STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”)
(NASDAQ:STRT) today reported operating results for the fiscal
second quarter ended December 29, 2019.
Overview by STRATTEC President and CEO,
Frank Krejci
“We have experienced several non-cash charges in
our last twelve months operating results as a result of terminating
the STRATTEC defined benefit pension plan. Those charges are now
behind us as of this quarter end on December 29, 2019. The
termination of the defined benefit pension plan completes a
multi-year effort to reduce significant balance sheet risk and
earnings volatility of maintaining this benefit plan relative to
the size of our overall Company financial position. We transferred
the pension plan assets and our pension payment obligations to an
outside insurer without making an additional contribution. During
this quarter, we took the final step to complete the full
termination of the STRATTEC pension plan.”
“Additionally, the impact of the recent General
Motors UAW strike reduced our sales in the second quarter by
approximately $7 million and by approximately $10 million during
the first six months of our fiscal 2020. Despite the weaker sales
for the current year quarter, we were still able to reduce the
borrowings under our debt facilities by $4 million during the
quarter and a total of $10 million for the first six months of the
current fiscal year due to our strong cash flow from operations.
The sales outlook for STRATTEC during the remainder of our fiscal
2020 is anticipated to be stronger than the first six months of
fiscal 2020 assuming a stable U.S. economy and a consistent mix of
vehicles.”
Second Quarter and Year to Date
Highlights
- Net sales for the fiscal year 2020
second quarter were $106.3 million, representing a 5.8% decrease
from net sales of $112.9 million in the prior year second quarter.
For the six months ended December 29, 2019, net sales were $226.2
million compared to net sales of $230.1 million during the prior
year six month period. As described above, the General Motors UAW
strike adversely impacted our sales during both the three and six
month periods ended December 29, 2019.
- GAAP net loss and diluted loss per
share for the second quarter were $1,341,000 and $0.36
respectively, compared to GAAP net loss of $22.2 million and $5.96
loss per share in the comparable prior year period. Current year to
date GAAP net loss and diluted loss per share were $97,000 and
$0.03, respectively, compared to GAAP net loss of $18.7 million and
$5.03 diluted loss per share in the comparable prior year to date
period. The foregoing prior year second quarter results were
adversely impacted by a one-time $32.4 million non-cash pre-tax
pension settlement charge that reduced the prior year quarter
diluted earnings per share by $6.67.
- For the fiscal year 2020 second
quarter, we incurred non-cash compensation charges of $2.2 million
related to the transfer of the excess assets remaining in the
STRATTEC pension plan to the STRATTEC defined contribution plan.
Excluding the impact of these non-cash compensation expense charges
for both years and the pension settlement charge during the prior
year fiscal quarter, the current year adjusted second quarter net
income was $376,000 and $0.10 adjusted diluted earnings per share
compared to adjusted net income of $2.6 million and $0.71 adjusted
diluted earnings per share in the prior year second quarter
- For the current and prior year six
month periods, excluding the impact of the non-cash compensation
expense charges for both years and the pension settlement charge
during the prior year fiscal quarter, we had adjusted net income of
$3.3 million and $0.89 adjusted diluted earnings per share in the
current year to date period compared to adjusted net income of $5.7
million and adjusted diluted earnings per share of $1.55 in the
prior year to date period.
- Borrowings on our credit facilities
were reduced by $4 million during our fiscal year 2020 second
quarter, $10 million during the current year to date six month
period and $19 million over the last 18 month period. As of
December 29, 2019 the balance on our credit facilities totaled $32
million.
For further information on adjusted or non-GAAP
numbers included in this release, see the Non-GAAP to GAAP
reconciliation tables, along with the explanatory note following
the table, included later on in this release.
Second Quarter Details
Net sales for the second quarter ended December
29, 2019 were $106.3 million, compared to net sales of $112.9
million for the second quarter ended December 30, 2018. Net loss
was $1,341,000 (adjusted net income of $376,000) in the current
year quarter, compared to a net loss of $22.2 million in the prior
year quarter (adjusted net income of $2.6 million). Diluted loss
per share for the current year second quarter was $0.36 ($0.10
adjusted diluted earnings per share) compared to diluted loss per
share of $5.96 ($0.71 adjusted diluted earnings per share) 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
millions):
|
Three Months Ended |
|
December 29, 2019 |
|
December 30, 2018 |
|
|
|
|
|
|
Fiat Chrysler Automobiles |
$ |
27.2 |
|
$ |
25.7 |
General Motors Company |
|
25.4 |
|
|
23.8 |
Ford Motor Company |
|
15.3 |
|
|
16.1 |
Tier 1 Customers |
|
14.7 |
|
|
18.5 |
Commercial and Other OEM Customers |
|
21.4 |
|
|
21.4 |
Hyundai / Kia |
|
2.3 |
|
|
7.4 |
TOTAL |
$ |
106.3 |
|
$ |
112.9 |
Sales to Fiat Chrysler Automobiles (FCA) in the
current year quarter increased over the same period in the prior
year quarter due primarily to higher product content on the FCA
vehicles for which we supply components. The increase in sales to
General Motors Company in the current year quarter compared to the
prior year quarter related primarily to higher content on products
we supply to their business. As reported in the first quarter
highlights section, the impact of the General Motors UAW strike
resulted in lower net sales by an estimated $7.0 million in the
current year quarter. Sales to the Ford Motor Company decreased in
the current year quarter compared to the prior year quarter due
primarily to lower volumes on their F-series pickup trucks during
the current year quarter. Sales to Tier 1 customers decreased in
the current year quarter in comparison to the prior year quarter
mainly due to lower sales volume on our driver control steering
column product used on passenger car type vehicles. Sales to
Commercial and Other OEM Customers during the current year quarter
were flat in comparison to the prior year quarter. 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 decreased sales to Hyundai / Kia in the current
year quarter were principally due to lower levels of production on
the Kia Sedona minivan for which we supply components.
Our Gross Profit margin in the current year
quarter compared to the prior year quarter was impacted by a
$1,376,000 non-cash compensation expense charge incurred during the
current year quarter. Adjusted Gross Profit margins were
11.0% in the current year quarter compared to 11.3% in the prior
year quarter. This decrease was primarily due to lower sales
volumes, an unfavorable Mexico Peso to U.S. Dollar exchange rate
affecting our operations in Mexico, and the Mexican minimum wage
increase that took effect in the beginning of calendar year 2019
(i.e., the beginning of our fiscal third quarter in the prior
year).
Adjusted Engineering, Selling and Administrative
expenses as a percent of net sales in the current year quarter were
10.6% compared to 9.3% in the prior year quarter. The increase in
our Selling, Engineering and Administrative expenses in the current
year quarter compared to the prior year quarter was primarily
attributed to an $869,000 non-cash compensation charge incurred
during the current year quarter. Moreover, the increase in
overall operating expense spending in the current year quarter was
primarily due to new product development costs on power access
products. 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):
|
December 29, |
|
December 30, |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Equity Earnings of VAST LLC Joint Venture |
$ |
496 |
|
|
$ |
1,487 |
|
Net Foreign Currency Transaction (Loss) Gain |
|
(363 |
) |
|
|
277 |
|
Rabbi Trust Gain (Loss) |
|
187 |
|
|
|
(279 |
) |
Other |
|
195 |
|
|
|
(271 |
) |
|
$ |
515 |
|
|
$ |
1,214 |
|
The reduction in equity earnings of VAST LLC in
the current year quarter primarily related to higher development
costs for new programs and the costs incurred by VAST LLC in
connection with startup costs for VAST China’s new plant in
Jingzhou, China, which we believe will give VAST added capacity,
greater operating efficiencies and a broader geographic footprint
in the China market going forward. Both of these events
resulted in lower profitability in our VAST China operation during
the current year quarter as compared to the same period in the
prior year. VAST LLC is a crucial part of our global strategy
and we anticipate that it will contribute to our overall long term
market and financial strength as it continues to grow.
STRATTEC SECURITY CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP PERFORMANCE
MEASURES TO GAAP PERFORMANCE MEASURES(in thousands, except earnings
per share data)
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
December 29, 2019 |
|
|
|
December 30, 2018 |
|
|
|
December 29, 2019 |
|
|
|
December 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP measure) |
$ |
10,333 |
|
|
$ |
12,736 |
|
|
$ |
26,219 |
|
|
$ |
27,919 |
|
Compensation charge, pre-tax |
|
1,376 |
|
|
|
- |
|
|
|
2,742 |
|
|
|
- |
|
Adjusted gross profit (Non-GAAP
measure) |
$ |
11,709 |
|
|
$ |
12,736 |
|
|
$ |
28,961 |
|
|
$ |
27,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, selling &
administrative expenses (GAAP measure) |
$ |
12,094 |
|
|
$ |
10,470 |
|
|
$ |
25,048 |
|
|
$ |
21,501 |
|
Compensation charge, pre-tax |
|
869 |
|
|
|
- |
|
|
|
1,731 |
|
|
|
- |
|
Adjusted engineering, selling
& administrative expenses (Non-GAAP measure) |
$ |
11,225 |
|
|
$ |
10,470 |
|
|
$ |
23,317 |
|
|
$ |
21,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income (GAAP
measure) |
$ |
(1,761 |
) |
|
$ |
2,266 |
|
|
$ |
1,171 |
|
|
$ |
6,418 |
|
Compensation charge, pre-tax |
|
2,245 |
|
|
|
- |
|
|
|
4,473 |
|
|
|
- |
|
Adjusted operating income
(Non-GAAP measure) |
$ |
484 |
|
|
$ |
2,266 |
|
|
$ |
5,644 |
|
|
$ |
6,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income (GAAP
measure) |
$ |
(1,341 |
) |
|
$ |
(22,164 |
) |
|
$ |
(97 |
) |
|
$ |
(18,697 |
) |
Compensation charge, net of
tax |
|
1,717 |
|
|
|
- |
|
|
|
3,422 |
|
|
|
- |
|
Pension settlement charge, net of
tax |
|
- |
|
|
|
24,812 |
|
|
|
- |
|
|
|
24,812 |
|
Favorable tax adjustment related
to “Tax Reform 2017” |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(372 |
) |
Adjusted net income (Non-GAAP
measure) |
$ |
376 |
|
|
$ |
2,648 |
|
|
$ |
3,325 |
|
|
$ |
5,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share (GAAP
measure) |
$ |
(0.36 |
) |
|
$ |
(5.96 |
) |
|
$ |
(0.03 |
) |
|
$ |
(5.03 |
) |
Compensation charge, net of
tax |
|
0.46 |
|
|
|
- |
|
|
|
0.92 |
|
|
|
- |
|
Pension settlement charge, net of
tax |
|
- |
|
|
|
6.67 |
|
|
|
- |
|
|
|
6.68 |
|
Favorable tax adjustment related
to “Tax Reform 2017” |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.10 |
) |
Adjusted diluted earnings per
share (Non-GAAP measure) |
$ |
0.10 |
|
|
$ |
0.71 |
|
|
$ |
0.89 |
|
|
$ |
1.55 |
|
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,” “adjusted gross profit,” “adjusted engineering, selling
& administrative expenses,” “adjusted operating income” and
“adjusted diluted earnings per share.” “Adjusted net income”
is defined as net (loss) income attributable to STRATTEC SECURITY
CORPORATION shareholders excluding both the pension settlement
charges and the compensation expense charges, in each case net of
tax (i.e., on an after tax basis), and excluding a favorable tax
adjustment relating to “Tax Reform 2017”. “Adjusted diluted
earnings per share” is defined as “Adjusted net income” divided by
average diluted shares of common stock outstanding during the
applicable period. “Adjusted gross profit” is defined as
gross profit excluding the compensation expense charges, all on a
pre-tax basis. “Adjusted engineering, selling & administrative
expenses” is defined as engineering, selling & administrative
expenses excluding the compensation expense charges, all on a
pre-tax basis. “Adjusted operating income” is defined as
operating income excluding the compensation expense charges, all on
a pre-tax basis. 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
CORPORATIONResults of
Operations(In Thousands except per share
amounts)(Unaudited)
|
Second Quarter Ended |
|
Six Months Ended |
|
December 29, 2019 |
|
December 30, 2018 |
|
December 29, 2019 |
|
December 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
106,283 |
|
|
$ |
112,913 |
|
|
$ |
226,245 |
|
|
$ |
230,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
95,950 |
|
|
|
100,177 |
|
|
|
200,026 |
|
|
|
202,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
10,333 |
|
|
|
12,736 |
|
|
|
26,219 |
|
|
|
27,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, Selling &
Administrative Expenses |
|
12,094 |
|
|
|
10,470 |
|
|
|
25,048 |
|
|
|
21,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
Operations |
|
(1,761 |
) |
|
|
2,266 |
|
|
|
1,171 |
|
|
|
6,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
(248 |
) |
|
|
(404 |
) |
|
|
(588 |
) |
|
|
(811 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Termination
Settlement Charge |
|
- |
|
|
|
(32,434 |
) |
|
|
- |
|
|
|
(32,434 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income, Net |
|
515 |
|
|
|
1,214 |
|
|
|
902 |
|
|
|
1,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income Before Benefit for
Income Taxes and Non-Controlling Interest |
|
(1,494 |
) |
|
|
(29,358 |
) |
|
|
1,485 |
|
|
|
(24,949 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit for Income Taxes |
|
(399 |
) |
|
|
(7,760 |
) |
|
|
(100 |
) |
|
|
(7,780 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income |
|
(1,095 |
) |
|
|
(21,598 |
) |
|
|
1,585 |
|
|
|
(17,169 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Non-Controlling Interest |
|
(246 |
) |
|
|
(566 |
) |
|
|
(1,682 |
) |
|
|
(1,528 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Attributable to STRATTEC SECURITY CORPORATION |
$ |
(1,341 |
) |
|
$ |
(22,164 |
) |
|
$ |
(97 |
) |
|
$ |
(18,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.36 |
) |
|
$ |
(6.03 |
) |
|
$ |
(0.03 |
) |
|
$ |
(5.10 |
) |
Diluted |
$ |
(0.36 |
) |
|
$ |
(5.96 |
) |
|
$ |
(0.03 |
) |
|
$ |
(5.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Basic Shares
Outstanding |
|
3,741 |
|
|
|
3,675 |
|
|
|
3,725 |
|
|
|
3,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Diluted Shares
Outstanding |
|
3,741 |
|
|
|
3,718 |
|
|
|
3,725 |
|
|
|
3,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
$ |
3,086 |
|
|
$ |
5,433 |
|
|
$ |
7,384 |
|
|
$ |
9,402 |
|
Depreciation |
$ |
4,847 |
|
|
$ |
4,076 |
|
|
$ |
9,580 |
|
|
$ |
8,123 |
|
STRATTEC SECURITY
CORPORATIONCondensed Balance Sheet
Data(In Thousands)
|
December 29, 2019 |
|
|
June 30, 2019 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
Current Assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
9,285 |
|
|
$ |
7,809 |
|
Receivables, net |
|
65,893 |
|
|
|
84,230 |
|
Inventories, net |
|
52,511 |
|
|
|
47,262 |
|
Other current assets |
|
15,789 |
|
|
|
17,331 |
|
Total Current Assets |
|
143,478 |
|
|
|
156,632 |
|
Investment in Joint Ventures |
|
24,058 |
|
|
|
23,528 |
|
Other Long Term Assets |
|
11,003 |
|
|
|
14,456 |
|
Property, Plant and Equipment, Net |
|
115,040 |
|
|
|
118,120 |
|
|
$ |
293,579 |
|
|
$ |
312,736 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts Payable |
$ |
31,693 |
|
|
$ |
41,889 |
|
Other |
|
33,740 |
|
|
|
37,374 |
|
Total Current Liabilities |
|
65,433 |
|
|
|
79,263 |
|
Accrued Pension and Post Retirement Obligations |
|
2,451 |
|
|
|
2,425 |
|
Borrowings Under Credit Facility |
|
32,000 |
|
|
|
42,000 |
|
Other Long-term Liabilities |
|
4,846 |
|
|
|
1,232 |
|
Shareholders’ Equity |
|
317,648 |
|
|
|
317,681 |
|
Accumulated Other Comprehensive Loss |
|
(18,486 |
) |
|
|
(18,568 |
) |
Less: Treasury Stock |
|
(135,693 |
) |
|
|
(135,725 |
) |
Total STRATTEC SECURITY CORPORATION Shareholders’ Equity |
|
163,469 |
|
|
|
163,388 |
|
Non-Controlling Interest |
|
25,380 |
|
|
|
24,428 |
|
Total Shareholders’ Equity |
|
188,849 |
|
|
|
187,816 |
|
|
$ |
293,579 |
|
|
$ |
312,736 |
|
STRATTEC SECURITY
CORPORATIONCondensed Cash Flow Statement
Data(In Thousands)(Unaudited)
|
Second Quarter Ended |
|
Six Months Ended |
|
December 29, 2019 |
|
December 30, 2018 |
|
December 29, 2019 |
|
December 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income |
$ |
(1,095 |
) |
|
$ |
(21,598 |
) |
|
$ |
1,585 |
|
|
$ |
(17,169 |
) |
Adjustments to Reconcile Net
(Loss) Income to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Settlement Charge |
|
- |
|
|
|
32,434 |
|
|
|
- |
|
|
|
32,434 |
|
Non-cash Compensation Expense |
|
2,245 |
|
|
|
- |
|
|
|
4,473 |
|
|
|
- |
|
Equity Earnings in Joint Ventures |
|
(492 |
) |
|
|
(1,476 |
) |
|
|
(976 |
) |
|
|
(2,385 |
) |
Depreciation and Amortization |
|
4,847 |
|
|
|
4,076 |
|
|
|
9,580 |
|
|
|
8,123 |
|
Foreign Currency Transaction Loss (Gain) |
|
363 |
|
|
|
(359 |
) |
|
|
448 |
|
|
|
69 |
|
Unrealized Loss (Gain) on Peso Forward Contracts |
|
- |
|
|
|
132 |
|
|
|
- |
|
|
|
(93 |
) |
Deferred Income Taxes |
|
(508 |
) |
|
|
(7,759 |
) |
|
|
(1,032 |
) |
|
|
(8,131 |
) |
Stock Based Compensation Expense |
|
211 |
|
|
|
241 |
|
|
|
624 |
|
|
|
626 |
|
Change in Operating Assets/Liabilities |
|
(160 |
) |
|
|
6,518 |
|
|
|
5,478 |
|
|
|
6,532 |
|
Other, net |
|
189 |
|
|
|
(284 |
) |
|
|
428 |
|
|
|
(284 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities |
|
5,600 |
|
|
|
11,925 |
|
|
|
20,608 |
|
|
|
19,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to Property, Plant and Equipment |
|
(3,086 |
) |
|
|
(5,433 |
) |
|
|
(7,384 |
) |
|
|
(9,402 |
) |
Proceeds Received on Sale of Property, Plant and Equipment |
|
- |
|
|
|
12 |
|
|
|
15 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Investing
Activities |
|
(3,086 |
) |
|
|
(5,421 |
) |
|
|
(7,369 |
) |
|
|
(9,390 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings on Line of Credit Facility |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,000 |
|
Payments on Line of Credit Facility |
|
(4,000 |
) |
|
|
(5,000 |
) |
|
|
(10,000 |
) |
|
|
(7,000 |
) |
Dividends Paid to Non-Controlling Interest of Subsidiary |
|
- |
|
|
|
(200 |
) |
|
|
(980 |
) |
|
|
(984 |
) |
Dividends Paid |
|
(525 |
) |
|
|
(515 |
) |
|
|
(1,047 |
) |
|
|
(1,029 |
) |
Exercise of Stock Options and Employee Stock Purchases |
|
280 |
|
|
|
49 |
|
|
|
519 |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used in Financing
Activities |
|
(4,245 |
) |
|
|
(5,666 |
) |
|
|
(11,508 |
) |
|
|
(6,941 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of Foreign Currency
Fluctuations on Cash |
|
(225 |
) |
|
|
190 |
|
|
|
(255 |
) |
|
|
(108 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease) Increase in Cash
& Cash Equivalents |
|
(1,956 |
) |
|
|
1,028 |
|
|
|
1,476 |
|
|
|
3,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of Period |
|
11,241 |
|
|
|
10,345 |
|
|
|
7,809 |
|
|
|
8,090 |
|
End of Period |
$ |
9,285 |
|
|
$ |
11,373 |
|
|
$ |
9,285 |
|
|
$ |
11,373 |
|
Contact: Pat HansenSenior Vice President andChief
Financial Officer414-247-3435www.strattec.com
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