18 unchanged sentences
This international production capability provides our customers with the benefits of improved supply-chain management, reduced inventory, lower labor costs, lower transportation costs, and reduced product fulfillment time.
+Added: We are also planning to significantly increase production capacity in our Arkansas and Vietnam facilities in order to continue to benefit from the growing customer demand for rebalancing their contract manufacturing.
+Added: We believe these initiatives should help mitigate the adverse impact and uncertainties surrounding the recently announced tariffs on goods manufactured in China and Mexico.
Given our competitive advantages and the growing pressure for new potential customers to move forward with their outsourcing strategies, we feel that we are strongly positioned to win new business in coming periods and grow our revenue and profits.
The contract manufacturing industry is intensely competitive.
−Removed: Although our customer base is growing, we still have less than 1% of the potential global market and our revenue can fluctuate significantly due to reliance on a concentrated base of customers.
+Added: We have less than 1% of the potential global market and our revenue can fluctuate significantly due to reliance on a concentrated base of customers.
We are planning for new customer growth in the coming quarters by seeking to secure new programs with new and existing customers, increase our worldwide manufacturing capacity, leverage further our design engineering capabilities and continue to improve our manufacturing and procurement processes and capabilities.
Ongoing challenges that we face include but are not limited to the following:
−Removed: continuing to win programs from new and existing customers, balancing capital employed, production capacity and key personnel in support of new customer programs, improving operating efficiencies, controlling costs while developing competitive pricing strategies, and successfully transitioning new program wins to full production.
+Added: continuing to win programs from new and existing customers, balancing capital employed, production capacity and key personnel in support of new customer programs, improving operating efficiencies, controlling costs while developing competitive pricing strategies, and successfully transitioning new program wins to full production with minimal delays.
Customers and Marketing
4 unchanged sentences
Sales can, however, fluctuate significantly between quarters from changes in customers and customer demand due to the concentration of sales generated by our largest customers.
−Removed: For the fiscal years 2024, 2023, and 2022, the five largest customers in each year accounted for 34 percent, 35 percent, and 39 percent of combined total net sales, respectively.
+Added: For the fiscal years 2025 and 2024 the five largest customers in each year accounted for 48 percent, and 34 percent of combined total net sales, respectively.
We aim to diversify our customer base by adding additional programs and customers.
2 unchanged sentences
Percentage of Net Sales by Fiscal Year
−Removed: 2024 2023 2022
Customer A 25% 20%
−Removed: Customer B * * 13%
There can be no assurance that the Company’s principal customers will continue to purchase products from the Company at current levels.
21 unchanged sentences
There are numerous competitors in the contract manufacturing industry, many of which have substantially more resources and are more geographically diverse than we are.
−Removed: Some of our competitors have similar international production capabilities, large financial resources and some have
−Removed: substantially greater manufacturing, research and development, and marketing resources.
+Added: Some of our competitors have similar international production capabilities, large financial resources and some have substantially greater manufacturing, research and development, and marketing resources.
There is also competition from the manufacturing operations of our current and potential customers, who are continually evaluating the merits of manufacturing their products internally versus the advantages of outsourcing.
7 unchanged sentences
We also maintain share-based compensation plans and other long-term incentive plans for certain employees and outside directors.
−Removed: As of June 29, 2024, we had 4,122 full-time employees compared to 5,447 on July 1, 2023.
+Added: As of June 28, 2025, we had 3,539 full-time employees compared to 4,122 on June 29, 2024.
+Added: This headcount reduction is related to active efforts to streamline our operations, optimize our cost structure, and become more cost competitive in new quote opportunities.
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 June 29, 2024, our order backlog was valued at approximatel y $249.6 million, compared to approximately $343.0 million on July 1, 2023.
+Added: On June 28, 2025, our order backlog was valued at approximatel y $159.1 million, compared to approximately $249.6 million on June 29, 2024.
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 11 - “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.
+Added: Information concerning net sales and long-lived assets (property, plant, and equipment) by geographic areas is set forth in Note 11 - “Segment Information and 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
86 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.