|Over a week ago|
Key Tronic receives noncompliance notice from Nasdaq » 16:4702/1802/18/21
Key Tronic received a…
Key Tronic received a standard notice from Nasdaq indicating that, as a result of not having timely filed its quarterly report on Form 10-Q for the quarter ended December 26, 2020, the company is not in compliance with Nasdaq Listing Rule 5250, which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. The Nasdaq notice has no immediate effect on the listing or trading of the company's common stock on the Nasdaq Global Market. Under Nasdaq's listing rules, the company has 60 calendar days from the date of the notice to submit a plan to regain compliance. If the plan is accepted by Nasdaq, then Nasdaq can grant the company up to 180 calendar days from the due date of the Form 10-Q to regain compliance. The company is working diligently to file its Form 10-Q within the timeline prescribed by Nasdaq.
|Over a quarter ago|
Key Tronic says Mexico facilities successfully resume operations » 18:3704/2704/27/20
Key Tronic announced the…
Key Tronic announced the company has successfully resumed operations in its Juarez, Mexico facilities after announcing the temporary closure of these production facilities as a result of new restrictions by the Mexican government last week. Operations resumed April 27 after successfully petitioning the Mexican government to recognize the essential nature of products the company manufactures. Currently, the company is ramping operations back up in Mexico while continuing to focus on protecting the health of all of employees by adhering to current health guidelines.
Key Tronic announces temporary closure of Juarez, Mexico facilities » 12:0404/2304/23/20
Key Tronic Corporation…
Key Tronic Corporation announced the temporary closure of its Juarez, Mexico production facilities as a result of new restrictions by the Mexican government, which could potentially last until May 30, 2020. The company said, "On Tuesday, April 21, 2020, the Mexican government began closing certain manufacturing facilities in Mexico that it believes do not manufacture essential products that are sold directly to Mexican government agencies or businesses within Mexico. Although under U.S. regulations Key Tronic has been classified as an Essential Critical Infrastructure Employer and its Juarez facilities do manufacture essential products which are sold back into Mexico, the Mexican government's shutdown included the Company's Juarez facilities. Like some other companies similarly situated, the Company is petitioning the Mexican government to have its Juarez facilities reopened as soon as possible.Depending on the length of the closure of the Juarez facilities, the Company's financial results could be materially and adversely affected due to the shutdown. The Company plans to report on, among other things, this development and its potential effects, as well as its financial results for and condition at the end of the third quarter of fiscal 2020, on April 28, 2020."
Key Tronic announces preliminary Q3 EPS 7c-9c, Q3 revenue of $111M » 15:5604/0904/09/20
The company added that…
The company added that the lower than anticipated revenue and earnings for the third quarter of fiscal 2020 are primarily a result of disruptions to supply chains in China caused by the COVID-19 crisis, which delayed the arrival of key components. In addition, earnings in the third quarter of 2020 were impacted by a write down of $0.6M of receivables from an already struggling customer that was impacted by the pandemic, decreasing earnings per share by approximately 4c per share. "Despite the COVID-19 crisis, demand from many customers has remained strong and some customers have significantly increased their demand, including programs for home-consumer products, healthcare and home exercise equipment. In addition, Key Tronic currently has programs producing subassemblies for personal respirators and is in discussions with potential customers for ventilator manufacturing, driven by the growing global need for these critical healthcare products." For Q4, Key Tronic expects to report increased revenue to a range of $120M-$130M. These estimates assume China continues to recover from the COVID-19 crisis, including production and supply of key components for the company's business, and the company's production facilities in Mexico, the U.S., and Vietnam continue to operate without significant disruptions.