MILWAUKEE, April 25, 2013 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT) today reported operating results for the fiscal third quarter ended March 31, 2013.
Net sales for the Company's third quarter ended March 31, 2013 were $74.7 million, compared to net sales of $70.6 million for the third quarter ended April 1, 2012. The higher net sales for the current quarter can be primarily attributed to increased customer production volumes. Higher content on certain vehicles also contributed to the net sales improvement during the current quarter.
Net income for the current quarterly period was $1.1 million, compared to net income of $2.7 million in the prior year quarter. Diluted earnings per share for the current quarterly period were $.32 compared to diluted earnings per share of $.82 in the prior year quarter. The lower net income for the current year quarter was significantly affected by a pre-tax pension settlement charge of $2.1 million or $.42 diluted earnings per share relating to our Supplemental Executive Retirement Plan. This settlement charge recognizes the prior unrealized actuarial losses which were cash settled during the current quarter. The charge had no current effect on our total shareholders' equity because the unrealized actuarial losses were already recognized during prior periods in "Accumulated Other Comprehensive Loss" in shareholders' equity. Without the above charge, diluted earnings per share on an adjusted basis would have been $.74 in the current year quarter, as shown in the table presented under "Reconciliation of Non-GAAP Financial Measure" below.For the nine months ended March 31, 2013, the Company's net sales were $217.7 million compared to net sales of $202.9 million in the prior year nine month period. Net income during the current year nine month period was $6.2 million compared to net income of $5.6 million in the prior year nine month period. Diluted earnings per share were $1.80 (or $2.22 without the settlement charge as shown in the table below) for the nine month period ended March 31, 2013 compared to diluted earnings per share of $1.67 during the nine month period ended April 1, 2012.
|Reconciliation of Non-GAAP Financial Measure:|
|Three Months Ended||Nine Months Ended|
|March 31,||April 1,||March 31,||April 1,|
|Diluted earnings per share, as reported||$0.32||$0.82||$1.80||$1.67|
|Effect of settlement charge||0.42||--||0.42||--|
|Diluted earnings per share, as adjusted||$0.74||$0.82||$2.22||$1.67|