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STRATTEC SECURITY CORPORATION Reports Fiscal 2013 Third Quarter Results

Net sales to each of our customers in the current year quarter and prior year quarter were as follows (in thousands):

  Three Months Ended
  March 31, 2013 April 1, 2012
     
Chrysler Group LLC  $ 22,854  $ 23,336
General Motors Company 14,063 16,757
Ford Motor Company 12,325 8,422
Tier 1 Customers 13,930 11,233
Commercial and Other OEM Customers 8,897 7,253
Hyundai / Kia 2,589 3,607
TOTAL  $ 74,658  $ 70,608

Decreased sales to Chrysler Group LLC in the current quarter was primarily due to lower customer vehicle production volumes on models for which we supply components. 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. Increased sales to Ford Motor Company in the current quarter was largely attributed to a combination of business won with new products and higher vehicle production volumes.  Increased sales to Tier 1, Commercial and Other OEM customers during the current quarter related primarily 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 year 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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