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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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0-25150 |
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39-1804239 |
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(Commission File Number) |
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(I.R.S. Employer I.D. Number) |
3333 West Good Hope Road
Milwaukee, WI |
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53209 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
(414) 247-3333 |
(Registrant's telephone number; including area code) |
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1 | ||
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2 | ||
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STRATTEC SECURITY CORPORATION | ||
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Date: July 29, 2003 | By: | /s/ Patrick J. Hansen |
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Patrick J. Hansen, Vice President and Chief Financial Officer |
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3 | ||
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1 | ||
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2 | ||
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3 | ||
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4 | ||
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Fourth Quarter Ended |
Years Ended | |||||||||||
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June 29, 2003 |
June 30, 2002 |
June 29, 2003 |
June 30, 2002 | |||||||||
(Unaudited) |
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Net Sales |
$ |
50,315 |
$ |
56,966 |
$ |
196,827 |
$ |
207,286 |
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Cost of Goods Sold |
38,918 |
44,612 |
151,468 |
163,370 |
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Gross Profit |
11,397 |
12,354 |
45,359 |
43,916 |
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Engineering, Selling & |
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Administrative Expenses |
5,388 |
5,048 |
19,613 |
19,644 |
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Income from Operations |
6,009 |
7,306 |
25,746 |
24,272 |
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Interest Income |
95 |
123 |
369 |
538 |
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Interest Expense |
- |
- |
- |
- |
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Other Income (Expense), Net |
71 |
7 |
(156 |
) |
(42 |
) | |||||||
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6,175 |
7,436 |
25,959 |
24,768 |
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Provision for Income Taxes |
2,285 |
2,751 |
9,605 |
9,164 |
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Net Income |
$ |
3,890 |
$ |
4,685 |
$ |
16,354 |
$ |
15,604 |
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Earnings Per Share: |
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Basic |
$ |
1.03 |
$ |
1.13 |
$ |
4.32 |
$ |
3.80 |
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Diluted |
$ |
1.02 |
$ |
1.11 |
$ |
4.24 |
$ |
3.73 |
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Average Basic |
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Shares Outstanding |
3,760 |
4,130 |
3,788 |
4,109 |
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Average Diluted |
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Shares Outstanding |
3,820 |
4,235 |
3,855 |
4,185 |
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Other |
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Capital Expenditures |
1,072 |
1,523 |
3,772 |
5,297 |
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Depreciation & Amortization |
1,970 |
2,040 |
7,854 |
8,270 |
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5 | ||
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June 29, 2003 |
June 30, 2002 | |||||
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
$ |
29,902 |
$ |
34,956 |
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Receivables, net |
31,173 |
27,860 |
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Inventories |
7,884 |
8,242 |
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Other current assets |
12,127 |
11,189 |
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Total Current Assets |
81,086 |
82,247 |
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Deferred Income Taxes |
1,973 |
469 |
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Investment in Joint Venture |
1,141 |
393 |
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Property, Plant and Equipment, Net |
33,894 |
38,531 |
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$ |
118,094 |
$ |
121,640 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current Liabilities: |
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Accounts Payable |
$ |
13,990 |
$ |
15,291 |
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Other |
15,819 |
16,234 |
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Total Current Liabilities |
29,809 |
31,525 |
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Borrowings Under Revolving Credit Facility |
- |
- |
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Accrued Pension and Post Retirement Obligations (A) |
19,190 |
15,448 |
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Shareholders Equity |
176,844 |
156,084 |
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Accumulated Other Comprehensive Loss |
(6,891 |
) |
(2,440 |
) | |||
Less: Treasury Stock |
(100,858 |
) |
(78,977 |
) | |||
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Total Shareholders Equity |
69,095 |
74,667 |
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$ |
118,094 |
$ |
121,640 |
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6 | ||
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