KEY TRONIC CORP (KTCC): auditor change — 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.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

KEY TRONIC CORP reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

concluded that the following previously issued financial statements of the Company should no longer be relied upon

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Source: SEC EDGAR

accession 0000719733-24-000107

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