27 unchanged sentences
We provide the following services:
−Removed: product design, surface mount technologies (SMT) and pin through hole capability for printed circuit board assembly, tool making, precision plastic molding, sheet metal fabrication and painting, liquid injection molding, complex assembly, automated tape winding, prototype design and full product assembly.
+Added: product design, surface mount technologies (SMT) and pin through hole capability for printed circuit board assembly, tool making, precision plastic molding, sheet metal fabrication and painting, liquid injection molding, complex assembly, prototype design and full product assembly.
Sales of the majority of our products have not historically been seasonal in nature, but may be seasonal in the future if there are changes in the types of products manufactured.
3 unchanged sentences
We expect net sales to our five largest customers as a percentage of total net sales to approximate current levels going forward.
−Removed: The following table represents the only customer that represented 10% or more of total net sales during the last three fiscal years:
+Added: The following table summarizes the customers that represented 10% or more of total net sales during the last three fiscal years:
Percentage of Net Sales by Fiscal Year
1 unchanged sentence
Customer A 13% * *
+Added: Customer B 12% 24% 18%
There can be no assurance that the Company’s principal customers will continue to purchase products from the Company at current levels.
9 unchanged sentences
We use a variety of manual and automated assembly processes in our facilities, depending upon product complexity and degree of customization.
−Removed: Some examples of automated processes include component insertion, SMT, selective soldering, flexible robotic assembly, automated storage tape winding, computerized vision system quality inspection, laser turrets, automated switch and key top installation, robotic welding, automated powder coat application, and automated functional testing.
+Added: Some examples of automated processes include component insertion, SMT, selective soldering, flexible robotic assembly, computerized vision system quality inspection, laser turrets, automated switch and key top installation, robotic welding, automated powder coat application, and automated functional testing.
Our engineering expertise and automated manufacturing processes enable us to work closely with our customers during the design and prototype stages of production and to jointly increase productivity and reduce response time to the marketplace.
19 unchanged sentences
We also maintain share based compensation plans and other long-term incentive plans for certain employees and outside directors.
−Removed: As of July 3, 2021 we had 5,450 full-time employees compared to 5,741 on June 27, 2020, and 4,067 on June 29, 2019.
+Added: As of July 2, 2022, we had 4,897 full-time employees compared to 5,450 on July 3, 2021, and 5,741 on June 27, 2020.
Since we can have significant fluctuations in product demand, we seek to maintain flexibility in our workforce by utilizing skilled temporary labor in some of our manufacturing facilities in addition to full-time employees.
−Removed: On July 31, 2021 our order backlog was valued at approximately $303.2 million, compared to approximately $215.3 million on July 25, 2020.
+Added: On July 30, 2022, our order backlog was valued at approximatel y $407.8 million, compared to approximately $303.2 million on July 31, 2021.
The amount of backlog is not necessarily indicative of future sales but can be indicative of trends in expected future sales revenue.
3 unchanged sentences
Foreign Markets
−Removed: Information concerning net sales and long-lived assets (property, plant, and equipment) by geographic areas is set forth in Note 12, “Enterprise-Wide Disclosures” of the consolidated financial statements of this Annual Report on Form 10-K and that information is incorporated herein.
+Added: Information concerning net sales and long-lived assets (property, plant, and equipment) by geographic areas is set forth in Footnote “Enterprise-Wide Disclosures” of the “Notes to Consolidated Financial Statements” of this Annual Report on Form 10-K and that information is incorporated herein by reference.
Governmental Regulation
2 unchanged sentences
However, material costs and liabilities may arise from these requirements or from new or modified requirements, which could have a material adverse effect on our business and results of operations.
−Removed: Executive Officers of the Registrant
+Added: Information about Our Executive Officers.
The table below sets forth the name, current age and current position of our executive officers and other significant employees:
6 unchanged sentences
Knaggs 41 Executive Vice President of Quality and Information Systems
−Removed: Orebaugh 50 Vice President of Engineering
−Removed: Thomas Despres 59 Vice President of Southwest Operations
+Added: Orebaugh 51 Executive Vice President of Engineering
Mark Courtney 56 Vice President of Supply Chain
6 unchanged sentences
From 1982 to 1991 he held various engineering and management positions within the Microswitch Division of Honeywell, Inc., in Freeport, Illinois, and from 1991 to October 1994 he served as Director of Operations, Electronics for Microswitch.
−Removed: Gates has a Bachelor of Science Degree in Mechanical Engineering and a Masters in Business Administration from the University of Illinois, Urbana.
+Added: Gates has a Bachelor of Science Degree in Mechanical Engineering and a Master’s in Business Administration from the University of Illinois, Urbana.
LARSEN – Executive Vice President of Administration, Chief Financial Officer, and Treasurer
40 unchanged sentences
He has a Bachelor of Science degree in Mechanical Engineering with a minor in mathematics from the University of Washington.
−Removed: OREBAUGH – Vice President of Engineering
−Removed: Orebaugh, age 50, has been Vice President of Engineering since April 2017.
+Added: OREBAUGH – Executive Vice President of Engineering
+Added: Orebaugh, age 51, has been Executive Vice President of Engineering since September 2021.
+Added: Previously he served as Vice President of Engineering since April 2017.
Prior to this, Mr.
4 unchanged sentences
Orebaugh holds a BA in Mechanical Engineering from Gonzaga University.
−Removed: THOMAS DESPRES – Vice President of Southwest Operations
−Removed: Thomas Despres, age 59, has been Vice President of Southwest Operations since November 2017.
−Removed: Prior to joining Key Tronic, Mr.
−Removed: Despres worked for Gates Corporation as Plant General Manager from July 2017 to November 2017.
−Removed: From 2016 to 2017, he was self-employed and from 2012 to 2016 he was employed by Flextronics as Vice President Global Account Management.
−Removed: He has an MBA from Campbell University, and a BBA, Production Management from Ohio University in Athens.
MARK COURTNEY – Vice President of Supply Chain
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.