Methode Electronics (NASDAQ:METH)
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Methode Electronics, Inc. (Nasdaq:METH), a global
manufacturer of electronic components and subsystem devices, today
announced a correction to its fiscal year 2008 sales and earnings
guidance.
In the press release issued earlier today Methode’s
guidance was listed incorrectly. It should read as follows:
Because of the volatility of the U.S. automotive market, and in
particular, the unpredictable sales of the Company’s
two largest automotive customers, Methode is discontinuing its practice
of providing quarterly sales and earnings per share guidance. Methode
anticipates sales for the 2008 fiscal year to be between $455 million
and $475 million and earnings per share between $0.65 and $0.75.
Conference Call
As previously announced, the Company will conduct a conference call led
by its Chief Executive Officer, Donald W. Duda, and Chief Financial
Officer, Douglas A. Koman, on July 12, 2007 at 10:00 a.m. Central Time.
You may participate on the conference call by dialing 1-877-407-8031 for
domestic callers or 201-689-8031 for international callers. Methode also
invites you to listen to the webcast of this call by visiting the
Company's website at www.methode.com and entering the "Investor
Relations" page and then clicking on the "Webcast" icon. For those who
cannot listen to the live broadcast, a replay, as well as an MP3
download will be available shortly after the call. A replay of the call
will be available for seven days, by dialing 1-877-660-6853 for domestic
callers or 201-612-7415 for international callers, both using playback
account number 286 and conference ID number 245491.
About Methode Electronics
Methode Electronics, Inc. (NASDAQ:METH) is a global manufacturer of
component and subsystem devices with manufacturing, design and testing
facilities in the United States, Malta, Mexico, United Kingdom, Germany,
Czech Republic, China and Singapore. We design, manufacture and market
devices employing electrical, electronic, wireless, sensing and optical
technologies to control and convey signals through sensors,
interconnections and controls. Our business is managed on a segment
basis, with those segments being Automotive, Interconnect, Power
Distribution and Other. Our components are in the primary end markets of
the automobile, information processing and networking equipment, voice
and data communication systems, consumer electronics, appliances,
aerospace vehicles and industrial equipment. Further information can be
found at Methode's website www.methode.com.
Forward-Looking Statements
Certain statements in this press release dated July 12, 2007, containing
information on Methode's fourth quarter and year-end reporting periods
for fiscal 2007 and offering guidance for its 2008 fiscal year are
forward-looking statements that are subject to certain risks and
uncertainties. Our business is highly dependent upon three large
automotive customers and specific makes and models of automobiles. The
Company's results will be subject to many of the same risks that apply
to the automotive, computer, telecommunication and appliance industries,
such as general economic conditions, interest rates, consumer spending
patterns and technological changes. Other factors, which may result in
materially different results for future periods, include significant
customer bankruptcy filings; restructuring, operational improvement and
cost reduction programs currently under review by Methode; the current
macroeconomic environment, including higher petroleum and copper prices
affecting material and components used by Methode; potential
manufacturing plant closures by automotive customers; potential strikes
at automotive customers; and significant fluctuations in the demand for
certain automobile models. In addition, market growth, operating costs,
currency exchange rates and devaluations, delays in development,
production and marketing of new products and other factors set forth
from time to time in our reports filed with the Securities and Exchange
Commission, impact our business. Any of these factors could cause our
actual results to differ materially from those described in the
forward-looking statements. The forward-looking statements in this press
release are subject to the safe harbor protection provided under the
securities laws. All information in this press release is as of July 12,
2007. Methode undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in the Company’s
expectations on a quarterly basis or otherwise.