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STRATTEC SECURITY CORPORATION Reports Fiscal 2013 Second Quarter Results

MILWAUKEE, Jan. 24, 2013 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT) ("STRATTEC" or the "Company") today reported operating results for the fiscal second quarter ended December 30, 2012.

Net sales for the Company's second quarter ended December 30, 2012 were $72.2 million, compared to net sales of $65.9 million for the second quarter ended January 1, 2012. Net income for the current quarterly period was $2.4 million, compared to net income of $1.5 million in the prior year quarter. Diluted earnings per share for the current quarterly period were $.70 compared to diluted earnings per share of $.47 during the prior year quarter.

For the six months ended December 30, 2012, net sales were $143.1 million compared to net sales of $132.3 million during the prior year six month period. Net income during the current six month period was $5.1 million compared to net income of $2.8 million during the prior year six month period. Diluted earnings per share were $1.48 for the current six month period ended December 30, 2012 compared to diluted earnings per share of $.85 for the prior year six month period ended January 1, 2012.

Net sales to each of our customers in the current year quarter and prior year quarter were as follows (in millions):
  Three Months Ended
  December 30, 2012 January 1, 2012
Chrysler Group LLC $23.0 $22.4
General Motors Company 13.5 14.4
Ford Motor Company 10.5 8.1
Tier 1 Customers 15.0 11.4
Commercial and Other OEM Customers 7.7 5.9
Hyundai / Kia 2.5 3.7
TOTAL $72.2 $65.9

Increased sales to Chrysler Group LLC and Ford Motor Company in the current quarter were primarily due to increased customer vehicle production volumes on models for which we supply components. New product content also contributed to the increased sales to Ford Motor Company. The reduction in sales to General Motors Company in the current quarter was primarily attributed to business we lost to other suppliers during the latter half of the 2012 model year,  partially offset by higher production on other General Motors vehicles for which we continue to supply components. Increased sales to Tier 1, Commercial and Other OEM customers during the current quarter relates to market growth and the increasing impact of other vehicle access control products such as latches, fobs, and driver controls that have been developed in recent years to complement our historic core business of locks and keys. The reduction in sales to Hyundai / Kia in the current quarter was principally due to lower customer vehicle production volume and the discontinuation of a vehicle model for which we had been supplying components.

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