Equity (Loss) Earnings of Joint Ventures (Tables)

12 Months Ended

Jun. 28, 2015

VAST LLC

Summarized Statements of Operations and Balance Sheet Data

The following are summarized statements of operations and summarized balance sheet data for VAST LLC (thousands of dollars):

	Years Ended
	June 28, 2015		June 29, 2014		June 30, 2013
Net sales	$	124,929	$	111,844	$	92,388
Cost of goods sold		105,132		94,701		76,759
Gross profit		19,797		17,143		15,629
Engineering, selling and administrative expense		16,155		14,169		17,270
Income (loss) from operations		3,642		2,974		(1,641	)
Other income, net		123		1,809		497
Income (loss) before provision for Income taxes		3,765		4,783		(1,144	)
Provision (benefit) for income taxes		41		810		(690	)
Net income (loss)	$	3,724	$	3,973	$	(454	)
STRATTEC’s share of VAST LLC net
Income (loss)	$	1,241	$	1,324	$	(151	)
Intercompany profit eliminations		10		—		4
STRATTEC’s equity earnings (loss) of VAST LLC	$	1,251	$	1,324	$	(147	)

		June 28,  2015		June 29, 2014
Cash and cash equivalents	$	5,792	$	8,267
Receivables, net		23,511		24,907
Inventories, net		13,792		12,649
Other current assets		12,479		7,720
Total current assets		55,574		53,543
Property, plant and equipment, net		26,070		23,949
Other long-term assets		15,413		2,779
Total assets	$	97,057	$	80,271
Current liabilities	$	43,605	$	44,436
Long-term liabilities		7,212		6,571
Total liabilities	$	50,817	$	51,007
Net assets	$	46,240	$	29,264
STRATTEC’s share of VAST LLC net assets	$	15,413	$	9,755

STRATTEC Advanced Logic, LLC (formerly known as NextLock LLC)

Summarized Statements of Operations and Balance Sheet Data

The following are summarized statements of operations and summarized balance sheet data for STRATTEC Advanced Logic (thousands of dollars):

	Years Ended
	June 28, 2015			June 29, 2014			June 30, 2013
Net sales	$	49		$	—		$	—
Cost of goods sold		450			—			—
Gross profit (loss)		(401	)		—			—
Engineering, selling and administrative expense		1,492			720			153
Income (loss) from operations		(1,893	)		(720	)		(153	)
Other income (expense), net		(4	)		-			-
Net income (loss)	$	(1,897	)	$	(720	)	$	(153	)
STRATTEC’s share of STRATTEC Advanced Logic, LLC loss	$	(1,328	)	$	(367	)	$	(78	)
Loss on Guarantee of STRATTEC Advanced Logic, LLC Vendor Contract		(123	)		—			—
Loss on Loan to STRATTEC Advanced Logic, LLC		(100	)		—			—
Loss on Guarantee of STRATEC Advanced Logic, LLC Credit facility		(488	)		—			—
STRATTEC’s equity loss of STRATTEC Advanced Logic, LLC	$	(2,039	)	$	(367	)	$	(78	)

	June 28, 2015			June 29, 2014
Cash and cash equivalents	$	71		$	611
Receivables, net		14			-
Inventories, net		246			-
Property, plant and equipment, net		-			20
Total assets	$	331		$	631
Current liabilities	$	1,600		$	4
Net (liabilities) assets	$	(1,269	)	$	627
STRATTEC’s share of STRATTEC Advanced Logic, LLC net (liabilities) assets	$	(647	)	$	320

VAST LLC and STRATTEC Advanced Logic, LLC

Summarize of Related Party Transaction

We have sales of component parts to VAST LLC and STRATTEC Advanced Logic, LLC, purchases of component parts from VAST LLC, expenses charged to VAST LLC for engineering and accounting services and expenses charged from VAST LLC for general headquarter expenses. The following tables summarize the related party transactions with VAST LLC and STRATTEC Advanced Logic LLC for the periods indicated (thousands of dollars):

		2015		2014		2013
Sales to VAST LLC	$	2,298	$	231	$	141
Sales to STRATTEC Advanced Logic, LLC	$	157	$	—	$	—
Purchases from VAST LLC	$	164	$	233	$	219
Expenses charged to VAST LLC	$	832	$	743	$	517
Expenses charged from VAST LLC	$	1,825	$	1,261	$	729

	June 28, 2015		June 29, 2014
Accounts receivable from VAST LLC	$	118	$	119
Accounts receivable from STRATTEC
Advanced Logic, LLC (A)	$	278	$	—
Current loan receivable from STRATTEC
Advanced Logic, LLC (A)	$	100	$	—
Long-term loan receivable from VAST LLC	$	500	$	285
Accounts payable to VAST LLC	$	267	$	98

(A) Based on the current financial position of STRATTEC Advanced Logic, LLC, a valuation reserve has been established as of June 28, 2015 for the full amount of the receivable balance.