STRATTEC SECURITY CORPORATION Reports Fiscal 2013 Fourth Quarter And Full Year Results

MILWAUKEE, Aug. 7, 2013 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT) today reported operating results for the fiscal fourth quarter and year ended June 30, 2013.

Fourth Quarter

Net sales for the fourth quarter ended June 30, 2013 were $80.5 million, compared to net sales of $76.4 million for the fourth quarter ended July 1, 2012. Net income was $3.2 million both in the current and prior year quarters. Diluted earnings per share for the fourth quarter were $.92 compared to $.97 in the prior year quarter.

Net sales to each of our customers in the current year quarter and prior year quarter were as follows (in thousands):
  Three Months Ended
  June 30, 2013 July 1, 2012
     
Chrysler Group LLC $27,219 $24,996
General Motors Company 14,320 17,378
Ford Motor Company 11,999 9,192
Tier 1 Customers 16,266 13,239
Commercial and Other OEM Customers 8,273 8,301
Hyundai / Kia 2,394 3,257
TOTAL $80,471 $76,363

Increased sales to Chrysler Group LLC in the current quarter was primarily due to higher customer vehicle production volumes and increased content 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 customers during the current year quarter related primarily to market growth and the increasing impact 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 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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