STRATTEC Oct 2005 Form 8-K
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
__________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): October
13, 2005
|
STRATTEC
SECURITY CORPORATION
|
|
(Exact
name of registrant as specified in its
charter)
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Wisconsin
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(State
or other jurisdiction of
incorporation)
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0-25150
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39-1804239
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(Commission
File Number)
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(I.R.S.
Employer I.D. Number)
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3333
West Good Hope Road
Milwaukee,
WI
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53209
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(414)
247-3333
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(Registrant's
telephone number; including area
code)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act
(17
CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17
CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange
Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section
2 - Financial
Information
Item
2.06. Material Impairments
On
October 13, 2005, STRATTEC SECURITY CORPORATION (the "Company") issued a press
release (the "Press Release") announcing a potential loss on a trade receivable
with Delphi Corporation ("Delphi") as a result of Delphi's bankruptcy
filing. The Company has approximately $3.7 million of pre-petition
bankruptcy accounts receivable due from Delphi. On October 13, 2005,
the
Company concluded that it needed to increase its reserve
for uncollectible trade accounts receivable by $3.2 million to account for
its
potential loss exposure. As further information develops, the Company
may
be required to record an additional reserve for the uncollectibility of this
trade receivable. The Company does not expect that the write-down
of this trade receivable will have a material effect on the Company's
liquidity. A copy of the Press Release is attached as
Exhibit 99.1 to this report.
Section
9 - Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits
(c) Exhibits
The
following exhibit is furnished herewith:
99.1--Press
Release of STRATTEC SECURITY CORPORATION, issued October 13, 2005.
SIGNATURE
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.
STRATTEC
SECURITY CORPORATION
Date:
October 14, 2005
BY
/s/
Patrick J.
Hansen
Patrick
J. Hansen, Senior Vice President
and
Chief
Financial Officer