STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”)
(NASDAQ:STRT) today reported operating results for the fiscal
fourth quarter and year ended June 30, 2019.
Fourth Quarter Highlights
- Net sales for the fourth quarter were $128.7 million,
representing a 10.3% increase from sales of $116.7 million in the
fourth quarter of fiscal year 2018.
- GAAP net loss and diluted loss per share were a loss of $62,000
and ($.02) respectively, compared to net income of $4.0 million and
$1.07 earnings per share in the comparable prior year period.
- Excluding the impact of non-cash pension termination settlement
and compensation expense charges, 2019 adjusted net income was $2.7
million and $.73 diluted earnings per share representing a decrease
from $4.0 million and $1.07 diluted earnings per share in the
fourth quarter of fiscal year 2018.
Full Fiscal Year 2019
Highlights
- Net sales were $487.0 million for the fiscal year ended June
30, 2019, a 10.9% increase from sales of $439.2 million in fiscal
2018.
- GAAP net loss and diluted loss per share were a net loss of
$17.0 million and ($4.63), respectively, compared to net income of
$12.3 million and $3.32 diluted earnings per share in the
comparable prior year period.
- Excluding the impact of pension termination settlement and
compensation expense charges, adjusted net income and adjusted
diluted earnings per share were $10.6 million and $2.84
respectively for the fiscal year ended June 30, 2019, a decrease
from $12.3 million net income and $3.32 diluted earnings per share
in fiscal year 2018.
Frank Krejci, President and CEO commented:
“Unfortunately, the accounting treatment of the pension termination
settlement overshadows the significant benefits going
forward. We are reporting large non-cash charges to earnings
in Fiscal 2019, but we no longer face the risk of having to make
future pension contributions.”
“Two additional factors impacted the drop in
adjusted profitability in the current year.”
“The Mexican government mandated a doubling of
the minimum wage effective January 1, 2019 which impacted wage
rates generally. It was to be offset by tax benefits but that
has not yet happened. As the tax benefits may or may not be
enacted, we have taken actions to reduce the impact of this
increase going forward.”
“A recent double digit drop in the Chinese
automotive market hurt our volumes and profitability in our VAST
China operation. While the Chinese auto market has shown some
recent weakness, we still believe that there is long term
opportunity in 1) a growing market; 2) broadening our product
offering in power access; and 3) increasing our market share.
We therefore remain committed to investing in China. Our new
plant, currently under construction, will position our VAST
partnership for growth in China and create greater opportunity to
service the local China market.”
“Over the past two years, we have made
significant investments in our business. Certain capital
expenditures have not returned benefits as quickly as we had
planned. New strategic product development expenses have
increased costs in the present to provide new future
business. The increased sales we have enjoyed have come at a
cost to the Company, resulting from the strain of the resulting
growth on our operations. We are disappointed with the
declining financial performance and the resulting recent
performance of our stock price. During Fiscal 2019, we have
focused our efforts on rectifying these issues.”
“Headcount reductions were recently implemented
to better align our resources with our strategies. After
start-up challenges, we are beginning to recognize efficiencies and
reduced quality costs at our joint venture plant in Leon,
Mexico. We won our second consecutive PACE Award for
innovation in the automotive industry. It is very challenging
to win this prestigious award, so winning two years in a row is
rare. The award recognized our first-to-market power tailgate
for the Chevrolet Silverado pick-up truck. We believe this
will create significant opportunity for us in this strong market
segment.”
“Our efforts improved operating cash flow
significantly this past year. Debt was reduced by $9 million
to $42 million. New programs were launched into production and
important new programs were won. I am seeing progress in
improving efficiencies and putting some start-up challenges behind
us. I look forward to these efforts positively impacting our
future.”
Pension Termination
Adjustment
Unlike many companies, STRATTEC was prudent in
fully funding our pension obligations. After buying annuities
from an insurance company, excess pension funds remained.
Rather than paying punitive taxes for STRATTEC to recapture those
excess funds, the STRATTEC Board of Directors voted during June
2019 to make a tax free contribution into employee 401K accounts
during December 2019. This will result in additional non-cash
GAAP accounting charges of approximately $4.3 million on a pre-tax
basis which will impact our earnings during the first six months of
our new fiscal year beginning on July 1, 2019. No further pension
related accounting charges are expected after that time.
The impact of the fiscal year 2019 non-cash
pension settlement charges (net of recoveries) and non-cash
compensation charges reduced pre-tax earnings by $31,878,000 and
$4,195,000, respectively, which in total reduced diluted earnings
per share for the current year by $7.47. Without these
charges, adjusted diluted earnings per share during the current
fiscal year would have been $2.84. For further information,
see the Non-GAAP to GAAP reconciliation table, along with the
explanatory note following the table, included in this release.
The non-adjusted decrease in Gross Profit margin
in the current year quarter compared to the prior year quarter was
attributed to a $2,491,000 non-cash compensation expense charge.
The non-adjusted increase in Selling, Engineering and
Administrative expenses in the current year quarter was primarily
attributed to a $1,704,000 non-cash compensation charge. Both
are related to the future transfer of the excess plan assets
remaining in the pension plan to the STRATTEC defined contribution
plan.
STRATTEC SECURITY CORPORATION AND
SUBSIDIARIES |
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES TO GAAP PERFORMANCE
MEASURES |
(in thousands, except earnings per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
June 30, 2019 |
|
July 1, 2018 |
|
June 30, 2019 |
|
July 1, 2018 |
|
|
|
|
|
|
|
|
Gross profit (GAAP
measure) |
$ |
14,199 |
|
|
$ |
13,137 |
|
$ |
57,800 |
|
|
$ |
54,443 |
Compensation charge,
pre-tax |
|
2,491 |
|
|
|
- |
|
|
2,491 |
|
|
|
- |
Adjusted gross profit |
$ |
16,690 |
|
|
$ |
13,137 |
|
$ |
60,291 |
|
|
$ |
54,443 |
|
|
|
|
|
|
|
|
Engineering, selling &
administrative |
|
|
|
|
|
|
|
expenses (GAAP measure) |
$ |
13,964 |
|
|
$ |
10,135 |
|
$ |
47,186 |
|
|
$ |
41,168 |
Compensation charge,
pre-tax |
|
1,704 |
|
|
|
- |
|
|
1,704 |
|
|
|
- |
Adjusted engineering, selling
& |
|
|
|
|
|
|
|
administrative expenses |
$ |
12,260 |
|
|
$ |
10,135 |
|
$ |
45,482 |
|
|
$ |
41,168 |
|
|
|
|
|
|
|
|
Operating income (GAAP
measure) |
$ |
235 |
|
|
$ |
3,002 |
|
$ |
10,614 |
|
|
$ |
13,275 |
Compensation charge,
pre-tax |
|
4,195 |
|
|
|
- |
|
|
4,195 |
|
|
|
- |
Adjusted operating income |
$ |
4,430 |
|
|
$ |
3,002 |
|
$ |
14,809 |
|
|
$ |
13,275 |
|
|
|
|
|
|
|
|
Net (loss) income (GAAP
measure) |
$ |
(62 |
) |
|
$ |
3,976 |
|
$ |
(17,029 |
) |
|
$ |
12,283 |
Pension termination settlement
(recovery) |
|
|
|
|
|
|
|
charge, net of tax |
|
(425 |
) |
|
|
- |
|
|
24,387 |
|
|
|
- |
Compensation charge, net of
tax |
|
3,209 |
|
|
|
- |
|
|
3,209 |
|
|
|
- |
Adjusted net income |
$ |
2,722 |
|
|
$ |
3,976 |
|
$ |
10,567 |
|
|
$ |
12,283 |
|
|
|
|
|
|
|
|
Diluted (loss) earnings per
share (GAAP measure) |
$ |
(0.02 |
) |
|
$ |
1.07 |
|
$ |
(4.63 |
) |
|
$ |
3.32 |
Pension termination settlement
(recovery) |
|
|
|
|
|
|
|
charge, net of tax |
|
(0.11 |
) |
|
|
- |
|
|
6.60 |
|
|
|
- |
Compensation charge, net of tax |
|
0.86 |
|
|
|
- |
|
|
0.87 |
|
|
|
- |
Adjusted diluted earnings per share |
$ |
0.73 |
|
|
$ |
1.07 |
|
$ |
2.84 |
|
|
$ |
3.32 |
|
|
|
|
|
|
|
|
Fourth Quarter
Net sales for the fourth quarter ended June 30,
2019 were $128.7 million, compared to net sales of $116.7 million
for the fourth quarter ended July 1, 2018. Net loss was
$62,000 (profit of $2.7 million adjusted) in the current year
quarter, compared to net income of $4.0 million in the prior year
quarter. Diluted loss per share for the 2019 fourth quarter
was $0.02 ($.73 adjusted diluted earnings per share) compared to
diluted earnings per share of $1.07 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, 2019 |
July 1, 2018 |
|
Fiat Chrysler Automobiles |
$ |
29,479 |
$ |
33,263 |
General Motors Company |
|
32,608 |
|
21,675 |
Ford Motor Company |
|
15,754 |
|
14,933 |
Tier 1 Customers |
|
18,816 |
|
19,232 |
Commercial and Other OEM
Customers |
|
24,344 |
|
22,609 |
Hyundai / Kia |
|
7,703 |
|
5,018 |
TOTAL |
$ |
128,704 |
$ |
116,730 |
Sales to Fiat Chrysler Automobiles (FCA) in the
current year quarter decreased over the same period in the prior
year quarter due primarily to lower vehicle production volumes on
the FCA minivans for which we supply multiple components. The
increase in sales to General Motors Company and the Ford Motor
Company in the current year quarter compared to the prior year
quarter related primarily to higher production volumes and content
on products we supply to their business. Sales to Tier 1
Customers decreased in the current year quarter due to lower
production volumes on products we supply. Sales to Commercial
and Other OEM Customers during the current year quarter increased
in comparison to the prior year quarter mainly due to higher sales
volumes related to our Aftermarket business. These customers,
along with the Tier 1 Customers, primarily represent purchasers of
vehicle access control products, such as latches, fobs, driver
controls and door handles that we have developed in recent years to
complement our historic core business of locks and keys. The
increased sales to Hyundai / Kia in the current year quarter were
principally due to higher levels of production on the Kia Sedona
minivan for which we supply components.
Adjusted Gross Profit margins improved to 12.9%
in the current year quarter compared to 11.3% in the prior year
quarter primarily due to increases in volumes and some improvements
in operations.
Adjusted Engineering, Selling and Administrative
expenses as a percent of net sales in the current year quarter were
9.5% compared to 8.7 % in the prior year quarter. The increase in
overall operating expense spending in the current year quarter was
primarily due to new product development costs. During the
current year quarter, we utilized third party vendors for a portion
of our development work, which resulted in higher operating
expenses as compared to the prior year quarter.
Included in Other Income (Expense), Net in the
current year quarter compared to the prior year quarter were the
following items (in thousands of dollars):
|
June 30, |
July 1, |
|
|
2019 |
|
2018 |
|
Equity Earnings of VAST LLC
Joint Venture |
$ |
228 |
|
$ |
1,299 |
|
Equity Earnings (Loss) of
STRATTEC Advanced Logic, LLC |
|
104 |
|
|
115 |
|
Net Foreign Currency
Transaction Gain |
|
(72 |
) |
|
408 |
|
Other |
|
33 |
|
|
258 |
|
|
$ |
293 |
|
$ |
2,080 |
|
|
The reduction in equity earnings of VAST LLC in
the current year quarter primarily related to significantly lower
sales volume and resulting lower profitability in our VAST China
operation. In addition, we continue to invest in the growing China
market with higher development costs for new programs and the costs
of breaking ground for the new plant in Jingzhou, China, which we
believe will give VAST added capacity, efficiencies and the
advantage of a broader geographic footprint.
Full YearFor the fiscal year
ended June 30, 2019, STRATTEC net sales were $487.0 million
compared to net sales of $439.2 million during fiscal 2018.
Net loss for fiscal 2019 was $17.0 million ($10.6 million adjusted
net income) compared to net income of $12.3 million in the prior
year. Diluted loss per share for the current year was $4.63
($2.84 adjusted diluted earnings per share) compared to diluted
earnings per share of $3.32 in the prior year.
Non-GAAP Financial Measures
This press release contains financial measures
not prepared in accordance with generally accepted accounting
principles (referred to as Non-GAAP), specifically “adjusted net
income” and “adjusted diluted earnings per share.” “Adjusted
net income” is defined as net (loss) income attributable to
STRATTEC SECURITY CORPORATION shareholders excluding (1) the
pension termination settlement charge (recovery), net of tax, and
(2) the compensation expense charges, net of tax. “Adjusted
diluted earnings per share” is defined as “Adjusted net income”
divided by average diluted shares of common stock
outstanding. The Company believes that these Non-GAAP
measures, when presented in conjunction with comparable GAAP
measures, provide additional information for evaluating STRATTEC’s
performance and are important measures by which STRATTEC’s
management is able to assess the profitability and liquidity of
STRATTEC’s business. These Non-GAAP measures should be considered
in addition to, not as a substitute for or superior to, net income
(loss) as a measure of operating performance. These Non-GAAP
measures may be different than Non-GAAP financial measures used by
other companies.
STRATTEC designs, develops, manufactures and
markets automotive Access Control Products, including mechanical
locks and keys, electronically enhanced locks and keys, steering
column and instrument panel ignition lock housings, latches, power
sliding side door systems, power lift gate systems, power deck lid
systems, door handles and related products. These products are
provided to customers in North America, and on a global basis
through a unique strategic relationship with WITTE Automotive of
Velbert, Germany and ADAC Automotive of Grand Rapids,
Michigan. Under this relationship, STRATTEC, WITTE and ADAC
market each company’s products to global customers under the “VAST
Automotive Group” brand name. STRATTEC’s history in the
automotive business spans over 110 years.
Certain statements contained in this release
contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
may be identified by the use of forward-looking words or phrases
such as “anticipate,” “believe,” “could,” “expect,” “intend,”
“may,” “planned,” “potential,” “should,” “will,” and
“would.” Such forward-looking statements in this
release are inherently subject to many uncertainties in the
Company’s operations and business environment. These
uncertainties include general economic conditions, in particular,
relating to the automotive industry, consumer demand for the
Company’s and its customers’ products, competitive and
technological developments, customer purchasing actions, changes in
warranty provisions and customers’ product recall policies, foreign
currency fluctuations, uncertainties stemming from U.S. trade
policies, tariffs and reaction to same from foreign countries and
costs of operations (including fluctuations in the cost of raw
materials). Shareholders, potential investors and other
readers are urged to consider these factors carefully in evaluating
the forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The
forward-looking statements made herein are only made as of the date
of this press release and the Company undertakes no obligation to
publicly update such forward-looking statements to reflect
subsequent events or circumstances occurring after the date of this
release. In addition, such uncertainties and other
operational matters are discussed further in the Company’s
quarterly and annual filings with the Securities and Exchange
Commission.
STRATTEC SECURITY CORPORATION |
Condensed Results of Operations |
(In Thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Years Ended |
|
June 30, 2019 |
|
July 1, 2018 |
|
June 30, 2019 |
|
July 1, 2018 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
128,704 |
|
|
$ |
116,730 |
|
|
$ |
487,006 |
|
|
$ |
439,195 |
|
Cost of Goods Sold |
|
114,505 |
|
|
|
103,593 |
|
|
|
429,206 |
|
|
|
384,752 |
|
Gross Profit |
|
14,199 |
|
|
|
13,137 |
|
|
|
57,800 |
|
|
|
54,443 |
|
|
|
|
|
|
|
|
|
Engineering, Selling
& |
|
|
|
|
|
|
|
Administrative Expenses |
|
13,964 |
|
|
|
10,135 |
|
|
|
47,186 |
|
|
|
41,168 |
|
Income from Operations |
|
235 |
|
|
|
3,002 |
|
|
|
10,614 |
|
|
|
13,275 |
|
|
|
|
|
|
|
|
|
Interest Income |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8 |
|
Interest Expense |
|
(391) |
|
|
|
(376 |
) |
|
|
(1,615 |
) |
|
|
(1,137 |
) |
Pension Termination
Settlement |
|
|
|
|
|
|
|
Recovery (Charge) |
|
556 |
|
|
|
- |
|
|
|
(31,878) |
|
|
|
- |
|
Other Income, Net |
|
293 |
|
|
|
2,080 |
|
|
|
2,446 |
|
|
|
5,552 |
|
Income (Loss) before Provision
for |
|
|
|
|
|
|
|
Income Taxes and |
|
|
|
|
|
|
|
Non-Controlling Interest |
|
693 |
|
|
|
4,706 |
|
|
|
(20,433 |
) |
|
|
17,698 |
|
|
|
|
|
|
|
|
|
(Benefit) Provision for
Income |
|
|
|
|
|
|
|
Taxes |
|
(746 |
) |
|
|
114 |
|
|
|
(7,740 |
) |
|
|
2,070 |
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
1,439 |
|
|
$ |
4,592 |
|
|
$ |
(12,693 |
) |
|
$ |
15,628 |
|
|
|
|
|
|
|
|
|
Net Income Attributable |
|
|
|
|
|
|
|
to Non-Controlling Interest |
|
1,501 |
|
|
|
616 |
|
|
|
4,336 |
|
|
|
3,345 |
|
|
|
|
|
|
|
|
|
Net (Loss) Income
Attributable |
|
|
|
|
|
|
|
to STRATTEC SECURITY |
|
|
|
|
|
|
|
CORPORATION |
$ |
(62 |
) |
|
$ |
3,976 |
|
|
$ |
(17,029 |
) |
|
$ |
12,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Earnings Per
Share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.02 |
) |
|
$ |
1.09 |
|
|
$ |
(4.63 |
) |
|
$ |
3.39 |
|
Diluted |
$ |
(0.02 |
) |
|
$ |
1.07 |
|
|
$ |
(4.63 |
) |
|
$ |
3.32 |
|
Average Basic |
|
|
|
|
|
|
|
Shares Outstanding |
|
3,691 |
|
|
|
3,635 |
|
|
|
3,676 |
|
|
|
3,628 |
|
|
|
|
|
|
|
|
|
Average Diluted |
|
|
|
|
|
|
|
Shares Outstanding |
|
3,691 |
|
|
|
3,705 |
|
|
|
3,676 |
|
|
|
3,703 |
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
Capital Expenditures |
$ |
3,903 |
|
|
$ |
4,752 |
|
|
$ |
17,453 |
|
|
$ |
24,134 |
|
Depreciation |
$ |
4,616 |
|
|
$ |
4,034 |
|
|
$ |
17,159 |
|
|
$ |
14,585 |
|
STRATTEC SECURITY CORPORATION |
|
|
|
Condensed Balance Sheet Data |
(In Thousands) |
|
|
|
|
|
|
|
|
June 30, 2019 |
|
July 1, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,809 |
|
$ |
8,090 |
|
Receivables, net |
|
84,230 |
|
|
73,832 |
|
Inventories, net |
|
47,262 |
|
|
46,654 |
|
Other current assets |
|
17,331 |
|
|
22,527 |
|
Total Current Assets |
|
156,632 |
|
|
151,103 |
|
Investment in Joint Ventures |
|
23,528 |
|
|
22,192 |
|
Other Long Term Assets |
|
14,456 |
|
|
17,338 |
|
Property, Plant and Equipment,
Net |
|
118,120 |
|
|
116,542 |
|
|
$ |
312,736 |
|
$ |
307,175 |
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
Current Liabilities: |
|
Accounts Payable |
$ |
41,889 |
|
$ |
38,439 |
|
Other |
|
37,374 |
|
|
30,354 |
|
Total Current Liabilities |
|
79,263 |
|
|
68,793 |
|
Accrued Pension and Post Retirement Obligations |
|
2,425 |
|
|
2,379 |
|
Borrowings Under Credit Facility |
|
42,000 |
|
|
51,000 |
|
Other Long-term Liabilities |
|
1,232 |
|
|
1,757 |
|
Shareholders’ Equity |
|
317,681 |
|
|
331,375 |
|
Accumulated Other Comprehensive Loss |
|
(18,568 |
) |
|
(33,439 |
) |
Less: Treasury Stock |
|
(135,725 |
) |
|
(135,778 |
) |
Total STRATTEC SECURITY |
|
|
|
|
|
|
CORPORATION Shareholders’ Equity |
|
163,388 |
|
|
162,158 |
|
Non-Controlling Interest |
|
24,428 |
|
|
21,088 |
|
Total Shareholders’ Equity |
|
187,816 |
|
|
183,246 |
|
|
$ |
312,736 |
|
$ |
307,175 |
|
|
STRATTEC SECURITY CORPORATION |
Condensed Cash Flow Statement Data |
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Years Ended |
|
June 30, 2019 |
|
July 1, 2018 |
|
June 30, 2019 |
|
July 1, 2018 |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
1,439 |
|
|
$ |
4,592 |
|
|
$ |
(12,693 |
) |
|
$ |
15,628 |
|
Adjustment to Reconcile Net
Income (Loss) to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Provided by Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Gain in Joint Ventures |
|
(332 |
) |
|
|
(1,414 |
) |
|
|
(2,783 |
) |
|
|
(4,532 |
) |
Depreciation |
|
4,616 |
|
|
|
4,034 |
|
|
|
17,159 |
|
|
|
14,585 |
|
Foreign Currency Transaction Loss (Gain) |
|
136 |
|
|
|
(722 |
) |
|
|
397 |
|
|
|
(549 |
) |
Unrealized Loss (Gain) on Peso Contracts |
|
77 |
|
|
|
473 |
|
|
|
(39 |
) |
|
|
1,160 |
|
Deferred Income Taxes |
|
(1,991 |
) |
|
|
2,739 |
|
|
|
(10,122 |
) |
|
|
1,029 |
|
Non-Cash Compensation Expense |
|
4,195 |
|
|
|
- |
|
|
|
4,195 |
|
|
|
- |
|
Pension Termination Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Recovery) Charge |
|
(556 |
) |
|
|
- |
|
|
|
31,878 |
|
|
|
- |
|
Stock Based Compensation Expense |
|
266 |
|
|
|
259 |
|
|
|
1,133 |
|
|
|
1,130 |
|
Change in Operating Assets/Liabilities |
|
(2,731 |
) |
|
|
(6,713 |
) |
|
|
996 |
|
|
|
(21,457 |
) |
Other, net |
|
101 |
|
|
|
(10 |
) |
|
|
(180 |
) |
|
|
(54 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities |
|
5,220 |
|
|
|
3,238 |
|
|
|
29,941 |
|
|
|
6,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in Joint Ventures |
|
- |
|
|
|
- |
|
|
|
(200 |
) |
|
|
(125 |
) |
Additions to Property, Plant and Equipment |
|
(3,903 |
) |
|
|
(4,752 |
) |
|
|
(17,453 |
) |
|
|
(24,134 |
) |
Other |
|
41 |
|
|
|
29 |
|
|
|
53 |
|
|
|
341 |
|
Net Cash Used in Investing
Activities |
|
(3,862 |
) |
|
|
(4,723 |
) |
|
|
(17,600 |
) |
|
|
(23,918 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings Under Credit Facility |
|
3,000 |
|
|
|
3,000 |
|
|
|
5,000 |
|
|
|
24,000 |
|
Repayments Under Credit Facility |
|
(5,000 |
) |
|
|
- |
|
|
|
(14,000 |
) |
|
|
(3,000 |
) |
Dividends Paid |
|
(516 |
) |
|
|
(509 |
) |
|
|
(2,062 |
) |
|
|
(2,034 |
) |
Dividends Paid to Non-Controlling Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of Subsidiaries |
|
- |
|
|
|
(600 |
) |
|
|
(1,384 |
) |
|
|
(2,817 |
) |
Exercise of Stock Options and Employee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchases, Including Excess Tax Benefits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Stock Based Compensation |
|
27 |
|
|
|
25 |
|
|
|
271 |
|
|
|
242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash (Used In) Provided by
Financing Activities |
|
(2,489 |
) |
|
|
1,916 |
|
|
|
(12,175 |
) |
|
|
16,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currency Impact on
Cash |
|
(262 |
) |
|
|
622 |
|
|
|
(447 |
) |
|
|
316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in
Cash & Cash Equivalents |
|
(1,393 |
) |
|
|
1,053 |
|
|
|
(281 |
) |
|
|
(271 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
9,202 |
|
|
|
7,037 |
|
|
|
8,090 |
|
|
|
8,361 |
|
End of Period |
$ |
7,809 |
|
|
$ |
8,090 |
|
|
$ |
7,809 |
|
|
$ |
8,090 |
|
|
Contact: Pat HansenSenior Vice President
andChief Financial Officer414-247-3435www.strattec.com
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