Key Tronic Corporation Announces Late Filing For the Second Quarter of Fiscal Year 2021
February 10 2021 - 4:05PM
Key Tronic Corporation (Nasdaq: KTCC), a provider
of electronic manufacturing services (EMS), today announced the
Company is unable to file its Quarterly Report on Form 10-Q for the
quarter ended December 26, 2020 (the “Form 10-Q”) by the prescribed
due date without unreasonable effort or expense.
During the final preparation of the Form 10-Q, senior management
of the Company received a notification from an employee regarding
irregularities of the classification of inventory between raw
material and work-in-process at a production facility. Management
promptly reported the matter to the Audit Committee of the
Company’s Board of Directors (the “Audit Committee”), which
immediately took steps to commence an internal investigation. The
Audit Committee retained and continues to work diligently with
independent counsel and advisors to complete its internal
investigation as soon as possible. As a result, the Company has not
finalized its financial statements or its assessment of the
effectiveness of its disclosure controls and procedures and any
impact on its internal control over financial reporting relating to
the Form 10-Q. The Company is not in a position to file its Form
10-Q at this stage of the internal investigation and as the
Company’s independent public accounting firm undertakes its
required procedures. At this time, the Company does not anticipate
a material adverse impact on its historical financial
statements.
In addition, the Company is cooperating with the Securities and
Exchange Commission (the “SEC”) regarding the investigation and
related matters, and the Audit Committee intends to provide
additional information to the SEC as the investigation
proceeds.
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, China and Vietnam. The Company
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.
Some of the statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, those including such words as anticipates, continues,
expects, intends, similar verbs, or nouns corresponding to such
verbs, which may be forward looking. Forward-looking statements
also include other passages that are relevant to expected future
events, performances, and actions or that can only be fully
evaluated by events that will occur in the future. Forward-looking
statements in this press release include, without limitation, the
Company’s statements regarding its ability to file and the timing
of any such filing of the Form 10-Q and its expectations and its
and others' actions with respect to the investigation and related
matters expected financial conditions and results. There are many
factors, risks and uncertainties that could cause actual results to
differ materially from those predicted or projected in
forward-looking statements including, but not limited to, the
findings of the investigation, the actions by the SEC, accountants
and other third parties, finalization of its financial statements
and controls review, and factors, risks, and uncertainties detailed
from time to time in the Company’s SEC filings.
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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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