|
(Exact name of registrant as specified in charter)
|
|
(State or other jurisdiction of incorporation)
|
|
|
|
(Commission File Number)
|
(I.R.S. Employer I.D. Number)
|
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(
|
(Registrant's telephone number; including area code)
|
Title of each class
|
Trading symbol(s)
|
Name of exchange on which registered
|
|
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
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.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
STRATTEC SECURITY CORPORATION
|
|||
Date: January 28, 2021
|
|
||
By: |
/s/ Patrick J. Hansen
|
||
Patrick J. Hansen, Senior Vice President and
|
|||
Chief Financial Officer
|
|
Three Months Ended
|
|||||||
|
December 27, 2020
|
December 29, 2019
|
||||||
Fiat Chrysler Automobiles
|
$
|
23.2
|
$
|
27.2
|
||||
General Motors Company
|
39.0
|
25.4
|
||||||
Ford Motor Company
|
16.8
|
15.3
|
||||||
Tier 1 Customers
|
18.7
|
14.7
|
||||||
Commercial and Other OEM Customers
|
19.6
|
21.4
|
||||||
Hyundai / Kia
|
10.1
|
2.3
|
||||||
TOTAL
|
$
|
127.4
|
$
|
106.3
|
December 27,
2020
|
December 29,
2019
|
|||||||
Equity Earnings of VAST LLC Joint Venture
|
$
|
1,075
|
$
|
496
|
||||
Net Foreign Currency Transaction (Loss) Gain
|
(1,633
|
)
|
(363
|
)
|
||||
Other
|
267
|
382
|
||||||
$
|
(291
|
)
|
$
|
515
|
|
Second Quarter Ended
|
Six Months Ended
|
||||||||||||||
|
December 27, 2020
|
December 29, 2019
|
December 27, 2020
|
December 29, 2019
|
||||||||||||
Net Sales
|
$
|
127,360
|
$
|
106,283
|
$
|
253,594
|
$
|
226,245
|
||||||||
Cost of Goods Sold
|
105,119
|
95,950
|
208,842
|
200,026
|
||||||||||||
Gross Profit
|
22,241
|
10,333
|
44,752
|
26,219
|
||||||||||||
Engineering, Selling & Administrative Expenses
|
10,302
|
12,094
|
21,616
|
25,048
|
||||||||||||
Income (Loss) from Operations
|
11,939
|
(1,761
|
)
|
23,136
|
1,171
|
|||||||||||
Interest Expense
|
(84
|
)
|
(248
|
)
|
(196
|
)
|
(588
|
)
|
||||||||
Other (Expense) Income, Net
|
(291
|
)
|
515
|
274
|
902
|
|||||||||||
Income (Loss) Before Provision (Benefit) for Income Taxes and Non-Controlling Interest
|
11,564
|
(1,494
|
)
|
23,214
|
1,485
|
|||||||||||
Provision (Benefit) for Income Taxes
|
1,991
|
(399
|
)
|
3,568
|
(100
|
)
|
||||||||||
Net Income (Loss)
|
9,573
|
(1,095
|
)
|
19,646
|
1,585
|
|||||||||||
Net Income Attributable to Non-Controlling Interest
|
(2,460
|
)
|
(246
|
)
|
(4,525
|
)
|
(1,682
|
)
|
||||||||
Net Income (Loss) Attributable to STRATTEC SECURITY CORPORATION
|
$
|
7,113
|
$
|
(1,341
|
)
|
$
|
15,121
|
$
|
(97
|
)
|
||||||
Earnings (Loss) Per Share:
|
||||||||||||||||
Basic
|
$
|
1.88
|
$
|
(0.36
|
)
|
$
|
4.01
|
$
|
(0.03
|
)
|
||||||
Diluted
|
$
|
1.85
|
$
|
(0.36
|
)
|
$
|
3.96
|
$
|
(0.03
|
)
|
||||||
Average Basic
|
||||||||||||||||
Shares Outstanding
|
3,786
|
3,741
|
3,775
|
3,725
|
||||||||||||
Average Diluted
|
||||||||||||||||
Shares Outstanding
|
3,842
|
3,741
|
3,815
|
3,725
|
||||||||||||
Other
|
||||||||||||||||
Capital Expenditures
|
$
|
3,079
|
$
|
3,086
|
$
|
4,593
|
$
|
7,384
|
||||||||
Depreciation
|
$
|
4,912
|
$
|
4,847
|
$
|
9,797
|
$
|
9,580
|
|
December 27, 2020
|
June 28, 2020
|
||||||
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,432
|
$
|
11,774
|
||||
Receivables, net
|
85,796
|
41,955
|
||||||
Inventories, net
|
56,333
|
54,400
|
||||||
Other current assets
|
13,348
|
17,239
|
||||||
Total Current Assets
|
165,909
|
125,368
|
||||||
Investment in Joint Ventures
|
25,759
|
22,068
|
||||||
Other Long Term Assets
|
13,482
|
12,961
|
||||||
Property, Plant and Equipment, Net
|
101,819
|
105,148
|
||||||
$
|
306,969
|
$
|
265,545
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts Payable
|
$
|
39,148
|
$
|
18,549
|
||||
Other
|
37,507
|
29,591
|
||||||
Total Current Liabilities
|
76,655
|
48,140
|
||||||
Accrued Pension and Post Retirement Obligations
|
1,980
|
1,956
|
||||||
Borrowings Under Credit Facility
|
22,000
|
35,000
|
||||||
Other Long-term Liabilities
|
4,861
|
5,008
|
||||||
Shareholders’ Equity
|
325,706
|
309,991
|
||||||
Accumulated Other Comprehensive Loss
|
(17,492
|
)
|
(22,113
|
)
|
||||
Less: Treasury Stock
|
(135,629
|
)
|
(135,656
|
)
|
||||
Total STRATTEC SECURITY CORPORATION Shareholders’ Equity
|
172,585
|
152,222
|
||||||
Non-Controlling Interest
|
28,888
|
23,219
|
||||||
Total Shareholders’ Equity
|
201,473
|
175,441
|
||||||
$
|
306,969
|
$
|
265,545
|
|
Second Quarter Ended
|
Six Months Ended
|
||||||||||||||
|
December 27, 2020
|
December 29, 2019
|
December 27, 2020
|
December 29, 2019
|
||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||
Net Income (Loss)
|
$
|
9,573
|
$
|
(1,095
|
)
|
$
|
19,646
|
$
|
1,585
|
|||||||
Adjustments to Reconcile Net Income (Loss) to Cash Provided by Operating Activities:
|
||||||||||||||||
Depreciation
|
4,912
|
4,847
|
9,797
|
9,580
|
||||||||||||
Non-cash Compensation Expense
|
-
|
2,245
|
-
|
4,473
|
||||||||||||
Equity Earnings in Joint Ventures
|
(1,075
|
)
|
(492
|
)
|
(1,900
|
)
|
(976
|
)
|
||||||||
Loss on disposition of property, plant & equipment
|
1,203
|
88
|
1,426
|
283
|
||||||||||||
Foreign Currency Transaction Gain
|
1,913
|
363
|
2,312
|
448
|
||||||||||||
Unrealized Gain on Peso Forward Contracts
|
(145
|
)
|
-
|
(480
|
)
|
-
|
||||||||||
Deferred Income Taxes
|
-
|
(508
|
)
|
-
|
(1,032
|
)
|
||||||||||
Stock Based Compensation Expense
|
374
|
211
|
582
|
624
|
||||||||||||
Change in Operating Assets/Liabilities
|
(7,119
|
)
|
(160
|
)
|
(14,562
|
)
|
5,478
|
|||||||||
Other, net
|
120
|
101
|
235
|
145
|
||||||||||||
Net Cash Provided by Operating Activities
|
9,756
|
5,600
|
17,056
|
20,608
|
||||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||
Investment in Joint Ventures
|
(100
|
)
|
-
|
(100
|
)
|
-
|
||||||||||
Additions to Property, Plant and Equipment
|
(3,079
|
)
|
(3,086
|
)
|
(4,593
|
)
|
(7,384
|
)
|
||||||||
Proceeds Received on Sale of Property, Plant and Equipment
|
-
|
-
|
3
|
15
|
||||||||||||
Net Cash Used in Investing Activities
|
(3,179
|
)
|
(3,086
|
)
|
(4,690
|
)
|
(7,369
|
)
|
||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||
Payments on Line of Credit Facility
|
(8,000
|
)
|
(4,000
|
)
|
(13,000
|
)
|
(10,000
|
)
|
||||||||
Dividends Paid to Non-Controlling Interest of Subsidiary
|
-
|
-
|
(490
|
)
|
(980
|
)
|
||||||||||
Dividends Paid
|
-
|
(525
|
)
|
-
|
(1,047
|
)
|
||||||||||
Exercise of Stock Options and Employee Stock Purchases
|
21
|
280
|
40
|
519
|
||||||||||||
Net Cash Used in Financing Activities
|
(7,979
|
)
|
(4,245
|
)
|
(13,450
|
)
|
(11,508
|
)
|
||||||||
Effect of Foreign Currency Fluctuations on Cash
|
(149
|
)
|
(225
|
)
|
(258
|
)
|
(255
|
)
|
||||||||
Net (Decrease) Increase in Cash & Cash Equivalents
|
(1,551
|
)
|
(1,956
|
)
|
(1,342
|
)
|
1,476
|
|||||||||
Cash and Cash Equivalents:
|
||||||||||||||||
Beginning of Period
|
11,983
|
11,241
|
11,774
|
7,809
|
||||||||||||
End of Period
|
$
|
10,432
|
$
|
9,285
|
$
|
10,432
|
$
|
9,285
|
Document and Entity Information |
Jan. 28, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 28, 2021 |
Entity Registrant Name | STRATTEC SECURITY CORP |
Entity Incorporation, State or Country Code | WI |
Entity File Number | 000-25150 |
Entity Tax Identification Number | 39-1804239 |
Entity Address, Address Line One | 3333 W GOOD HOPE ROAD |
Entity Address, City or Town | Milwaukee |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53209 |
City Area Code | 414 |
Local Phone Number | 247-3333 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000933034 |
Title of 12(b) Security | Common stock, $.01 par value |
Trading Symbol | STRT |
Security Exchange Name | NASDAQ |
M-8?20$3;8T.P6BP^0"X99K>]9!:G
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