SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
__________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): October
13, 2005
|
STRATTEC
SECURITY CORPORATION
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Wisconsin
|
|
(State
or other jurisdiction of
incorporation)
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0-25150
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39-1804239
|
|
|
(Commission
File Number)
|
(I.R.S.
Employer I.D. Number)
|
|
3333
West Good Hope Road
Milwaukee,
WI
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53209
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|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
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(414)
247-3333
|
|
(Registrant's
telephone number; including area
code)
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act
(17
CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17
CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange
Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section
2 - Financial
Information
Item
2.06. Material Impairments
On
October 13, 2005, STRATTEC SECURITY CORPORATION (the "Company") issued a press
release (the "Press Release") announcing a potential loss on a trade receivable
with Delphi Corporation ("Delphi") as a result of Delphi's bankruptcy
filing. The Company has approximately $3.7 million of pre-petition
bankruptcy accounts receivable due from Delphi. On October 13, 2005,
the
Company concluded that it needed to increase its reserve
for uncollectible trade accounts receivable by $3.2 million to account for
its
potential loss exposure. As further information develops, the Company
may
be required to record an additional reserve for the uncollectibility of this
trade receivable. The Company does not expect that the write-down
of this trade receivable will have a material effect on the Company's
liquidity. A copy of the Press Release is attached as
Exhibit 99.1 to this report.
Section
9 - Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits
(c) Exhibits
The
following exhibit is furnished herewith:
99.1--Press
Release of STRATTEC SECURITY CORPORATION, issued October 13, 2005.
2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
STRATTEC
SECURITY CORPORATION
Date:
October 14, 2005
BY
/s/
Patrick J.
Hansen
Patrick
J. Hansen, Senior Vice President
and
Chief
Financial Officer
3
Exhibit
99.1
FOR
RELEASE AT 3:00 PM CST
Contact:
Pat Hansen
Senior
Vice President and
Chief
Financial Officer
414-247-3435
www.strattec.com
STRATTEC
SECURITY CORPORATION
REPORTS
POTENTIAL LOSS ON TRADE RECEIVABLE WITH DELPHI CORPORATION
Milwaukee,
Wisconsin - October 13, 2005 -- STRATTEC SECURITY CORPORATION (NASDAQ:STRT)
today announced that it has identified the need to increase its reserve for
uncollectible trade accounts receivables by $3.2 million in the first quarter
of
fiscal 2006. The Company has approximately $3.7 million of pre-petition
bankruptcy accounts receivable due from Delphi Corporation, which it believes
could be uncollectible due to their filing for Chapter 11 bankruptcy protection
on October 8, 2005.
Based
on
information currently available, the Company believes the increase in its
reserve is adequate to cover the potential loss exposure on this account as
of
the fiscal first quarter that ended on October 2, 2005. As further information
becomes available, the Company may be required to record an additional reserve
in the second fiscal quarter of 2006 for the remaining loss
exposure.
STRATTEC
designs, develops, manufacturers and markets mechanical locks,
electro-mechanical locks, latches, and related access control products for
global automotive manufacturers. Its products are shipped to customers in the
United States, Mexico, Europe and South America. The Company’s history in the
automotive business spans more than 95 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, foreign currency fluctuations, and
costs of operations. 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.