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STRATTEC SECURITY CORPORATION Reports Fiscal 2013 Second Quarter Results

Stocks in this article: STRT

The STRATTEC SECURITY CORPORATION logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4700

Certain statements contained in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "could," "expect," "intend," "may," "planned," "potential," "should," "will," and "would."   Such forward-looking statements in this release are inherently subject to many uncertainties in the Company's operations and business environment. These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company's and its customers' products, competitive and technological developments, customer purchasing actions, foreign currency fluctuations, and fluctuations in costs of operations (including fluctuations in the cost of raw materials). Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances occurring after the date of this release. In addition, such uncertainties and other operational matters are discussed further in the Company's quarterly and annual filings with the Securities and Exchange Commission.

STRATTEC SECURITY CORPORATION
Results of Operations
(In Thousands except per share amounts)
(Unaudited)
         
  Second Quarter Ended Six Months Ended
  December 30, 2012 January 1, 2012 December 30, 2012 January 1, 2012
         
Net Sales $72,243 $65,886 $143,050 $132,263
         
Cost of Goods Sold 59,936 54,646 117,030 109,519
         
Gross Profit 12,307 11,240 26,020 22,744
         
Engineering, Selling & Administrative Expenses 8,481 7,979 17,601 16,187
         
         
Income from Operations 3,826 3,261 8,419 6,557
         
Interest Income 10 15 13 32
         
Equity Loss of VAST LLC Joint Venture (99) (192) (111) (312)
         
Interest Expense (10) (23) (15) (54)
         
Other Income (Expense), Net 187 503 169 (365)
         
  3,914 3,564 8,475 5,858
         
Provision for Income Taxes 1,074 1,260 2,320 1,581
         
Net Income 2,840 2,304 6,155 4,277
         
Net Income Attributable to Non-Controlling Interest (446) (756) (1,091) (1,447)
         
Net Income Attributable to STRATTEC SECURITY CORPORATION $2,394 $1,548 $5,064 $2,830
         
Earnings Per Share:        
Basic $0.71 $0.47 $1.50 $0.86
Diluted $0.70 $0.47 $1.48 $0.85
Average Basic Shares Outstanding 3,317 3,301 3,313 3,298
         
Average Diluted Shares Outstanding 3,353 3,329 3,346 3,328
         
Other        
Capital Expenditures $2,477 $2,797 $5,188 $6,289
Depreciation & Amortization $1,773 $1,679 $3,531 $3,331
 
 
 
 
STRATTEC SECURITY CORPORATION
Condensed Balance Sheet Data
(In Thousands)
     
  December 30, 2012 July 1, 2012
  (Unaudited)  
ASSETS    
Current Assets:    
Cash and Cash Equivalents $18,569 $17,487
Receivables, Net 40,709 44,496
Inventories 26,536 21,236
Other Current Assets 16,195 18,072
Total Current Assets 102,009 101,291
Deferred Income Taxes 9,735 9,742
Investment in Joint Venture 8,400 8,139
Other Long Term Assets 486 536
Property, Plant and Equipment, Net 48,285 46,330
  $168,915 $166,038
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current Liabilities:    
Accounts Payable $22,483 $24,149
Borrowings Under Line of Credit Facility 2,250 --
Other 30,723 32,824
Total Current Liabilities 55,456 56,973
Accrued Pension and Post Retirement Obligations 21,155 21,667
Shareholders' Equity 256,524 252,280
Accumulated Other Comprehensive Loss (35,087) (35,757)
Less: Treasury Stock (135,955) (135,971)
Total STRATTEC SECURITY CORPORATION Shareholders' Equity 85,482 80,552
Non-Controlling Interest 6,822 6,846
Total Shareholders' Equity 92,304 87,398
  $168,915 $166,038
 
 
 
STRATTEC SECURITY CORPORATION
Condensed Cash Flow Statement Data
(In Thousands)
(Unaudited)
         
  Second Quarter Ended  Six Months Ended
  December 30, 2012 January 1, 2012 December 30, 2012 January 1, 2012
         
Cash Flows from Operating Activities:        
Net Income $2,840 $2,304 $6,155 $4,277
Adjustment to Reconcile Net Income to Cash Provided by Operating Activities:        
Equity Loss in VAST LLC Joint Venture 99 192 111 312
Depreciation and Amortization 1,773 1,679 3,531 3,331
Foreign Currency Transaction (Gain) Loss (142) 94 313 (1,605)
Unrealized (Gain) Loss on Foreign Currency Option Contracts (38) (589) (349) 1,716
Stock Based Compensation Expense 394 197 470 371
Change in Operating Assets/Liabilities (622) 1,541 (4,194) (3,208)
Other, net (31) -- (61) 16
         
Net Cash Provided by Operating Activities 4,273 5,418 5,976 5,210
         
Cash Flows from Investing Activities:        
Investment in Joint Ventures -- (200) (200) (200)
Additions to Property, Plant and Equipment (2,477) (2,797) (5,188) (6,289)
Proceeds from Sale of Property and Equipment 31 -- 61 --
Net Cash Used in Investing Activities (2,446) (2,997) (5,327) (6,489)
         
Cash Flow from Financing Activities:        
Borrowings on Line of Credit Facility 750 -- 2,250 --
Dividends Paid to Non-Controlling Interest of Subsidiary -- -- (1,131) --
Dividends Paid (352) (335) (688) (670)
Repayment of Loan to Related Parties -- (450) -- (850)
Exercise of Stock Options and Employee Stock Purchases 52 48 71 64
         
Net Cash Provided by (Used in) Financing Activities 450 (737) 502 (1,456)
         
Effect of Foreign Currency Fluctuations on Cash 18 (109) (69) 248
         
Net Increase (Decrease) in Cash & Cash Equivalents 2,295 1,575 1,082 (2,487)
         
Cash and Cash Equivalents:        
Beginning of Period 16,274 13,188 17,487 17,250
End of Period $18,569 $14,763 $18,569 $14,763
CONTACT: Pat Hansen
         Senior Vice President and
         Chief Financial Officer
         414-247-3435
         www.strattec.com

STRATTEC SECURITY CORPORATION Logo

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