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Equity Earnings of Joint Ventures (Tables) | 6 Months Ended
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Dec. 28, 2014
VAST LLC |
Summarized Statements of Operations | The following are summarized statements of operations for VAST LLC (thousands of dollars):
|  | Three Months Ended |  | Six Months Ended |
|  | December 28, 2014 |  |  | December 29, 2013 |  |  | December 28, 2014 |  |  | December 29, 2013 |
Net Sales |  | $ | 35,663 |  |  | $ | 27,135 |  |  | $ | 66,661 |  |  | $ | 51,664 |
Cost of Goods Sold |  |  | 30,469 |  |  |  | 22,943 |  |  |  | 56,552 |  |  |  | 43,358 |
Gross Profit |  |  | 5,194 |  |  |  | 4,192 |  |  |  | 10,109 |  |  |  | 8,306 |
Engineering, Selling and Administrative Expenses |  |  | 4,590 |  |  |  | 2,791 |  |  |  | 8,788 |  |  |  | 6,281 |
Income From Operations |  |  | 604 |  |  |  | 1,401 |  |  |  | 1,321 |  |  |  | 2,025 |
Other Income (Expense), net |  |  | 183 |  |  |  | (19 | ) |  |  | 656 |  |  |  | (21 | )
Income before Provision for Income taxes |  |  | 787 |  |  |  | 1,382 |  |  |  | 1,977 |  |  |  | 2,004 |
Provision for (Benefit from) Income Taxes |  |  | 376 |  |  |  | 219 |  |  |  | 435 |  |  |  | (235 | )
Net Income |  | $ | 411 |  |  | $ | 1,163 |  |  | $ | 1,542 |  |  | $ | 2,239 |
STRATTEC’s Share of VAST LLC Net Income |  | $ | 137 |  |  | $ | 387 |  |  |  | 514 |  |  | $ | 746 |
Intercompany Profit Elimination |  |  | 5 |  |  |  | 2 |  |  |  | 4 |  |  |  | (4 | )
STRATTEC’s Equity Earnings of VAST LLC |  | $ | 142 |  |  | $ | 389 |  |  | $ | 518 |  |  | $ | 742 |
NextLock LLC |
Summarized Statements of Operations | The following are summarized statements of operations for NextLock LLC (thousands of dollars):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 28, 2014 |  |  | December 29, 2013 |  |  | December 28, 2014 |  |  | December 29, 2013 |
Engineering, Selling and Administrative Expenses |  | $ | 516 |  |  | $ | 181 |  |  | $ | 880 |  |  | $ | 297 |
Loss From Operations |  |  | (516 | ) |  |  | (181 | ) |  |  | (880 | ) |  |  | (297 | )
Net Loss |  | $ | (516 | ) |  | $ | (181 | ) |  | $ | (880 | ) |  | $ | (297 | )
STRATTEC’s Equity Loss of NextLock LLC |  | $ | (263 | ) |  | $ | (92 | ) |  | $ | (449 | ) |  | $ | (151 | )
VAST LLC and NextLock LLC |
Summarize of Related Party Transaction | We have sales of component parts to VAST LLC and NextLock LLC, purchases of component parts from VAST LLC, expenses charged to VAST LLC for engineering and accounting services and expenses charged to us from VAST LLC for general headquarters expenses. The following tables summarize these related party transactions with VAST LLC and NextLock LLC for the periods indicated below (thousands of dollars):
| Three Months Ended |  |  | Six Months Ended |
| December 28, 2014 |  |  | December 29, 2013 |  |  | December 28, 2014 |  |  | December 29, 2013 |
Sales to VAST LLC | $ | 657 |  |  | $ | 55 |  |  | $ | 771 |  |  | $ | 95 |
Sales to NextLock LLC | $ | 27 |  |  | $ | - |  |  | $ | 32 |  |  | $ | - |
Purchases from VAST LLC | $ | 41 |  |  | $ | 43 |  |  | $ | 80 |  |  | $ | 158 |
Expenses Charged to VAST LLC | $ | 245 |  |  | $ | 159 |  |  | $ | 404 |  |  | $ | 399 |
Expenses Charged from VAST LLC | $ | 457 |  |  | $ | 303 |  |  | $ | 940 |  |  | $ | 585 |

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