Equity (Loss) Earnings of Joint Venture

12 Months Ended

Jun. 30, 2013

Equity (Loss) Earnings of Joint Venture

EQUITY (LOSS) EARNINGS OF JOINT VENTURE

As discussed under Investment in Joint VenturesandMajorityOwnedSubsidiaries, we hold a one-third interest in VAST LLC, for which we exercise significant influence but do not control and are not the primary beneficiary. Our investment in VAST LLC is accounted for using the equity method.

The following are summarized statements of operations and summarized balance sheet data for VAST LLC (thousands of dollars):

	Years Ended
	June30,2013			July1,2012			July3,2011
Net sales	$	92,388		$	76,373		$	78,002
Cost of goods sold		76,759			65,211			63,286
Gross profit		15,629			11,162			14,716
Engineering, selling and administrative expense		17,270			14,930			9,527
(Loss) income from operations		(1,641	)		(3,768	)		5,189
Other income (expense), net		497			246			(247	)
(Loss) income before provision for Income taxes		(1,144	)		(3,522	)		4,942
(Benefit) provision for income taxes		(690	)		(297	)		1,202
Net (loss) income		(454	)		(3,225	)		3,740
STRATTEC’s share of VAST LLC net (loss) income	$	(151	)	$	(1,075	)	$	1,247
Intercompany profit eliminations		4			4			(1	)
STRATTEC’s equity (loss) earnings of VAST LLC	$	(147	)	$	(1,071	)	$	1,246

	June30,2013		July1,2012
Cash and cash equivalents	$	3,801	$	5,622
Receivables, net		23,594		16,025
Inventories, net		10,693		17,756
Other current assets		7,892		10,207
Total current assets		45,980		49,610
Property, plant and equipment, net		23,470		20,753
Other long-term assets		4,218		3,585
Total assets	$	73,668	$	73,948
Current liabilities	$	36,128	$	37,843
Long-term liabilities		11,808		11,381
Total liabilities	$	47,936	$	49,224
Net assets	$	25,732	$	24,724
STRATTEC’s share of net assets	$	8,577	$	8,241