Methode Electronics (NASDAQ:METH)
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Methode Electronics, Inc. (Nasdaq:METH) today announced
that its Board of Directors has authorized the Company to repurchase
up to 3 million shares of its outstanding common stock through April
30, 2008. Methode expects such repurchases to be effected from time to
time, in the open market or in private transactions, subject to market
conditions, general business conditions, cash balances and other
relevant factors. No assurance can be given as to the time period over
which the shares will be repurchased or as to whether and to what
extent the share repurchase will be consummated.
Donald Duda, President and CEO stated, "While Methode will
continue to focus on acquisitions, the Company's share repurchase plan
represents an opportunity for Methode to enhance shareholder value."
In addition, Methode's Board of Directors has declared a quarterly
dividend of $0.05 per share to be paid on October 31, 2006 to common
stockholders of record at the close of business on October 13, 2006.
Methode held its annual meeting of stockholders on September 14,
2006 to elect directors and ratify Ernst & Young LLP as the Company's
independent registered public accounting firm. All directors were
reelected with no less than 99.8 percent of votes cast. Ernst & Young
LLP was ratified with a vote "For" of 98.6 percent.
About Methode Electronics
Methode Electronics, Inc., globally designs, manufactures, and
markets component devices and subsystems worldwide for Original
Equipment Manufacturers (OEMs). Methode's components are found in the
primary end markets of the automotive, information processing and
networking equipment, voice and data communications systems, consumer
electronics, aerospace vehicles, rail and other transportation
industries and industrial equipment. Our products employ electrical,
electronic and opto-electronic technologies, such as sensors,
interconnects and controls. Further information can be found on
Methode's website, www.methode.com.