STRATTEC SECURITY CORP 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on the NASDAQ Global Market under the symbol “STRT.” Registered shareholders of record at June 28, 2020, were 1,040. The Company’s Board of Directors authorized a stock repurchase program on October 16, 1996, and the program was publicly announced on October 17, 1996. Since inception of the stock repurchase program, the Board of Directors has periodically increased the number of shares authorized for repurchase under the program. At June 28, 2020, the number of shares of the Company’s common stock authorized for repurchase under the program totaled 3,839,395. The program currently authorizes the repurchase of the Company’s common stock from time to time, directly or through brokers or agents, and has no expiration date. Over the life of the repurchase program through June 28, 2020, a total of 3,655,322 shares have been repurchased at a cost of approximately $136.4 million. No shares were repurchased during the year ended June 28, 2020. ITEM 6. SELECTED FINANCIAL DATA The financial data for each period presented below reflects the consolidated results of STRATTEC SECURITY CORPORATION, its wholly owned Mexican subsidiary and its majority owned subsidiaries. Fiscal years 2016 and 2017 have been retrospectively adjusted for the adoption of an update to the accounting guidance for the presentation of net periodic pension cost and net periodic postretirement benefit cost which requires the service cost component of net periodic benefit cost to be reported in the same line items as other compensation costs arising from services rendered by the pertinent employees during the applicable period while remaining components of net periodic benefit cost are required to be presented separately outside a subtotal of income from operations. The information below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the Financial Statements and Notes thereto included elsewhere herein. The following data are in thousands of dollars except per share amounts. Fiscal Years 2020 2019 2018 2017 2016 INCOME STATEMENT DATA Net sales $ 385,300 $ 487,006 $ 439,195 $ 417,325 $ 401,419 Gross profit 35,446 57,800 54,443 60,955 65,726 Engineering, selling and administrative expenses 44,108 47,186 41,168 46,113 43,547 (Loss) Income from operations (8,662 ) 10,614 13,275 14,842 22,179 Interest income — — 8 136 25 Equity (loss) earnings of joint ventures (209 ) 2,783 4,532 666 (2,235 ) Interest expense (920 ) (1,615 ) (1,137 ) (417 ) (176 ) Pension termination settlement charge — (31,878 ) — — — Other income (expense), net 1,668 (337 ) 1,020 1,167 (603 ) (Loss) income before taxes and non-controlling interest (8,123 ) (20,433 ) 17,698 16,394 19,190 (Benefit) provision for income taxes (2,266 ) (7,740 ) 2,070 4,284 5,068 Net (loss) income (5,857 ) (12,693 ) 15,628 12,110 14,122 Net income attributable to non-controlling interest 1,748 4,336 3,345 4,913 4,973 Net (loss) income attributable to STRATTEC SECURITY CORPORATION $ (7,605 ) $ (17,029 ) $ 12,283 $ 7,197 $ 9,149 (Loss) earnings per share attributable to STRATTEC SECURITY CORPORATION: Basic $ (2.04 ) $ (4.63 ) $ 3.39 $ 2.01 $ 2.55 Diluted $ (2.04 ) $ (4.63 ) $ 3.32 $ 1.96 $ 2.51 Cash dividends declared per share $ 0.42 $ 0.56 $ 0.56 $ 0.56 $ 0.52 BALANCE SHEET DATA Net working capital $ 77,228 $ 77,369 $ 82,310 $ 61,110 $ 70,236 Total assets $ 265,545 $ 312,736 $ 307,175 $ 273,714 $ 242,176 Long-term liabilities $ 41,964 $ 45,657 $ 55,136 $ 33,105 $ 23,449 Total STRATTEC SECURITY CORPORATION Shareholders’ equity $ 152,222 $ 163,388 $ 162,158 $ 151,088 $ 139,332 17