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):  October 18, 2007

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))

Section 2 - Financial Information

Item 2.02.  Results of Operations and Financial Condition.

   On October 18, 2007, STRATTEC SECURITY CORPORATION issued a press release (the "Press Release") announcing results for the fiscal first quarter ended September 30, 2007.  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.

Section 9 - Financial Statements and Exhibits

Item 9.01.  Financial Statements and Exhibits.

            (d)  Exhibits

                   99.1 -- Press Release of STRATTEC SECURITY CORPORATION, issued October 18, 2007.

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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:  October 19, 2007

BY    /s/ Patrick J. Hansen                                                                                               

Patrick J. Hansen, Senior Vice President

and Chief Financial Officer

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EX-99.1

Exhibit 99.1

FOR RELEASE AT 3:00 PM CDT

Contact:  Pat Hansen

Senior Vice President and

Chief Financial Officer

414-247-3435

www.strattec.com

STRATTEC SECURITY CORPORATION

REPORTS FISCAL FIRST QUARTER RESULTS

Milwaukee, Wisconsin – October 18, 2007 -- STRATTEC SECURITY CORPORATION (NASDAQ:STRT) today reported improved operating results for the fiscal first quarter ended September 30, 2007.

Net sales for the three months ended September 30, 2007 were $42.7 million compared to net sales of $38.1 million for the three months ended October 1, 2006.  Net income for the period was $2.4 million, compared to $.7 million in the prior year quarter.  Diluted earnings per share for the period were $.69 compared to $.21 in the prior year quarter.

Sales to STRATTEC’s largest customers overall increased in the current quarter compared to the prior year quarter.  Sales to General Motors Corporation in the current quarter were $12.5 million compared to $7.9 million in the prior year quarter due to higher product content on certain GM vehicles and the takeover of certain passenger car lockset production from another supplier.  Sales to Chrysler LLC were $10.6 million compared to $12.5 million and sales to Delphi Corporation were $4.0 million compared to $4.5 million due to reduced component content.  Sales to Ford Motor Company were $5.5 million compared to $4.6 million, due to higher product content and higher production on the vehicles we supply.  Sales during the month of September were weaker than anticipated for the above four customers.  Subsequently, these customers’ announced production cuts that will effect our 2^nd fiscal quarter ending December 30, 2007.

Gross profit margin was 19.6 percent in the current quarter compared to 13.9 percent in the prior year quarter.  The increase in gross profit margin was primarily attributed to a more favorable sales content mix, higher levels of production as a result of increased orders from some of our customers and price increases to recover higher purchased raw material costs.

Normal operating expenses were $5.8 million in the current quarter, compared to $5.1 million in the prior year quarter.   The increased spending is attributed to new product development and higher stock based compensation costs.

During the current quarter, the Company contributed $1.5 million to its Pension Fund and paid a special dividend of $1.00 per share and a quarterly dividend of $.15 per share that totaled $4.1 million.

At the Company’s 2007 Annual Meeting held October 9, 2007, STRATTEC shareholders re-elected Mr. Frank J. Krejci to the Company’s Board of Directors for an additional three-year term.

STRATTEC designs, develops, manufacturers and markets mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches and related access control products for North American automotive customers, and for global automotive manufacturers through the VAST Alliance in which it participates with WITTE Automotive of Velbert, Germany and ADAC Automotive of Grand Rapids, Michigan.  The Company’s history in the automotive business spans nearly 100 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.

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STRATTEC SECURITY CORPORATION

Results of Operations

(In Thousands except per share amounts)

	First Quarter Ended
	September 30, 2007		October 1, 2006
	(Unaudited)
Net Sales	$	42,739	$	38,050
Cost of Goods Sold		34,345		32,768
Gross Profit		8,394		5,282
Engineering, Selling &
Administrative Expenses		5,793		5,056
Income from Operations		2,601		226
Interest Income		913		922
Interest Expense		-		-
Other Income, Net		308		28
Minority Interest		49		-
		3,871		1,176
Provision for Income Taxes		1,452		435
Net Income	$	2,419	$	741
Earnings Per Share:
Basic	$	.69	$	. 21
Diluted	$	.69	$	. 21
Average Basic
Shares Outstanding		3,519		3,598
Average Diluted
Shares Outstanding		3,525		3,600
Other:
Capital Expenditures	$	1,746	$	915
Depreciation & Amortization	$	1,738	$	1,749

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STRATTEC SECURITY CORPORATION

Condensed Balance Sheet Data

(In Thousands)

	September 30, 2007			July 1, 2007
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	60,823		$	65,491
Receivables, net		25,641			26,890
Inventories		9,532			7,166
Other current assets		13,788			13,017
Total Current Assets		109,784			112,564
Deferred Income Taxes		2,420			2,117
Investment in Joint Ventures		2,988			2,813
Prepaid Pension Cost		5,666			4,385
Other Long Term Assets		38			41
Property, Plant and Equipment, Net		26,503			26,526
	$	147,399		$	148,446
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable	$	14,380		$	16,575
Other		17,021			14,906
Total Current Liabilities		31,401			31,481
Borrowings Under Line of Credit Facility		-			-
Accrued Pension and Postretirement Obligations		13,603			13,431
Minority Interest		862			574
Shareholders’ Equity		242,764			244,119
Accumulated Other Comprehensive Loss		(14,416	)		(14,341	)
Less:  Treasury Stock		(126,815	)		(126,818	)
Total Shareholders’ Equity		101,533			102,960
	$	147,399		$	148,446

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STRATTEC SECURITY CORPORATION

Condensed Cash Flow Statement Data

(In Thousands)

	First Quarter Ended
	September 30, 2007			October 1, 2006
	(Unaudited)
Cash Flows from Operating Activities:
Net Income	$	2,419		$	741
Adjustments to Reconcile Net Income to
Cash Used in Operating Activities:
Minority Interest		(61	)		-
Depreciation and Amortization		1,738			1,749
Stock Based Compensation Expense		313			193
Change in Operating Assets/Liabilities		(3,419	)		134
Other, net		(218	)		99
Net Cash Provided by Operating Activities		772			2,916
Cash Flows from Investing Activities:
Investment in Joint Ventures		-			-
Additions to Property, Plant and Equipment		(1,746	)		(915	)
Proceeds from Sale of Property, Plant
and Equipment		-			21
Net Cash Used in Investing Activities		(1,746	)		(894	)
Cash Flow from Financing Activities:
Purchase of Common Stock		-			(3,326	)
Dividends Paid		(4,050	)		-
Contribution from Minority Interest		349			-
Reissue/Exercise of Stock Options		7			9
Net Cash Used in Financing Activities		(3,694	)		(3,317	)
Net Decrease in Cash and Cash Equivalents		(4,668	)		(1,295	)
Cash and Cash Equivalents:
Beginning of Period		65,491			65,712
End of Period	$	60,823		$	64,417

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