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Strattec Security Corporation (STRT)

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Previous Close52.38
Open52.40
Bid0.00 x 1000
Ask66.00 x 800
Day's Range45.31 - 52.40
52 Week Range11.74 - 67.28
Volume56,701
Avg. Volume28,383
Market Cap160.747M
Beta (5Y Monthly)1.43
PE Ratio (TTM)23.23
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMar 12, 2020
1y Target EstN/A
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  • STRATTEC SECURITY CORPORATION Reports Fiscal 2021 Second Quarter Operating Results
    GlobeNewswire

    STRATTEC SECURITY CORPORATION Reports Fiscal 2021 Second Quarter Operating Results

    MILWAUKEE, Jan. 28, 2021 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”) (NASDAQ:STRT) today reported operating results for the fiscal second quarter ended December 27, 2020. Net sales for the second quarter ended December 27, 2020 were $127.4 million, compared to net sales of $106.3 million for the second quarter ended December 29, 2019. The impact of the General Motors UAW strike reduced the prior year quarter net sales by approximately $7.0 million. Net income was $7.1 million in the current year quarter, compared to a net loss of $1,341,000 in the prior year quarter. Diluted earnings per share for the current year second quarter were $1.85 compared to diluted loss per share of $0.36. The current year quarter included a customer reimbursement for engineering development costs previously incurred in prior periods that totaled $1,546,000. This reimbursement was recorded as a reduction of engineering expense in the current quarter and increased our diluted earnings per share by $0.26 in the current year quarter in comparison to the prior year quarter. The prior year quarter also was negatively impacted by a $2,245,000 non-cash compensation expense charge relating to the termination of our Defined Benefit Pension Plan which reduced diluted earnings per share in the prior year quarter by $0.46. For the six months ended December 27, 2020, the Company’s net sales were $253.6 million compared to net sales of $226.2 million in the prior year six month period. The impact of the General Motors UAW strike reduced net sales in the prior six month period by approximately $10.0 million. Net income during the current year six month period was $15.1 million compared to a net loss of $97,000 during the prior year six month period. Diluted earnings per share were $3.96 during the six month period ended December 27, 2020 compared to a diluted loss per share of $.03 during the six month period ended December 29, 2019. The prior year six month period was negatively impacted by a $4,473,000 non-cash compensation charge relating to the termination of our Defined Benefit Pension Plan mentioned above which reduced our diluted earnings per share by $.92 in the prior year period. 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 27, 2020 December 29, 2019 Fiat Chrysler Automobiles$23.2 $27.2General Motors Company 39.0 25.4Ford Motor Company 16.8 15.3Tier 1 Customers 18.7 14.7Commercial and Other OEM Customers 19.6 21.4Hyundai / Kia 10.1 2.3TOTAL$127.4 $106.3 Sales to Fiat Chrysler Automobiles (FCA) in the current year quarter decreased over the same period in the prior year quarter due primarily to lower production of the FCA minivan 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 volumes and content on products we supply to their business, and in particular on the Chevrolet Silverado. The impact of the General Motors UAW strike resulted in lower net sales by an estimated $7.0 million in the prior year quarter. Sales to the Ford Motor Company increased in the current year quarter compared to the prior year quarter due primarily to higher product content in particular for the new power tailgate program on the F-150 pickup trucks starting production during the current year quarter. Sales to Tier 1 customers increased in the current year quarter in comparison to the prior year quarter mainly due to higher sales volume on product ultimately used on General Motors and FCA vehicles. Sales to Commercial and Other OEM Customers during the current year quarter were slightly lower 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 increased sales to Hyundai / Kia in the current year quarter were principally due to higher levels of production on their recently launched new Kia Sedona minivan for which we supply components. Our Gross Profit margins improved to 17.5% in the current year quarter compared to 9.7% in the prior year quarter. This margin improvement was generated primarily as a result of cost reductions implemented in our operations in Milwaukee, WI and at our facilities in Mexico, a favorable Mexican Peso to US dollar exchange rate affecting the cost of our Mexican operations between periods and by favorable changes in product sales mix between periods. The prior year quarter gross profit margin was reduced by 1.3% due to a non-cash compensation charge of $1,376,000 relating to the termination of our Defined Benefit Pension Plan. Engineering, Selling and Administrative expenses as a percent of net sales in the current year quarter were 8.1% compared to 11.4% in the prior year quarter. This decrease in overall Selling, Engineering and Administrative expenses in the current year quarter compared to the prior year quarter was primarily attributed to the customer reimbursement of engineering development costs of $1,546,000 or 1.2% previously mentioned in this press release, and overall improved operating expense management between periods. The prior year quarter Engineering, Selling and Administrative expenses were also higher by .8% due to a non-cash compensation charge of $869,000 relating to the termination of our Defined Benefit Pension Plan. Included in Other (Expense) Income, Net in the current year quarter compared to the prior year quarter were the following items (in thousands of dollars): December 27, 2020 December 29,2019 Equity Earnings of VAST LLC Joint Venture$1,075 $496Net Foreign Currency Transaction (Loss) Gain (1,633) (363)Other 267 382 $(291) $515 The increase in equity earnings of VAST LLC in the current year quarter compared to the prior year quarter primarily related to higher net sales and profitability in our VAST China operation. VAST China’s profitability in the current quarter was partially offset with startup costs for their new plant in Jingzhou, China and by the closure of our VAST China plant in Fuzhou, China which operations were consolidated into the new Jingzhou facility. We continue to believe these actions will give VAST China added capacity, greater operating efficiencies and a broader geographic footprint in the China market going forward. VAST LLC (including VAST China) 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. Frank Krejci President and CEO commented: “We are extremely pleased with our performance for the first six months of our new fiscal year. Not only as we continue to manage through challenging times with COVID-19 but we also took that time to effectively launch new product introductions and improve operational efficiencies in our Milwaukee, WI and Mexican operations. At the same time, our VAST LLC operations in China opened a new plant and made significant progress in restoring profitability. Our STRATTEC and VAST associates deserve credit for their efforts to our overall improvement. We are beginning to see the fruits of years of our new product development efforts. We were one of four companies in the world to win the General Motors Innovation Award in our case for our power tailgate offered on the Chevrolet Silverado pick-up truck. As a customer option, the take rate is exceeding initial sales projections. In addition, a similar product for the market share leader Ford F-150 pick-up is just beginning to be introduced. We also continue to strengthen our balance sheet. Two years ago we transferred our fully funded pension obligations to an insurance company. Even though we were required to take non-cash charges to our earnings in previous periods, this action eliminated the significant future liabilities associated with the pension obligations. In the last 6 months, we have paid down $13 million of debt, reducing our debt to equity ratio from 23% to 13%. Lastly, thanks to our shareholders who supported us in our efforts to improve the Company’s financial performance and shareholder value.” 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, 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 the coronavirus (COVID-19) pandemic 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 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Net Sales$127,360 $106,283 $253,594 $226,245 Cost of Goods Sold 105,119 95,950 208,842 200,026 Gross Profit 22,241 10,333 44,752 26,219 Engineering, Selling & Administrative Expenses 10,302 12,094 21,616 25,048 Income (Loss) from Operations 11,939 (1,761) 23,136 1,171 Interest Expense (84) (248) (196) (588) Other (Expense) Income, Net (291) 515 274 902 Income (Loss) Before Provision (Benefit) for Income Taxes and Non-Controlling Interest 11,564 (1,494) 23,214 1,485 Provision (Benefit) for Income Taxes 1,991 (399) 3,568 (100) Net Income (Loss) 9,573 (1,095) 19,646 1,585 Net Income Attributable to Non-Controlling Interest (2,460) (246) (4,525) (1,682) Net Income (Loss) Attributable to STRATTEC SECURITY CORPORATION$7,113 $(1,341) $15,121 $(97) Earnings (Loss) Per Share: Basic$1.88 $(0.36) $4.01 $(0.03)Diluted$1.85 $(0.36) $3.96 $(0.03) Average Basic Shares Outstanding 3,786 3,741 3,775 3,725 Average Diluted Shares Outstanding 3,842 3,741 3,815 3,725 Other Capital Expenditures$3,079 $3,086 $4,593 $7,384Depreciation$4,912 $4,847 $9,797 $9,580 STRATTEC SECURITY CORPORATIONCondensed Balance Sheet Data(In Thousands) December 27, 2020 December 29, 2019 (Unaudited) ASSETS Current Assets: Cash and cash equivalents$10,432 $11,774 Receivables, net 85,796 41,955 Inventories, net 56,333 54,400 Other current assets 13,348 17,239 Total Current Assets 165,909 125,368 Investment in Joint Ventures 25,759 22,068 Other Long Term Assets 13,482 12,961 Property, Plant and Equipment, Net 101,819 105,148 $306,969 $265,545 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts Payable$39,148 $18,549 Other 37,507 29,591 Total Current Liabilities 76,655 48,140 Accrued Pension and Post Retirement Obligations 1,980 1,956 Borrowings Under Credit Facility 22,000 35,000 Other Long-term Liabilities 4,861 5,008 Shareholders’ Equity 325,706 309,991 Accumulated Other Comprehensive Loss (17,492) (22,113) Less: Treasury Stock (135,629) (135,656) Total STRATTEC SECURITY CORPORATION Shareholders’ Equity 172,585 152,222 Non-Controlling Interest 28,888 23,219 Total Shareholders’ Equity 201,473 175,441 $306,969 $265,545 STRATTEC SECURITY CORPORATIONCondensed Cash Flow Statement Data(In Thousands)(Unaudited) Second Quarter Ended Six Months Ended December 27, 2020 December 29, 2019 December 27, 2020 December 29, 2019 Cash Flows from Operating Activities: Net Income (Loss)$9,573 $(1,095) $19,646 $1,585Adjustments to Reconcile Net Income (Loss) to Cash Provided by Operating Activities: Depreciation 4,912 4,847 9,797 9,580Non-cash Compensation Expense - 2,245 - 4,473Equity Earnings in Joint Ventures (1,075) (492) (1,900) (976)Loss on disposition of property, plant & equipment 1,203 88 1,426 283Foreign Currency Transaction Gain 1,913 363 2,312 448Unrealized Gain on Peso Forward Contracts (145) - (480) -Deferred Income Taxes - (508) - (1,032)Stock Based Compensation Expense 374 211 582 624Change in Operating Assets/Liabilities (7,119) (160) (14,562) 5,478Other, net 120 101 235 145 Net Cash Provided by Operating Activities 9,756 5,600 17,056 20,608 Cash Flows from Investing Activities: Investment in Joint Ventures (100) - (100) -Additions to Property, Plant and Equipment (3,079) (3,086) (4,593) (7,384)Proceeds Received on Sale of Property, Plant and Equipment - - 3 15 Net Cash Used in Investing Activities (3,179) (3,086) (4,690) (7,369) Cash Flows from Financing Activities: Payments on Line of Credit Facility (8,000) (4,000) (13,000) (10,000)Dividends Paid to Non-Controlling Interest of Subsidiary - - (490) (980)Dividends Paid - (525) - (1,047)Exercise of Stock Options and Employee Stock Purchases 21 280 40 519 Net Cash Used in Financing Activities (7,979) (4,245) (13,450) (11,508) Effect of Foreign Currency Fluctuations on Cash (149) (225) (258) (255) Net (Decrease) Increase in Cash & Cash Equivalents (1,551) (1,956) (1,342) 1,476 Cash and Cash Equivalents: Beginning of Period 11,983 11,241 11,774 7,809End of Period$10,432 $9,285 $10,432 $9,285 Contact: Pat HansenSenior Vice President andChief Financial Officer414-247-3435www.strattec.com

  • Sidoti Virtual Microcap Investor Conference
    ACCESSWIRE

    Sidoti Virtual Microcap Investor Conference

    * Presentation Times and Weblinks Released for Over 60 Presenting Companies * Today: Thursday, November 19, 2020NEW YORK, NY / ACCESSWIRE / November 19, 2020 / Sidoti & Company, LLC proudly releases the presentation schedule, with weblink click-throughs, for today's Virtual Microcap Investor Conference.

  • STRATTEC SECURITY CORPORATION Reports Fiscal 2021 First Quarter Operating Results
    GlobeNewswire

    STRATTEC SECURITY CORPORATION Reports Fiscal 2021 First Quarter Operating Results

    MILWAUKEE, Oct. 22, 2020 (GLOBE NEWSWIRE) -- STRATTEC SECURITY CORPORATION (“STRATTEC” or the “Company”) (NASDAQ:STRT) today reported operating results for the fiscal first quarter ended September 27, 2020. First Quarter Net sales for the first quarter ended September 27, 2020 were $126.2 million, compared to net sales of $120.0 million for the first quarter ended September 29, 2019. Net income was $8.0 million in the current year first quarter, compared to net income of $1.2 million in the prior year first quarter. Diluted earnings per share for the first quarter were $2.11 compared to diluted earnings per share of $0.33 in the prior year first quarter. The prior year quarter had a $2.2 million non-cash compensation expense charge relating to the termination of our Defined Benefit Pension Plan which reduced our diluted earnings per share by $0.46.The current year quarter tax provision included a favorable tax adjustment due to recently enacted changes to the Federal tax law generally referred to as the “Tax Cuts and Jobs Act of 2017,” which reduced our income tax provision by $675,000 and increased our diluted earnings per share by $0.18 in the current year quarter in comparison to the prior year quarter.Net sales to each of our customers in the current year quarter and prior year quarter were as follows (in thousands):   Three Months Ended   September 27, 2020  September 29, 2019   Fiat Chrysler Automobiles$25,083 $25,482 General Motors Company 37,756  33,838 Ford Motor Company 15,846  15,812 Tier 1 Customers 17,495  17,747 Commercial and Other OEM Customers 21,435  21,346 Hyundai / Kia 8,619  5,737 TOTAL$126,234 $119,962   Sales to Fiat Chrysler Automobiles (FCA) in the current year quarter decreased slightly over the same period in the prior year quarter due primarily to lower vehicle production volumes on the FCA minivans for which we supply components. The Dodge Grand Caravan minivan went out of production during July 2020. The increase in sales to General Motors Company in the current year quarter compared to the prior year quarter related primarily to higher production volumes between periods. The impact of the General Motors UAW strike reduced net sales by an estimated $3.0 million in the prior year quarter. Sales to the Ford Motor Company, Tier 1 Customers and Commercial and Other OEM Customers were flat in the current year quarter compared to the prior year quarter. Sales to Tier 1 Customers, Commercial and Other OEM 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 increased sales to Hyundai / Kia in the current year quarter were principally due to higher levels of production on their recently launched new Kia Sedona minivan for which we supply components. Gross Profit margins improved to 17.8% in the current year quarter compared to 13.2% in the prior year quarter primarily due to cost improvements implemented in our operations at both Milwaukee, WI and at our facilities in Mexico, along with a favorable Mexican Peso to US dollar exchange rate affecting the cost of our Mexican operations and product sales mix. The prior year gross profit margin was also reduced by 1.1% due to a non-cash compensation expense charge relating to the termination of our Pension Plan.Engineering, Selling and Administrative expenses as a percent of net sales in the current year quarter were 9.0% compared to 10.8% in the prior year quarter. This decrease in overall operating expense spending in the current year quarter was primarily due to lower new product development costs in the current year quarter, a temporary reduction in salary work force wages in the current year quarter and overall improved operating expense management between periods. The prior year Engineering, Selling and Administrative expenses were also higher by .7% due to a non-cash compensation expense charge relating to the termination of our Pension Plan.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):  September 27, 2020    September 29, 2019      Equity Earnings of VAST LLC Joint Venture$825  $487  Net Foreign Currency Transaction Gain (Loss) (123)  (85) Other (137)  (15)  $565  $387  The increase in equity earnings of VAST LLC related primarily to higher profitability in our VAST China operation during the current year quarter as compared to the same period in the prior year. VAST LLC (including VAST China) 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. Frank Krejci, President and CEO commented: “As we close out our 25th year as an independent company, spun off from Briggs & Stratton, I am exceptionally proud of the efforts by our team over the last 6 months of the COVID-19 pandemic.For the quarter ending in June 2020, we had our worst quarter in the history of STRATTEC. Our customers shut down their automotive operations in North America for most of the quarter which impacted our facilities in Milwaukee, WI and Mexico. We used the time to build inventories where we could and make efficiency improvements which has benefited us going forward.This current quarter ending in September 2020, was the second best in the history of STRATTEC, only exceeded by an unusual quarter when we were very busy making spare service parts for a customer recall campaign. It was a very welcomed turnaround which made up for most of the losses suffered in the previous quarter.Compared to the same quarter last year, sales were similar, but this year’s quarter net profits were significantly higher. Most of that was the result of improved efficiencies and a permanent reduction in headcount. The temporary wage reductions taken by our salaried workforce on May 1, 2020 have now been restored effective September 1.During this quarter, we also further strengthened our balance sheet by paying down $5 million of debt. In the last 9 quarters, we have both eliminated our defined benefit pension plan liabilities and improved our debt to equity ratio from 31.5% to 18.5%. The Company remains cautious as to how we deploy our free cash flow as we manage through the COVID-19 pandemic.The strength of sales was likely due to a combination of market demand and to some degree, trying to restore inventory levels on dealer lots. Industry forecasts currently indicate a continuation of these production levels for the next 2 to 3 quarters, however, this may be modified based on changes in the severity of the COVID-19 pandemic and its impact on STRATTEC and our supply base to meet customer production orders.Earlier this calendar year, we were one of four companies worldwide to win the General Motors Innovation Award. It recognized our design for a power open and close tailgate on their Silverado pick-up truck. It has proved to not only meet technical hurdles, but it is also rapidly gaining acceptance in the market. This quarter we have begun the launch of a similar product for the market share leading Ford F-150 pick-up truck line.This year we are also celebrating the 20th anniversary of some other innovative thinking. With two privately held companies, WITTE Automotive of Germany and ADAC Automotive of Michigan, we formed the VAST (Vehicle Access System Technology) Automotive Group. It is a unique partnership where together we have expanded our global footprint in China and India. We have effectively leveraged each other’s technical and manufacturing capabilities for our mutual benefit and increased competitiveness.The VAST partnership has matured and evolved over these twenty years. Finding ways to work better together has continued to accelerate especially during the last few years. It appears that the idea of partnerships has recently started to gain acceptance in a variety of ways in the automotive industry. Partnerships can come with their challenges, but our 20 year track record has proven that we have found ways to make it work.All in all, I am very proud of the efforts of our team at STRATTEC and how it has been reflected in our earnings. We have used our time wisely when the industry was shut down, continued the pace of technical innovation in these very rapidly changing markets and are rapidly ramping up production to serve the demanding needs of our customers. I hope that the same pride is being felt by our team, which includes you, our shareholders, and we are grateful for the support that you have provided.”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 (COVID-19) 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 Hansen Senior Vice President and Chief Financial Officer 414-247-3435 www.strattec.com  STRATTEC SECURITY CORPORATION Condensed Results of Operations (In Thousands except per share amounts) (Unaudited)           First Quarter Ended            September 27, 2020  September 29, 2019      Net Sales$126,234  $119,962  Cost of Goods Sold 103,723   104,076  Gross Profit 22,511   15,886           Engineering, Selling &        Administrative Expenses 11,314   12,954  Income from Operations 11,197   2,932           Interest Expense (112)  (340) Other Income, Net 565   387  Income before Provision for Income        Taxes and Non-Controlling Interest 11,650   2,979           Provision for Income Taxes 1,577   299           Net Income 10,073   2,680  Net Income Attributable        to Non-Controlling Interest (2,065)  (1,436)          Net Income Attributable        to STRATTEC SECURITY CORP.$8,008  $1,244  Earnings Per Share:        Basic$2,13  $0,34  Diluted$2,11  $0,33  Average Basic        Shares Outstanding 3,765   3,710           Average Diluted        Shares Outstanding 3,788   3,728           Other        Capital Expenditures$1,514  $4,298  Depreciation$4,885  $4,733               STRATTEC SECURITY CORPORATION Condensed Balance Sheet Data (In Thousands)                                       September 27, 2020  June 28, 2020   (Unaudited)     ASSETS       Current Assets:       Cash and cash equivalents$11,983  $11,774  Receivables, net 79,764   41,955  Inventories, net 51,673   54,400  Other current assets 17,527   17,239  Total Current Assets 160,947   125,368  Investment in Joint Ventures 23,723   22,068  Other Long Term Assets 12,949   12,961  Property, Plant and Equipment, Net 102,610  105,148   $300,229  $ 265,545                    LIABILITIES AND SHAREHOLDERS’ EQUITY  Current Liabilities:        Accounts Payable$40,809  $18,549  Other 35,494   29,591  Total Current Liabilities 76,303   48,140  Accrued Pension and Post Retirement Obligations 1,961   1,956  Borrowings Under Credit Facility 30,000   35,000  Other Long-term Liabilities 4,945   5,008  Shareholders’ Equity 318,210   309,991  Accumulated Other Comprehensive Loss (20,665)  (22,113)  Less: Treasury Stock (135,640)  (135,656) Total STRATTEC SECURITY        CORPORATION Shareholders’ Equity 161,905   152,222  Non-Controlling Interest 25,115   23,219  Total Shareholders’ Equity 187,020   175,441   $300,229  $265,545               STRATTEC SECURITY CORPORATION Condensed Cash Flow Statement Data (In Thousands) (Unaudited)    First Quarter Ended     September 27, 2020   September 29, 2019                   Cash Flows from Operating Activities:    Net Income$10,073  $2,680  Adjustment to Reconcile Net Income to Net    Cash Provided by Operating Activities:    Depreciation 4,885   4,733  Equity Earnings in Joint Ventures (825)  (484) Foreign Currency Transaction Loss 399   85  Unrealized Gain on Peso Forward Contracts (335)  -  Stock Based Compensation Expense 208   413  Non-cash Compensation Expense -   2,228  Deferred Income Taxes -   (524) Change in Operating Assets/Liabilities (7,443)  5,638  Other, net 338   239           Net Cash Provided by Operating Activities 7,300   15,008           Cash Flows from Investing Activities:    Additions to Property, Plant and Equipment (1,514)  (4,298) Proceeds Received on Sale of Property, Plant    and Equipment 3   15  Net Cash Used in Investing Activities (1,511)  (4,283)          Cash Flow from Financing Activities:    Borrowings on Credit Facility -   -  Repayment of Borrowings under Credit Facility (5,000)  (6,000) Dividends Paid to Non-Controlling Interest of Subsidiaries (490)  (980) Dividends Paid -   (522) Exercise of Stock Options and Employee    Stock Purchases 19   239           Net Cash Used In Financing Activities (5,471)  (7,263)          Foreign Currency Impact on Cash (109)  (30)          Net Increase in Cash & Cash Equivalents 209   3,432           Cash and Cash Equivalents:     Beginning of Period 11,774   7,809  End of Period$11,983  $11,241