STRATTEC SECURITY CORPORATION
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(Exact name of registrant as specified in charter)
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Wisconsin
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(State or other jurisdiction of incorporation)
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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)
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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)
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(414) 247-3333
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(Registrant's telephone number; including area code)
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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)) |
Three Months Ended | ||||||||
September 29, 2013 | September 30, 2012 | |||||||
Chrysler Group LLC
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$ | 26,585 | $ | 22,381 | ||||
General Motors Company
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15,004 | 15,050 | ||||||
Ford Motor Company
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11,434 | 9,595 | ||||||
Tier 1 Customers
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15,786 | 13,178 | ||||||
Commercial and Other OEM Customers
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8,637 | 7,771 | ||||||
Hyundai / Kia
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2,149 | 2,832 | ||||||
TOTAL
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$ | 79,595 | $ | 70,807 |
First Quarter Ended | ||||||||
September 29, 2013 | September 30, 2012 | |||||||
Net Sales
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$ | 79,595 | $ | 70,807 | ||||
Cost of Goods Sold
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65,080 | 57,094 | ||||||
Gross Profit
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14,515 | 13,713 | ||||||
Engineering, Selling & Administrative Expenses
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9,470 | 9,120 | ||||||
Income from Operations
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5,045 | 4,593 | ||||||
Interest Income
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6 | 3 | ||||||
Equity Earnings (Loss) of Joint Ventures
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294 | (12 | ) | |||||
Interest Expense
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(14 | ) | (5 | ) | ||||
Other Income (Expense), Net
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279 | (18 | ) | |||||
5,610 | 4,561 | |||||||
Provision for Income
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||||||||
Taxes
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1,756 | 1,246 | ||||||
Net Income
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3,854 | 3,315 | ||||||
Net Income Attributable
to Non-Controlling Interest |
(643 | ) | (645 | ) | ||||
Net Income Attributable
to STRATTEC SECURITY CORPORATION
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$ | 3,211 | $ | 2,670 | ||||
Earnings Per Share:
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||||||||
Basic
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$ | 0.93 | $ | 0.79 | ||||
Diluted
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$ | 0.91 | $ | 0.78 | ||||
Average Basic
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||||||||
Shares Outstanding
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3,382 | 3,309 | ||||||
Average Diluted
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||||||||
Shares Outstanding
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3,460 | 3,340 | ||||||
Other
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||||||||
Capital Expenditures
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$ | 2,876 | $ | 2,711 | ||||
Depreciation & Amortization
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$ | 2,112 | $ | 1,758 |
September 29, 2013 | June 30, 2013 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 12,806 | $ | 20,307 | ||||
Receivables, net
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52,013 | 47,514 | ||||||
Inventories, net
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27,344 | 24,312 | ||||||
Other current assets
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15,308 | 14,366 | ||||||
Total Current Assets
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107,471 | 106,499 | ||||||
Investment in Joint Ventures
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9,464 | 9,166 | ||||||
Other Long Term Assets
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5,258 | 2,420 | ||||||
Property, Plant and Equipment, Net
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51,978 | 51,415 | ||||||
$ | 174,171 | $ | 169,500 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts Payable
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$ | 28,452 | $ | 25,543 | ||||
Borrowings Under Credit Facility
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3,000 | 2,250 | ||||||
Other
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20,866 | 22,932 | ||||||
Total Current Liabilities
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52,318 | 50,725 | ||||||
Accrued Pension and Post Retirement Obligations
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4,181 | 4,181 | ||||||
Deferred Income Taxes
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1,020 | 1,009 | ||||||
Other Long-term Liabilities
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1,729 | 1,705 | ||||||
Shareholders’ Equity
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265,649 | 262,368 | ||||||
Accumulated Other Comprehensive Loss
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(22,093 | ) | (22,212 | ) | ||||
Less: Treasury Stock
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(135,934 | ) | (135,938 | ) | ||||
Total STRATTEC SECURITY
CORPORATION Shareholders’ Equity |
107,622 | 104,218 | ||||||
Non-Controlling Interest
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7,301 | 7,662 | ||||||
Total Shareholders’ Equity
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114,923 | 111,880 | ||||||
$ | 174,171 | $ | 169,500 |
First Quarter Ended | ||||||||
September 29, 2013 | September 30, 2012 | |||||||
Cash Flows from Operating Activities:
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||||||||
Net Income
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$ | 3,854 | $ | 3,315 | ||||
Adjustment to Reconcile Net Income to Net
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||||||||
Cash (Used in) Provided by Operating Activities:
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||||||||
Depreciation and Amortization
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2,112 | 1,758 | ||||||
Equity (Earnings) Loss in Joint Ventures
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(294 | ) | 12 | |||||
Foreign Currency Transaction (Gain) Loss
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(212 | ) | 455 | |||||
Unrealized Gain on Foreign Currency Option Contracts
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- | (311 | ) | |||||
Stock Based Compensation Expense
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354 | 76 | ||||||
Change in Operating Assets/Liabilities
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(10,040 | ) | (3,572 | ) | ||||
Other, net
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86 | (30 | ) | |||||
Net Cash (Used in) Provided by Operating Activities
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(4,140 | ) | 1,703 | |||||
Cash Flows from Investing Activities:
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||||||||
Investment in VAST LLC Joint Venture
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- | (200 | ) | |||||
Proceeds from Sale of Property, Plant and Equipment
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8 | 30 | ||||||
Additions to Property, Plant and Equipment
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(2,876 | ) | (2,711 | ) | ||||
Net Cash Used in Investing Activities
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(2,868 | ) | (2,881 | ) | ||||
Cash Flow from Financing Activities:
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||||||||
Borrowings on Line of Credit Facility
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750 | 1,500 | ||||||
Dividends Paid to Non-Controlling Interest of Subsidiaries
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(984 | ) | (1,131 | ) | ||||
Dividends Paid
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(380 | ) | (336 | ) | ||||
Exercise of Stock Options and Employee Stock Purchases
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98 | 19 | ||||||
Net Cash (Used in) Provided by Financing Activities
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(516 | ) | 52 | |||||
Foreign Currency Impact on Cash
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23 | (87 | ) | |||||
Net Decrease in Cash & Cash Equivalents
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(7,501 | ) | (1,213 | ) | ||||
Cash and Cash Equivalents:
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||||||||
Beginning of Period
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20,307 | 17,487 | ||||||
End of Period
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$ | 12,806 | $ | 16,274 |