KEY TRONIC CORP
For the period ended Mar 29, 2025. Filed May 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2025 · Filed May 13, 2025
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-28; filed 2025-02-07.
0000719733-25-000011
Item 1A. Risk FactorsOther InformationCurrent report: 10-Q
Period ended 2025-03-29; filed 2025-05-13.
0000719733-25-000024
Item 1A. Risk FactorsOther InformationThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 5 previous paragraphs and 11 current paragraphs.
5 unchanged; 0 reworded; 6 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (6)
Current report
As part of its continuing effort to reduce costs, Key Tronic Corporation (the “Company”) announced on May 12, 2025 that its executive leadership team has agreed to a voluntary 10% temporary reduction in their base salaries, including with respect to the base salaries of Brett Larsen, the Company’s President and Chief Executive Officer, Anthony Voorhees, the Company’s Executive Vice President of Administration, Chief Financial Officer and Treasurer, and Philip Hochberg, the Company's Executive Vice President of Customer Relations and Integration. These voluntary salary reductions will go into effect on May 18, 2025 and will not modify other rights under any agreements or impact annual and long-term incentives, and benefit eligibility. In addition, the Company’s Board of Directors has elected to take a voluntary 10% temporary reduction in the amount of the annual cash retainer payable to each non-employee director of the Company.
Current report
On May 13, 2025, the Company, certain domestic subsidiaries (as co-borrowers or guarantors), Callodine, and certain financial institutions entered into a first amendment and limited waiver to the Term Loan (the “Term Amendment”). The Term Amendment waived an existing event of default relating to non-compliance with minimum required earnings before interest, depreciation, amortization, and other adjustments for the period ending March 29, 2025. The Term Amendment adds an additional reporting requirement, and requires minimum earnings before interest, taxes, depreciation, amortization, and other adjustments only if average daily availability for the applicable fiscal quarter is less than 12.5% of the combined borrowing base.
Current report
On May 13, 2025, the Company, certain domestic subsidiaries (as co-borrowers or guarantors), BMO Bank N.A, and certain financial institutions entered into a first amendment and limited waiver to the Credit Agreement (the “ Credit Amendment”). The Credit Amendment waived an existing event of cross-default that was created by the event of default on the Term Loan. The Credit Amendment adds an additional reporting requirement.
Current report
The foregoing description is not complete and is qualified in its entirety by reference to the Term Amendment and the Credit Amendment, which are filed herewith as Exhibit 10.1 and 10.2, respectively, and incorporated herein by reference.