MILWAUKEE, April 24, 2014 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT) today reported operating results for the fiscal third quarter ended March 30, 2014.
Net sales for the Company's third quarter ended March 30, 2014 were $85.3 million, compared to net sales of $74.7 million for the third quarter ended March 31, 2013. The net sales improvement during the current quarter over the prior year quarter was attributed to increased customer production volumes and higher product content on certain vehicles for which we supply components.
Net income for the current quarterly period was $3.6 million, compared to net income of $1.1 million in the prior year quarter. Diluted earnings per share for the current quarterly period were $1.00 compared to diluted earnings per share of $.32 in the prior year quarter. The lower net income for the prior year quarter was significantly affected by a pre-tax pension settlement charge relating to our Supplemental Executive Retirement Plan of $2.1 million or $.42 per diluted earnings per share. This settlement charge recognized the prior unrealized actuarial losses which were cash settled during the prior year quarter.For the nine months ended March 30, 2014, the Company's net sales were $246.4 million compared to net sales of $217.7 million in the prior year nine month period. Net income during the current year nine month period was $10.7 million compared to net income of $6.2 million in the prior year nine month period. Diluted earnings per share were $3.00 for the nine month period ended March 30, 2014 compared to diluted earnings per share of $1.80 during the nine month period ended March 31, 2013. Net sales to each of our customers or customer groups in the current year quarter and prior year quarter were as follows (in thousands):
|Three Months Ended|
|March 30, 2014||March 31, 2013|
|Chrysler Group LLC||$ 29,180||$ 22,854|
|General Motors Company||18,221||14,063|
|Ford Motor Company||11,707||12,325|
|Tier 1 Customers||14,968||13,930|
|Commercial and Other OEM Customers||9,947||8,897|
|Hyundai / Kia||1,255||2,589|
|TOTAL||$ 85,278||$ 74,658|