secwatch.observer — SEC 8-K summary
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Issuer:     KEY TRONIC CORP (KTCC)
CIK:        0000719733
Form:       8-K
Filed at:   2024-10-10T23:59:59+00:00
Accession:  0000719733-24-000107
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719733/000071973324000107/0000719733-24-000107-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719733/000071973324000107/ktcc-20241009.htm
  HTML page:      https://secwatch.observer/filing/0000719733-24-000107

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