Financial Overview

(in million USD)

	FY2010	FY2009	Rate of Change (%)	Factors
Sales	207.9	126.0	65.0	-
Gross profit	33.0	13.2	150.0	-
Income from operations	4.4	(12.7)	-	-
Net income	3.9	(6.9)	-	-

Sales by Customer

-Sales to General Motors Company in FY2010 were $51.7 million compared to $39.2 million in FY2009. Included in FY2010 sales to General Motors were $5.0 million of sales to Nexteer Automotive, formerly a unit of Delphi Corporation, which is now owned by General Motors.

-Sales to Chrysler Group LLC were $68.2 million in FY2010 compared to $31.9 million in FY2009 and sales to Ford Motor Company were $18.4 million in FY2010 compared to $12.6 million in FY2009.

-In FY2010, sales generated by Strattec Power Access LLC (SPA) to Hyundai Kia were $13.2 million.

R&D Expenditure

(in million USD)

	FY2010	FY2009	FY2008
Total	0.9	0.67	1.9

 

R&D Structure

-Research and development activities are centered around research engineering staff called "Advanced Development Group". Projects focus on electronic and mechanical access control products, modularization of related access/security control components and new manufacturing processes to reduce costs for itself and its customers.

-The Company's engineering resources are organized by product type. It has four product groups: Locks and Keys, Latches, Driver Control/Ignition Lock Housings and Electrical.Each group has engineers who design and develop products for specific applications.