STRATTEC SECURITY CORPORATION (NASDAQ:STRT) today reported
operating results for the fiscal third quarter ended March 29,
2020.
Net sales for the Company’s third quarter ended
March 29, 2020 were $116.9 million, compared to net sales of $128.2
million for the third quarter ended March 31, 2019. Net income for
the current year quarterly period was $3.0 million, compared to net
income of $1.7 million in the prior year quarter. Diluted earnings
per share for the current year quarterly period were $0.79 compared
to diluted earnings per share of $0.46 in the prior year
quarter.
GAAP EarningsFor the nine
months ended March 29, 2020, the Company’s net sales were $343.2
million compared to net sales of $358.3 million in the prior year
nine month period. Net income during the current year nine month
period was $2.9 million compared to a net loss of $17.0 million in
the prior year nine month period. Diluted earnings per share were
$0.77 for the nine month period ended March 29, 2020 compared to
diluted loss per share of $4.62 during the nine month period ended
March 31, 2019.
Non-GAAP EarningsDuring the
first nine months of the fiscal year 2020 ended March 29, 2020, a
pre-tax non-cash compensation expense charge, occurring during the
first and second quarter of fiscal 2020, of $4.5 million reduced
the Company’s diluted earnings per share by $0.91 or $3.4 million,
on an after tax basis. Without this non-cash compensation expense
charge adjusted diluted earnings per share for the current year
nine months ended March 29, 2020 would have been $1.68.
As noted in prior Company filings with the SEC,
during the fiscal 2019 second quarter ended December 30, 2018, the
Company completed a substantial portion of terminating the STRATTEC
Pension Plan that was previously frozen on December 31, 2009. As a
result of those actions, a non-cash pre-tax pension settlement
charge of $32.4 million was recorded during our second quarter
ended December 30, 2018 that reduced diluted earnings per share by
$6.73, or $24.8 million, on an after tax basis. Without this
pension settlement charge and favorable tax adjustment related to
Tax Reform adjusted diluted earnings per share for the prior year
nine months ended March 31, 2019 would have been $2.01.
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.
Net sales to each of our customers or customer
groups in the current year quarter and prior year quarter were as
follows (in thousands):
|
|
Three Months Ended |
|
|
March 29, 2020 |
|
|
March 31, 2019 |
|
|
|
|
|
|
Fiat Chrysler Automobiles |
$ |
26,050 |
|
$ |
29,917 |
General Motors Company |
|
31,656 |
|
|
30,969 |
Ford Motor Company |
|
15,462 |
|
|
15,942 |
Tier 1 Customers |
|
17,495 |
|
|
20,078 |
Commercial and Other OEM Customers |
|
20,184 |
|
|
22,794 |
Hyundai / Kia |
|
6,091 |
|
|
8,530 |
TOTAL |
$ |
116,938 |
|
$ |
128,230 |
During the latter part of March 2020 our OEM
customers started reducing production schedules and closed their
assembly plants due to the Coronavirus (COVID-19) pandemic. The
impact of these reductions reduced our net sales in the current
year quarter by approximately $6.7 million dollars. Sales to Fiat
Chrysler Automobiles in the current year quarter decreased in
comparison to the prior year quarter due to lower production
volumes of the vehicles we supply. The increase in sales to General
Motors Company in the current year quarter compared to the prior
year quarter related primarily to higher sales content on models
for which we supply components, in particular power access products
and latches. Sales to Ford Motor Company decreased in the current
year quarter due to lower production volumes of the vehicles we
supply compared to the prior year quarter. Sales to Tier 1
Customers decreased in the current year quarter due to lower sales
of our driver control steering column lock products. Sales to
Commercial and Other OEM Customers during the current year quarter
decreased in comparison to the prior year quarter mainly due to
decreases in sales related to key fobs sold to Harley Davidson and
related to reductions in sales of door handle and power access
products to Honda of America Manufacturing, Inc.. These Commercial
and Other OEM Customers, along with the Tier 1 Customers, primarily
represent purchasers of vehicle access control products, such as
latches, key fobs, driver controls, steering column locks 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 of the Kia Sedona minivan for which we
supply primarily power sliding door components.
Gross profit margins were 14.5 percent in the
current year quarter compared to 12.2 percent in the prior year
quarter. The increase in gross profit margin in the current year
quarter compared to the prior year quarter was primarily attributed
to improved manufacturing efficiencies both at our Milwaukee and
Mexico production facilities in comparison to the prior year
quarter.
Engineering, Selling and Administrative expenses
overall were lower in the current year quarter as compared to the
prior year quarter and represented 9.2 percent in the current year
quarter as a percent of net sales compared to 9.1 percent in the
prior year quarter. The decrease in overall operating expenses in
the current year quarter was primarily due to lower outside
expenditures on new product development costs associated with
utilizing third party vendors for a portion of our development
work.
Included in Other Income, Net in the current
year quarter compared to the prior year quarter were the following
items (in thousands of dollars):
|
|
March 29, 2020 |
|
|
March 31, 2019 |
|
|
|
|
|
|
|
|
(Loss) Equity Earnings of VAST LLC Joint Venture |
$ |
(947 |
) |
|
$ |
25 |
|
Net Foreign Currency Realized and |
|
|
|
|
|
|
Unrealized Transaction Gain (Loss) |
|
1,467 |
|
|
|
(47 |
) |
Other |
|
(392 |
) |
|
|
297 |
|
|
$ |
128 |
|
|
$ |
275 |
|
The decrease in Other Income, Net in the current
year quarter from the prior year quarter was primarily related to
lower profitability at our VAST LLC China operation due to extended
OEM customer plant shutdowns associated with the coronavirus
(COVID-19) pandemic.
Frank Krejci, President & CEO commented: “I
am pleased with the current quarter’s operating results especially
since our customer’s started closing their assembly plants at the
end of March due to the COVID-19 virus. Despite those closures
reducing our net sales by approximately $6.7 million, the
significant manufacturing improvements and cost reduction
activities at both our Milwaukee and Mexico production facilities
improved gross profit margins by over 2% in comparison to the prior
year quarter. Our VAST LLC operations experienced a net loss during
the current quarter mainly due to VAST China which was down almost
the entire month of February related to the COVID-19 virus.
However, near the end of March they were almost back to full
operations. The coming quarter will be severely impacted by our OEM
customers shutting down their North America operations for the
entire month of April. Depending on how long the COVID-19 virus
will require the industry to remain to be idle, our net sales for
next quarter could be down 50% or more, thus dramatically impacting
profitability and operating cash flow. We are presently reducing
our cost structure through layoffs, reduced hours, officer salary
cuts and escalating decisions regarding capital spending. Hopefully
this is the worst and the automotive industry can get on a path of
recovery during this coming quarter. Lastly, I would like to end on
a very positive perspective. In December 2018, we transferred our
pension plan liability to an insurance company and had excess
assets left over. If we had not, given the current situation, we
would be millions of dollars underfunded and be facing significant
contributions for years to come. Between paying down debt and
eliminating our former pension liability, we are in a much stronger
position to weather this storm and ultimately invest in our
future”.
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 |
|
Nine Months Ended |
|
|
March 29, 2020 |
|
|
March 31, 2019 |
|
|
March 29, 2020 |
|
|
March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (GAAP measure) |
$ |
17,010 |
|
$ |
15,682 |
|
$ |
43,229 |
|
$ |
43,601 |
|
Compensation charge,
pre-tax |
|
- |
|
|
- |
|
|
2,742 |
|
|
- |
|
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
(Non-GAAP measure) |
$ |
17,010 |
|
$ |
15,682 |
|
$ |
45,971 |
|
$ |
43,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, selling &
administrative |
|
|
|
|
|
|
|
|
|
|
|
expenses (GAAP measure) |
$ |
10,727 |
|
$ |
11,721 |
|
$ |
35,775 |
|
$ |
33,222 |
|
Compensation charge,
pre-tax |
|
- |
|
|
- |
|
|
1,731 |
|
|
- |
|
Adjusted engineering, selling
& |
|
|
|
|
|
|
|
|
|
|
|
administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
(Non-GAAP measure) |
$ |
10,727 |
|
$ |
11,721 |
|
$ |
34,044 |
|
$ |
33,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
(GAAP measure) |
$ |
6,283 |
|
$ |
3,961 |
|
$ |
7,454 |
|
$ |
10,379 |
|
Compensation charge,
pre-tax |
|
- |
|
|
- |
|
|
4,473 |
|
|
- |
|
Adjusted operating income |
|
|
|
|
|
|
|
|
|
|
|
(Non-GAAP measure) |
$ |
6,283 |
|
$ |
3,961 |
|
$ |
11,927 |
|
$ |
10,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) (GAAP
measure) |
$ |
2,994 |
|
$ |
1,730 |
|
$ |
2,897 |
|
$ |
(16,967 |
) |
Compensation charge, net of
tax |
|
- |
|
|
- |
|
|
3,422 |
|
|
- |
|
Pension settlement charge, net
of tax |
|
- |
|
|
- |
|
|
- |
|
|
24,812 |
|
Favorable tax adjustment
related to |
|
|
|
|
|
|
|
|
|
|
|
“Tax Reform 2017” |
|
- |
|
|
- |
|
|
- |
|
|
(372 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
(Non-GAAP measure) |
$ |
2,994 |
|
$ |
1,730 |
|
$ |
6,319 |
|
$ |
7,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share |
|
|
|
|
|
|
|
|
|
|
|
(GAAP measure) |
$ |
0.79 |
|
$ |
0.46 |
|
$ |
0.77 |
|
$ |
(4.62 |
) |
Compensation charge, net of tax |
|
- |
|
|
- |
|
|
0.91 |
|
|
- |
|
Pension settlement charge, net of tax |
|
- |
|
|
- |
|
|
- |
|
|
6.73 |
|
Favorable tax adjustment related to |
|
|
|
|
|
|
|
|
|
|
|
“Tax Reform 2017” |
|
- |
|
|
- |
|
|
- |
|
|
(0.10 |
) |
Adjusted diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
(Non-GAAP measure) |
$ |
0.79 |
|
$ |
0.46 |
|
$ |
1.68 |
|
$ |
2.01 |
|
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 customer product recall
policies, work stoppages at the Company or at the location of its
key customers as a result of labor disputes, foreign currency
fluctuations, uncertainties stemming from U.S. trade policies,
tariffs and reactions to same from foreign countries, the volume
and scope of product returns, adverse business and operational
issues resulting from the coronavirus pandemic, and fluctuations in
our costs of operation (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.
Contact: Pat HansenSenior Vice President andChief Financial
Officer414-247-3435www.strattec.com
STRATTEC SECURITY CORPORATION |
Condensed Results of Operations |
(In Thousands except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 29, 2020 |
|
|
March 31, 2019 |
|
|
March 29, 2020 |
|
|
|
March 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
116,938 |
|
|
$ |
128,230 |
|
|
$ |
343,183 |
|
|
$ |
358,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
99,928 |
|
|
|
112,548 |
|
|
|
299,954 |
|
|
|
314,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
17,010 |
|
|
|
15,682 |
|
|
|
43,229 |
|
|
|
43,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering, Selling
& |
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
10,727 |
|
|
|
11,721 |
|
|
|
35,775 |
|
|
|
33,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations |
|
6,283 |
|
|
|
3,961 |
|
|
|
7,454 |
|
|
|
10,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
(204 |
) |
|
|
(413 |
) |
|
|
(792 |
) |
|
|
(1,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Termination |
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement Charge |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(32,434 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income, Net |
|
128 |
|
|
|
275 |
|
|
|
1,030 |
|
|
|
2,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before
Provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit) for Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
and Non-Controlling Interest |
|
6,207 |
|
|
|
3,823 |
|
|
|
7,692 |
|
|
|
(21,126 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (Benefit) for Income
Taxes |
|
1,294 |
|
|
|
786 |
|
|
|
1,194 |
|
|
|
(6,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
4,913 |
|
|
|
3,037 |
|
|
|
6,498 |
|
|
|
(14,132 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Controlling Interest |
|
(1,919 |
) |
|
|
(1,307 |
) |
|
|
(3,601 |
) |
|
|
(2,835 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable
to |
|
|
|
|
|
|
|
|
|
|
|
|
|
STRATTEC SECURITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATION |
$ |
2,994 |
|
|
$ |
1,730 |
|
|
$ |
2,897 |
|
|
$ |
(16,967 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.80 |
|
|
$ |
0.47 |
|
|
$ |
0.78 |
|
|
$ |
(4.62 |
) |
Diluted |
$ |
0.79 |
|
|
$ |
0.46 |
|
|
$ |
0.77 |
|
|
$ |
(4.62 |
) |
Average Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
3,748 |
|
|
|
3,684 |
|
|
|
3,733 |
|
|
|
3,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding |
|
3,768 |
|
|
|
3,728 |
|
|
|
3,752 |
|
|
|
3,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures |
$ |
2,923 |
|
|
$ |
4,148 |
|
|
$ |
10,307 |
|
|
$ |
13,550 |
|
Depreciation |
$ |
4,769 |
|
|
$ |
4,420 |
|
|
$ |
14,349 |
|
|
$ |
12,543 |
|
STRATTEC SECURITY
CORPORATION |
|
|
|
|
|
|
|
|
Condensed Balance Sheet
Data |
(In Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 29, 2020 |
|
June 30, 2019 |
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,173 |
|
|
$ |
7,809 |
|
Receivables, net |
|
72,805 |
|
|
|
84,230 |
|
Inventories, net |
|
58,348 |
|
|
|
47,262 |
|
Other current assets |
|
15,216 |
|
|
|
17,331 |
|
Total Current Assets |
|
156,542 |
|
|
|
156,632 |
|
Investment in Joint Ventures |
|
23,190 |
|
|
|
23,528 |
|
Other Long Term Assets |
|
10,363 |
|
|
|
14,456 |
|
Property, Plant and Equipment, Net |
|
107,416 |
|
|
|
118,120 |
|
|
$ |
297,511 |
|
|
$ |
312,736 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts Payable |
$ |
43,104 |
|
|
$ |
41,889 |
|
Other |
|
32,968 |
|
|
|
37,374 |
|
Total Current Liabilities |
|
76,072 |
|
|
|
79,263 |
|
Accrued Pension and Post Retirement Obligations |
|
2,403 |
|
|
|
2,425 |
|
Borrowings Under Credit Facility |
|
27,000 |
|
|
|
42,000 |
|
Other Long-term Liabilities |
|
4,781 |
|
|
|
1,232 |
|
Shareholders’ Equity |
|
320,289 |
|
|
|
317,681 |
|
Accumulated Other Comprehensive Loss |
|
(22,270 |
) |
|
|
(18,568 |
) |
Less: Treasury Stock |
|
(135,676 |
) |
|
|
(135,725 |
) |
Total STRATTEC SECURITY |
|
|
|
|
|
|
|
CORPORATION Shareholders’ Equity |
|
162,343 |
|
|
|
163,388 |
|
Non-Controlling Interest |
|
24,912 |
|
|
|
24,428 |
|
Total Shareholders’ Equity |
|
187,255 |
|
|
|
187,816 |
|
|
$ |
297,511 |
|
|
$ |
312,736 |
|
STRATTEC SECURITY CORPORATION |
Condensed Cash Flow Statement Data |
(In Thousands) |
(Unaudited) |
|
|
|
|
|
|
Third Quarter Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 29, 2020 |
|
|
|
March 31, 2019 |
|
|
|
March 29, 2020 |
|
|
March 31, 2019 |
|
|
|
|
|
Cash Flows from Operating
Activities: |
|
|
|
|
Net Income (Loss) |
$ |
4,913 |
|
|
$ |
3,037 |
|
|
$ |
6,498 |
|
|
$ |
(14,132 |
) |
Adjustment to Reconcile Net
Income (Loss) to |
|
|
|
|
Cash Provided by Operating Activities: |
|
|
|
|
Equity Loss (Earnings) in Joint Ventures |
|
921 |
|
|
|
(66 |
) |
|
|
(55 |
) |
|
|
(2,451 |
) |
Depreciation |
|
4,769 |
|
|
|
4,420 |
|
|
|
14,349 |
|
|
|
12,543 |
|
Foreign Currency Transaction (Gain) Loss |
|
(2,515 |
) |
|
|
192 |
|
|
|
(2,067 |
) |
|
|
261 |
|
Unrealized Loss (Gain) on Peso |
|
|
|
|
Forward Contracts |
|
1,048 |
|
|
|
(23 |
) |
|
|
1,048 |
|
|
|
(116 |
) |
Stock Based Compensation Expense |
|
165 |
|
|
|
241 |
|
|
|
789 |
|
|
|
867 |
|
Non-Cash Compensation Expense |
|
- |
|
|
|
- |
|
|
|
4,473 |
|
|
|
- |
|
Pension Settlement Charge |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
32,434 |
|
Deferred Income taxes |
|
- |
|
|
|
- |
|
|
|
(1,032 |
) |
|
|
(8,131 |
) |
Change in Operating Assets/Liabilities |
|
(1,266 |
) |
|
|
(2,805 |
) |
|
|
4,212 |
|
|
|
3,727 |
|
Other, net |
|
94 |
|
|
|
3 |
|
|
|
522 |
|
|
|
(281 |
) |
|
|
|
|
|
Net Cash Provided by Operating
Activities |
|
8,129 |
|
|
|
4,999 |
|
|
|
28,737 |
|
|
|
24,721 |
|
|
|
|
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
Investment in Joint Ventures |
|
- |
|
|
|
(200 |
) |
|
|
- |
|
|
|
(200 |
) |
Additions to Property, Plant and Equipment |
|
(2,923 |
) |
|
|
(4,148 |
) |
|
|
(10,307 |
) |
|
|
(13,550 |
) |
Proceeds from Sale of Property, Plant |
|
|
|
|
and Equipment |
|
14 |
|
|
|
- |
|
|
|
29 |
|
|
|
12 |
|
Net Cash Used in Investing
Activities |
|
(2,909 |
) |
|
|
(4,348 |
) |
|
|
(10,278 |
) |
|
|
(13,738 |
) |
|
|
|
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
Borrowings Under Credit Facility |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,000 |
|
Repayment of Borrowings Under Credit Facility |
|
(5,000 |
) |
|
|
(2,000 |
) |
|
|
(15,000 |
) |
|
|
(9,000 |
) |
Dividends Paid to Non-Controlling |
|
|
|
|
Interests of Subsidiaries |
|
- |
|
|
|
(400 |
) |
|
|
(980 |
) |
|
|
(1,384 |
) |
Dividends Paid |
|
(525 |
) |
|
|
(517 |
) |
|
|
(1,572 |
) |
|
|
(1,546 |
) |
Exercise of Stock Options and |
|
|
|
|
Employee Stock Purchases |
|
24 |
|
|
|
172 |
|
|
|
543 |
|
|
|
244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Used In Financing
Activities |
|
(5,501 |
) |
|
|
(2,745 |
) |
|
|
(17,009 |
) |
|
|
(9,686 |
) |
|
|
|
|
|
Effect of Foreign Currency
Fluctuations on Cash |
|
1,169 |
|
|
|
(77 |
) |
|
|
914 |
|
|
|
(185 |
) |
|
|
|
|
|
Net Increase (Decrease) in
Cash & Cash Equivalents |
|
888 |
|
|
|
(2,171 |
) |
|
|
2,364 |
|
|
|
1,112 |
|
|
|
|
|
|
Cash and Cash
Equivalents: |
|
|
|
|
Beginning of Period |
|
9,285 |
|
|
|
11,373 |
|
|
|
7,809 |
|
|
|
8,090 |
|
End of Period |
$ |
10,173 |
|
|
$ |
9,202 |
|
|
$ |
10,173 |
|
|
$ |
9,202 |
|
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