secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2023-08-10T23:59:59+00:00
Accession:  0001140361-23-039076
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

STRATTEC reports Q4 net loss of $2.7M; full year loss $6.7M; completes equity restructure with WITTE
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- Q4 net sales $132.2M (+7.4% YoY) but gross margin fell to 9.3% from 11.3% due to input costs and peso headwinds.
- Diluted loss per share $0.69 vs $0.10 EPS a year ago; includes $1.19/share loss from equity restructuring agreement.
- Full year net loss $6.7M ($1.70 loss per share) vs $7.0M income ($1.79 EPS) prior year.
- Completed restructuring: sold VAST LLC stake for $18.5M cash, gained 100% of Power Access LLC, and acquired Korea branch assets.
- Management cites $10M+ margin hit from Mexican wage increases and peso weakness; expects pricing negotiations in FY24.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036123039076/0001140361-23-039076-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036123039076/brhc20057262_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-039076

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