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Three Months Ended
|
||||||||
September 30, 2018
|
October 1, 2017
|
|||||||
Fiat Chrysler Automobiles
|
$
|
30,297
|
$
|
24,102
|
||||
General Motors Company
|
25,287
|
20,338
|
||||||
Ford Motor Company
|
15,523
|
15,373
|
||||||
Tier 1 Customers
|
17,816
|
15,743
|
||||||
Commercial and Other OEM Customers
|
20,928
|
17,867
|
||||||
Hyundai / Kia
|
7,308
|
9,037
|
||||||
TOTAL
|
$
|
117,159
|
$
|
102,460
|
September 30,
2018
|
October 1,
2017
|
|||||||
Equity Earnings of VAST LLC Joint Venture
|
$
|
915
|
$
|
1,035
|
||||
Equity Loss of STRATTEC Advanced Logic LLC
|
(6
|
)
|
(9
|
)
|
||||
Net Foreign Currency Transaction Gain (Loss)
|
(31
|
)
|
63
|
|||||
Other
|
(214
|
)
|
24
|
|||||
$
|
664
|
$
|
1,113
|
First Quarter Ended
|
||||||||
September 30, 2018
|
October 1, 2017
|
|||||||
Net Sales
|
$
|
117,159
|
$
|
102,460
|
||||
Cost of Goods Sold
|
101,976
|
88,997
|
||||||
Gross Profit
|
15,183
|
13,463
|
||||||
Engineering, Selling & Administrative Expenses
|
11,031
|
10,042
|
||||||
Income from Operations
|
4,152
|
3,421
|
||||||
Interest Income
|
-
|
4
|
||||||
Interest Expense
|
(407
|
)
|
(203
|
)
|
||||
Other Income, Net
|
664
|
1,113
|
||||||
Income before (Benefit) Provision for Income Taxes and
Non-Controlling Interest
|
4,409
|
4,335
|
||||||
(Benefit) Provision for Income Taxes
|
(20
|
)
|
1,066
|
|||||
Net Income
|
4,429
|
3,269
|
||||||
Net Income Attributable to
Non-Controlling Interest
|
(962
|
)
|
(813
|
)
|
||||
Net Income Attributable to STRATTEC SECURITY CORP.
|
$
|
3,467
|
$
|
2,456
|
||||
Earnings Per Share:
|
||||||||
Basic
|
$
|
0.95
|
$
|
0.68
|
||||
Diluted
|
$
|
0.93
|
$
|
0.67
|
||||
Average Basic Shares Outstanding
|
3,652
|
3,611
|
||||||
Average Diluted Shares Outstanding
|
3,711
|
3,681
|
||||||
Other
|
||||||||
Capital Expenditures
|
$
|
3,969
|
$
|
7,571
|
||||
Depreciation & Amortization
|
$
|
4,047
|
$
|
3,095
|
September 30, 2018
|
July 1, 2018
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
10,345
|
$
|
8,090
|
||||
Receivables, net
|
78,525
|
73,832
|
||||||
Inventories, net
|
46,279
|
46,654
|
||||||
Other current assets
|
20,469
|
22,527
|
||||||
Total Current Assets
|
155,618
|
151,103
|
||||||
Investment in Joint Ventures
|
21,787
|
22,192
|
||||||
Other Long Term Assets
|
17,542
|
17,338
|
||||||
Property, Plant and Equipment, Net
|
118,001
|
116,542
|
||||||
$
|
312,948
|
$
|
307,175
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts Payable
|
$
|
39,010
|
$
|
38,439
|
||||
Borrowings Under Credit Facility
|
2,000
|
-
|
||||||
Other
|
31,459
|
30,354
|
||||||
Total Current Liabilities
|
72,469
|
68,793
|
||||||
Accrued Pension and Post Retirement Obligations
|
2,368
|
2,379
|
||||||
Borrowings Under Credit Facility
|
49,000
|
51,000
|
||||||
Other Long-term Liabilities
|
1,179
|
1,757
|
||||||
Shareholders’ Equity
|
334,725
|
331,375
|
||||||
Accumulated Other Comprehensive Loss
|
(32,946
|
)
|
(33,439
|
)
|
||||
Less: Treasury Stock
|
(135,767
|
)
|
(135,778
|
)
|
||||
Total STRATTEC SECURITY
CORPORATION Shareholders’ Equity
|
166,012
|
162,158
|
||||||
Non-Controlling Interest
|
21,920
|
21,088
|
||||||
Total Shareholders’ Equity
|
187,932
|
183,246
|
||||||
$
|
312,948
|
$
|
307,175
|
First Quarter Ended
|
||||||||
September 30, 2018
|
October 1, 2017
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net Income
|
$
|
4,429
|
$
|
3,269
|
||||
Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
||||||||
Depreciation and Amortization
|
4,047
|
3,095
|
||||||
Equity Earnings in Joint Ventures
|
(909
|
)
|
(1,026
|
)
|
||||
Foreign Currency Transaction Loss
|
428
|
137
|
||||||
Unrealized (Gain) Loss on Peso Forward Contracts
|
(225
|
)
|
258
|
|||||
Stock Based Compensation Expense
|
385
|
371
|
||||||
Deferred Income Taxes
|
(372
|
)
|
-
|
|||||
Change in Operating Assets/Liabilities
|
14
|
(5,745
|
)
|
|||||
Other, net
|
-
|
(5
|
)
|
|||||
Net Cash Provided by Operating Activities
|
7,797
|
354
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Additions to Property, Plant and Equipment
|
(3,969
|
)
|
(7,571
|
)
|
||||
Net Cash Used in Investing Activities
|
(3,969
|
)
|
(7,571
|
)
|
||||
Cash Flow from Financing Activities:
|
||||||||
Borrowings on Credit Facility
|
2,000
|
12,000
|
||||||
Repayment of Borrowings under Credit Facility
|
(2,000
|
)
|
(2,000
|
)
|
||||
Dividends Paid to Non-Controlling Interest of Subsidiaries
|
(784
|
)
|
(2,017
|
)
|
||||
Dividends Paid
|
(514
|
)
|
(508
|
)
|
||||
Exercise of Stock Options and Employee Stock Purchases
|
23
|
25
|
||||||
Net Cash (Used In) Provided by Financing Activities
|
(1,275
|
)
|
7,500
|
|||||
Foreign Currency Impact on Cash
|
(298
|
)
|
(146
|
)
|
||||
Net Increase in Cash & Cash Equivalents
|
2,255
|
137
|
||||||
Cash and Cash Equivalents:
|
||||||||
Beginning of Period
|
8,090
|
8,361
|
||||||
End of Period
|
$
|
10,345
|
$
|
8,498
|
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