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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q


[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 26, 2004

or

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number 0-25150
 
STRATTEC SECURITY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)

Wisconsin

 39-1804239

(State of Incorporation)

 (I.R.S. Employer Identification No.)


3333 West Good Hope Road, Milwaukee, WI 53209
(Address of Principal Executive Offices)

(414) 247-3333
(Registrant’s Telephone Number, Including Area Code)

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  YES  X    NO ___

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES  X   NO ___

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

Common stock, par value $0.01 per share: 3,792,967 shares outstanding as of September 26, 2004.


 
   
 

STRATTEC SECURITY CORPORATION

FORM 10-Q

September 26, 2004

INDEX


 
Part I - FINANCIAL INFORMATION

    Page
Item 1
Financial Statements
  
 
3
 
4
 
5
 
6-7
Item 2
 8-13
Item 3
13
Item 4
13
     

Part II - OTHER INFORMATION

Item 1
14
Item 2
14
Item 3
14
Item 4
14
Item 5
14
Item 6
14
 

 
  2  
 

Item 1 Financial Statements

STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
 

     

Three Months Ended 

  
     
September 26,
 2004 
    
September 28,
 2003
  
     
(unaudited)
  
               
Net sales
  
$
44,591
 
$
44,420
 
               
Cost of goods sold
    
33,818
    
33,962
  
               
Gross profit
    
10,773
    
10,458
  
               
Engineering, selling and administrative
              
expenses
    
5,166
    
4,918
  
               
Income from operations
    
5,607
    
5,540
  
               
Interest income
    
183
    
89
  
Other income (expense), net
    
(37
)
  
102
  
               
Income before provision for income taxes
    
5,753
     5,731
 
               
Provision for income taxes
    
2,129
    
2,149
  
               
Net income
  
$
3,624
 
$
3,582
 
               
Earnings per share:
              
Basic
  
$
0.95
 
$
0.95
 
Diluted
  
$
0.94
 
$
0.94
 
               
Average Shares Outstanding:
              
Basic
    
3,805
    
3,760
  
Diluted
    
3,855
    
3,818
  
 
The accompanying notes are an integral part of these condensed consolidated statements.


 
  3  
 

STRATTEC SECURITY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share Amounts)
 

   
September 26,
  
June 27,
  
   
2004
  
2004
  
ASSETS
    (unaudited)       
Current Assets:
  
 
      
Cash and cash equivalents
  
$
45,293
 
$
54,231
  
Receivables, net
    
31,844
    
30,931
  
Inventories-
              
Finished products
    
3,312
    
2,659
  
Work in process
    
5,128
    
4,620
 
Purchased Materials
    
5,778
    
4,441
 
LIFO adjustment
    
(3,096
)
  
(3,359
)
Total inventories
    
11,122
    
8,361
 
Other current assets
    
8,872
    
10,903
 
Total current assets
    
97,131
    
104,426
 
               
Investment in joint ventures
    
1,400
    
1,336
  
               
Property, plant and equipment
    
103,162
    
102,610
  
Less: accumulated depreciation
    
(72,920
)
  
(71,182
)
Net property, plant and equipment
    
30,242
    
31,428
 
               
   
$
128,773
 
$
137,190
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY
              
Current Liabilities:
              
Accounts payable
  
$
17,558
 
$
18,787
 
Accrued Liabilities:
              
Payroll and benefits
    
6,223
    
11,067
  
Environmental reserve
    
2,708
   
2,710
 
Other
   
4,359
   
2,720
 
Total current liabilities
    
30,848
   
35,284
 
               
Deferred income taxes
    
543
    
543
  
Accrued pension and postretirement obligations
    
6,938
   
11,511
 
               
Shareholders' equity:
              
Common stock, authorized 12,000,000 shares $.01 par value,
issued 6,807,157 shares at September 26, 2004
and 6,754,892 shares at June 27, 2004
    
68
    
68
  
Capital in excess of par value