{"id":728340,"date":"2023-02-02T16:03:22","date_gmt":"2023-02-02T21:03:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/strattec-security-corporation-reports-fiscal-2023-second-quarter-operating-results\/"},"modified":"2023-02-02T16:03:22","modified_gmt":"2023-02-02T21:03:22","slug":"strattec-security-corporation-reports-fiscal-2023-second-quarter-operating-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/strattec-security-corporation-reports-fiscal-2023-second-quarter-operating-results\/","title":{"rendered":"Strattec Security Corporation Reports Fiscal 2023 Second Quarter Operating Results"},"content":{"rendered":"
\n

MILWAUKEE, Feb. 02, 2023 (GLOBE NEWSWIRE) — STRATTEC SECURITY CORPORATION (\u201cSTRATTEC\u201d or the \u201cCompany\u201d) (NASDAQ:STRT) today reported operating results for the fiscal second quarter ended January 1, 2023.<\/p>\n

Net sales for the second quarter ended January 1, 2023 were $113.2 million, compared to net sales of $112.9 million for the second quarter ended December 26, 2021. Net loss was $1.8 million in the current year second quarter, compared to net income of $3.4 million in the prior year second quarter. Diluted loss per share for the current year second quarter was $0.47 compared to diluted earnings per share of $0.87 in the prior year second quarter.<\/p>\n

For the six months ended January 1, 2023, the Company\u2019s net sales were $233.5 million compared to net sales of $213.2 million in the prior year six-month period. Net loss during the current year six-month period was $1.7 million compared to a net income of $3.5 million during the prior year six-month period. Diluted loss per share was $0.44 during the six-month period ended January 1, 2023 compared to diluted earnings per share of $0.89 during the six-month period ended December 26, 2021. Profitability for both the current year quarter and for the six-month period ended January 1, 2023 was negatively impacted by higher inflationary costs of materials, labor and shipping rates compared with that for the respective prior year periods.<\/p>\n

Net sales to each of our customers in the current year quarter and prior year quarter were as follows (in millions):<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended<\/u>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n January 1, 2023<\/u>
\n \n <\/td>\n		\u00a0<\/td>\n\n December 26, 2021<\/u>
\n \n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nGeneral Motors Company<\/td>\n$<\/td>\n35.5<\/td>\n\u00a0<\/td>\n$<\/td>\n31.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nFord Motor Company<\/td>\n\u00a0<\/td>\n22.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a021.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nStellantis<\/td>\n\u00a0<\/td>\n17.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nTier 1 Customers<\/td>\n\u00a0<\/td>\n16.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a015.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nCommercial and Other OEM Customers<\/td>\n\u00a0<\/td>\n13.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a016.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nHyundai \/ Kia<\/td>\n\u00a0<\/td>\n9.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nTOTAL<\/td>\n$<\/td>\n113.2<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0112.9<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\u00a0<\/p>\n

Overall net sales were stable for the current quarter relative to the prior year quarter. Sales to General Motors Company, Ford Motor Company and Hyundai\/Kia were positively impacted in the current year quarter due to higher vehicle production volumes resulting from improved global semiconductor chip availability relative to the prior year quarter. Specifically, sales growth to General Motors Company in the current year quarter was attributed to higher production volumes of their GM and Chevrolet pickup trucks and SUVs. Sales to Hyundai \/ Kia increased quarter-over-quarter due to higher levels of production of the Kia Carnival minivan in the current year quarter as compared to the prior year quarter.<\/p>\n

The decrease in sales to Stellantis resulted primarily from its plant shutdowns in the quarter, which reduced production volumes compared to the prior year quarter. Sales to Commercial and Other OEM Customers, which are comprised of aftermarket products and vehicle access control products, such as latches, fobs, driver controls and door handles, declined in the current year quarter as compared to the prior year quarter due to continued semiconductor chip availability issues, primarily for aftermarket keys. The increases in availability of semiconductor chips were allocated toward the production of components for production vehicles ahead of aftermarket products and therefore, sales to aftermarket customers continued to be negatively impacted in the current year quarter due to these issues.<\/p>\n

Gross Profit margins declined to 6.5% in the current year quarter compared to 13.2% in the prior year quarter primarily due to higher costs of raw materials, purchased materials and shipping as well as increased costs in our Mexican operations related to the mandatory minimum wage increase enacted by the Mexican Government effective January 1, 2022.<\/p>\n

Engineering, Selling and Administrative expenses increased $780,000 in the current year quarter compared with prior year quarter primarily due to increased salary and recruiting costs in the current year quarter and lower costs in the prior year quarter due to a customer reimbursement of engineering and design costs incurred on a new program<\/p>\n

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):<\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\nJanuary 1,\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nDecember 26,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2023<\/u>\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a02021<\/u><\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nEquity Earnings of VAST LLC Joint Venture<\/td>\n$<\/td>\n588<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n615<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nNet Foreign Currency Transaction (Loss)<\/td>\n\u00a0<\/td>\n(195<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0(26<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nOther<\/td>\n\u00a0<\/td>\n\n 247<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0(74<\/u>\n <\/td>\n\n )<\/u>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$\u00a0<\/td>\n515<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

The equity earnings of VAST LLC in the current year quarter compared to the prior year quarter were slightly lower primarily due to higher engineering spending in China associated with future programs.<\/p>\n

Frank Krejci President and CEO commented: \u201cThis proved to be a difficult quarter with continued inflationary pressures on both purchased parts from suppliers and the sourcing of raw materials like zinc, steel and resins. Zinc and resin prices remain stubbornly high. The recent relief in steel prices will provide a benefit once we have worked through prior purchase commitments.
Raising our product prices to offset the cost increases has been challenging due to long term contracts with our customers. Nevertheless, our Team continues to focus on securing price increases, implementing efficiency improvements, launching significant new business won over the last two years and pursuing new business with a heightened focus on Electric Vehicle opportunities.\u201d<\/p>\n

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\u2019s products to global customers under the \u201cVAST Automotive Group\u201d brand name. STRATTEC\u2019s history in the automotive business spans over 110 years.<\/p>\n

\n Certain statements contained in this release contain \u201cforward-looking statements\u201d 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 \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplanned,\u201d \u201cpotential,\u201d \u201cshould,\u201d \u201cwill,\u201d and \u201cwould.\u201d Such forward-looking statements in this release are inherently subject to many uncertainties in the Company\u2019s operations and business environment. These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company\u2019s and its customers\u2019 products, competitive and technological developments, customer purchasing actions, changes in warranty provisions and customers\u2019 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 reaction to same from foreign countries, the volume and scope of product returns or customer cost reimbursement actions, adverse business and operational issues resulting from <\/em>
\n semiconductor chip supply shortages and<\/em>
\n the coronavirus (COVID-19) pandemic and costs of operations (including fluctuations in the cost, and factors impacting the availability, of necessary 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\u2019s quarterly and annual filings with the Securities and Exchange Commission.<\/em>
\n \n <\/p>\n

\n
\n <\/p>\n

STRATTEC SECURITY CORPORATION<\/u>
\n <\/strong>
\n
\n Condensed Results of Operations<\/strong>
\n
\n (In Thousands except per share amounts)<\/strong>
\n
\n (Unaudited)<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Second Quarter Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\nJanuary 1, 2023<\/td>\n\u00a0<\/td>\nDecember 26, 2021<\/td>\n\u00a0<\/td>\nJanuary 1, 2023<\/td>\n\u00a0<\/td>\nDecember 26, 2021<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Sales<\/td>\n$<\/td>\n113,184<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n112,908<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n233,544<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n213,249<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of Goods Sold<\/td>\n\u00a0<\/td>\n105,797<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n97,975<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n213,661<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185,767<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Profit<\/td>\n\u00a0<\/td>\n7,387<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,933<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,883<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,482<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Engineering, Selling & Administrative Expenses<\/td>\n\u00a0<\/td>\n12,081<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,301<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,781<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,422<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) Income from Operations<\/td>\n\u00a0<\/td>\n(4,694<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,632<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,898<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,060<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest Expense<\/td>\n\u00a0<\/td>\n(196<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(57<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(325<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(105<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Income (Expense), net<\/td>\n\u00a0<\/td>\n640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n515<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n874<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n390<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) Income Before Provision for Income Taxes and Non-Controlling Interest<\/td>\n\u00a0<\/td>\n(4,250<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,090<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,349<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,345<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Benefit) Provision for Income Taxes<\/td>\n\u00a0<\/td>\n(1,735<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n253<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,771<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n289<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (Loss) Income<\/td>\n\u00a0<\/td>\n(2,515<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,837<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,578<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,056<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (Loss) Income Attributable to Non-Controlling Interest<\/td>\n\u00a0<\/td>\n(676<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n446<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(864<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n567<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (Loss) Income Attributable to STRATTEC SECURITY CORPORATION<\/td>\n$<\/td>\n(1,839<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n3,391<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,714<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n3,489<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(Loss) Earnings Per Share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic<\/td>\n$<\/td>\n(0.47<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.88<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.44<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.91<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted<\/td>\n$<\/td>\n(0.47<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.87<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.44<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.89<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Average Basic Shares Outstanding<\/td>\n\u00a0<\/td>\n3,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,866<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,913<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,848<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Average Diluted Shares Outstanding<\/td>\n\u00a0<\/td>\n3,927<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,908<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,913<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,901<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Other<\/u>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital Expenditures<\/td>\n$<\/td>\n4,759<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,477<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,362<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation<\/td>\n$<\/td>\n4,301<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,798<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n9,968<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n <\/p>\n

STRATTEC SECURITY CORPORATION<\/u>
\n <\/strong>
\n
\n Condensed Balance Sheet Data<\/strong>
\n
\n (In Thousands)
<\/strong>
\n (Unaudited)<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJanuary 1, 2023<\/td>\n\u00a0<\/td>\nJuly 3, 2022<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
ASSETS<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nCurrent Assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nCash and Cash Equivalents<\/td>\n$<\/td>\n13,578<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,774<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nReceivables, net<\/td>\n\u00a0<\/td>\n73,205<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n75,827<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nInventories, net<\/td>\n\u00a0<\/td>\n67,851<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n80,482<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nOther Current Assets<\/td>\n\u00a0<\/td>\n34,646<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,149<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nTotal Current Assets<\/td>\n\u00a0<\/td>\n189,280<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n188,232<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nInvestment in Joint Ventures<\/td>\n\u00a0<\/td>\n26,301<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,654<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nOther Long-term Assets<\/td>\n\u00a0<\/td>\n12,413<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,519<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nProperty, Plant and Equipment, net<\/td>\n\u00a0<\/td>\n92,777<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n91,729<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n320,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n319,134<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
LIABILITIES AND SHAREHOLDERS’ EQUITY<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nCurrent Liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nAccounts Payable<\/td>\n$<\/td>\n37,292<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n43,950<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nOther<\/td>\n\u00a0<\/td>\n42,244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,579<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nTotal Current Liabilities<\/td>\n\u00a0<\/td>\n79,536<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81,529<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAccrued Pension and Postretirement Obligations<\/td>\n\u00a0<\/td>\n2,671<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,588<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nBorrowings Under Credit Facility<\/td>\n\u00a0<\/td>\n17,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nOther Long-term Liabilities<\/td>\n\u00a0<\/td>\n3,888<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,070<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nShareholders’ Equity<\/td>\n\u00a0<\/td>\n341,850<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n342,568<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAccumulated Other Comprehensive Loss<\/td>\n\u00a0<\/td>\n(19,226<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(18,588<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nLess: Treasury Stock<\/td>\n\u00a0<\/td>\n(135,556<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(135,580<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nTotal STRATTEC SECURITY<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nCORPORATION Shareholders’ Equity<\/td>\n\u00a0<\/td>\n187,068<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n188,400<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nNon-Controlling Interest<\/td>\n\u00a0<\/td>\n30,608<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,547<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nTotal Shareholders’ Equity<\/td>\n\u00a0<\/td>\n217,676<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n219,947<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n320,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n319,134<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n <\/p>\n

STRATTEC SECURITY CORPORATION<\/u>
\n <\/strong>
\n
\n Condensed Cash Flow Statement Data<\/strong>
\n
\n (In Thousands)<\/strong>
\n
\n (Unaudited)<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n Second Quarter Ended<\/em>\n <\/td>\n\u00a0<\/td>\n\n Six Months Ended<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nJanuary 1, 2023<\/td>\n\u00a0<\/td>\nDecember 26, 2021<\/td>\n\u00a0<\/td>\nJanuary 1, 2023<\/td>\n\u00a0<\/td>\nDecember 26, 2021<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash Flows from Operating Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (Loss) Income<\/td>\n$<\/td>\n(2,515<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n3,837<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(2,578<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n4,056<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjustments to Reconcile Net (Loss) Income to\u00a0Cash Provided by Operating Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nDepreciation<\/td>\n\u00a0<\/td>\n4,301<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,911<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,798<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,968<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nEquity Earnings in Joint Ventures<\/td>\n\u00a0<\/td>\n(588<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(615<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,115<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(364<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nForeign Currency Transaction (Gain) Loss<\/td>\n\u00a0<\/td>\n514<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n585<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(243<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nUnrealized Loss (Gain) on Peso Forward Contracts<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(12<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n126<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n224<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nStock Based Compensation Expense<\/td>\n\u00a0<\/td>\n263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n238<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n874<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n634<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nChange in Operating Assets\/Liabilities<\/td>\n\u00a0<\/td>\n1,943<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,066<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,898<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,590<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nOther, net<\/td>\n\u00a0<\/td>\n128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 206<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 250<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 333<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Cash Provided by Operating Activities<\/td>\n\u00a0<\/td>\n4,034<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,665<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,735<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash Flows from Investing Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nInvestment in Joint Ventures<\/td>\n\u00a0<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(104<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAdditions to Property, Plant & Equipment<\/td>\n\u00a0<\/td>\n(4,759<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,573<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,477<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,362<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nProceeds on Sales of Property, Plant & Equipment<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Cash Used in Investing Activities<\/td>\n\u00a0<\/td>\n(4,859<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,573<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,577<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,362<\/td>\n)<\/td>\n<\/tr>\n
Cash Flows from Financing Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nBorrowings on Line of Credit Facility<\/td>\n\u00a0<\/td>\n4,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nPayments on Line of Credit Facility<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,000<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,000<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,000<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nDividends Paid to Non-Controlling Interest of Subsidiary<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(600<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(600<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\nExercise of Stock Options and Employee Stock Purchases<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n146<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n639<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Cash Provided by Financing Activities<\/td>\n\u00a0<\/td>\n4,020<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,546<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,039<\/td>\n\u00a0<\/td>\n<\/tr>\n
Effect of Foreign Currency Fluctuations on Cash<\/td>\n\u00a0<\/td>\n53<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n100<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(89<\/td>\n)<\/td>\n<\/tr>\n
Net Increase (Decrease) in Cash & Cash Equivalents<\/td>\n\u00a0<\/td>\n3,248<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,047<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(394<\/td>\n)<\/td>\n<\/tr>\n
Cash & Cash Equivalents:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nBeginning of Period<\/td>\n\u00a0<\/td>\n10,330<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,024<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,774<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,465<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nEnd of Period<\/td>\n$<\/td>\n13,578<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,071<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,578<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n14,071<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
Contact: Dennis Bowe
Vice President and
Chief Financial Officer
414-247-3399
www.strattec.com<\/a>\u00a0<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MILWAUKEE, Feb. 02, 2023 (GLOBE NEWSWIRE) — STRATTEC SECURITY CORPORATION (\u201cSTRATTEC\u201d or the \u201cCompany\u201d) (NASDAQ:STRT) today reported operating results for the fiscal second quarter ended January 1, 2023. Net sales for the second quarter ended January 1, 2023 were $113.2 million, compared to net sales of $112.9 million for the second quarter ended December 26, 2021. Net loss was $1.8 million in the current year second quarter, compared to net income of $3.4 million in the prior year second quarter. Diluted loss per share for the current year second quarter was $0.47 compared to diluted earnings per share of $0.87 in the prior year second quarter. For the six months ended January 1, 2023, the Company\u2019s net sales were $233.5 … <\/p>\n

Continue reading “Strattec Security Corporation Reports Fiscal 2023 Second Quarter Operating Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-728340","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nStrattec Security Corporation Reports Fiscal 2023 Second Quarter Operating Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/strattec-security-corporation-reports-fiscal-2023-second-quarter-operating-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strattec Security Corporation Reports Fiscal 2023 Second Quarter Operating Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MILWAUKEE, Feb. 02, 2023 (GLOBE NEWSWIRE) — STRATTEC SECURITY CORPORATION (\u201cSTRATTEC\u201d or the \u201cCompany\u201d) (NASDAQ:STRT) today reported operating results for the fiscal second quarter ended January 1, 2023. 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