Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock is traded on the NASDAQ Global Market, formerly the NASDAQ National Market System under the symbol “KTCC.” Quarterly high and low sales prices for our common stock for fiscal years 2021 and 2020 were as follows:
2021 2020
High Low High Low
First Quarter $ 10.22 $ 5.04 $ 6.62 $ 4.83
Second Quarter 10.48 7.05 6.48 5.27
Third Quarter 9.48 6.75 6.99 2.51
Fourth Quarter 8.35 6.35 5.45 2.59
High and low stock prices are based on the daily sales prices reported by the NASDAQ Stock Market. These quotations represent prices between dealers without adjustment for markups, markdowns, and commissions, and may not represent actual transactions.
Holders and Dividends
As of July 3, 2021, we had 634 shareholders of common stock on record. As a result of our credit agreements, we are restricted from declaring or paying dividends in cash or stock without the Bank’s prior written consent. We have not paid a cash dividend and do not anticipate payment of dividends in the foreseeable future.
Equity Compensation Plan Information
Information concerning securities authorized for issuance under our equity compensation plans is set forth in Part III, Item 12 of this Annual Report, under the caption “Securities Authorized for Issuance under Equity Compensation Plans”, and that information is incorporated herein by reference.
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Performance Graph
Set forth below is a line graph comparing the cumulative total shareholder return on our common stock with the cumulative total return of the NASDAQ Stock Market (U.S. & Foreign) Index and the NASDAQ Electronic Components Index in fiscal 2021.
7/2/2016 7/1/2017 6/30/2018 6/29/2019 6/27/2020 7/3/2021
Key Tronic Corporation 100.00 95.94 102.57 67.39 71.18 88.63
NASDAQ Composite 100.00 128.30 158.57 170.91 216.96 315.10
NASDAQ Electronic Components 100.00 143.41 189.68 189.47 257.25 416.87
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Item 6: SELECTED FINANCIAL DATA
The following selected data is derived from our audited consolidated financial statements and should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the consolidated financial statements and related notes, and other information included in this report.
Financial Highlights
(In thousands, except for Supplemental Data and Per Share Amounts)
Fiscal Year Ended
July 3, 2021 June 27, 2020 June 29, 2019 June 30, 2018 July 1, 2017
Consolidated Statements of Operations Data :
Net sales $ 518,698 $ 449,480 $ 464,044 $ 446,322 $ 467,797
Gross profit 42,039 35,249 34,601 34,169 38,300
Gross margin percentage 8.1 % 7.8 % 7.5 % 7.7 % 8.2 %
Operating income (loss) 9,526 6,828 (5,958) 1,114 9,544
Operating margin percentage 1.8 % 1.5 % (1.3) % 0.2 % 2.0 %
Net income (loss) 4,341 4,758 (7,982) (1,325) 5,617
Net income (loss) per share – diluted 0.39 0.44 (0.74) (0.12) 0.51
Consolidated Cash Flow Data :
Cash flows provided by (used in) operations (3)
(15,052) (31,004) 919 3,122 2,284
Capital expenditures 10,602 8,623 8,386 4,523 9,307
Consolidated Balance Sheet Data :
Net working capital (1)
172,547 130,545 104,695 95,607 100,440
Total assets 361,846 304,861 238,310 246,528 232,840
Long-term liabilities 111,436 77,085 30,447 29,534 38,520
Shareholders’ equity 123,705 115,557 114,459 118,081 116,567
Book value per share (2)
$ 11.49 $ 10.74 $ 10.64 $ 10.97 $ 10.83
Supplemental Data :
Number of shares outstanding at year-end 10,761,871 10,759,680 10,759,680 10,759,680 10,759,680
Number of employees at year-end 5,450 5,741 4,067 4,701 5,038
Approximate square footage of operational facilities 1,925,300 1,809,300 1,816,300 1,837,300 1,760,000
(1) Net working capital is defined as total current assets less total current liabilities. Net working capital measures the portion of current assets that are financed by long term funds and is an indicator of short term financial management.
(2) Book value per share is defined as total shareholders’ equity divided by the number of shares outstanding at the end of the fiscal year.
(3) Reflects the retrospective adoption of ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, during the year ended June 29, 2019. Please refer to Capital Resources and Liquidity section for further information.
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