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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 December 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: 3,809,338 shares outstanding as of December 26, 2004.

 
   
 

STRATTEC SECURITY CORPORATION

FORM 10-Q

December 26, 2004

INDEX


Part I - FINANCIAL INFORMATION
    Page
Item 1
Financial Statements
  
 
3
 
4
 
5
 
6-8
Item 2
  
 
9-15
Item 3
15
Item 4
15
     

Part II - OTHER INFORMATION

Item 1
16
Item 2
16
Item 3
16
Item 4
16
Item 5
16
Item 6
16

 

 
  2  
 
Item 1 Financial Statements

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

   

Three Months Ended

 

Six Months Ended 

  
   

December 26, 

 

December 28,

 

December 26,

 

December 28,

  
   
2004 
  
2003 
  
2004 
  
2003 
  
                   
Net sales
  
$
48,436
 
$
50,014
  
$
93,027
 
$
94,434
 
                           
Cost of goods sold
    
36,990
    
37,912
    
70,808
    
71,874
  
                           
Gross profit
    
11,446
    
12,102
    
22,219
    
22,560
  
                           
Engineering, selling and administrative
                          
expenses
    
4,848
    
4,983
    
10,014
    
9,901
  
                           
   Income from operations    
6,598
    
7,119
    
12,205
    
12,659
  
                           
Interest income
    
233
    
88
    
416
    
177
  
Other income, net
    
196
    
184
    
159
    
286
  
                           
Income before provision for income taxes
    
7,027
    
7,391
    
12,780
    
13,122
  
                           
Provision for income taxes
    
2,600
    
2,772
    
4,729
    
4,921
  
                           
Net income
  
$
4,427
 
$
4,619
  
$
8,051
 
$
8,201
  
                           
Earnings per share:
                          
Basic
  
$
1.16
 
$
1.23
  
$
2.12
 
$
2.18
  
Diluted
  
$
1.15
  
$
1.21
  
$
2.09
 
$
2.15
  
                           
Average Shares Outstanding:
                          
Basic
    
3,806
    
3,765
    
3,806
    
3,762
  
Diluted
    
3,840
    
3,824
    
3,847
    
3,821
  
 
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)


   
December 26,
  
June 27,
  
   
2004
  
2004
  
ASSETS
  
(unaudited)
     
Current Assets:
          
Cash and cash equivalents
  
$
50,163
 
$
54,231
  
Receivables, net
    
27,693
    
30,931
  
Inventories-
              
Finished products
    
3,223
    
2,659
  
Work in process
    
4,795
    
4,620
 
Purchased Materials
    
5,880
    
4,441
 
LIFO adjustment
    
(2,800
)
  
(3,359
)
Total inventories
    
11,098
    
8,361
 
Other current assets
    
9,655
    
10,903
 
Total current assets
    
98,609
    
104,426
 
               
Investment in joint ventures
    
1,365
    
1,336
  
Prepaid pension obligations 
    
1,011
    
-
  
               
Property, plant and equipment
    
103,342
    
102,610
  
Less: accumulated depreciation
    
(73,642
)
  
(71,182
)
Net property, plant and equipment
    
29,700
    
31,428
 
               
   
$
130,685
 
$
137,190
 
               

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
          
Accounts payable
  
$
16,583
 
$
18,787
 
Accrued Liabilities:
              
Payroll and benefits
    
6,834
    
11,067
  
Environmental reserve
    
2,708
   
2,710
 
Other
   
3,405
    
2,720
 
Total current liabilities
    
29,530
   
35,284
 
               
Deferred income taxes
    
543
    
543
  
Accrued pension and postretirement obligations
    
5,062
   
11,511
 
               
Shareholders' equity:
              
Common stock, authorized 12,000,000 shares $.01 par value,