Strattec Security Corporation Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 26, 2017 at 09:00 pm
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STRATTEC Security Corporation announced unaudited earnings results for the second quarter and six months ended December 31, 2016. Net sales for the company’s fiscal second quarter ended January 1, 2017 were $98.9 million, compared to net sales of $102.5 million for the prior year quarter ended December 27, 2015. Net income attributable to company for the current year quarter was $398,000, compared to net income of $3.4 million in the prior year quarter. Diluted earnings per share for the current year quarter were $0.11 compared to diluted earnings per share of $0.93 in the prior year quarter. Income from operations was $1.166 million against $7.414 million a year ago. Capital expenditures were $8.883 million against $4.230 million a year ago. Net cash provided by operating activities was $4.972 million against net cash used in operating activities of $0.791 million a year ago.
For the six months ended January 1, 2017, net sales were $199.2 million compared to net sales of $199.0 million during the prior year six month period. Net income attributable to company during the current year six month period was $1.9 million compared to net income of $6.7 million during the prior year six month period. Diluted earnings per share were $0.53 for the current year six month period ended January 1, 2017 compared to diluted earnings per share of $1.83 for the prior year six month period ended December 27, 2015. Income from operations was $5.401 million against $13.339 million a year ago. Capital expenditures were $16.329 million against $8.095 million a year ago. Net cash provided by operating activities was $10.001 million against $3.220 million a year ago.
Strattec Security Corporation designs, develops, manufactures and markets automotive access control products. The Companyâs products include mechanical locks and keys, electronically enhanced locks and keys, passive entry passive start systems (PEPS), steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power tailgate systems, power lift gate systems, power deck lid systems, door handles, and related products. The Company provides its products primarily to North American automotive customers. The Companyâs products and solutions portfolio includes Vehicle Access Solutions, Electronic Security Solutions, Vehicle Security Solutions, Dealer Direct Fulfillment Services, Aftermarket, BOLT and STRATTEC Advance Logic-Via GoKeyless. Its products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea, China and India.