Three Months Ended
| ||||||||
July 3, 2022
|
June 27, 2021
| |||||||
General Motors Company
|
$
|
38,633
|
$
|
35,225
| ||||
Stellantis / Fiat Chrysler Automobiles
|
20,598
|
15,710
| ||||||
Ford Motor Company
|
21,808
|
13,314
| ||||||
Tier 1 Customers
|
16,443
|
13,332
| ||||||
Commercial and Other OEM Customers
|
14,901
|
18,689
| ||||||
Hyundai / Kia
|
10,690
|
13,787
| ||||||
TOTAL
|
$
|
123,073
|
$
|
110,057
|
July 3, 2022
|
June 27, 2021
| |||||||
Equity (Loss) Earnings of VAST LLC Joint Venture
|
$
|
(760
|
)
|
$
|
716
| |||
(Loss) Gain on Rabbi Trust Assets
|
(243
|
)
|
393
| |||||
Net Foreign Currency Realized and
| ||||||||
Unrealized Transaction Gain (Loss)
|
358
|
(231
|
)
| |||||
Other (Expense) Income
|
(12
|
)
|
(156
|
)
| ||||
$
|
(657
|
)
|
$
|
722
|
Fourth Quarter Ended
|
Years Ended
| |||||||||||||||
July 3, 2022
|
June 27, 2021
|
July 3, 2022
|
June 27, 2021
| |||||||||||||
Net Sales
|
$
|
123,073
|
$
|
110,057
|
$
|
452,265
|
$
|
485,295
| ||||||||
Cost of Goods Sold
|
109,177
|
94,805
|
396,249
|
406,637
| ||||||||||||
Gross Profit
|
13,896
|
15,252
|
56,016
|
78,658
| ||||||||||||
Engineering, Selling & Administrative Expenses
|
12,436
|
11,200
|
47,119
|
44,743
| ||||||||||||
Income from Operations
|
1,460
|
4,052
|
8,897
|
33,915
| ||||||||||||
Interest Expense
|
(62
|
)
|
(43
|
)
|
(221
|
)
|
(302
|
)
| ||||||||
Other (Expense) Income, Net
|
(657
|
)
|
722
|
604
|
1,395
| |||||||||||
Income before Provision for Income Taxes and Non- Controlling Interest
|
741
|
4,731
|
9,280
|
35,008
| ||||||||||||
Provision for Income Taxes
|
78
|
390
|
420
|
5,111
| ||||||||||||
Net Income
|
663
|
4,341
|
8,860
|
29,897
| ||||||||||||
Net Income Attributable to Non-Controlling Interest
|
272
|
1,415
|
1,828
|
7,365
| ||||||||||||
Net Income Attributable to STRATTEC SECURITY CORPORATION
|
$
|
391
|
$
|
2,926
|
$
|
7,032
|
$
|
22,532
| ||||||||
Net Income Per Share:
| ||||||||||||||||
Basic
|
$
|
0.10
|
$
|
0.77
|
$
|
1.82
|
$
|
5.95
| ||||||||
Diluted
|
$
|
0.10
|
$
|
0.75
|
$
|
1.80
|
$
|
5.85
| ||||||||
Average Basic Shares Outstanding
|
3,876
|
3,805
|
3,861
|
3,788
| ||||||||||||
Average Diluted Shares Outstanding
|
3,920
|
3,890
|
3,910
|
3,852
| ||||||||||||
Other | ||||||||||||||||
Capital Expenditures
|
$
|
4,781
|
$
|
2,528
|
$
|
14,188
|
$
|
8,929
| ||||||||
Depreciation
|
$
|
4,655
|
$
|
5,056
|
$
|
19,379
|
$
|
19,786
|
July 3, 2022
|
June 27, 2021
| |||||||
(Unaudited)
| ||||||||
ASSETS
| ||||||||
Current Assets:
| ||||||||
Cash and cash equivalents
|
$
|
8,774
|
$
|
14,465
| ||||
Receivables, net
|
75,827
|
69,902
| ||||||
Inventories, net
|
80,482
|
70,860
| ||||||
Other current assets
|
23,149
|
19,677
| ||||||
Total Current Assets
|
188,232
|
174,904
| ||||||
Investment in Joint Ventures
|
26,344
|
27,224
| ||||||
Other Long Term Assets
|
12,375
|
12,034
| ||||||
Property, Plant and Equipment, Net
|
91,729
|
96,401
| ||||||
$
|
318,680
|
$
|
310,563
| |||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
Current Liabilities:
| ||||||||
Accounts Payable
|
$
|
43,950
|
$
|
36,727
| ||||
Other
|
37,525
|
40,845
| ||||||
Total Current Liabilities
|
81,475
|
77,572
| ||||||
Accrued Pension and Post Retirement Obligations
|
1,722
|
2,933
| ||||||
Borrowings Under Credit Facility
|
11,000
|
12,000
| ||||||
Other Long-term Liabilities
|
4,070
|
4,625
| ||||||
Shareholders' Equity
|
343,103
|
334,058
| ||||||
Accumulated Other Comprehensive Loss
|
(18,657
|
)
|
(16,797
|
)
| ||||
Less: Treasury Stock
|
(135,580
|
)
|
(135,615
|
)
| ||||
Total STRATTEC SECURITY CORPORATION Shareholders' Equity
|
188,866
|
181,646
| ||||||
Non-Controlling Interest
|
31,547
|
31,787
| ||||||
Total Shareholders' Equity
|
220,413
|
213,433
| ||||||
$
|
318,680
|
$
|
310,563
|
Fourth Quarter Ended
|
Years Ended
| |||||||||||||||
July 3, 2022
|
June 27, 2021
|
July 3, 2022
|
June 27, 2021
| |||||||||||||
Cash Flows from Operating Activities:
| ||||||||||||||||
Net Income
|
$
|
663
|
$
|
4,341
|
$
|
8,860
|
$
|
29,897
| ||||||||
Adjustment to Reconcile Net Income to Cash (Used In) Provided By Operating Activities:
| ||||||||||||||||
Equity Loss (Earnings) in Joint Ventures
|
760
|
(716
|
)
|
(181
|
)
|
(2,560
|
)
| |||||||||
Depreciation
|
4,655
|
5,056
|
19,379
|
19,786
| ||||||||||||
Foreign Currency Transaction (Gain) Loss
|
(313
|
)
|
519
|
(237
|
)
|
2,445
| ||||||||||
Unrealized Loss (Gain) on Peso
| ||||||||||||||||
Forward Contracts
|
116
|
(211
|
)
|
(384
|
)
|
(723
|
)
| |||||||||
Stock Based Compensation Expense
|
267
|
197
|
1,140
|
972
| ||||||||||||
Loss on disposition of property, plant & equipment
|
39
|
-
|
192
|
1,421
| ||||||||||||
Deferred Income taxes
|
(1,981
|
)
|
1,473
|
(1,981
|
)
|
1,473
| ||||||||||
Change in Operating Assets/Liabilities
|
(5,677
|
)
|
(1,087
|
)
|
(16,837
|
)
|
(18,099
|
)
| ||||||||
Other, net
|
124
|
182
|
485
|
538
| ||||||||||||
Net Cash (Used In) Provided By Operating Activities
|
(1,347
|
)
|
9,754
|
10,436
|
35,150
| |||||||||||
Cash Flows from Investing Activities:
| ||||||||||||||||
Investment in Joint Ventures
|
(75
|
)
|
-
|
(150
|
)
|
(100
|
)
| |||||||||
Additions to Property, Plant and Equipment
|
(4,781
|
)
|
(2,528
|
)
|
(14,188
|
)
|
(8,929
|
)
| ||||||||
Other
|
5
|
-
|
5
|
8
| ||||||||||||
Net Cash Used in Investing Activities
|
(4,851
|
)
|
(2,528
|
)
|
(14,333
|
)
|
(9,021
|
)
| ||||||||
Cash Flows from Financing Activities:
| ||||||||||||||||
Borrowings Under Credit Facility
|
2,000
|
-
|
13,000
|
-
| ||||||||||||
Repayment of Borrowings Under Credit Facility
|
(3,000
|
)
|
(4,000
|
)
|
(14,000
|
)
|
(23,000
|
)
| ||||||||
Dividends Paid to Non-Controlling
| ||||||||||||||||
Interests of Subsidiaries
|
(600
|
)
|
-
|
(1,800
|
)
|
(490
|
)
| |||||||||
Exercise of Stock Options and
| ||||||||||||||||
Employee Stock Purchases
|
24
|
19
|
908
|
604
| ||||||||||||
Net Cash Used In Financing Activities
|
(1,576
|
)
|
(3,981
|
)
|
(1,892
|
)
|
(22,886
|
)
| ||||||||
Effect of Foreign Currency Fluctuations on Cash
|
89
|
(115
|
)
|
98
|
(552
|
)
| ||||||||||
Net (Decrease) Increase in Cash & Cash Equivalents
|
(7,685
|
)
|
3,130
|
(5,691
|
)
|
2,691
| ||||||||||
Cash and Cash Equivalents:
| ||||||||||||||||
Beginning of Period
|
16,459
|
11,335
|
14,465
|
11,774
| ||||||||||||
End of Period
|
$
|
8,774
|
$
|
14,465
|
$
|
8,774
|
$
|
14,465
|
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Disclaimer
Strattec Security Corporation published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 20:42:34 UTC.