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<SEC-DOCUMENT>0001042167-03-000136.txt : 20031010
<SEC-HEADER>0001042167-03-000136.hdr.sgml : 20031010
<ACCEPTANCE-DATETIME>20031010171424
ACCESSION NUMBER:		0001042167-03-000136
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031009
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20031010

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRATTEC SECURITY CORP
		CENTRAL INDEX KEY:			0000933034
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				391804239
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0627

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25150
		FILM NUMBER:		03937577

	BUSINESS ADDRESS:	
		STREET 1:		3333 WEST GOOD HOPE ROAD
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53209
		BUSINESS PHONE:		4142473333

	MAIL ADDRESS:	
		STREET 1:		3333 W GOOD HOPE ROAD
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53209
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>octform8-k.htm
<DESCRIPTION>STRATTEC FORM 8-K (10/10/03)
<TEXT>
<HTML><HEAD><TITLE>STRATTEC Form 8-K (10/10/03)</TITLE><!-- Licensed to: Reinhart Boerner Van Deuren s.c.--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SECURITIES AND EXCHANGE COMMISSION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">WASHINGTON, DC 20549</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">__________________</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">FORM 8-K</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">CURRENT REPORT</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">PURSUANT TO SECTION 13 OR 15(d) OF THE</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SECURITIES EXCHANGE ACT OF 1934</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Date of Report (Date of earliest event reported): </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">October 9, 2003</FONT> </DIV>
<DIV align=center><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STRATTEC SECURITY CORPORATION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Exact name of registrant as specified in its charter)</FONT> </DIV>
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<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Wisconsin</FONT> </DIV></TD></TR>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">0-25150</FONT> </DIV></TD>
<TD align=left width="24%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="24%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">39-1804239</FONT> </DIV></TD></TR>
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&nbsp;</TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Commission File Number)</FONT> </DIV></TD>
<TD align=left width="24%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(I.R.S. Employer I.D. Number)</FONT> </DIV></TD></TR></TABLE>
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<DIV align=center>&nbsp;</DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3333 West Good Hope Road</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Milwaukee, WI</FONT> </DIV></TD>
<TD align=left width="12%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="24%">
<DIV align=center>&nbsp;</DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">53209</FONT> </DIV></TD></TR>
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<TR>
<TD align=middle width="36%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Address of Principal Executive Offices)</FONT> </DIV></TD>
<TD align=left width="12%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
<TD align=middle width="24%">
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Zip Code)</FONT> </DIV></TD></TR></TABLE>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(414) 247-3333</FONT> </DIV></TD></TR>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">Item 7. Financial Statements, Pro Forma Financial Information and Exhibits</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(c)</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Exhibits</FONT> </DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 12pt; MARGIN-RIGHT: -9pt; WHITE-SPACE: pre" align=left><FONT id=TAB1 style="MARGIN-LEFT: 72pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">99.1--Press Release of STRATTEC SECURITY CORPORATION, issued October&nbsp;9, 2003.</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">Item 9. Regulation FD Disclosure and Item 12. Results of Operations and Financial Condition</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 12pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">On October&nbsp;9, 2003, STRATTEC SECURITY CORPORATION issued a press release (the "Press Release") announcing results for the fiscal first quarter ended September&nbsp;28, 2003. A copy of the Press Release is attached as Exhibit&nbsp;99.1 to this report. The attached Exhibit 99.1 is furnished pursuant to Item&nbsp;9 and Item 12 of Form 8-K. </FONT></DIV>
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<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SIGNATURE</FONT> </DIV>
<DIV align=center><BR></DIV>
<DIV align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">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.</FONT> </DIV>
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<TD><FONT face="Times New Roman, serif" size=2>&nbsp;</FONT></TD>
<TD colSpan=2><FONT face="Times New Roman, serif" size=2>STRATTEC SECURITY CORPORATION</FONT></TD></TR>
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<TD><FONT face="Times New Roman, serif" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman, serif" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
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<TD><FONT face="Times New Roman, serif" size=2>Date:&nbsp;October 10, 2003</FONT></TD>
<TD><FONT face="Times New Roman, serif" size=2>By:&nbsp;&nbsp;</FONT></TD>
<TD><FONT face="Times New Roman, serif" size=2>&nbsp;&nbsp; /s/&nbsp;&nbsp;Patrick J. Hansen </FONT></TD></TR>
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<TD><FONT face="Times New Roman, serif" size=2>Patrick J. Hansen, <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Vice President and Chief Financial Officer</FONT></FONT></TD></TR></TABLE><BR></DIV>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit99-1toform8k.htm
<DESCRIPTION>EXHIBIT 99.1 TO OCTOBER FORM 8-K
<TEXT>
<HTML><HEAD><TITLE>Exhibit 99.1 to October Form 8-K</TITLE><!-- Licensed to: Reinhart Boerner Van Deuren s.c.--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Exhibit 99.1</FONT> </DIV>
<DIV align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.35pt; MARGIN-RIGHT: 0pt; WHITE-SPACE: pre" align=left><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">FOR RELEASE AT 3:00 CDT</FONT> </DIV>
<DIV align=right><BR></DIV>
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Contact: Pat Hansen</FONT> </DIV>
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Vice President and</FONT> </DIV>
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chief Financial Officer</FONT> </DIV>
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">414-247-3435</FONT> </DIV>
<DIV align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">www.strattec.com</FONT> </DIV>
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<DIV align=right><BR></DIV>
<DIV align=right>&nbsp;</DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STRATTEC SECURITY CORPORATION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">REPORTS FISCAL FIRST QUARTER RESULTS</FONT> </DIV>
<DIV align=center><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Milwaukee, Wisconsin &#150; October 9, 2003 -- STRATTEC SECURITY CORPORATION (NASDAQ:STRT) today reported sales and operating results for the fiscal first quarter ended September 28, 2003.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Net sales for the three months ended September 28, 2003 were $44.4 million compared to net sales of $47.9 million for the three months ended September 29, 2002. Net income was $3.6 million, compared to $4.2 million in the prior year quarter. Diluted earnings per share for the three months ended September 28, 2003, were $.94 compared to $1.06 in the prior year quarter.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STRATTEC&#146;s sales in the current quarter compared to the prior year quarter were lower by approximately $3.5 million. Overall lower customer vehicle production reduced sales in the current quarter by approximately $4.7 million. To a lesser degree, sales were also negatively impacted by discontinued models and pre-programmed price decreases. These negative factors were partially offset by new program sales and increased content on existing products. </FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">During the current quarter, sales to General Motors Corporation were $12.6 million compared to $14.7 million in the prior year&#146;s quarter, Delphi Corporation at $7.0 million compared to $6.7 million, DaimlerChrysler Corporation at $8.8 million compared to $8.3 million, Ford Motor Company at $7.9 million compared to $9.4 million, and Mitsubishi Motor Manufacturing of America, Inc. at $1.7 million compared to $2.4 million. </FONT></DIV>
<DIV align=justify><BR></DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Gross profit margin was 23.5 percent in the current quarter compared to 23.7 percent in the prior year quarter. The decrease in gross profit margin was attributed to lower customer vehicle production volumes offset by the Company&#146;s ongoing cost reduction initiatives along with a favorable Mexican peso to U.S. dollar exchange rate.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Operating expenses were $4.9 million in the current quarter, compared to $4.6 million in the prior year quarter. </FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">During the quarter, the Company contributed $5.0 million to its Pension Fund and repurchased 8,000 STRATTEC SECURITY CORPORATION shares under the Company&#146;s stock repurchase program at a cost of $421,000. In addition, the Company&#146;s Board of Directors on October 7, 2003 authorized the repurchase of an additional 200,000 shares (approximately 5% of currently outstanding shares) under its ongoing stock repurchase program. Shares may be repurchased from time to time in open market transactions and will be held as Treasury Shares.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">At the Company&#146;s 2003 Annual Meeting held October 7, 2003, STRATTEC shareholders re-elected Mr. Harold M. Stratton II and Mr. Robert Feitler to the company&#146;s Board of Directors for additional three-year terms. </FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STRATTEC SECURITY CORPORATION designs, develops, manufactures and markets mechanical locks, electro-mechanical locks and related access control products for North American and global automotive manufacturers.</FONT> </DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Certain statements contained in this release contain &#147;forward-looking statements&#148; 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 &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;planned,&#148; &#147;potential,&#148; &#147;should,&#148; &#147;will,&#148; and &#147;would.&#148; Such forward-looking statements in this release are inherently subject to many uncertainties in the Company&#146;s operations and business environment. These uncertainties include general economic conditions, in particular, relating to the automotive industry, consumer demand for the Company&#146;s and its customers&#146; products, competitive and technological developments, customer purchasing actions, foreign c
urrency 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 </FONT></DIV>
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<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">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&#146;s quarterly and annual filings with the Securities and Exchange Commission.</FONT> </DIV>
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<TR>
<TD colSpan=3><FONT size=1>
<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">STRATTEC SECURITY CORPORATION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Results of Operations</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(In Thousands except per share amounts)</FONT> </DIV>
<DIV align=center><BR></DIV>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom align=left width="71%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=middle width="27%" colSpan=6>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">First Quarter Ended</FONT> </DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="14%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">September 28,</FONT></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;2003</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="13%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">September 29, 2002</FONT> </DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom width="14%" colSpan=3>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom width="13%" colSpan=3>
<HR width="100%" noShade SIZE=2>
</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV style="MARGIN-LEFT: 18pt" align=center>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="27%" colSpan=6>
<DIV style="MARGIN-LEFT: 18pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Unaudited)</FONT>&nbsp;</DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">&nbsp; </TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Net Sales</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">44,420</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">47,906</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left>&nbsp;</DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Cost of Goods Sold</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">33,962</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">36,553</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%"></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Gross Profit</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">10,458</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">11,353</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Engineering, Selling &amp; Administrative Expenses</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4,918</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4,611</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Income from Operations</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">5,540</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">6,742</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Interest Income</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">89</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">98</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%"></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Other Income (Expense), Net</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">102</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(203</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">)</FONT> </DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">5,731</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">6,637</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%"></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Provision for Income Taxes</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2,149</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2,456</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%"></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Net Income</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,582</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4,181</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%"></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Earnings Per Share:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Basic</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">.95</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1.08</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%"></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Diluted</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">.94</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1.06</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Average Basic Shares Outstanding</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,760</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,877</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">&nbsp; </TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Average Diluted Shares Outstanding</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,818</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3,946</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">&nbsp; </TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Other:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Capital Expenditures</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,096</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">797</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Depreciation &amp; Amortization</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2,017</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,963</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%"></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp; </TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE>
<DIV align=left><BR></DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>&nbsp;4</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR>
<TD colSpan=3><FONT size=1>
<HR width="100%" noShade SIZE=1>
</FONT></TD></TR>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>&nbsp;</TD></TR></TABLE>
<DIV align=left><BR></DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif; TEXT-DECORATION: underline">STRATTEC SECURITY CORPORATION</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Condensed Balance Sheet Data</FONT> </DIV>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(In Thousands)</FONT> </DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>&nbsp;
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">&nbsp;
<DIV align=left>&nbsp;</DIV></TD>
<TD vAlign=bottom width="16%" colSpan=4>
<P align=center>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">September 28, 2003</FONT> </P></TD>
<TD vAlign=bottom align=left width="13%" colSpan=3>
<DIV align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June 29, 2003</FONT> </DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="16%" colSpan=4>
<HR align=center width="90%" noShade SIZE=2>
&nbsp;</TD>
<TD vAlign=bottom align=right width="13%" colSpan=3>
<HR align=center width="90%" noShade SIZE=2>
&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV style="MARGIN-LEFT: 18pt" align=left>&nbsp;</DIV></TD>
<TD width="14%" colSpan=4>
<P align=center>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(Unaudited)</FONT> </P></TD>
<TD width="15%" colSpan=3></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">ASSETS</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Current Assets:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp; Cash and cash equivalents</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">26,359</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">29,902</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp; Receivables, Net</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">31,006</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">31,173</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp; Inventories</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">9,231</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">7,884</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp; Other current assets</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">11,965</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">12,127</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">78,561</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">81,086</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Deferred Income Taxes</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,973</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,973</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Investment in Joint Venture</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,201</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1,141</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Property, Plant and Equipment, Net</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">32,851</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">33,894</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom width="71%">&nbsp; </TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">114,586</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">118,094</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">LIABILITIES AND SHAREHOLDERS&#146; EQUITY</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Current Liabilities:</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">&nbsp;
<DIV>&nbsp;</DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp; Accounts Payable</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">15,578</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">13,990</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp; Other</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">11,848</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">15,819</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Liabilities</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">27,426</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">29,809</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom align=left width="71%">
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Accrued Pension and Post Retirement Obligations</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">14,804</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">19,190</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp; Shareholders&#146; Equity</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">173,631</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">169,953</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp; Less: Treasury Stock</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">101,275</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">100,858</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom width="71%">
<DIV align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholders&#146; Equity</FONT> </DIV></TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">72,356</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">69,095</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=2>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=bottom width="71%">&nbsp; </TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">114,586</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=left width="1%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">$</FONT> </DIV></TD>
<TD vAlign=bottom align=right width="11%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">118,094</FONT> </DIV></TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=bottom width="71%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD vAlign=bottom align=right width="12%" colSpan=2>
<HR width="100%" noShade SIZE=4>
</TD>
<TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE>
<P>&nbsp;</P>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>5&nbsp;</FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV></DIV></DIV></BODY></HTML>

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