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Equity Earnings (Loss) of Joint Ventures (Tables)
 6 Months Ended
Jan. 01, 2017
VAST LLC  
Summarized Statements of Operations

The following are summarized statements of operations for VAST LLC (in thousands):  

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

January 1,

2017

 

 

December 27,

2015

 

 

 

January 1,

2017

 

 

December 27,

2015

 

Net Sales

$

34,007

 

 

$

31,402

 

 

 

$

59,016

 

 

$

57,750

 

Cost of Goods Sold

 

27,124

 

 

 

25,497

 

 

 

 

47,217

 

 

 

47,411

 

Gross Profit

 

6,883

 

 

 

5,905

 

 

 

 

11,799

 

 

 

10,339

 

Engineering, Selling and Administrative Expenses

 

5,212

 

 

 

4,491

 

 

 

 

9,227

 

 

 

8,116

 

Income From Operations

 

1,671

 

 

 

1,414

 

 

 

 

2,572

 

 

 

2,223

 

Other Income (Expense), net

 

730

 

 

 

(150

)

 

 

 

1,171

 

 

 

(462

)

Income before Provision for Income Taxes

 

2,401

 

 

 

1,264

 

 

 

 

3,743

 

 

 

1,761

 

Provision for Income Taxes

 

405

 

 

 

217

 

 

 

 

577

 

 

 

311

 

Net Income

$

1,996

 

 

$

1,047

 

 

 

$

3,166

 

 

$

1,450

 

STRATTEC’s Share of VAST LLC Net Income

$

665

 

 

$

349

 

 

 

$

1,055

 

 

$

483

 

Intercompany Profit Elimination

 

(23

)

 

 

(4

)

 

 

 

(22

)

 

 

(5

)

STRATTEC’s Equity Earnings of VAST LLC

$

642

 

 

$

345

 

 

 

$

1,033

 

 

$

478

 

 
SAL, LLC  
Summarized Statements of Operations

The following are summarized statements of operations for SAL, LLC (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

January 1,

2017

 

 

December 27,

2015

 

 

January 1,

2017

 

 

December 27,

2015

 

Net Sales

 

$

96

 

 

$

65

 

 

$

196

 

 

$

125

 

Cost of Goods Sold

 

 

97

 

 

 

40

 

 

 

184

 

 

 

95

 

Gross Profit

 

 

(1

)

 

 

25

 

 

 

12

 

 

 

30

 

Engineering, Selling and Administrative Expenses

 

 

369

 

 

 

358

 

 

 

706

 

 

 

604

 

Loss From Operations

 

 

(370

)

 

 

(333

)

 

 

(694

)

 

 

(574

)

Other Expense, net

 

 

(35

)

 

 

(10

)

 

 

(47

)

 

 

(18

)

Net Loss

 

$

(405

)

 

$

(343

)

 

$

(741

)

 

$

(592

)

STRATTEC’s Share of Equity Loss of SAL LLC

 

$

(413

)

 

$

(343

)

 

$

(741

)

 

$

(592

)

Loss on Loan to SAL LLC

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(150

)

Loss on SAL LLC Credit Facility Guarantee

 

 

—

 

 

 

(24

)

 

 

—

 

 

 

(51

)

STRATTEC’s Equity Loss of SAL LLC

 

$

(413

)

 

$

(367

)

 

$

(741

)

 

$

(793

)

 
VAST LLC and SAL LLC  
Summarize of Related Party Transaction

We have sales of component parts to VAST LLC and SAL LLC, purchases of component parts from VAST LLC, expenses charged to VAST LLC for engineering and accounting services and expenses charged to us from VAST LLC for general headquarters expenses.  The following table summarizes these related party transactions with VAST LLC and SAL LLC for the periods indicated below (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

January 1,

2017

 

 

December 27,

2015

 

 

January 1,

2017

 

 

December 27,

2015

 

Sales to VAST LLC

 

$

50

 

 

$

72

 

 

$

103

 

 

$

210

 

Sales to SAL, LLC

 

$

52

 

 

$

27

 

 

$

127

 

 

$

44

 

Purchases from VAST LLC

 

$

71

 

 

$

38

 

 

$

102

 

 

$

63

 

Expenses Charged to VAST LLC

 

$

226

 

 

$

176

 

 

$

454

 

 

$

411

 

Expenses Charged from VAST LLC

 

$

349

 

 

$

405

 

 

$

758

 

 

$

797