quarter of Fiscal Year 2025
The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.New Program Wins and Improving Gross Margins
新計劃獲勝並提高毛利率
SPOKANE VALLEY, Wash., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended September 28, 2024.
華盛頓州斯波坎谷，2024年11月5日（環球新聞專線）——電子製造服務（EMS）提供商Key Tronic公司（納斯達克股票代碼：KTCC）今天公佈了截至2024年9月28日的季度業績。
For the first quarter of fiscal year 2025, Key Tronic reported total revenue of $131.6 million, compared to $150.1 million in the same period of fiscal year 2024. Revenue in the first quarter of fiscal year 2025 was adversely impacted by customer-driven design and qualification delays of three programs that we believe impacted revenue by approximately $9 million. These delays have since been resolved on two of these programs and shipments have resumed in the second quarter. Production in Key Tronic's Mexico facilities in the first quarter of fiscal year 2025 increased by approximately 10% sequentially from the prior quarter.
2025財年第一季度，Key Tronic公佈的總收入爲1.316億美元，而2024財年同期爲1.501億美元。2025財年第一季度的收入受到三個項目以客戶爲導向的設計和資格認證延遲的不利影響，我們認爲這三個項目對收入造成了約900萬美元的影響。此後，其中兩個項目的延誤已得到解決，第二季度已恢復發貨。2025財年第一季度，Key Tronic墨西哥工廠的產量比上一季度連續增長了約10％。
The Company saw significant improvement in its production efficiencies compared to the first quarter of fiscal year 2024, primarily as a result of recent headcount reductions, continued improvements in the supply chain and a favorable decline in the exchange rate of the Mexican Peso. Gross margins were 10.1% and operating margins were 3.4% in the first quarter of fiscal year 2025, up from 7.2% and 2.2%, respectively, in the same period of fiscal year 2024.
與2024財年第一季度相比，該公司的生產效率顯著提高，這主要是由於最近裁員、供應鏈持續改善以及墨西哥披索匯率的有利下跌。2025財年第一季度的毛利率爲10.1％，營業利潤率爲3.4％，高於2024財年同期的7.2％和2.2％。
Net income was $1.1 million or $0.10 per share for the first quarter of fiscal year 2025, compared to net income of $0.3 million or $0.03 per share for the same period of fiscal year 2024. Adjusted net income was $1.2 million or $0.11 per share for the first quarter of fiscal year 2025, compared to $0.0 million or $0.00 per share for the same period of fiscal year 2024. See "Non-GAAP Financial Measures," below for additional information about adjusted net income and adjusted net income per share.
2025財年第一季度的淨收益爲110萬美元，合每股收益0.10美元，而2024財年同期的淨收入爲30萬美元，合每股收益0.03美元。2025財年第一季度的調整後淨收益爲120萬美元，合每股收益0.11美元，而2024財年同期爲0萬美元，合每股收益0.00美元。有關調整後淨收益和調整後每股淨收益的更多信息，請參閱下面的 「非公認會計准則財務指標」。
"While we did not meet revenue expectations in our first quarter of fiscal 2025 due to unavoidable delays for a few programs, we are pleased to see our improved operating efficiencies, margins, and liquidity," said Brett Larsen, President and CEO. "The recent workforce reductions in Mexico, trimming of non-profitable programs, and making a concerted effort to improve working capital are starting to pay off. We also continued to reduce our inventories, which are now much more in line with our revenue levels. Over the longer term, we expect that these strategic changes will improve our overall profitability."
總裁兼首席執行官佈雷特·拉森表示：「儘管由於一些項目不可避免的延誤，我們在2025財年第一季度的收入沒有達到預期，但我們很高興看到運營效率、利潤率和流動性的提高。」「墨西哥最近裁員、削減非盈利計劃以及齊心協力改善營運資金已開始獲得回報。我們還繼續減少庫存，現在庫存與我們的收入水平更加一致。從長遠來看，我們預計這些戰略變化將提高我們的整體盈利能力。」
"During the first quarter, we also continued to win new business, including new programs in manufacturing equipment, vehicle lighting, and commercial pest control. We believe we are well positioned for increased growth and profitability in coming periods."
「在第一季度，我們還繼續贏得新業務，包括製造設備、汽車照明和商業害蟲防治領域的新項目。我們相信，我們完全有能力在未來一段時間內提高增長和盈利能力。」
The financial data presented for the first quarter of fiscal 2025 should be considered preliminary and could be subject to change, as the Company's independent auditor has not completed their review procedures.
由於公司的獨立核數師尚未完成審查程序，2025財年第一季度公佈的財務數據應被視爲初步數據，可能會發生變化。
Business Outlook
商業展望
For the second quarter of fiscal 2025, Key Tronic expects to report revenue in the range of $130 million to $140 million and earnings in the range $0.05 to $0.15 per diluted share. These expected results assume an effective tax rate of 20% in the coming quarter.
對於2025財年第二季度，Key Tronic預計將公佈的收入在1.3億美元至1.4億美元之間，攤薄後每股收益在0.05美元至0.15美元之間。這些預期結果假設下一季度的有效稅率爲20％。
Conference Call
電話會議
Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) today. A broadcast of the conference call will be available at under "Investor Relations" or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 7268667). The Company will also reference accompanying slides that can be viewed with the webcast at under "Investor Relations". A replay will be available at under "Investor Relations".
Key Tronic將於今天太平洋時間下午2點（美國東部時間下午5點）主持電話會議，討論其財務業績。電話會議的廣播將在 「投資者關係」 下播出，也可以致電888-394-8218或+1-313-209-4906（接入碼：7268667）。公司還將參考隨附的幻燈片，這些幻燈片可在網絡直播的 「投資者關係」 下觀看。重播將在 「投資者關係」 下提供。
About Key Tronic
關於 Key Tronic
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 with 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. For more information about Key Tronic visit:
Key Tronic 是一家領先的合同製造商，通過其位於美國、墨西哥、中國和越南的工廠提供增值設計和製造服務。該公司爲客戶提供全面的工程服務、材料管理、全球製造設施、裝配服務、內部測試和全球分銷。其客戶包括一些世界領先的原始設備製造商。有關 Key Tronic 的更多信息，請訪問：
Forward-Looking Statements
前瞻性陳述
Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company's statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers' and customers' forecasts; development and success of customers' programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company's Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company's SEC filings.
本新聞稿中的一些陳述是1995年《私人證券訴訟改革法》所指的前瞻性陳述。前瞻性陳述包括但不限於目標、預期、相信、繼續、估計、期望、希望、打算、計劃、預測、項目、目標、將來或將要等詞語，或與此類動詞相對應的名詞，這些詞可能是前瞻性的。前瞻性陳述還包括與預期的未來事件、表現和行動相關的其他段落，或者只能通過未來發生的事件進行全面評估的段落。本新聞稿中的前瞻性陳述包括但不限於公司關於其對財務狀況和業績的預期的陳述，包括收入和收益、裁員和墨西哥披索匯率所節省的成本、對某些產品的需求及其某些計劃的有效性、來自客戶和計劃的業務以及運營精簡和效率的影響。有許多因素、風險和不確定性可能導致實際業績與前瞻性陳述中的預測或預測存在重大差異，包括但不限於：全球經濟環境的未來及其對客戶和供應商的影響；供應鏈組件的可用性；健康員工隊伍的可用性；供應商和客戶預測的準確性；客戶計劃和產品的開發和成功；新計劃實施的時機和有效性；新計劃的成功-產品介紹；與先前報告的財務報表重述和相關重大缺陷、2024年5月的網絡安全事件和公司審計委員會內部調查的對象以及相關或其他無關事項有關的法律訴訟或政府調查的風險；收購或剝離業務或設施；技術進步；公司、其競爭對手、客戶或供應商定價政策的變化；新的政府立法和法規的影響，包括稅收改革、關稅和相關活動、此類貿易談判和其他風險；以及公司在美國證券交易委員會文件中不時詳述的其他因素、風險和不確定性。
Non-GAAP Financial Measures
非公認會計准則財務指標
To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures, adjusted net income and adjusted net income per share, diluted. We provide these non-GAAP financial measures because we believe they provide greater transparency related to our core operations and represent supplemental information used by management in its financial and operational decision making. We exclude (or include) certain items in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe this facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain income and expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. See the table below entitled "Reconciliation of GAAP to non-GAAP measures" for reconciliations of adjusted net income to the most directly comparable GAAP measure, which is GAAP net income, and the computation of adjusted net income per share, diluted.
爲了補充根據美國公認會計原則（GAAP）編制的合併財務報表，我們使用某些非公認會計准則財務指標、調整後淨收益和調整後每股淨收益。我們之所以提供這些非公認會計准則財務指標，是因爲我們認爲它們可以提高與我們的核心業務相關的透明度，並代表管理層在財務和運營決策中使用的補充信息。我們在非公認會計准則財務指標中排除（或包含）某些項目，因爲我們認爲淨業績是衡量我們核心業務的指標。我們認爲，這消除了某些收入和支出項目的存在和時間所造成的潛在差異，從而促進了不同時期的經營業績比較，而這些差異在GAAP基礎上本來不會顯而易見。除了根據公認會計原則編制的業績外，應考慮非公認會計准則績效衡量標準，但不能作爲其替代品。我們強烈鼓勵投資者和股東全面審查我們的財務報表和公開提交的報告，不要依賴任何單一的財務指標。我們的非公認會計准則財務指標可能與其他公司報告的不同。請參閱下表 「GAAP與非GAAP指標的對賬」，了解調整後淨收益與最直接可比的GAAP指標（即GAAP淨收益）的對賬以及攤薄後的調整後每股淨收益的計算。
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KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||
| Three Months Ended | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| Net sales | $ | 131,558 | $ | 150,112 | |||
| Cost of sales | 118,255 | 139,250 | |||||
| Gross profit | 13,303 | 10,862 | |||||
| Research, development and engineering expenses | 2,289 | 2,241 | |||||
| Selling, general and administrative expenses | 6,570 | 5,784 | |||||
| Gain on insurance proceeds, net of losses | — | (431) | |||||
| Total operating expenses | 8,859 | 7,594 | |||||
| Operating income | 4,444 | 3,268 | |||||
| Interest expense, net | 3,263 | 3,011 | |||||
| Income before income taxes | 1,181 | 257 | |||||
| Income tax (benefit) provision | 57 | (78) | |||||
| Net income | $ | 1,124 | $ | 335 | |||
| Net income per share — Basic | $ | 0.10 | $ | 0.03 | |||
| Weighted average shares outstanding — Basic | 10,762 | 10,762 | |||||
| Net income per share — Diluted | $ | 0.10 | $ | 0.03 | |||
| Weighted average shares outstanding — Diluted | 10,762 | 11,003 | |||||
| 主要的 TRONIC 公司和子公司 合併運營報表 （以千計，每股金額除外） （未經審計） | |||||||
| 三個月已結束 | |||||||
| 2024年9月28日 | 2023年9月30日 | ||||||
| 淨銷售額 | $ | 131,558 | $ | 150,112 | |||
| 銷售成本 | 118,255 | 139,250 | |||||
| 毛利潤 | 13,303 | 10,862 | |||||
| 研究、開發和工程費用 | 2,289 | 2,241 | |||||
| 銷售、一般和管理費用 | 6,570 | 5,784 | |||||
| 扣除損失後的保險收益收益 | — | (431) | |||||
| 運營費用總額 | 8,859 | 7,594 | |||||
| 營業收入 | 4,444 | 3,268 | |||||
| 利息支出，淨額 | 3,263 | 3,011 | |||||
| 所得稅前收入 | 1,181 | 257 | |||||
| 所得稅（福利）準備金 | 57 | (78) | |||||
| 淨收入 | $ | 1,124 | $ | 335 | |||
| 每股淨收益-基本 | $ | 0.10 | $ | 0.03 | |||
| 已發行股票的加權平均值-基本 | 10,762 | 10,762 | |||||
| 每股淨收益 — 攤薄 | $ | 0.10 | $ | 0.03 | |||
| 加權平均已發行股票——攤薄 | 10,762 | 11,003 | |||||
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KEY TRONIC CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | ||||||||
| September 28, 2024 | June 29, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,555 | $ | 4,752 | ||||
| Trade receivables, net of credit losses of $3,129 and $2,918 | 133,984 | 132,559 | ||||||
| Contract assets | 23,626 | 21,250 | ||||||
| Inventories, net | 95,845 | 105,099 | ||||||
| Other, net of credit losses of $1,642 and $1,679 | 28,273 | 24,739 | ||||||
| Total current assets | 288,283 | 288,399 | ||||||
| Property, plant and equipment, net | 27,910 | 28,806 | ||||||
| Operating lease right-of-use assets, net | 14,612 | 15,416 | ||||||
| Other assets: | ||||||||
| Deferred income tax asset | 18,394 | 17,376 | ||||||
| Other | 6,735 | 5,346 | ||||||
| Total other assets | 25,129 | 22,722 | ||||||
| Total assets | $ | 355,934 | $ | 355,343 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 83,768 | $ | 79,394 | ||||
| Accrued compensation and vacation | 6,870 | 6,510 | ||||||
| Current portion of long-term debt | 3,057 | 3,123 | ||||||
| Other | 18,450 | 15,149 | ||||||
| Total current liabilities | 112,145 | 104,176 | ||||||
| Long-term liabilities: | ||||||||
| Long-term debt, net | 109,675 | 116,383 | ||||||
| Operating lease liabilities | 9,573 | 10,312 | ||||||
| Deferred income tax liability | 74 | 263 | ||||||
| Other long-term obligations | 124 | 219 | ||||||
| Total long-term liabilities | 119,446 | 127,177 | ||||||
| Total liabilities | 231,591 | 231,353 | ||||||
| Shareholders' equity: | ||||||||
| Common stock, no par value—shares authorized 25,000; issued and outstanding 10,762 and 10,762 shares, respectively | 47,351 | 47,284 | ||||||
| Retained earnings | 78,045 | 76,921 | ||||||
| Accumulated other comprehensive income (loss) | (1,053) | (215) | ||||||
| Total shareholders' equity | 124,343 | 123,990 | ||||||
| Total liabilities and shareholders' equity | $ | 355,934 | $ | 355,343 | ||||
| 主要的 TRONIC 公司和子公司 合併資產負債表 （以千計） （未經審計） | ||||||||
| 2024年9月28日 | 2024 年 6 月 29 日 | |||||||
| 資產 | ||||||||
| 流動資產： | ||||||||
| 現金和現金等價物 | $ | 6,555 | $ | 4,752 | ||||
| 貿易應收賬款，扣除3,129美元和2,918美元的信貸損失 | 133,984 | 132,559 | ||||||
| 合約資產 | 23,626 | 21,250 | ||||||
| 庫存，淨額 | 95,845 | 105,099 | ||||||
| 其他，扣除1,642美元和1,679美元的信貸損失 | 28,273 | 24,739 | ||||||
| 流動資產總額 | 288,283 | 288,399 | ||||||
| 財產、廠房和設備，淨額 | 27,910 | 28,806 | ||||||
| 經營租賃使用權資產，淨額 | 14,612 | 15,416 | ||||||
| 其他資產： | ||||||||
| 遞延所得稅資產 | 18,394 | 17,376 | ||||||
| 其他 | 6,735 | 5,346 | ||||||
| 其他資產總額 | 25,129 | 22,722 | ||||||
| 總資產 | $ | 355,934 | $ | 355,343 | ||||
| 負債和股東權益 | ||||||||
| 流動負債： | ||||||||
| 應付賬款 | $ | 83,768 | $ | 79,394 | ||||
| 應計薪酬和休假 | 6,870 | 6,510 | ||||||
| 長期債務的當前部分 | 3,057 | 3,123 | ||||||
| 其他 | 18,450 | 15,149 | ||||||
| 流動負債總額 | 112,145 | 104,176 | ||||||
| 長期負債： | ||||||||
| 長期債務，淨額 | 109,675 | 116,383 | ||||||
| 經營租賃負債 | 9,573 | 10,312 | ||||||
| 遞延所得稅負債 | 74 | 263 | ||||||
| 其他長期債務 | 124 | 219 | ||||||
| 長期負債總額 | 119,446 | 127,177 | ||||||
| 負債總額 | 231,591 | 231,353 | ||||||
| 股東權益： | ||||||||
| 普通股，無面值——授權股數爲25,000股；已發行和流通的股票分別爲10,762股和10,762股 | 47,351 | 47,284 | ||||||
| 留存收益 | 78,045 | 76,921 | ||||||
| 累計其他綜合收益（虧損） | (1,053) | (215) | ||||||
| 股東權益總額 | 124,343 | 123,990 | ||||||
| 負債和股東權益總額 | $ | 355,934 | $ | 355,343 | ||||
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KEY TRONIC CORPORATION AND SUBSIDIARIES Reconciliation of GAAP to non-GAAP measures (In thousands, except per share amounts) (Unaudited) | |||||||
| Three Months Ended | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| GAAP net income | $ | 1,124 | $ | 335 | |||
| Gain on insurance proceeds (net of losses) | — | (431) | |||||
| Stock-based compensation expense | 67 | 59 | |||||
| Income tax effect of non-GAAP adjustments (1) | (13) | 74 | |||||
| Adjusted net income: | $ | 1,178 | $ | 37 | |||
| Adjusted net income per share — non-GAAP Diluted | $ | 0.11 | $ | 0.00 | |||
| Weighted average shares outstanding — Diluted | 10,762 | 11,003 | |||||
| (1) Income tax effects are calculated using an effective tax rate of 20%, which approximates the statutory GAAP tax rate for the presented periods. | |||||||
| 主要的 TRONIC 公司和子公司 公認會計原則與非公認會計准則指標的對賬 （以千計，每股金額除外） （未經審計） | |||||||
| 三個月已結束 | |||||||
| 2024年9月28日 | 2023年9月30日 | ||||||
| GAAP 淨收入 | $ | 1,124 | $ | 335 | |||
| 保險收益收益（扣除虧損） | — | (431) | |||||
| 股票薪酬支出 | 67 | 59 | |||||
| 非公認會計准則調整的所得稅影響 (1) | (13) | 74 | |||||
| 調整後淨收益： | $ | 1,178 | $ | 37 | |||
| 調整後每股淨收益——非公認會計准則攤薄 | $ | 0.11 | $ | 0.00 | |||
| 加權平均已發行股票——攤薄 | 10,762 | 11,003 | |||||
| (1) 所得稅影響使用20％的有效稅率計算，該稅率近似於所列期間的法定GAAP稅率。 | |||||||
| CONTACTS: | Tony Voorhees | Michael Newman | ||
| Chief Financial Officer | Investor Relations | |||
| Key Tronic Corporation | StreetConnect | |||
| (509)-927-5345 | (206) 729-3625 |
| 聯繫人： | 託尼·沃爾希斯 | 邁克爾·紐曼 | ||
| 首席財務官 | 投資者關係 | |||
| Key Tronic 公司 | 街道連接 | |||
| (509) -927-5345 | (206) 729-3625 |
譯文內容由第三人軟體翻譯。
