Strattec reports strong quarter

Glendale-based Strattec Security Corp. today reported fiscal second quarter net income of $3.8 million, or $1.09 per share, up from $2.4 million, or 70 cents per share, in the same period a year ago.

For the quarter ended Dec. 29, revenue was $81.5 million, up from $72.2 million last year.

Sales to Chrysler Group LLC, General Motors Co. and Ford Motor Co. were up in the second quarter, as those companies ramped up vehicle production on models Strattec supplies.

“Given the normal disruptions of customer shutdowns and the holidays during this quarter, we feel that our reported results are even more noteworthy,” said Frank Krejci, president and chief executive officer. “It was our best quarterly earnings per share since the quarter ending March 2006. This quarter is also a significant milestone. We have now completed 105 years in business, 86 years of that as part of Briggs & Stratton Corp. Over the last 19 years, we have greatly expanded our products and geographic reach in serving the automotive industry. There are ever increasing opportunities being created both tactically and strategically through working with our partners to advance the VAST brand. We are encouraged by the expectations of continued strong automotive production, substantial progress at our VAST China operations and the long-term opportunities with biometric security in both automotive and non-automotive markets through our recent investment in NextLock.”

Strattec manufactures vehicle access control products, including mechanical and electronic keys and locks, ignition housings, latches, power sliding side door systems and power lift gate systems.

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