Three Months Ended
| ||||||||
December 26, 2021
|
December 27, 2020
| |||||||
Stellantis / Fiat Chrysler Automobiles
|
$
|
23.1
|
$
|
23.2
| ||||
General Motors Company
|
31.1
|
39.0
| ||||||
Ford Motor Company
|
21.1
|
16.8
| ||||||
Tier 1 Customers
|
15.6
|
18.7
| ||||||
Commercial and Other OEM Customers
|
16.1
|
19.6
| ||||||
Hyundai / Kia
|
5.9
|
10.1
| ||||||
TOTAL
|
$
|
112.9
|
$
|
127.4
|
December 26,
2021
|
December 27,
2020
| |||||||
Equity Earnings of VAST LLC Joint Venture
|
$
|
615
|
$
|
1,075
| ||||
Net Foreign Currency Transaction (Loss)
|
(26
|
)
|
(1,633)
| |||||
Other
|
(69
|
) |
267
| |||||
$ | 520 |
$
|
(291)
|
Second Quarter Ended
|
Six Months Ended
| |||||||||||||||
December 26, 2021
|
December 27, 2020
|
December 26, 2021
|
December 27, 2020
| |||||||||||||
Net Sales
| $ |
112,908
|
$
|
127,360
|
$
|
213,249 |
$
|
253,594
| ||||||||
Cost of Goods Sold
|
97,975
|
105,119
|
185,767
|
208,842
| ||||||||||||
Gross Profit
|
14,933
|
22,241
|
27,482
|
44,752
| ||||||||||||
Engineering, Selling & Administrative Expenses
|
11,301
|
10,302
|
23,422
|
21,616
| ||||||||||||
Income from Operations
|
3,632
|
11,939
|
4,060
|
23,136
| ||||||||||||
Interest Expense
|
(57
|
)
|
(84
|
)
|
(105
|
)
|
(196
|
)
| ||||||||
Other Income (Expense), Net
|
520
|
(291
|
)
|
399
|
274
| |||||||||||
Income Before Provision for Income Taxes and Non-Controlling Interest
|
4,095
|
11,564
|
4,354
|
23,214
| ||||||||||||
Provision for Income Taxes
|
255
|
1,991
|
292
|
3,568
| ||||||||||||
Net Income
|
3,840
|
9,573
|
4,062
|
19,646
| ||||||||||||
Net Income Attributable to Non-Controlling Interest
|
(446
|
)
|
(2,460
|
)
|
(567
|
)
|
(4,525
|
)
| ||||||||
Net Income Attributable to STRATTEC SECURITY CORPORATION
| $ |
3,394 | $ |
7,113
| $ |
3,495 | $ |
15,121
| ||||||||
Earnings Per Share:
| ||||||||||||||||
Basic
| $ |
0.88 | $ |
1.88
| $ |
0.91 | $ |
4.01
| ||||||||
Diluted
| $ |
0.87 | $ |
1.85
| $ |
0.90 | $ |
3.96
| ||||||||
Average Basic Shares Outstanding
|
3,866
|
3,786
|
3,848
|
3,775
| ||||||||||||
Average Diluted Shares Outstanding
|
3,908
|
3,842
|
3,901
|
3,815
| ||||||||||||
Other | ||||||||||||||||
Capital Expenditures
|
$ |
2,573 |
$
|
3,079
| $ |
5,362 |
$
|
4,593
| ||||||||
Depreciation
| $ |
4,911 |
$
|
4,912
| $ |
9,968 |
$
|
9,797
|
December 26, 2021
|
June 27, 2021
| |||||||
(Unaudited)
| ||||||||
ASSETS
| ||||||||
Current Assets:
| ||||||||
Cash and cash equivalents
|
$
|
14,071
|
$
|
14,465
| ||||
Receivables, net
|
72,472
|
69,902
| ||||||
Inventories, net
|
73,243
|
70,860
| ||||||
Other current assets
|
18,129 |
19,677
| ||||||
Total Current Assets
|
177,915
|
174,904
| ||||||
Investment in Joint Ventures
|
27,394
|
27,224
| ||||||
Other Long Term Assets
|
11,719
|
12,034
| ||||||
Property, Plant and Equipment, Net
|
91,285 |
96,401
| ||||||
$
|
308,313
|
$
|
310,563
| |||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
Current Liabilities:
| ||||||||
Accounts Payable
|
$
|
31,635
|
$
|
36,727
| ||||
Other
|
35,202 |
40,845
| ||||||
Total Current Liabilities
|
66,837
|
77,572
| ||||||
Accrued Pension and Post Retirement Obligations
|
2,945
|
2,933
| ||||||
Borrowings Under Credit Facility
|
17,000
|
12,000
| ||||||
Other Long-term Liabilities
|
4,460 |
4,625 | ||||||
Shareholders' Equity
|
338,810
|
334,058
| ||||||
Accumulated Other Comprehensive Loss
|
(17,391
|
)
|
(16,797
|
)
| ||||
Less: Treasury Stock
|
(135,599
|
)
|
(135,615
|
)
| ||||
Total STRATTEC SECURITY CORPORATION Shareholders' Equity
|
185,820
|
181,646
| ||||||
Non-Controlling Interest
|
31,251 |
31,787
| ||||||
Total Shareholders' Equity
|
217,071 |
213,433
| ||||||
$
|
308,313
|
$
|
310,563
|
Second Quarter Ended
|
Six Months Ended
| |||||||||||||||
December 26, 2021
|
December 27, 2020
|
December 26, 2021
|
December 27, 2020
| |||||||||||||
Cash Flows from Operating Activities:
| ||||||||||||||||
Net Income
|
$
|
3,840
|
$
|
9,573
|
$
|
4,062
|
$
|
19,646
| ||||||||
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
| ||||||||||||||||
Depreciation |
4,911
|
4,912 |
9,968 |
9,797 | ||||||||||||
Equity Earnings in Joint Ventures
|
(615
|
)
|
1,075
|
)
|
(364
|
)
|
(1,900
|
)
| ||||||||
Loss on disposition of property, plant & equipment
|
85
|
1,203
|
93 |
1,426 | ||||||||||||
Foreign Currency Transaction (Gain) Loss
|
(104
|
)
|
1,913
|
(243
|
)
|
2,312 | ||||||||||
Unrealized Loss (Gain) on Peso Forward Contracts
|
126
|
(145
|
)
|
224 |
(480
|
)
| ||||||||||
Deferred Income Taxes
|
-
|
-
|
- |
- | ||||||||||||
Stock Based Compensation Expense
|
238
|
374
|
634 |
582 | ||||||||||||
Change in Operating Assets/Liabilities
|
1,063
|
(7,119
|
)
|
(14,596
|
)
|
(14,562
|
)
| |||||||||
Other, net
|
121
|
120
|
240
|
235
| ||||||||||||
Net Cash Provided by Operating Activities
|
9,665
|
9,756
|
18 |
17,056 | ||||||||||||
Cash Flows from Investing Activities:
| ||||||||||||||||
Investment in Joint Ventures
|
-
|
(100
|
)
|
-
|
(100
|
)
| ||||||||||
Additions to Property, Plant and Equipment
|
(2,573
|
)
|
(3,079
|
)
|
(5,362
|
)
|
(4,593
|
)
| ||||||||
Proceeds Received on Sale of Property, Plant and Equipment
|
- |
- |
- |
3 | ||||||||||||
Net Cash Used in Investing Activities
|
(2,573
|
)
|
(3,179
|
)
|
(5,362
|
)
|
(4,690
|
)
| ||||||||
Cash Flows from Financing Activities:
| ||||||||||||||||
Borrowings on Line of Credit Facility
|
1,000
|
- |
8,000 |
- | ||||||||||||
Payments on Line of Credit Facility
|
(1,000
|
)
|
(8,000
|
)
|
(3,000
|
)
|
(13,000
|
)
| ||||||||
Dividends Paid to Non-Controlling Interest of Subsidiary
|
-
|
-
|
(600
|
)
|
(490
|
)
| ||||||||||
Exercise of Stock Options and Employee Stock Purchases
|
20
|
21
|
639
|
40
| ||||||||||||
Net Cash Provided by (Used) in Financing Activities
|
20
|
(7,979
|
)
|
5,039
|
(13,450
|
)
| ||||||||||
Effect of Foreign Currency Fluctuations on Cash
|
(65
|
)
|
(149
|
)
|
(89
|
)
|
(258
|
)
| ||||||||
Net Increase (Decrease) in Cash & Cash Equivalents
|
7,047
|
(1,551
|
)
|
(394
|
)
|
(1,342
|
)
| |||||||||
Cash and Cash Equivalents:
| ||||||||||||||||
Beginning of Period
|
7,024
|
11,983
|
14,465
|
11,774
| ||||||||||||
End of Period
|
$
|
14,071
|
$
|
10,432
|
$
|
14,071
|
$
|
10,432
|
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Disclaimer
Strattec Security Corporation published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 21:06:12 UTC.