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STRATTEC SECURITY CORPORATION Reports Fiscal 2013 Third Quarter Results

STRATTEC designs, develops, manufactures and markets automotive Access Control Products, including mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power lift gate systems, power deck lid systems, door handles and related products.  These products are provided to customers in North America, and on a global basis through a unique strategic relationship with WITTE Automotive of Velbert, Germany and ADAC Automotive of Grand Rapids, Michigan. Under this relationship, STRATTEC, WITTE and ADAC market each company's products to global customers under the "VAST" brand name.  STRATTEC's history in the automotive business spans over 100 years.

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 our costs of operation (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)
   Third Quarter Ended Nine Months Ended
  March 31, 2013 April 1, 2012 March 31, 2013 April 1, 2012
         
Net Sales  $ 74,658 $70,608  $ 217,708 $202,871
         
Cost of Goods Sold 61,437 57,556 178,467 167,075
         
Gross Profit 13,221 13,052 39,241 35,796
         
Engineering, Selling & Administrative Expenses 8,025 8,720 25,626 24,907
         
Loss on Settlement of Pension Obligation 2,144 -- 2,144 -- 
         
Income from Operations 3,052 4,332 11, 471 10,889
         
Interest Income 3 15 16 47
         
Equity Loss of VAST LLC Joint Venture (291) (140) (402) (452)
         
Interest Expense (10) (19) (25) (73)
         
Other (Expense) Income, Net (759) 662 (590) 297
         
  1,995 4,850 10,470 10,708
         
Provision for Income Taxes 557 1,136 2,877 2,717
         
Net Income 1,438 3,714 7,593 7,991
         
Net Income Attributable to Non-Controlling Interest 344 986 1,435 2,433
         
Net Income Attributable to STRATTEC SECURITY CORPORATION  $ 1,094 $2,728  $ 6,158  $ 5,558
         
Earnings Per Share:        
Basic  $ .32  $ 0.83  $ 1.82  $ 1.68
Diluted  $ .32  $ 0.82  $ 1.80  $ 1.67
         
Average Basic Shares Outstanding 3,327 3,303 3,318 3,299
         
Average Diluted Shares Outstanding 3,389 3,333 3,361 3,329
         
Other        
Capital Expenditures  $ 2,617  $ 3,296  $ 7,805  $ 9,585
Depreciation & Amortization  $ 1,843  $ 1,752  $ 5,374  $ 5,083
     
STRATTEC SECURITY CORPORATION
     
Condensed Balance Sheet Data
(In Thousands)
     
     
  March 31, 2013 July 1, 2012
   (Unaudited)  
ASSETS    
Current Assets:    
Cash and Cash Equivalents  $ 16,255  $ 17,487
Receivables, Net 49,969 44,496
Inventories 25,838 21,236
Other Current Assets 13,126 18,072
Total Current Assets 105,188 101,291
Deferred Income Taxes 6,111 9,742
Investment in Joint Venture 8,132 8,139
Other Long Term Assets 462 536
Property, Plant and Equipment, Net 49,227 46,330
   $ 169,120  $ 166,038
     
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current Liabilities:    
Accounts Payable  $ 26,964  $ 24,149
Borrowings Under Line of Credit Facility 1,500 --
Other 24,170 32,824
Total Current Liabilities 52,634 56,973
Accrued Pension and Post Retirement Obligations  17,707 21,667
Shareholders' Equity 258,157 252,280
Accumulated Other Comprehensive Loss (30,452) (35,757)
Less: Treasury Stock (135,944) (135,971)
Total STRATTEC SECURITY CORPORATION Shareholders' Equity 91,761 80,552
Non-Controlling Interest 7,018 6,846
Total Shareholders' Equity 98,779 87,398
   $ 169,120  $ 166,038
         
STRATTEC SECURITY CORPORATION
Condensed Cash Flow Statement Data
(In Thousands)
 (Unaudited)
         
  Third Quarter Ended  Nine Months Ended
  March 31, 2013 April 1, 2012 March 31, 2013 April 1, 2012 
         
         
Cash Flows from Operating Activities:        
Net Income  $ 1,438 $3,714  $ 7,593 $7,991
Adjustment to Reconcile Net Income to Cash Provided by Operating Activities:        
Equity Loss in VAST LLC Joint Venture 291 140 402 452
Depreciation and Amortization 1,843 1,752 5,374 5,083
Foreign Currency Transaction Loss (Gain) 987 698 1,300 (907)
Unrealized (Gain) Loss Foreign Currency Option Contracts (75) (1,174) (424) 542
Stock Based Compensation Expense 286 251 756 622
Loss on Settlement of Pension Obligation 2,144 -- 2,144 --
Change in Operating Assets/Liabilities (5,094) (728) (9,288) (3,936)
Other, net 133 (10) 72 6
         
Net Cash Provided by Operating Activities 1,953 4,643 7,929 9,853
         
Cash Flows from Investing Activities:        
Investment in Joint Ventures -- -- (200) (200)
Additions to Property, Plant and Equipment (2,617) (3,296) (7,805) (9,585)
Proceeds from Sale of Property, Plant and Equipment 25 9 86 9
Net Cash Used in Investing Activities (2,592) (3,287) (7,919) (9,776)
         
Cash Flow from Financing Activities:        
Borrowings Under Credit Facility 250 -- 2,500 --
Repayment of Borrowings Under Credit Facility  (1,000) -- (1,000) --
Dividends Paid to Non-Controlling Interests of Subsidiaries (200) -- (1,331) --
Dividends Paid (664) (336) (1,352) (1,006)
Repayment of Loan to Related Parties -- -- -- (850)
Exercise of Stock Options and Employee Stock Purchases 259 10 330 74
         
Net Cash Used in Financing Activities (1,355) (326) (853) (1,782)
         
Effect of Foreign Currency Fluctuations on Cash (320) (129) (389) 119
         
Net (Decrease) Increase in Cash & Cash Equivalents (2,314) 901 (1,232) (1,586)
         
Cash and Cash Equivalents:        
Beginning of Period 18,569 14,763 17,487 17,250
End of Period  $ 16,255  $ 15,664  $ 16,255 $15,664
CONTACT: Pat Hansen
         Senior Vice President and
         Chief Financial Officer
         414-247-3435
         www.strattec.com

STRATTEC SECURITY CORPORATION Logo

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