STRATTEC SECURITY CORPORATION Reports Fiscal 2014 Second Quarter Results

MILWAUKEE, Jan. 23, 2014 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (Nasdaq:STRT) ("STRATTEC" or the "Company") today reported operating results for the fiscal second quarter ended December 29, 2013.

Net sales for the Company's second quarter ended December 29, 2013 were $81.5 million, compared to net sales of $72.2 million for the second quarter ended December 30, 2012. Net income for the current quarterly period was $3.9 million, compared to net income of $2.4 million in the prior year quarter. Diluted earnings per share for the current quarterly period were $1.09 compared to diluted earnings per share of $.70 during the prior year quarter.

For the six months ended December 29, 2013, net sales were $161.1 million compared to net sales of $143.1 million during the prior year six month period. Net income during the current year six month period was $7.1 million compared to net income of $5.1 million during the prior year six month period. Diluted earnings per share were $2.00 for the current year six month period ended December 29, 2013 compared to diluted earnings per share of $1.48 for the prior year six month period ended December 30, 2012.

Net sales to each of our customers or customer groups in the current year quarter and prior year quarter were as follows (in millions):
  Three Months Ended
  December 29, 2013 December 30, 2012
Chrysler Group LLC $ 28.7 $ 23.0
General Motors Company 16.0 13.5
Ford Motor Company 11.3 10.5
Tier 1 Customers 15.2 15.0
Commercial and Other OEM Customers 8.6 7.7
Hyundai / Kia 1.7 2.5
TOTAL $ 81.5 $ 72.2

Increased sales to Chrysler Group LLC, General Motors Company and Ford Motor Company in the current quarter were primarily due to increased customer vehicle production volumes on models for which we supply components. Increased sales to Tier 1, Commercial and Other OEM customers during the current quarter related 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 locks and keys access control products. The reduction in sales to Hyundai / Kia in the current quarter was principally due to lower customer vehicle production volume on models for which we supply components.

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