Equity (Loss) Earnings of Joint Ventures

9 Months Ended

Apr. 01, 2012

Equity (Loss) Earnings of Joint Ventures [Abstract]

Equity (Loss) Earnings of Joint Ventures

Equity (Loss) Earnings of Joint Ventures

We hold a one-third interest in a joint venture company, Vehicle Access Systems Technology LLC (“VAST LLC”), with WITTE Automotive of Velbert, Germany (“WITTE”), and ADAC Automotive of Grand Rapids, Michigan (“ADAC”). VAST LLC exists to seek opportunities to manufacture and sell all three companies’ products in areas of the world outside of North America and Europe. VAST LLC consists primarily of three wholly owned subsidiaries in China and one joint venture in Brazil. Our investment in VAST LLC, for which we exercise significant influence but do not control and are not the primary beneficiary, is accounted for using the equity method. The following are summarized statements of operations for VAST LLC (thousands of dollars):

	Three Months Ended					Nine Months Ended
	April 1, 2012			March 27, 2011		April 1, 2012			March 27, 2011
Net Sales	$	20,882		$	18,543	$	59,293		$	56,196
Cost of Goods Sold		17,545			15,431		50,681			45,738
Gross Profit		3,337			3,112		8,612			10,458
Engineering, Selling and Administrative
Expenses		4,162			2,439		11,507			7,559
(Loss) Income from Operations		(825	)		673		(2,895	)		2,899
Other Income (Expense), net		299			298		1,318			962
(Loss) Income Before Provision for
Income Taxes		(526	)		971		(1,577	)		3,861
(Benefit) Provision for Income Taxes		(108	)		387		(205	)		865
Net (Loss) Income	$	(418	)	$	584	$	(1,372	)	$	2,996
STRATTEC’s Share of VAST LLC
Net (Loss) Income	$	(139	)	$	195	$	(457	)	$	999
Intercompany Profit Eliminations		(1	)		2		5			1
STRATTEC’s Equity (Loss) Earningsof Joint Ventures	$	(140	)	$	197	$	(452	)	$	1,000