-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UFDETKwtOcodPRedoioCI+pJEMmcT1OVYTdpVG0axIeDNXAGD/2izORaU3ZABumi lguqUwNULoHNcbm4I8cjeQ== 0001042167-05-000113.txt : 20050414 0001042167-05-000113.hdr.sgml : 20050414 20050414172527 ACCESSION NUMBER: 0001042167-05-000113 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050412 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050414 DATE AS OF CHANGE: 20050414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRATTEC SECURITY CORP CENTRAL INDEX KEY: 0000933034 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 391804239 STATE OF INCORPORATION: WI FISCAL YEAR END: 0627 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25150 FILM NUMBER: 05751581 BUSINESS ADDRESS: STREET 1: 3333 WEST GOOD HOPE ROAD CITY: MILWAUKEE STATE: WI ZIP: 53209 BUSINESS PHONE: 4142473333 MAIL ADDRESS: STREET 1: 3333 W GOOD HOPE ROAD CITY: MILWAUKEE STATE: WI ZIP: 53209 8-K 1 strattecapril2005form8-k.htm STRATTEC APRIL 2005 FORM 8-K STRATTEC April 2005 Form 8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

__________________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 12, 2005


STRATTEC SECURITY CORPORATION
(Exact name of registrant as specified in its charter)

Wisconsin
(State or other jurisdiction of incorporation)

0-25150
  
39-1804239
(Commission File Number)
  
(I.R.S. Employer I.D. Number)

 
3333 West Good Hope Road
Milwaukee, WI
  
 
 
53209
(Address of Principal Executive Offices)
  
(Zip Code)

(414) 247-3333
(Registrant's telephone number; including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
    o    Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
 
    o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
 
    o    Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
 
    o    Pre-commencement communications pursuant to Rule 13e-4(c) under the
       Exchange Act (17 CFR 240.13e-4(c))

 
Item 2.02. Results of Operations and Financial Condition

On April 12, 2005, STRATTEC SECURITY CORPORATION issued a press release (the "Press Release") announcing results for the fiscal third quarter ended March 27, 2005. A copy of the Press Release is attached as Exhibit 99.1 to this report. The attached Exhibit 99.1 is furnished pursuant to Item 2.02 of Form 8-K.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.


Item 9.01. Financial Statements and Exhibits

(c) Exhibits

The following exhibit is furnished herewith:
 
        99.1--Press Release of STRATTEC SECURITY CORPORATION, issued April 12, 2005.

2
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

STRATTEC SECURITY CORPORATION
Date: April 14, 2005
BY /s/ Patrick J. Hansen_______________
Patrick J. Hansen, Vice President and
Chief Financial Officer
 
 
 
 
 EX-99.1 2 ex99-1toapril20058k.htm EXHIBIT 99.1 TO APRIL 2005 FORM 8-K Exhibit 99.1 to April 2005 Form 8-K


Exhibit 99.1
FOR RELEASE AT 3:00 PM CDT

Contact: Pat Hansen
Vice President and
Chief Financial Officer
414-247-3435
www.strattec.com

STRATTEC SECURITY CORPORATION
REPORTS FISCAL THIRD QUARTER RESULTS

Milwaukee, Wisconsin - April 12, 2005 -- STRATTEC SECURITY CORPORATION (NASDAQ:STRT) today reported operating results for the fiscal third quarter ended March 27, 2005.

Net sales for the Company's three months ended March 27, 2005 were $46.1 million, compared to net sales of $49.3 million for the three months ended March 28, 2004. Net income for the period was $3.7 million, compared to $4.4 million in the prior year quarter. Diluted earnings per share for the period were $.98 compared to $1.15 in the prior year quarter.

For the nine months ended March 27, 2005, net sales were $139.1 million compared to net sales of $143.7 million in the prior year period. Net income was $11.8 million compared to net income of $12.6 million and diluted earnings per share were $3.07 compared to $3.30 in the prior year.

Overall sales to STRATTEC’s largest customers decreased in the current quarter compared to the prior year quarter levels. Sales to DaimlerChrysler Corporation increased significantly during the current quarter to $13.1 million compared to $11.5 million due to additional product content. Sales to General Motors Corporation were $9.8 million compared to $11.9 million due to a combination of price reductions, discontinued models and lower production volumes on certain vehicles. Sales to Delphi Corporation were $6.8 million compared to $7.6 million due to pre-programmed price reductions and lower vehicle production volumes. Sales to Mitsubishi Motor Manufacturing of America were $1.1 million compared to $1.6 million due to lower vehicle production volumes. Sales to Ford Motor Company were $8.3 million compared to $8.8 million due to pre-programmed price reductions and lower vehicle production volumes. Sales to AutoAlliance International, Ford Motor Company's joint venture assembly plant with Mazda, were $667,000 in the current quarter. AutoAlliance is a new customer for STRATTEC. Reduced aftermarket and industrial sales represent the remaining decrease in the current quarter's overall sales..

Gross profit margins were 22.1 percent in the current quarter compared to 24.7 percent in the prior year quarter. The lower gross profit margins in the current year quarter were primarily the result of higher raw material costs for brass, zinc and magnesium, lower production volumes and a less favorable overall sales mix.

Operating expenses were $4.8 million in the current quarter, compared to $5.1 million in the prior year quarter.

Provision for income taxes in the current quarter includes a State refund claim recovery that positively impacted earnings per share by $.03.

During the third quarter, STRATTEC repurchased 44,800 shares of its common stock under the Company’s stock repurchase program at a cost of approximately $2.6 million.



STRATTEC designs, develops, manufactures and markets mechanical locks, electro-mechanical locks, latches, and related access control products for global automotive manufacturers. Its products are shipped to customers in the United States, Mexico, Europe and South America. The Company's history in the automotive business spans more than 95 years.

Certain statements contained in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “planned,” “potential,” “should,” “will,” and “would.” Such forward-looking statements in this release are inherently subject to many uncertainties in the Company’s operations and business environment. These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company’s and its customers’ products, competitive and technological developments, customer purchasing actions, foreign currency fluctuations, and costs of operations. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release. In addition, such uncertainties and other operational matters are discussed further in the Company’s quarterly and annual filings with the Securities and Exchange Commission.

2


STRATTEC SECURITY CORPORATION
Results of Operations
(In Thousands except per share amounts)


   
Third Quarter Ended
  
Nine Months Ended
  
   
March 27, 2005
  
March 28, 2004
  
March 27, 2005
  
March 28, 2004
  
   
(Unaudited)
  
(Unaudited)
  
                   
Net Sales
  
$
46,102
  
$
49,266
  
$
139,129
  
$
143,700
  
                           
Cost of Goods Sold
    
35,892
    
37,082
    
106,700
    
108,956
  
                           
Gross Profit
    
10,210
    
12,184
    
32,429
    
34,744
  
                           
Engineering, Selling &
                         
Administrative Expenses
    
4,822
    
5,132
    
14,836
    
15,033
  
                           
Income from Operations
    
5,388
    
7,052
    
17,593
    
19,711
  
                           
Interest Income
    
326
    
112
    
742
    
289
  
                           
Interest Expense
    
--
    
--
    
--
    
--
  
                           
Other Income (Expense), Net
    
(50
)
  
(49
)
  
109
    
237
  
                           
     
5,664
    
7,115
    
18,444
    
20,237
  
                           
Provision for Income Taxes
    
1,933
    
2,668
    
6,662
    
7,589
  
                           
                           
Net Income
  
$
3,731
  
$
4,447
  
$
11,782
  
$
12,648
  
                           
Earnings Per Share:
                          
Basic
  
$
.98
  
$
1.17
  
$
3.10
  
$
3.35
  
Diluted
  
$
.98
  
$
1.15
  
$
3.07
  
$
3.30
  
                           
Average Basic
                          
Shares Outstanding
    
3,798
    
3,802
    
3,803
    
3,775
  
                           
Average Diluted
                          
Shares Outstanding
    
3,815
    
3,873
    
3,836
    
3,838
  
                           
Other
                          
Capital Expenditures
  
$
1,435
  
$
528
  
$
3,455
  
$
3,550
  
Depreciation & Amortization
  
$
1,759
  
$
1,883
  
$
5,440
  
$
5,842
  

3


STRATTEC SECURITY CORPORATION
Condensed Balance Sheet Data
(In Thousands)


           
   
March 27, 2005
  
June 27, 2004
  
   
(Unaudited)
      
ASSETS
          
Current Assets:
          
  Cash and cash equivalents
  
$
51,357
  
$
54,231
  
  Receivables, Net
    
28,793
    
30,931
  
  Inventories
    
11,759
    
8,361
  
  Other current assets
    
9,943
    
10,903
  
Total Current Assets
    
101,852
    
104,426
  
Investment in Joint Venture
    
1,349
    
1,336
  
Prepaid Pension Obligation 
    
605
    
--
  
Property, Plant and Equipment, Net
    
29,327
    
31,428
  
 
  
$
133,133
  
$
137,190
  
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
      
Current Liabilities:
              
 Accounts Payable
  
$
16,409
  
$
18,787
  
Other
    
13,852
    
16,497
  
Total Current Liabilities
    
30,261
    
35,284
  
Borrowings Under Revolving Credit Facility
    
--
    
--
  
Deferred Income Taxes 
    
543
    
543
  
Accrued Pension and Post Retirement  Obligations
    
5,096
    
11,511
  
Shareholders’ Equity
    
216,874
    
200,713
  
Accumulated Other Comprehensive Loss
    
(5,348
)
  
(5,385
)
Less: Treasury Stock
    
(114,293
)
  
(105,476
)
Total Shareholders’ Equity
    
97,233
    
89,852
  
   
$
133,133
  
$
137,190
  


4



 -----END PRIVACY-ENHANCED MESSAGE-----