EFFECTIVE SEPTEMBER 5, 2018
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) September 5, 2018
Key Tronic Corporation
(Exact name of registrant as specified in its charter)
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Washington
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0-11559
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91-0849125
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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4424 North Sullivan Road, Spokane Valley, Washington
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99216
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code (509) 928-8000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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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.
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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On September 5, 2018, Key Tronic Corporation issued a press release, which included certain updated financial information relating to the fiscal quarter and year ended June 30, 2018. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 8.01 OTHER EVENTS
On September 5, 2018, Key Tronic Corporation issued a press release announcing that it has been awarded $6.7 million following the conclusion of a previously disclosed arbitration proceeding, which the Company commenced in the second fiscal quarter of fiscal year 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K including the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any filing of Key Tronic Corporation under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as set forth by specific reference in such a filing.
ITEM 8.01 OTHER EVENTS
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Exhibit Number
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Description
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99.1
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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KEY TRONIC CORPORATION
(Registrant)
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Date: September 5, 2018
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By:
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/s/ Brett R. Larsen
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Brett R. Larsen, Executive Vice President
of Administration, CFO and Treasurer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
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CONTACTS:
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Brett Larsen
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Michael Newman
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Chief Financial Officer
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Investor Relations
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Key Tronic Corporation
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StreetConnect
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(509) 927-5500
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(206) 729-3625
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KEY TRONIC CORPORATION AWARDED
$6.7 MILLION IN ARBITRATION PROCEEDING
Spokane Valley, WA— September 5, 2018 — Key Tronic Corporation
(Nasdaq: KTCC), a world class provider of electronic manufacturing services (EMS), today announced that it was awarded $6.7 million following the conclusion of a previously disclosed arbitration proceeding, which the Company commenced in the second quarter of fiscal year 2017.
This award resolves a dispute with a former customer involving approximately $9 million in inventory purchased and approximately $1 million in outstanding accounts receivables and other related fees and costs that the Company believed to be reimbursable.
The Company has determined this award to be a “subsequent event” to its fiscal year 2018. This event, including all related disposal fees, will result in an approximately $3.4 million one-time adverse impact to fiscal year 2018 net income, with additional disclosures included in the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2018. For the fourth quarter of fiscal year 2018, the Company with the inclusion of the impact of this event is expected to report a net loss of approximately $(2.1) million and a net loss of $(1.3) million for the full fiscal year 2018.
Collection of the arbitration award is expected to be cash positive for the Company as the inventory has been previously paid for.
About Key Tronic
Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico and China. Key Tronic 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. For more information about Key Tronic visit: www.keytronic.com.
Safe Harbor Statement
Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to the arbitration process, the arbitration award, and the financial impact of those items on the Company. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects, will or targets, and nouns corresponding to such verbs. Forward-looking statements also include other passages that are primarily relevant to expected future events or performance or that can only be fully evaluated by events that will occur in the future, including due to actions by third parties out of the Company’s control. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, such as actions by third parties relating to the arbitration award (including its payment), as well as other risks and uncertainties detailed from time to time in the Key Tronic’s SEC filings, including its most recent annual report and subsequent quarterly and current reports.