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STRATTEC SECURITY CORPORATION Reports Fiscal 2014 Third Quarter Results

Stocks in this article: STRT

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

Increased sales to Chrysler Group LLC and General Motors Company in the current year quarter was in each case primarily due to higher customer vehicle production volumes and content on models for which we supply components. The reduction in sales to Ford Motor Company in the current year quarter was attributed to lower vehicle production volumes on models we supply.  Increased sales to Tier 1, Commercial and Other OEM Customers during the current year quarter related primarily to market growth and the increasing impact of sales 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 on models for which we supply components.

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