##### 








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##### 



STRATTEC A DECADE ADVANCING ACCESS CONTROL STRATTEC SECURITY CORPORATION
spans the globe with access control
technologies. This year, STRATTEC
marks ten years as an independent
company, continuing to build on our
97-year history of product
innovation and manufacturing
excellence. From early automotive locks and
assemblies, to todays sophisticated
mechanical and electro-mechanical
locking systems, latches and other
products, STRATTEC provides
automotive manufacturers around the
globe with the access control
components of choice for high
quality cars and trucks. A driving force in automotive
security and access control
throughout our history, STRATTEC
will continue to draw on our rich
heritage as we race full speed
toward the next level in product,
quality and service for our
customers and the worlds drivers.




---



##### 



2005 ANNUAL REPORT
 
  CONTENTSLETTER TO THE SHAREHOLDERS
    
    
    2FINANCIAL HIGHLIGHTS
    
    
    4COMPANY DESCRIPTION
    
    
    5STRATTEC EQUIPPED VEHICLE LIST
    
    
    10MANAGEMENTS DISCUSSION AND ANALYSIS
    
    
    11FINANCIAL STATEMENTS
    
    
    18REPORT OF MANAGEMENT
    
    
    33REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    
    
    34FINANCIAL SUMMARY
    
    
    36DIRECTORS / OFFICERS / SHAREHOLDERS INFORMATION
    
    
    37
 PROSPECTIVE INFORMATION




---



##### 



LETTER TO THE SHAREHOLDERS
 
 2
 AUGUST, 2005




---



##### 



LETTER TO THE SHAREHOLDERS
 
 3




---



##### 



FINANCIAL HIGHLIGHTS
 (IN MILLIONS)
 
 4
 2005
    
    
    2004
    
    
    2003Net Sales
    
    $
    190.3
    
    
    $
    195.6
    
    
    $
    196.8Gross Profit
    
    
    42.7
    
    
    
    47.5
    
    
    
    45.4Income from Operations
    
    
    22.0
    
    
    
    26.9
    
    
    
    25.7Net Income
    
    
    15.0
    
    
    
    17.3
    
    
    
    16.4Total Assets
    
    
    138.1
    
    
    
    137.2
    
    
    
    118.1Total Debt
    
    
    
    
    
    
    
    
    
    
    Shareholders Equity
    
    
    91.8
    
    
    
    89.9
    
    
    
    69.1
 ECONOMIC VALUE ADDED (EVA ® )
 ®
 Net Operating Profit After Cash-Basis Taxes
    
    
    
    
    
    $
    16.5Average Net Capital Employed
    
    $
    47.9Capital Cost
    
    
    11
    %5.3Economic Value Added
    
    
    
    
    
    $
    11.2
 ® ® ® ®
 Net Operating Profit After Cash-Basis Taxes:
 2005 Net Income as Reported
    
    $
    15.0Deferred Tax Provision
    
    
    2.3Other
    
    
    (.8
    )Net Operating Profit After
Cash-Basis Taxes
    
    $
    16.5
 Average Monthly Net Capital Employed:
 Total Shareholders Equity as Reported at July 3, 2005
    
    $
    91.8Current Interest Bearing Assets
    
    
    (60.3
    )Long-Term Liabilities
    
    
    16.3Other
    
    
    (1.8
    )Net Capital Employed at July 3, 2005
    
    
    46.0Impact of 12 Month Average
    
    
    1.9Average Monthly Net Capital Employed
    
    $
    47.9




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##### 



COMPANY DESCRIPTION
 
 5
 BASIC BUSINESS
  HISTORY
 STRATTEC formerly was a division of Briggs &
Stratton Corporation. In 1995, STRATTEC was spun off from
Briggs & Stratton through a tax-free distribution to the
then-existing Briggs & Stratton shareholders and has been
an independent public company for ten years.
     Our history in the automotive security business
spans nearly 90 years. STRATTEC has been the worlds
largest producer of automotive locks and keys since the
late 1920s, and we currently maintain a dominant share of
the North American markets for these products.

PRODUCTS


Our traditional products are locks and keys for cars and light trucks. A typical new
car uses a set of two to three locks. A typical 3-way lockset contains a steering
column/ignition lock, a drivers door lock and a rear compartment (trunk, hatch or
liftgate) lock. Pickup trucks also use two to three locks, while sport utility
    
    (BRIGGS & STRATTON CORP. GRAPHIC)
    MARKETS




---



##### 



COMPANY DESCRIPTION
 
 6
  (WAREHOUSE PHOTO)
    
    Direct sales to various OEMs represent approximately 82% of total
sales. The remainder of the companys revenue is received primarily
through sales to the OEM service channels, and the aftermarket.
     Sales to our major automotive customers, both OEM and Tier 1, are
coordinated through direct sales personnel located in our Detroit-area
office. Sales are also facilitated through daily interaction between
our application engineers located in Detroit and customer engineering
departments. Sales to other OEM customers are accomplished through a
combination of our own sales personnel and manufacturer representative
agencies. STRATTECs products are supported by an extensive staff of
experienced lock, housing and
  The majority of our OEM products are
sold in North America.
While a modest amount of exporting
is done to automotive assembly plants in Europe and South
America, we are in the process of
expanding our presence in these markets and elsewhere
through our alliance with WITTE-Velbert
GmbH, which is described in more detail on page 8.
     OEM service and replacement parts are sold to the OEMs
own service operations. In addition, we distribute our
components and security products to the automotive
aftermarket through approximately 50 authorized wholesale
distributors, as well as other marketers and users of
component parts, including export customers. Increasingly,
our products find their way into the retail channel,
specifically the hardware store channel. Our ability to
provide a full line of keys to that channel has been
accomplished through the introduction of the STRATTEC XL key line. This extension to our line includes keys that we
currently do not supply on an OE basis, including keys for
Toyota, Honda and other popular domestic and import vehicles. This extended line of keys is augmented by a variety of
diagnostic programming tools. Together, the
    
    (CAR KEYS)




---



##### 



COMPANY DESCRIPTION
 
 7
 CUSTOMER FOCUS
  (MILWAUKEE HEADQUARTERS)
    
    Each Customer Business Manager is responsible for the overall
relationship between STRATTEC and a specific customer group.
Engineering Program Managers report to their respective team Customer
Business Manager and are responsible for coordinating engineering
resources and managing new product programs for their customers.
Customer Business Managers and Engineering Program Managers interface
with our Detroit-based sales and application engineering personnel,
who are also assigned to specific customer groups.
 To serve our customers product needs, STRATTECs engineering resources are
organized by product type. We have four product groups: Locks and Keys, Latches, Ignition
Lock Housings and Electrical. Each group has an Engineering Manager and a complement of
skilled engineers who design and develop products for specific applications. In doing
this, each engineering group works closely with the Customer Business Managers, team
Engineering Program Managers, sales personnel and application engineers.
    
    (MEXICO ASSEMBLY FACILITY)
  (COMPONENTES AUTOMOTRICES)
    
    OPERATIONS
     A significant number of the components that go into our products are
manufactured at our main facility and headquarters in Milwaukee,
Wisconsin. This facility produces zinc die cast components, stampings
and key blanks. Key finishing takes place at




---



##### 



COMPANY DESCRIPTION
 
 8
  ADVANCED DEVELOPMENT
  ALLIANCE




---



##### 



COMPANY DESCRIPTION
 
 9
  CYCLICAL NATURE OF THE BUSINESS
  GLOBAL PARTNERS
 
 ECONOMIC VALUE COMMITMENT
 ® ® ®




---



##### 



VEHICLE LIST
 
 10
 2006 VEHICLES
     We are proud to be associated with many of
the quality vehicles produced in North America.
The following model year 2006 cars and light
trucks are equipped with STRATTEC products.
    
    
    
    (SPEDOMETER GRAPHIC)
 CARS
 Buick Allure
    
    Chrysler Pacifica
    
    Ford Mustang(Canadian only vehicles)
    
    Chrysler PT Cruiser
    
    Ford TaurusBuick LaCrosse
    
    Chrysler Sebring
    
    Lincoln LSBuick Lucerne
    
    Dodge Magnum
    
    Lincoln Town CarCadillac XLR
    
    Dodge Stratus
    
    Mercury Grand MarquisCadillac DTS
    
    Dodge Viper
    
    Mercury MontegoChevrolet Corvette
    
    Ford Five Hundred
    
    Mitsubishi Eclipse/Chevrolet Impala
    
    Ford Crown Victoria
    
    Eclipse SpyderChevrolet Monte Carlo
    
    Ford Freestyle
    
    Mitsubishi GalantChrysler 300/300C
    
    Ford GT
    
    Saturn Ion
 LIGHT TRUCKS, VANS AND SPORT UTILITY VEHICLES
 Buick Rainier
    
    Dodge Dakota Pickup
    
    Hummer H2Buick Rendezvous
    
    Dodge Durango
    
    Isuzu AscenderBuick Terraza
    
    Dodge Ram Pickup
    
    Jeep CommanderCadillac Escalade
    
    Ford Expedition
    
    Jeep Grand CherokeeCadillac Escalade ESV
    
    Ford Explorer
    
    Jeep LibertyCadillac Escalade EXT
    
    Ford Explorer Sport Trac
    
    Jeep Wrangler/WranglerChevrolet Avalanche
    
    Ford F-Series Pickup
    
    UnlimitedChevrolet Express Van
    
    Ford F-Series Supercrew
    
    Lincoln Mark LT PickupChevrolet Silverado Pickup
    
    Ford F-Series Super Duty
    
    Lincoln NavigatorChevrolet SSR
    
    Ford Heritage F-Series
    
    Mazda B-Series PickupChevrolet Suburban
    
    Ford Ranger Pickup
    
    Mercury MountaineerChevrolet Tahoe
    
    GMC Envoy/Envoy XL
    
    Mitsubishi EndeavorChevrolet
    
    GMC Envoy XUV
    
    Mitsubishi RaiderTrailblazer/Trailblazer EXT
    
    GMC Savana
    
    Nissan TitanChevrolet Uplander
    
    GMC Sierra Pickup
    
    Pontiac MontanaChrysler Town & Country
    
    GMC Yukon
    
    Saturn RelayDodge Caravan/Grand Caravan
    
    GMC Yukon XL




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 11
  RESULTS OF OPERATIONS
 2005 Compared To 2004




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 12
     RESULTS OF OPERATIONS
 2004 Compared To 2003




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 13
     LIQUIDITY AND CAPITAL RESOURCES




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 14
    CONTRACTUAL OBLIGATIONS
  Payments Due By PeriodLess Than
    
    
    
    
    
    
    
    
    
    
    More ThanContractual Obligation
    
    Total
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsOperating Leases
    
    $
    1,903
    
    
    $
    595
    
    
    $
    1,037
    
    
    $
    271
    
    
    $
    Purchase Obligations
    
    
    1,251
    
    
    
    1,251
    
    
    
    
    
    
    
    
    
    
    
    Pension and Postretirement
Obligations (a)
    
    
    6,589
    
    
    
    6,589
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    9,743
    
    
    $
    8,435
    
    
    $
    1,037
    
    
    $
    271
    
    
    $
    
  JOINT VENTURES




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 15
   CRITICAL ACCOUNTING POLICIES
  Pension and Postretirement Health Benefits 
 Other Reserves 
 RISK FACTORS
  Loss of Significant Customers, Vehicle Content and Market Share 
  Cost Reduction 




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 16
  Cyclicality and Seasonality in the Automotive Market 
 Foreign Operations 
 Currency Exchange Rate Fluctuations 
 Sources of and Fluctuations in Market Prices of Raw Materials 
 Disruptions Due to Work Stoppages and Other Labor Matters 
 Environmental and Safety Regulations 




---



##### 



MANAGEMENTS DISCUSSION AND ANALYSIS
 
 17
  Highly Competitive Automotive Supply Industry 
 Program Volume and Pricing Fluctuations 
 Investments in Customer Program Specific Assets 




---



##### 



CONSOLIDATED STATEMENTS OF INCOME
 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 
 18
 Years EndedJuly 3, 2005
    
    
    June 27, 2004
    
    
    June 29, 2003NET SALES
    
    $
    190,314
    
    
    $
    195,646
    
    
    $
    196,827Cost of goods sold
    
    
    147,618
    
    
    
    148,159
    
    
    
    151,468GROSS PROFIT
    
    
    42,696
    
    
    
    47,487
    
    
    
    45,359Engineering, selling, and
administrative expenses
    
    
    20,688
    
    
    
    20,624
    
    
    
    19,613INCOME FROM OPERATIONS
    
    
    22,008
    
    
    
    26,863
    
    
    
    25,746Interest income
    
    
    1,169
    
    
    
    426
    
    
    
    369Interest expense
    
    
    
    
    
    
    
    
    
    
    Other income (expense), net
    
    
    320
    
    
    
    362
    
    
    
    (156
    )INCOME BEFORE PROVISION FOR
INCOME TAXES
    
    
    23,497
    
    
    
    27,651
    
    
    
    25,959Provision for income taxes
    
    
    8,459
    
    
    
    10,369
    
    
    
    9,605NET INCOME
    
    $
    15,038
    
    
    $
    17,282
    
    
    $
    16,354EARNINGS PER SHARE:BASIC
    
    $
    3.97
    
    
    $
    4.56
    
    
    $
    4.32DILUTED
    
    $
    3.94
    
    
    $
    4.49
    
    
    $
    4.24AVERAGE SHARES OUTSTANDING:BASIC
    
    
    3,790
    
    
    
    3,788
    
    
    
    3,788DILUTED
    
    
    3,816
    
    
    
    3,849
    
    
    
    3,855




---



##### 



CONSOLIDATED BALANCE SHEETS
 (IN THOUSANDS, EXCEPT SHARE AMOUNTS AND PER SHARE AMOUNTS)
 
 19
 July 3, 2005
    
    
    June 27, 2004ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    56,950
    
    
    $
    54,231Receivables, less allowance for doubtful accounts
of $250 at July 3, 2005 and June 27, 2004
    
    
    26,053
    
    
    
    30,931Inventories
    
    
    11,654
    
    
    
    8,361Customer tooling in progress
    
    
    1,295
    
    
    
    679Deferred income taxes
    
    
    1,594
    
    
    
    1,959Income taxes refundable
    
    
    214
    
    
    
    Other current assets
    
    
    6,927
    
    
    
    7,805Total current assets
    
    
    104,687
    
    
    
    103,966DEFERRED INCOME TAXES
    
    
    1,796
    
    
    
    INVESTMENT IN JOINT VENTURES
    
    
    1,412
    
    
    
    1,336OTHER LONG-TERM ASSETS
    
    
    603
    
    
    
    460PROPERTY, PLANT, AND EQUIPMENT, NET
    
    
    29,592
    
    
    
    31,428$
    138,090
    
    
    $
    137,190LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIES:Accounts payable
    
    $
    17,218
    
    
    $
    18,787Accrued liabilities:Payroll and benefits
    
    
    7,679
    
    
    
    11,067Environmental
    
    
    2,701
    
    
    
    2,710Commitments and Contingenciessee noteIncome taxes
    
    
    
    
    
    
    963Other
    
    
    2,470
    
    
    
    1,757Total current liabilities
    
    
    30,068
    
    
    
    35,284BORROWINGS UNDER LINE OF CREDIT
    
    
    
    
    
    
    DEFERRED INCOME TAXES
    
    
    
    
    
    
    543ACCRUED PENSION OBLIGATIONS
    
    
    11,191
    
    
    
    6,487ACCRUED POSTRETIREMENT OBLIGATIONS
    
    
    5,080
    
    
    
    5,024SHAREHOLDERS EQUITY:Common stock, authorized 12,000,000 shares $.01 par value,
issued 6,856,237 shares at July 3, 2005 and 6,754,892
shares at June 27, 2004
    
    
    69
    
    
    
    68Capital in excess of par value
    
    
    74,924
    
    
    
    70,415Retained earnings
    
    
    145,268
    
    
    
    130,230Accumulated other comprehensive loss
    
    
    (12,047
    )
    
    
    (5,385
    )Less: Treasury stock at cost (3,113,004 shares at
July 3, 2005 and 2,926,687 shares at June 27, 2004)
    
    
    (116,463
    )
    
    
    (105,476
    )Total shareholders equity
    
    
    91,751
    
    
    
    89,852$
    138,090
    
    
    $
    137,190




---



##### 



CONSOLIDATED STATEMENTS OF  SHAREHOLDERS EQUITY (IN THOUSANDS)
 
 20
 AccumulatedCapital in
    
    
    
    
    
    
    OtherCommon
    
    
    Excess of
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury
    
    
    ComprehensiveStock
    
    
    Par Value
    
    
    Earnings
    
    
    Loss
    
    
    Stock
    
    
    IncomeBALANCE
JUNE 30, 2002
    
    $
    65
    
    
    $
    59,425
    
    
    $
    96,594
    
    
    $
    (2,440
    )
    
    $
    (78,977
    )Net Income
    
    
    
    
    
    
    
    
    
    
    16,354
    
    
    
    
    
    
    
    
    
    
    $
    16,354Translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (153
    )
    
    
    
    
    
    
    (153
    )Minimum pension liability,
net of tax of $2,634
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,298
    )
    
    
    
    
    
    
    (4,298
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    11,903Purchase of common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,897
    )Exercise of stock options
and employee stock
purchases, including
tax benefit of $766
    
    
    1
    
    
    
    4,405
    
    
    
    
    
    
    
    
    
    
    
    16BALANCE
JUNE 29, 2003
    
    
    66
    
    
    
    63,830
    
    
    
    112,948
    
    
    
    (6,891
    )
    
    
    (100,858
    )Net Income
    
    
    
    
    
    
    
    
    
    
    17,282
    
    
    
    
    
    
    
    
    
    
    
    17,282Translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (270
    )
    
    
    
    
    
    
    (270
    )Minimum pension liability,
net of tax of $1,088
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,776
    
    
    
    
    
    
    
    1,776Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    18,788Purchase of common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,633
    )Exercise of stock options
and employee stock
purchases, including tax
benefit of $1,368
    
    
    2
    
    
    
    6,585
    
    
    
    
    
    
    
    
    
    
    
    15BALANCE
JUNE 27, 2004
    
    
    68
    
    
    
    70,415
    
    
    
    130,230
    
    
    
    (5,385
    )
    
    
    (105,476
    )Net Income
    
    
    
    
    
    
    
    
    
    
    15,038
    
    
    
    
    
    
    
    
    
    
    
    15,038Translation adjustments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    283
    
    
    
    
    
    
    
    283Minimum pension liability,
net of tax of $4,257
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,945
    )
    
    
    
    
    
    
    (6,945
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    8,376Purchase of common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,999
    )Exercise of stock options
and employee stock
purchases, including
tax benefit of $956
    
    
    1
    
    
    
    4,509
    
    
    
    
    
    
    
    
    
    
    
    12BALANCE
JULY 3, 2005
    
    $
    69
    
    
    $
    74,924
    
    
    $
    145,268
    
    
    $
    (12,047
    )
    
    $
    (116,463
    )




---



##### 



CONSOLIDATED STATEMENTS OF CASH FLOWS
 (IN THOUSANDS)
 
 21
 Years EndedJuly 3, 2005
    
    
    June 27, 2004
    
    
    June 29, 2003CASH FLOWS FROM OPERATING ACTIVITIESNet Income
    
    $
    15,038
    
    
    $
    17,282
    
    
    $
    16,354Adjustments to reconcile net income to
net cash provided by operating activities:Depreciation
    
    
    7,225
    
    
    
    7,704
    
    
    
    7,854Loss on disposition of property,
plant and equipment
    
    
    190
    
    
    
    116
    
    
    
    227Deferred income taxes
    
    
    2,282
    
    
    
    1,393
    
    
    
    1,229Tax benefit from options exercised
    
    
    956
    
    
    
    1,368
    
    
    
    766Change in operating assets and liabilities:Receivables
    
    
    4,943
    
    
    
    122
    
    
    
    (3,350
    )Inventories
    
    
    (3,293
    )
    
    
    (477
    )
    
    
    358Other assets
    
    
    748
    
    
    
    1,047
    
    
    
    (1,141
    )Accounts payable and accrued liabilities
    
    
    (12,621
    )
    
    
    954
    
    
    
    (4,757
    )Other, net
    
    
    285
    
    
    
    (144
    )
    
    
    65Net cash provided by operating activities
    
    
    15,753
    
    
    
    29,365
    
    
    
    17,605CASH FLOWS FROM INVESTING ACTIVITIESInvestment in joint ventures
    
    
    (125
    )
    
    
    (125
    )
    
    
    (876
    )Additions to property, plant, and equipment
    
    
    (5,498
    )
    
    
    (5,523
    )
    
    
    (3,772
    )Proceeds received on sale of property,
plant, and equipment
    
    
    22
    
    
    
    12
    
    
    
    230Net cash used in investing activities
    
    
    (5,601
    )
    
    
    (5,636
    )
    
    
    (4,418
    )CASH FLOWS FROM FINANCING ACTIVITIESPurchase of common stock
    
    
    (10,999
    )
    
    
    (4,633
    )
    
    
    (21,897
    )Exercise of stock options
    
    
    3,566
    
    
    
    5,233
    
    
    
    3,656Net cash (used in) provided by financing activities
    
    
    (7,433
    )
    
    
    600
    
    
    
    (18,241
    )NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS
    
    
    2,719
    
    
    
    24,329
    
    
    
    (5,054
    )CASH AND CASH EQUIVALENTSBeginning of year
    
    
    54,231
    
    
    
    29,902
    
    
    
    34,956End of year
    
    $
    56,950
    
    
    $
    54,231
    
    
    $
    29,902SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATIONIncome taxes paid
    
    $
    6,696
    
    
    $
    5,950
    
    
    $
    9,899Interest paid
    
    
    
    
    
    
    
    
    
    
    




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 22
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   Principles of Consolidation and Presentation:
 Reclassifications:
 Fiscal Year:
 Use of Estimates:
 Fair Value of Financial Instruments:
 Cash and Cash Equivalents:
 Receivables:
 Balance,
    
    
    Provision
    
    
    
    
    
    
    Balance,Beginning
    
    
    Charged to
    
    
    Accounts
    
    
    End ofof Year
    
    
    Expense
    
    
    Written Off
    
    
    YearYear ended July 3, 2005
    
    $
    250
    
    
    $
    80
    
    
    $
    80
    
    
    $
    250Year ended June 27, 2004
    
    $
    250
    
    
    $
    26
    
    
    $
    26
    
    
    $
    250Year ended June 29, 2003
    
    $
    250
    
    
    $
    53
    
    
    $
    53
    
    
    $
    250
 Inventories:
  July 3, 2005
    
    
    June 27, 2004Finished products
    
    $
    3,691
    
    
    $
    2,659Work in process
    
    
    5,171
    
    
    
    4,620Purchased materials
    
    
    6,287
    
    
    
    4,441LIFO reserve
    
    
    (3,495
    )
    
    
    (3,359
    )$
    11,654
    
    
    $
    8,361
 Customer Tooling in Progress:




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 23
 Repair and Maintenance Supply Parts:
 Balance,
    
    
    Provision
    
    
    
    
    
    
    Balance,Beginning
    
    
    Charged to
    
    
    Balances
    
    
    End ofof Year
    
    
    Expense
    
    
    Written Off
    
    
    YearYear ended July 3, 2005
    
    $
    750
    
    
    $
    (24
    )
    
    $
    76
    
    
    $
    650Year ended June 27, 2004
    
    $
    810
    
    
    $
    27
    
    
    $
    87
    
    
    $
    750Year ended June 29, 2003
    
    $
    810
    
    
    $
    75
    
    
    $
    75
    
    
    $
    810
 Property, Plant, and Equipment:
 Classification
    
    Expected Useful LivesLand improvements
    
    20 yearsBuildings and improvements
    
    20 to 35 yearsMachinery and equipment
    
    3 to 10 years
  July 3, 2005
    
    
    June 27, 2004Land
    
    $
    1,431
    
    
    $
    1,410Buildings and improvements
    
    
    12,549
    
    
    
    11,987Machinery and equipment
    
    
    91,956
    
    
    
    89,213105,936
    
    
    
    102,610Less: accumulated depreciation
    
    
    (76,344
    )
    
    
    (71,182
    )$
    29,592
    
    
    $
    31,428
   Supplier Concentrations:
 Labor Concentrations:




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 24
 Revenue Recognition:
 Research and Development Costs:
 Self Insurance and Loss Sensitive Plans:
    Balance,
    
    
    Provision
    
    
    
    
    
    
    Balance,Beginning
    
    
    Charged to
    
    
    
    
    
    
    End ofof Year
    
    
    Expense
    
    
    Payments
    
    
    YearYear ended July 3, 2005Incurred but not reported claim
reserve for self-insured plans
    
    $
    600
    
    
    $
    3,460
    
    
    $
    3,560
    
    
    $
    500Workers Compensation
    
    
    (202
    )
    
    
    672
    
    
    
    672
    
    
    
    (202
    )Year ended June 27, 2004Incurred but not reported claim
reserve for self-insured plans
    
    $
    550
    
    
    $
    3,778
    
    
    $
    3,728
    
    
    $
    600Workers Compensation
    
    
    (59
    )
    
    
    476
    
    
    
    619
    
    
    
    (202
    )Year ended June 29, 2003Incurred but not reported claim
reserve for self-insured plans
    
    $
    650
    
    
    $
    3,748
    
    
    $
    3,848
    
    
    $
    550Workers Compensation
    
    
    (194
    )
    
    
    326
    
    
    
    191
    
    
    
    (59
    )




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 25
 Product Warranty:
 Foreign Currency Translation:
 Accumulated Other Comprehensive Loss:
 July 3, 2005
    
    
    June 27, 2004
    
    
    June 29, 2003Minimum pension liability, net of tax
    
    $
    9,467
    
    
    $
    2,522
    
    
    $
    4,298Foreign currency translation
    
    
    2,580
    
    
    
    2,863
    
    
    
    2,593$
    12,047
    
    
    $
    5,385
    
    
    $
    6,891
  Accounting For Stock Based Compensation:
 Year EndedJuly 3, 2005
    
    
    June 27, 2004
    
    
    June 29, 2003Net IncomeAs reported
    
    $
    15,038
    
    
    $
    17,282
    
    
    $
    16,354Pro forma compensation expense, net of tax
    
    
    514
    
    
    
    889
    
    
    
    735Pro forma
    
    $
    14,524
    
    
    $
    16,393
    
    
    $
    15,619Basic earnings per shareAs reported
    
    $
    3.97
    
    
    $
    4.56
    
    
    $
    4.32Pro forma
    
    $
    3.83
    
    
    $
    4.33
    
    
    $
    4.12Diluted earnings per shareAs reported
    
    $
    3.94
    
    
    $
    4.49
    
    
    $
    4.24Pro forma
    
    $
    3.82
    
    
    $
    4.30
    
    
    $
    4.04




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 26
  Options Granted During
    
    2005
    
    
    2004
    
    
    2003Weighted average grant date fair value:Options issued at grant date market value
    
    $
    18.56
    
    
    $
    16.29
    
    
    $
    19.92Options issued above grant date market value
    
    
    n/a
    
    
    $
    8.06
    
    
    $
    14.68Assumptions:Risk free interest rates
    
    
    3.69
    %
    
    
    2.42
    %
    
    
    3.01
    %Expected volatility
    
    
    24.64
    %
    
    
    17.57
    %
    
    
    39.97
    %Expected term (in years)
    
    
    5.00
    
    
    
    4.67
    
    
    
    5.75
   Number of Options
    
    
    Weighted Average Exercise
    
    
    Weighted Average RemainingOutstanding/Exercisable
    
    
    Price Outstanding/Exercisable
    
    
    Contractual Life (In Years)$17.05
    
    
    5,000/5,000
    
    
    
    $ 17.05 /$17.05
    
    
    
    1.9$31.95-$37.58
    
    
    5,400/5,400
    
    
    
    $ 34.04 /$34.04
    
    
    
    6.1$43.07-$45.85
    
    
    49,630/49,630
    
    
    
    $ 44.37 /$44.37
    
    
    
    1.2Over $45.85
    
    
    221,830/35,500
    
    
    
    $ 58.49 /$53.51
    
    
    
    5.9$ 54.80 /$45.75
 Recent Accounting Pronouncements:




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 27
 INVESTMENT IN JOINT VENTURES
    LINE OF CREDIT
   COMMITMENTS AND CONTINGENCIES
   INCOME TAXES
  2005
    
    
    2004
    
    
    2003Currently payable:Federal
    
    $
    4,780
    
    
    $
    6,882
    
    
    $
    6,344State
    
    
    766
    
    
    
    1,496
    
    
    
    1,409Foreign
    
    
    631
    
    
    
    598
    
    
    
    6236,177
    
    
    
    8,976
    
    
    
    8,376Deferred tax provision
    
    
    2,282
    
    
    
    1,393
    
    
    
    1,229$
    8,459
    
    
    $
    10,369
    
    
    $
    9,605




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 28
  2005
    
    
    2004
    
    
    2003U.S. statutory rate
    
    
    34.3
    %
    
    
    35.0
    %
    
    
    35.0
    %State taxes, net of federal tax benefit
    
    
    3.8
    
    
    
    3.9
    
    
    
    4.3State Refund Claim Recovery
    
    
    (.7
    )
    
    
    
    
    
    
    Foreign sales benefit
    
    
    (.8
    )
    
    
    (.7
    )
    
    
    (.9
    )Other
    
    
    (.6
    )
    
    
    (.7
    )
    
    
    (1.4
    )36.0
    %
    
    
    37.5
    %
    
    
    37.0
    %
  July 3, 2005
    
    
    June 27, 2004Deferred income taxes-current:Repair and Maintenance Supply Parts Reserve
    
    $
    247
    
    
    $
    285Payroll-related accruals
    
    
    463
    
    
    
    449Environmental reserve
    
    
    1,026
    
    
    
    1,030Other
    
    
    (142
    )
    
    
    195$
    1,594
    
    
    $
    1,959Deferred income taxes-noncurrent:Accrued pension obligations
    
    $
    (1,753
    )
    
    $
    776Additional minimum pension liability
    
    
    5,803
    
    
    
    1,546Accumulated depreciation
    
    
    (4,184
    )
    
    
    (4,774
    )Postretirement obligations
    
    
    1,930
    
    
    
    1,909$
    1,796
    
    
    $
    (543
    )
   RETIREMENT PLANS AND POSTRETIREMENT COSTS




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 29
  Pension Benefits
    
    
    Postretirement BenefitsJuly 3,
    
    
    June 27,
    
    
    July 3,
    
    
    June 27,2005
    
    
    2004
    
    
    2005
    
    
    2004WEIGHTED-AVERAGE ASSUMPTIONSBenefit Obligations:Discount rate
    
    
    5.43
    %
    
    
    6.25
    %
    
    
    5.43
    %
    
    
    6.25
    %Rate of compensation increases
    
    
    3.5
    %
    
    
    3.5
    %
    
    
    n/a
    
    
    
    n/aNet Periodic Benefit Cost:Discount rate
    
    
    6.25
    %
    
    
    6.0
    %
    
    
    6.25
    %
    
    
    6.0
    %Expected return on plan assets
    
    
    8.5
    %
    
    
    8.5
    %
    
    
    n/a
    
    
    
    n/aRate of compensation increases
    
    
    3.5
    %
    
    
    3.5
    %
    
    
    n/a
    
    
    
    n/a
 2005
    
    
    2004
    
    
    2005
    
    
    2004CHANGE IN BENEFIT OBLIGATION:Benefit obligation at beginning of year
    
    $
    57,625
    
    
    $
    54,960
    
    
    $
    9,856
    
    
    $
    9,584Service cost
    
    
    2,224
    
    
    
    2,198
    
    
    
    299
    
    
    
    316Interest Cost
    
    
    3,552
    
    
    
    3,253
    
    
    
    601
    
    
    
    564Plan amendments
    
    
    172
    
    
    
    
    
    
    
    (5,079
    )
    
    
    Actuarial (gain) loss
    
    
    11,759
    
    
    
    (1,261
    )
    
    
    4,764
    
    
    
    354Benefits paid
    
    
    (2,090
    )
    
    
    (1,525
    )
    
    
    (1,110
    )
    
    
    (962
    )Benefit obligation at end of year
    
    $
    73,242
    
    
    $
    57,625
    
    
    $
    9,331
    
    
    $
    9,856CHANGE IN PLAN ASSETS:Fair value of plan assets at beginning of year
    
    $
    42,965
    
    
    $
    32,813
    
    
    $
    
    
    
    $
    Actual return on plan assets
    
    
    4,039
    
    
    
    4,677
    
    
    
    
    
    
    
    Employer contribution
    
    
    8,311
    
    
    
    7,000
    
    
    
    1,110
    
    
    
    962Benefits paid
    
    
    (2,090
    )
    
    
    (1,525
    )
    
    
    (1,110
    )
    
    
    (962
    )Fair value of plan assets at end of year
    
    
    53,225
    
    
    
    42,965
    
    
    
    
    
    
    
    Funded status
    
    
    (20,017
    )
    
    
    (14,660
    )
    
    
    (9,331
    )
    
    
    (9,856
    )Unrecognized net loss
    
    
    24,177
    
    
    
    12,378
    
    
    
    9,217
    
    
    
    4,708Unrecognized prior service cost
    
    
    453
    
    
    
    289
    
    
    
    (4,966
    )
    
    
    124Unrecognized net transition asset
    
    
    
    
    
    
    (49
    )
    
    
    
    
    
    
    Net amount recognized
    
    $
    4,613
    
    
    $
    (2,042
    )
    
    $
    (5,080
    )
    
    $
    (5,024
    )AMOUNTS RECOGNIZED IN
CONSOLIDATED BALANCE SHEETS:Accrued benefit liability
    
    $
    (11,191
    )
    
    $
    (6,487
    )Additional minimum liability:Intangible asset
    
    
    534
    
    
    
    377Accumulated other comprehensive loss (pre-tax)
    
    
    15,270
    
    
    
    4,068Net amount recognized
    
    $
    4,613
    
    
    $
    (2,042
    )




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 30
 Pension Benefits
    
    
    Postretirement Benefits2005
    
    
    2004
    
    
    2003
    
    
    2005
    
    
    2004
    
    
    2003COMPONENTS OF NET PERIODIC
BENEFIT COST:Service cost
    
    $
    2,224
    
    
    $
    2,198
    
    
    $
    1,802
    
    
    $
    299
    
    
    $
    316
    
    
    $
    268Interest cost
    
    
    3,552
    
    
    
    3,253
    
    
    
    2,821
    
    
    
    601
    
    
    
    564
    
    
    
    407Expected return on plan assets
    
    
    (4,277
    )
    
    
    (3,459
    )
    
    
    (2,930
    )
    
    
    
    
    
    
    
    
    
    
    Amortization of prior service cost
    
    
    8
    
    
    
    8
    
    
    
    8
    
    
    
    10
    
    
    
    10
    
    
    
    10Amortization of unrecognized
net (gain) loss
    
    
    198
    
    
    
    187
    
    
    
    (160
    )
    
    
    255
    
    
    
    235
    
    
    
    19Amortization of net transition asset
    
    
    (49
    )
    
    
    (150
    )
    
    
    (150
    )
    
    
    
    
    
    
    
    
    
    
    Net periodic benefit cost
    
    $
    1,656
    
    
    $
    2,037
    
    
    $
    1,391
    
    
    $
    1,165
    
    
    $
    1,125
    
    
    $
    704
  1% Increase
    
    
    1% DecreaseEffect on total of service and interest cost components
    
    $
    81
    
    
    $
    (70
    )Effect on postretirement benefit obligation
    
    $
    791
    
    
    $
    (699
    )
  Target Allocation
    
    
    July 3, 2005
    
    
    June 27, 2004Equity investments
    
    
    65
    %
    
    
    68
    %
    
    
    65
    %Fixed-Income Investments
    
    
    35
    %
    
    
    32
    %
    
    
    35
    %Total
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
   Pension Benefits
    
    Postretirement Benefits2006
    
    $
    1,936
    
    
    $
    5892007
    
    
    2,096
    
    
    
    6562008
    
    
    2,294
    
    
    
    7382009
    
    
    2,567
    
    
    
    8072010
    
    
    2,955
    
    
    
    8892011-2015
    
    
    21,773
    
    
    
    4,747




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 31
  SHAREHOLDERS EQUITY
   EARNINGS PER SHARE (EPS)
  2005
    
    
    2004
    
    
    2003Net
    
    
    
    
    
    
    Per-Share
    
    
    Net
    
    
    
    
    
    
    Per-Share
    
    
    Net
    
    
    
    
    
    
    Per-ShareIncome
    
    
    Shares
    
    
    Amount
    
    
    Income
    
    
    Shares
    
    
    Amount
    
    
    Income
    
    
    Shares
    
    
    AmountBasic EPS
    
    $
    15,038
    
    
    
    3,790
    
    
    $
    3.97
    
    
    $
    17,282
    
    
    
    3,788
    
    
    $
    4.56
    
    
    $
    16,354
    
    
    
    3,788
    
    
    $
    4.32Stock Options
    
    
    
    
    
    
    26
    
    
    
    
    
    
    
    
    
    
    
    61
    
    
    
    
    
    
    
    
    
    
    
    67Diluted EPS
    
    $
    15,038
    
    
    
    3,816
    
    
    $
    3.94
    
    
    $
    17,282
    
    
    
    3,849
    
    
    $
    4.49
    
    
    $
    16,354
    
    
    
    3,855
    
    
    $
    4.24
  Shares
    
    
    Exercise PriceJuly 3, 2005
    
    
    4,500
    
    
    $
    63.2542,000
    
    
    $
    62.2053,290
    
    
    $
    61.6848,540
    
    
    $
    58.5915,000
    
    
    $
    56.084,500
    
    
    $
    53.2254,000
    
    
    $
    53.07June 29, 2003
    
    
    74,160
    
    
    $
    58.5979,500
    
    
    $
    53.07




---



##### 



NOTES TO FINANCIAL STATEMENTS
 
 32
 STOCK OPTION AND PURCHASE PLANS
  Shares
    
    Weighted Average Exercise PriceBalance at June 30, 2002
    
    
    420,207
    
    
    $
    34.85Granted
    
    
    167,500
    
    
    $
    55.34Exercised
    
    
    112,862
    
    
    $
    31.98Terminated
    
    
    27,060
    
    
    $
    47.35Balance at June 29, 2003
    
    
    447,785
    
    
    $
    42.48Granted
    
    
    89,000
    
    
    $
    61.33Exercised
    
    
    146,250
    
    
    $
    35.43Terminated
    
    
    3,000
    
    
    $
    53.07Balance at June 27, 2004
    
    
    387,535
    
    
    $
    49.39Granted
    
    
    140,000
    
    
    $
    69.83Exercised
    
    
    101,345
    
    
    $
    34.74Expired
    
    
    1,000
    
    
    $
    53.07Terminated
    
    
    143,330
    
    
    $
    69.04Balance at July 3, 2005
    
    
    281,860
    
    
    $
    54.80Exercisable as of:July 3, 2005
    
    
    95,530
    
    
    $
    45.75June 27, 2004
    
    
    75,750
    
    
    $
    29.91June 29, 2003
    
    
    141,825
    
    
    $
    27.19Available for grant as of July 3, 2005
    
    
    247,303
   EXPORT SALES
  2005
    
    
    2004
    
    
    2003Export Sales
    
    $
    36,802
    
    
    $
    34,352
    
    
    $
    26,180Percent of Net Sales
    
    
    19
    %
    
    
    18
    %
    
    
    13
    %
  SALES AND RECEIVABLE CONCENTRATION
  2005
    
    
    2004
    
    
    2003Sales
    
    
    %
    
    
    Sales
    
    
    %
    
    
    Sales
    
    
    %General Motors Corporation
    
    $
    43,227
    
    
    
    23
    %
    
    $
    52,210
    
    
    
    27
    %
    
    $
    60,951
    
    
    
    31
    %Ford Motor Company
    
    
    32,021
    
    
    
    17
    %
    
    
    34,713
    
    
    
    18
    %
    
    
    39,276
    
    
    
    20
    %DaimlerChrysler Corporation
    
    
    51,523
    
    
    
    27
    %
    
    
    41,965
    
    
    
    21
    %
    
    
    34,628
    
    
    
    18
    %Delphi Corporation
    
    
    29,621
    
    
    
    15
    %
    
    
    30,155
    
    
    
    15
    %
    
    
    28,939
    
    
    
    14
    %$
    156,392
    
    
    
    82
    %
    
    $
    159,043
    
    
    
    81
    %
    
    $
    163,794
    
    
    
    83
    %
  2005
    
    
    2004Receivables
    
    
    %
    
    
    Receivables
    
    
    %General Motors Corporation
    
    $
    4,254
    
    
    
    16
    %
    
    $
    8,223
    
    
    
    26
    %Ford Motor Company
    
    
    2,583
    
    
    
    10
    %
    
    
    3,379
    
    
    
    11
    %DaimlerChrysler Corporation
    
    
    9,745
    
    
    
    37
    %
    
    
    7,372
    
    
    
    24
    %Delphi Corporation
    
    
    3,618
    
    
    
    14
    %
    
    
    5,986
    
    
    
    19
    %$
    20,200
    
    
    
    77
    %
    
    $
    24,960
    
    
    
    80
    %




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##### 



REPORTS
 
 33
 REPORT ON MANAGEMENTS ASSESSMENT OF INTERNAL
CONTROL OVER FINANCIAL REPORTING
     (-s- HAROLD M. STRATTON II)
    
    (-s- PATRICK J. HANSEN)Harold M. Stratton II
    
    Patrick J. HansenChairman, President and
    
    Vice President andChief Executive Officer
    
    Chief Financial Officer




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##### 



REPORTS
 
 34
 REPORT OF INDEPENDENT REGISTERED  PUBLIC ACCOUNTING FIRM




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##### 



REPORTS
 
 35
 REPORT OF INDEPENDENT REGISTERED  PUBLIC ACCOUNTING FIRM




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##### 



FINANCIAL SUMMARY
 
 36
 FIVE-YEAR FINANCIAL SUMMARY
  Fiscal Years2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001INCOME STATEMENT DATANet Sales
    
    $
    190,314
    
    
    $
    195,646
    
    
    $
    196,827
    
    
    $
    207,286
    
    
    $
    202,973Gross profit
    
    
    42,696
    
    
    
    47,487
    
    
    
    45,359
    
    
    
    43,916
    
    
    
    40,238Engineering, selling, and
administrative expenses
    
    
    20,688
    
    
    
    20,624
    
    
    
    19,613
    
    
    
    19,644
    
    
    
    19,676Income from operations
    
    
    22,008
    
    
    
    26,863
    
    
    
    25,746
    
    
    
    24,272
    
    
    
    20,562Interest income
    
    
    1,169
    
    
    
    426
    
    
    
    369
    
    
    
    538
    
    
    
    628Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Other income (expense), net
    
    
    320
    
    
    
    362
    
    
    
    (156
    )
    
    
    (42
    )
    
    
    (514
    )Income before taxes
    
    
    23,497
    
    
    
    27,651
    
    
    
    25,959
    
    
    
    24,768
    
    
    
    20,676Provision for income taxes
    
    
    8,459
    
    
    
    10,369
    
    
    
    9,605
    
    
    
    9,164
    
    
    
    7,650Net income
    
    $
    15,038
    
    
    $
    17,282
    
    
    $
    16,354
    
    
    $
    15,604
    
    
    $
    13,026Earnings per share:Basic
    
    $
    3.97
    
    
    $
    4.56
    
    
    $
    4.32
    
    
    $
    3.80
    
    
    $
    3.02Diluted
    
    
    3.94
    
    
    
    4.49
    
    
    
    4.24
    
    
    
    3.73
    
    
    
    2.96BALANCE SHEET DATANet working capital
    
    $
    74,619
    
    
    $
    68,682
    
    
    $
    51,277
    
    
    $
    50,722
    
    
    $
    33,174Total assets
    
    
    138,090
    
    
    
    137,190
    
    
    
    118,094
    
    
    
    121,640
    
    
    
    101,648Long-term liabilities
    
    
    16,271
    
    
    
    12,054
    
    
    
    19,190
    
    
    
    15,448
    
    
    
    15,145Shareholders Equity
    
    
    91,751
    
    
    
    89,852
    
    
    
    69,095
    
    
    
    74,667
    
    
    
    60,010
 QUARTERLY FINANCIAL DATA (UNAUDITED)
  Earnings Per Share
    
    
    Market Price Per ShareQuarter
    
    Net Sales
    
    
    Gross Profit
    
    
    Net Income
    
    
    Basic
    
    
    Diluted
    
    
    High
    
    
    Low2005
    
    
    First
    
    $
    44,591
    
    
    $
    10,773
    
    
    $
    3,624
    
    
    $
    0.95
    
    
    $
    0.94
    
    
    $
    68.55
    
    
    $
    60.78Second
    
    
    48,436
    
    
    
    11,446
    
    
    
    4,427
    
    
    
    1.16
    
    
    
    1.15
    
    
    
    65.50
    
    
    
    61.25Third
    
    
    46,102
    
    
    
    10,210
    
    
    
    3,731
    
    
    
    0.98
    
    
    
    0.98
    
    
    
    63.50
    
    
    
    52.20Fourth
    
    
    51,185
    
    
    
    10,267
    
    
    
    3,256
    
    
    
    0.87
    
    
    
    0.87
    
    
    
    54.46
    
    
    
    50.00TOTAL
    
    $
    190,314
    
    
    $
    42,696
    
    
    $
    15,038
    
    
    $
    3.97
    
    
    $
    3.942004
    
    
    First
    
    $
    44,420
    
    
    $
    10,458
    
    
    $
    3,582
    
    
    $
    0.95
    
    
    $
    0.94
    
    
    $
    56.25
    
    
    $
    47.74Second
    
    
    50,014
    
    
    
    12,102
    
    
    
    4,619
    
    
    
    1.23
    
    
    
    1.21
    
    
    
    61.10
    
    
    
    47.08Third
    
    
    49,266
    
    
    
    12,184
    
    
    
    4,447
    
    
    
    1.17
    
    
    
    1.15
    
    
    
    69.27
    
    
    
    57.66Fourth
    
    
    51,946
    
    
    
    12,743
    
    
    
    4,634
    
    
    
    1.21
    
    
    
    1.19
    
    
    
    68.78
    
    
    
    57.49TOTAL
    
    $
    195,646
    
    
    $
    47,487
    
    
    $
    17,282
    
    
    $
    4.56
    
    
    $
    4.49




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##### 



DIRECTORS/OFFICERS/SHAREHOLDERS INFORMATION
    
 STRATTEC Board of Directors:
(Left to Right) Michael J. Koss, Robert Feitler,
Harold M. Stratton II, Frank J. Krejci
 
 BOARD OF DIRECTORS
 Harold M. Stratton II, 57
 Robert Feitler, 74
 Michael J. Koss, 51
 Frank J. Krejci, 55
 EXECUTIVE OFFICERS
 Harold M. Stratton II, 57
 Patrick J. Hansen, 46
 Donald J. Harrod, 61
 Dennis A. Kazmierski, 53
 Kathryn E. Scherbarth, 49
 Rolando J. Guillot, 37
 Milan R. Bundalo, 54
 SHAREHOLDERS
INFORMATION
 Annual Meeting
  Common Stock
  Form 10-K
  Corporate Governance
  Shareholder Inquiries
  Transfer Agent and Registrar




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##### 



THE TRUSTED LEADER IN AUTOMOTIVE ACCESS CONTROL PRODUCTS S T R AT T E C S E C U R I T Y C O R P O R AT I O N 3 3 3 3 W E S T G O O D H O P E R O A D M I L W A U K E E , W I 5 3 2 0 9 P H O N E 4 1 4 . 2 4 7 . 3 3 3 3 F A X 4 1 4 . 2 4 7 . 3 3 2 9 w w w . s t r a t t e c . c o m