Key Tronic restates FY2022-2023 and quarterly financials; revenue/COGS misclassification found

KEY TRONIC CORP

Audit Committee concludes FY2022, FY2023, and certain quarterly reports for 2022-2024 are no longer reliable due to misallocation of cost recovery.
Restatements will increase both revenue and cost of goods sold; gross profit, net income, and EPS are unchanged.
Company also identified ~$2.0M in Q4 FY2024 net-income adjustments tied to capitalized costs, business interruption insurance, and credit losses.
Review continues; the 2024 Form 10-K will incorporate the restated periods and these adjustments and is expected to be filed soon.

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