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STRATTEC SECURITY CORPORATION Reports Fiscal 2014 First Quarter Results

MILWAUKEE, Oct. 24, 2013 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT) today reported operating results for the fiscal first quarter ended September 29, 2013.

Net sales for the Company's first quarter ended September 29, 2013 were $79.6 million, compared to net sales of $70.8 million for the prior year quarter ended September 30, 2012. Net income for the current year quarter was $3,211,000, compared to net income of $2,670,000 in the prior year quarter. Diluted earnings per share for the current year quarter were $.91 compared to diluted earnings per share of $.78 in the prior year quarter.

Net sales to each of our customers or customer groups in the current year quarter and prior year quarter were as follows (in thousands):
  Three Months Ended
  September 29, 2013 September 30, 2012
Chrysler Group LLC $26,585 $22,381
General Motors Company 15,004 15,050
Ford Motor Company 11,434 9,595
Tier 1 Customers 15,786 13,178
Commercial and Other OEM Customers 8,637 7,771
Hyundai / Kia 2,149 2,832
TOTAL $79,595 $70,807

Increased sales to Chrysler Group LLC and Ford Motor Company in the current year quarter were primarily due to higher customer vehicle production volumes and increased product content on models for which we supply components. The reduction in sales to General Motors Company in the current year quarter over the same period in the prior year was mainly attributable to lower OE Service sales. Increased sales to Tier 1, Commercial and Other OEM customers during the current year quarter related principally to market growth and the increasing impact in our sales of other vehicle access control products, such as latches, fobs, and driver controls, that we have 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 primarily due to lower customer vehicle production volume on models for which we supply components.

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