Strattec Security Corp. has reported operating results for the fiscal fourth quarter and the 2012 fiscal year, including record net sales for the full year.
The Milwaukee-based company said net income was $3.2 million during the fourth quarter, compared to $2.7 million in the prior year quarter. Diluted earnings per share for the fourth quarter were $0.97 compared to $0.81 in the prior year quarter.
Net sales for the fourth quarter were $76.4 million, compared to $74.2 million for the fourth quarter of 2011, which is more impressive considering the 2012 fiscal fourth quarter was the typical 13 weeks while fiscal 2011’s fourth quarter was 14 weeks. The impact of the additional week of customer shipments during the prior year quarter increased net sales by approximately $4.5 million.
Meanwhile, fiscal 2012 net sales reached a record high of $279.2 million, exceeding the prior year record by 7%. The company attributed part of the increase to higher sales to its largest automotive customers, including Chrysler Group and Ford Motor Co. However, sales to slumping General Motors and to Hyundai-Kia were down.
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