|
(Exact name of registrant as specified in charter)
|
|
(State or other jurisdiction of incorporation)
|
|
|
|
(Commission File Number)
|
(I.R.S. Employer I.D. Number)
|
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(
|
(Registrant’s telephone number; including area code)
|
Title of each class
|
Trading symbol(s)
|
Name of exchange on which registered
|
|
|
|
Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
|
(d) | Exhibits |
STRATTEC SECURITY CORPORATION
|
By:
|
/s/ Patrick J. Hansen | |
Patrick J. Hansen, Senior Vice President and
|
||
Chief Financial Officer
|
Three Months Ended
|
||||||||
June 27, 2021
|
June 28, 2020
|
|||||||
General Motors Company
|
$
|
35,225
|
$
|
11,588
|
||||
Fiat Chrysler Automobiles
|
15,710
|
6,324
|
||||||
Ford Motor Company
|
13,314
|
6,139
|
||||||
Tier 1 Customers
|
13,332
|
5,982
|
||||||
Commercial and Other OEM Customers
|
18,689
|
8,910
|
||||||
Hyundai / Kia
|
13,787
|
3,174
|
||||||
TOTAL
|
$
|
110,057
|
$
|
42,117
|
June 27, 2021
|
June 28, 2020
|
|||||||
Equity Earnings (Loss) of VAST LLC Joint Venture
|
$
|
716
|
$
|
(601
|
)
|
|||
Equity Earnings of SAL Joint Venture
|
-
|
337
|
||||||
Gain on Rabbi Trust
|
393
|
363
|
||||||
Net Foreign Currency Realized and Unrealized Transaction (Loss) Gain
|
(231
|
)
|
65
|
|||||
Other (Expense) Income
|
(156
|
)
|
265
|
|||||
$
|
722
|
$
|
429
|
- |
Diluted earnings per share of $5.85, our highest earnings since our spinoff from Briggs and Stratton Corporation over 26 years ago.
|
- |
Cash flow from operations of $35.2 million or $9.13 per share.
|
- |
$23 million of debt reduction.
|
- |
Significantly improved overall net cash position (cash on-hand less debt outstanding).
|
Fourth Quarter Ended
|
Years Ended
|
|||||||||||||||
June 27, 2021
|
June 28, 2020
|
June 27, 2021
|
June 28, 2020
|
|||||||||||||
Net Sales
|
$
|
110,057
|
$
|
42,117
|
$
|
485,295
|
$ |
385,300
|
||||||||
Cost of Goods Sold
|
94,805
|
49,900
|
406,637
|
349,854
|
||||||||||||
Gross Profit (Loss)
|
15,252
|
(7,783
|
)
|
78,658
|
35,446
|
|||||||||||
Engineering, Selling & Administrative Expenses |
11,200
|
8,333
|
44,743
|
44,108
|
||||||||||||
Income (Loss) from Operations
|
4,052
|
(16,116
|
)
|
33,915
|
(8,662
|
)
|
||||||||||
Interest Expense
|
(43
|
)
|
(128
|
)
|
(302
|
)
|
(920
|
)
|
||||||||
Other Income, Net
|
722
|
429
|
1,395
|
1,459
|
||||||||||||
Income (Loss) before Provision (Benefit) for Income Taxes and Non-Controlling Interest
|
4,731
|
(15,815
|
)
|
35,008
|
(8,123
|
)
|
||||||||||
Provision (Benefit) for Income Taxes
|
390
|
(3,460
|
)
|
5,111
|
(2,266
|
)
|
||||||||||
Net Income (Loss)
|
4,341
|
(12,355
|
)
|
29,897
|
(5,857
|
)
|
||||||||||
Net Income (Loss) Attributable to Non-Controlling Interest
|
1,415
|
(1,853
|
)
|
7,365
|
1,748
|
|||||||||||
Net Income (Loss) Attributable to STRATTEC SECURITY CORPORATION
|
$
|
2,926
|
$
|
(10,502
|
)
|
$
|
22,532
|
$
|
(7,605
|
)
|
||||||
Net Income (Loss) Per Share:
|
||||||||||||||||
Basic
|
$
|
0.77
|
$
|
(2.80
|
)
|
$
|
5.95
|
$
|
(2.04
|
)
|
||||||
Diluted
|
$
|
0.75
|
$
|
(2.80
|
)
|
$
|
5.85
|
$
|
(2.04
|
)
|
||||||
Average Basic Shares Outstanding
|
3,805
|
3,749
|
3,788
|
3,737
|
||||||||||||
Average Diluted Shares Outstanding
|
3,890
|
3,749
|
3,852
|
3,737
|
||||||||||||
Other
|
||||||||||||||||
Capital Expenditures
|
$
|
2,528
|
$
|
2,074
|
$
|
8,929
|
$
|
12,381
|
||||||||
Depreciation
|
$
|
5,056
|
$
|
4,980
|
$
|
19,786
|
$
|
19,329
|
June 27, 2021
|
June 28, 2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
14,465
|
$
|
11,774
|
||||
Receivables, net
|
69,902
|
41,955
|
||||||
Inventories, net
|
70,860
|
54,400
|
||||||
Other current assets
|
19,677
|
17,239
|
||||||
Total Current Assets
|
174,904
|
125,368
|
||||||
Investment in Joint Ventures
|
27,224
|
22,068
|
||||||
Other Long Term Assets
|
12,034
|
12,961
|
||||||
Property, Plant and Equipment, Net
|
96,401
|
105,148
|
||||||
$
|
310,563
|
$
|
265,545
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts Payable
|
$
|
36,727
|
$
|
18,549
|
||||
Other
|
40,845
|
29,591
|
||||||
Total Current Liabilities
|
77,572
|
48,140
|
||||||
Accrued Pension and Post Retirement Obligations
|
2,933
|
1,956
|
||||||
Borrowings Under Credit Facility
|
12,000
|
35,000
|
||||||
Other Long-term Liabilities
|
4,625
|
5,008
|
||||||
Shareholders’ Equity
|
334,058
|
309,991
|
||||||
Accumulated Other Comprehensive Loss
|
(16,797
|
)
|
(22,113
|
)
|
||||
Less: Treasury Stock
|
(135,615
|
)
|
(135,656
|
)
|
||||
Total STRATTEC SECURITY CORPORATION Shareholders’ Equity
|
181,646
|
152,222
|
||||||
Non-Controlling Interest
|
31,787
|
23,219
|
||||||
Total Shareholders’ Equity
|
213,433
|
175,441
|
||||||
$
|
310,563
|
$
|
265,545
|
Fourth Quarter Ended
|
Years Ended | |||||||||||||||
June 27, 2021
|
June 28, 2020
|
June 27, 2021
|
June 28, 2020
|
|||||||||||||
Cash Flows from Operating Activities:
|
||||||||||||||||
Net Income (Loss)
|
$
|
4,341
|
$
|
(12,355
|
)
|
$
|
29,897
|
$
|
(5,857
|
)
|
||||||
Adjustment to Reconcile Net Income (Loss) to Cash Provided by Operating Activities:
|
||||||||||||||||
Equity (Earnings) Loss in Joint Ventures
|
(716
|
)
|
264
|
(2,560
|
)
|
209
|
||||||||||
Depreciation
|
5,056
|
4,980
|
19,786
|
19,329
|
||||||||||||
Foreign Currency Transaction Loss (Gain)
|
519
|
85
|
2,445
|
(1,982
|
)
|
|||||||||||
Unrealized (Gain) Loss on Peso Forward Contracts
|
(211
|
)
|
(568
|
)
|
(723
|
)
|
480
|
|||||||||
Stock Based Compensation Expense
|
197
|
207
|
972
|
996
|
||||||||||||
Non-Cash Compensation Expense
|
-
|
351
|
-
|
4,824
|
||||||||||||
Loss on disposition of property, plant & equipment
|
-
|
99
|
1,421
|
369
|
||||||||||||
Deferred Income taxes
|
1,473
|
(2,557
|
)
|
1,473
|
(3,589
|
)
|
||||||||||
Change in Operating Assets/Liabilities
|
(1,087
|
)
|
5,207
|
(18,099
|
)
|
10,616
|
||||||||||
Other, net
|
182
|
(223
|
)
|
538
|
29
|
|||||||||||
Net Cash Provided (Used in) by Operating Activities
|
9,754
|
(4,510
|
)
|
35,150
|
25,424
|
|||||||||||
Cash Flows from Investing Activities:
|
||||||||||||||||
Investment in Joint Ventures
|
-
|
-
|
(100
|
)
|
-
|
|||||||||||
Additions to Property, Plant and Equipment
|
(2,528
|
)
|
(2,074
|
)
|
(8,929
|
)
|
(12,381
|
)
|
||||||||
Other
|
-
|
3
|
8
|
32
|
||||||||||||
Net Cash Used in Investing Activities
|
(2,528
|
)
|
(2,071
|
)
|
(9,021
|
)
|
(12,349
|
)
|
||||||||
Cash Flows from Financing Activities:
|
||||||||||||||||
Borrowings Under Credit Facility
|
-
|
8,000
|
-
|
8,000
|
||||||||||||
Repayment of Borrowings Under Credit Facility
|
(4,000
|
)
|
-
|
(23,000
|
)
|
(15,000
|
)
|
|||||||||
Dividends Paid to Non-Controlling Interests of Subsidiaries
|
-
|
-
|
(490
|
)
|
(980
|
)
|
||||||||||
Dividends Paid
|
-
|
-
|
-
|
(1,572
|
)
|
|||||||||||
Exercise of Stock Options and Employee Stock Purchases
|
19
|
17
|
604
|
560
|
||||||||||||
Net Cash (Used In) Provided By Financing Activities
|
(3,981
|
)
|
8,017
|
(22,886
|
)
|
(8,992
|
)
|
|||||||||
Effect of Foreign Currency Fluctuations on Cash
|
(115
|
)
|
165
|
(552
|
)
|
(118
|
)
|
|||||||||
Net Increase in Cash & Cash Equivalents
|
3,130
|
1,601
|
2,691
|
3,965
|
||||||||||||
Cash and Cash Equivalents:
|
||||||||||||||||
Beginning of Period
|
11,335
|
10,173
|
11,774
|
7,809
|
||||||||||||
End of Period
|
$
|
14,465
|
$
|
11,774
|
$
|
14,465
|
$
|
11,774
|