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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Methode Electronics Inc | NYSE:MEI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 0.57% | 12.34 | 12.66 | 12.17 | 12.48 | 253,334 | 01:00:00 |
Fourth-Quarter Fiscal 2013 Methode's fourth-quarter Fiscal 2013 net sales increased $21.9 million, or 17.3 percent, to $148.3 million from $126.4 million in the same quarter of Fiscal 2012.
Net income increased $4.3 million to $10.1 million, or $0.27 per share, in the fourth quarter of Fiscal 2013 from $5.8 million, or $0.15 per share, in the same period of Fiscal 2012. Year over year, Fiscal 2013 fourth-quarter net income benefitted from:
Year over year, Fiscal 2013 fourth-quarter net income was negatively impacted by:
Excluding the impact of the Malta valuation allowance, the goodwill impairment charge and the compensation expense, Methode's Fiscal 2013 fourth-quarter net income was $8.9 million, or $0.24 per share.
Consolidated gross margins as a percentage of sales were 18.7 percent in the Fiscal 2013 fourth quarter compared to 18.2 percent in the same period of Fiscal 2012. The increase was due primarily to higher sales, lower costs related to third-party inspection, premium freight and over-time expenses, as well as higher sales and lower material costs in the Other segment, partially offset by increased design, development and engineering costs for a new automotive program, increased sales of automotive product that has a higher prime cost due to the current high percentage of purchased content, severance and building demolition costs in the Automotive segment and costs related to the newly acquired Hetronic business in Italy in the Interconnect segment.
Selling and administrative expenses increased $1.8 million, or 10.0 percent, to $19.8 million in the Fiscal 2013 fourth quarter compared to $18.0 million in the prior-year fourth quarter due primarily to the compensation expense related to the tandem cash awards, partially offset by lower headcount in Europe. As a percentage of sales, selling and administrative expenses decreased to 13.3 percent for the Fiscal 2013 fourth quarter compared to 14.2 percent in the same period last year.
In the Fiscal 2013 fourth quarter, income tax benefit was $7.0 million compared to a benefit of $0.2 million for the Fiscal 2012 period. For the Fiscal 2013 period, the net income tax expense of $0.6 million related to income taxes on foreign profits was offset by a $7.6 million Malta valuation allowance adjustment. For the Fiscal 2012 period, the net income tax expense of $0.6 million related to income taxes on foreign profits was offset by a $0.8 million Malta valuation allowance adjustment.
Fourth-Quarter Fiscal 2013 Segment Comparisons Comparing the Automotive segment's fourth quarter of Fiscal 2013 to the same period of Fiscal 2012,
Comparing the Interconnect segment's fourth quarter of Fiscal 2013 to the same period of Fiscal 2012,
Comparing the Power Products segment's fourth quarter of Fiscal 2013 to the same period of Fiscal 2012,
Fiscal 2013 Methode's Fiscal 2013 net sales increased $54.7 million, or 11.8 percent, to $519.8 million from $465.1 million in Fiscal 2012.
In September 2012, the Company and various Delphi parties agreed to settle all Delphi related litigation matters. In addition to resolving all claims between the parties, the Company assigned certain patents to Delphi and entered into a non-compete with respect to the related technology. In exchange, the Company received a payment of $20.0 million. The Company recorded the gain in the income from settlement section of its consolidated statement of operations for the fiscal year ended April 27, 2013.
Net income increased $32.3 million to $40.7 million, or $1.08 per share, in Fiscal 2013 compared to $8.4 million, or $0.22 per share, in Fiscal 2012. Year over year, Fiscal 2013 net income benefitted from:
Year over year, Fiscal 2013 net income was negatively affected by:
Excluding the impact of the pre-tax gain in connection with the legal settlement, the Malta valuation allowance, the goodwill impairment charge and the compensation expense, Methode's Fiscal 2013 net income was $19.5 million, or $0.52 per share, which is in line with full-year Fiscal 2013 earnings per share guidance of $0.45 to $0.60 per share.
Consolidated gross margins as a percentage of sales were 17.6 percent in Fiscal 2013 compared to 17.9 percent in the same period of Fiscal 2012. The decrease was due primarily to higher design, development and engineering costs for a new automotive program, increased sales of automotive product that has higher prime cost due to the current high percentage of purchased content, severance and building demolition costs, as well as manufacturing inefficiencies due to launch delays in the Interconnect segment, partially offset by a favorable commodity pricing adjustment in the Automotive segment, lower costs related to third-party inspection, premium freight and over-time expenses, a favorable product mix in the Power Products segment and higher sales and lower costs in the Other segment.
Selling and administrative expenses decreased $3.6 million, or 5.2 percent, to $66.3 million in Fiscal 2013 compared to $69.9 million in the prior year due primarily to the reversal of customer bankruptcy accruals, lower legal expenses, as well as lower salary and stock-based compensation, partially offset by the compensation expense. Selling and administrative expenses as a percentage of net sales decreased to 12.8 percent in Fiscal 2013 from 15.0 percent in Fiscal 2012.
In Fiscal 2013, income tax benefit/expense increased $5.7 million to a benefit of $2.5 million compared to an expense of $3.2 million for Fiscal 2012. For Fiscal 2013, the net income taxes on foreign profits of $5.1 million were offset by a $7.6 million Malta valuation allowance adjustment. For Fiscal 2012, the income tax expense relates to net income taxes on foreign profits of $2.0 million and $2.0 million for taxes on a foreign dividend, partially offset by a benefit of $0.8 million Malta valuation allowance adjustment.
Fiscal 2013 Segment Comparison Comparing the Automotive segment's Fiscal 2013 to Fiscal 2012,
Comparing the Interconnect segment's Fiscal 2013 to Fiscal 2012,
Comparing the Power Products segment's Fiscal 2013 to Fiscal 2012,
Management Comments President and Chief Executive Officer Donald W. Duda said, "We ended Fiscal 2013 on a strong note, with fourth-quarter sales improving over 17 percent and improved gross margins in our Automotive and Power Products segments. Additionally, we are proud of our achievements in Fiscal 2013, including sales improvement of nearly 12 percent, the successful launch of the first high volume laundry platform utilizing touch technology, a significant number of automotive launches in Europe, as well as the launch of the GM center console program."
Guidance For Fiscal 2014, Methode anticipates sales in the range of $630 to $660 million and earnings per share in the range of $0.91 to $1.11. The Company currently expects that the fourth quarter will be the strongest quarter of Fiscal 2014. The guidance ranges for Fiscal 2014 are based upon management's expectations regarding a variety of factors and involve a number of risks and uncertainties, including the following significant factors considered by management in preparing this guidance:
Conference Call The Company will conduct a conference call and Webcast to review financial and operational highlights led by its President and Chief Executive Officer, Donald W. Duda, and Chief Financial Officer, Douglas A. Koman, at 10:00 a.m. Central time today.
To participate in the conference call, please dial (877) 407-8031 (domestic) or (201) 689-8031 (international) at least five minutes prior to the start of the event. A simultaneous Webcast can be accessed through the Company's Web site, www.methode.com, by selecting the Investor Relations page, and then clicking on the "Webcast" icon.
A replay of the conference call, as well as an MP3 download, will be available shortly after the call through July 4 by dialing (877) 660-6853 (domestic) or (201) 612-7415 (international) and providing Conference ID number 415939. On the Internet, a replay will be available for 90 days through the Company's Web site, www.methode.com, by selecting the Investor Relations page and then clicking on the "Webcast" icon.
About Methode Electronics, Inc. Methode Electronics, Inc. (NYSE: MEI) is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in China, Germany, India, Italy, Lebanon, Malta, Mexico, the Philippines, Singapore, Switzerland, the United Kingdom and the United States. We design, manufacture and market devices employing electrical, electronic, wireless, safety radio remote control, 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 Products and Other. Our components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. Further information can be found on Methode's Web site www.methode.com.
Forward-Looking Statements This press release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are subject to the safe harbor protection provided under the securities laws. Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward-looking statements in this press release involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the Securities and Exchange Commission, such as our annual and quarterly reports. Such factors may include, without limitation, the following: (1) dependence on a small number of large customers, including two large automotive customers; (2) dependence on the automotive, appliance, computer and communications industries; (3) customary risks related to conducting global operations; (4) the ability to successfully launch a significant number of programs; (5) ability to avoid design or manufacturing defects (6) ability to compete effectively; (7) dependence on the availability and price of raw materials; (8) dependence on our supply chain; (9) further downturns in the automotive industry or the bankruptcy of certain automotive customers; (10) ability to keep pace with rapid technological changes; (11) ability to protect our intellectual property; (12) ability to withstand price pressure; (13) location of a significant amount of cash outside of the U.S.; (14) currency fluctuations; (15) ability to successfully benefit from acquisitions and divestitures; (16) ability to withstand business interruptions; (17) income tax rate fluctuations; and (18) the cost and implementation of SEC disclosure and reporting requirements regarding conflict minerals.
METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) ------------------------------------ Fiscal Quarter Ended ------------------------------------ April 27, 2013 April 28, 2012 ----------------- ----------------- Net sales $ 148,358 $ 126,400 Cost of products sold 120,514 103,441 ----------------- ----------------- Gross margins 27,844 22,959 Impairment of goodwill 4,326 - Selling and administrative expenses 19,880 18,077 ----------------- ----------------- Income from operations 3,638 4,882 Interest income, net (57) (129) Other (income)/expense, net 649 (494) ----------------- ----------------- Income before income taxes 3,046 5,505 Income tax benefit (7,012) (187) ----------------- ----------------- Net Income 10,058 5,692 Less: Net loss attributable to noncontrolling interest (104) (76) NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC. $ 10,162 $ 5,768 ================= ================= Net income per share: Basic $ 0.27 $ 0.15 Diluted $ 0.27 $ 0.15 Basic shares 37,490,370 37,376,936 Diluted shares 38,210,800 37,634,313 METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Fiscal Year Ended ----------------------------- April 27, April 28, 2013 2012 ------------- ------------- Net sales $ 519,836 $ 465,095 Cost of products sold 428,200 381,981 ------------- ------------- Gross margins 91,636 83,114 Impairment of goodwill 4,326 - Income from settlement (20,000) - Selling and administrative expenses 66,338 69,946 Amortization of intangibles 1,794 1,811 ------------- ------------- Income from operations 39,178 11,357 Interest (income)/expense, net (30) (288) Other expense 1,257 272 ------------- ------------- Income before income taxes 37,951 11,373 Income tax expense/(benefit) (2,493) 3,236 ------------- ------------- Net income 40,444 8,137 ------------- ------------- Less: Net loss attributable to noncontrolling interest (294) (246) ------------- ------------- NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC. $ 40,738 $ 8,383 ============= ============= Net income per share: Basic $ 1.09 $ 0.22 Diluted $ 1.07 $ 0.22 Basic shares 37,466,221 37,366,505 Diluted shares 38,120,462 37,591,980 METHODE ELECTRONICS, INC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share data) April 27, April 28, 2013 2012 ----------- ----------- ASSETS CURRENT ASSETS Cash and cash equivalents 65,811 86,797 Accounts receivable, less allowance (2013 - $1,022; 2012 -$1,279) 119,816 98,359 Inventories: Finished products 11,736 7,001 Work in process 10,220 14,235 Materials 37,973 22,325 ----------- ----------- 59,929 43,561 Deferred income taxes 3,313 3,529 Prepaid and refundable income taxes 326 1,015 Prepaid expenses and other current assets 9,459 7,172 ----------- ----------- TOTAL CURRENT ASSETS 258,654 240,433 PROPERTY, PLANT AND EQUIPMENT Land 3,135 3,135 Buildings and building improvements 43,159 44,051 Machinery and equipment 250,961 230,265 ----------- ----------- 297,255 277,451 Less allowances for depreciation 198,897 200,299 ----------- ----------- 98,358 77,152 OTHER ASSETS Goodwill 12,907 16,422 Other intangibles, less accumulated amortization 16,466 16,620 Cash surrender value of life insurance 9,351 8,802 Deferred income taxes 14,767 15,072 Pre-production costs 11,511 16,215 Other 12,925 12,932 ----------- ----------- 77,927 86,063 ----------- ----------- TOTAL ASSETS 434,939 403,648 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable 61,541 54,775 Salaries, wages and payroll taxes 9,673 9,554 Other accrued expenses 14,827 14,964 Deferred income taxes 628 9,131 Income tax payable 3,802 3,453 ----------- ----------- TOTAL CURRENT LIABILITIES 90,471 91,877 LONG-TERM DEBT 43,500 48,000 OTHER LIABILITIES 3,294 3,413 DEFERRED COMPENSATION 8,090 4,801 NON-CONTROLLING INTEREST - 333 SHAREHOLDERS' EQUITY Common stock, $0.50 par value, 100,000,000 shares authorized, 38,455,853 and 38,375,678 shares issued as of April 27, 2013 and April 28, 2012, respectively 19,228 19,188 Additional paid-in capital 81,472 77,652 Accumulated other comprehensive income 15,680 15,573 Treasury stock, 1,342,188 as of April 27, 2013 and April 28, 2012 (11,377) (11,377) Retained earnings 184,368 154,008 ----------- ----------- TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS' EQUITY 289,371 255,044 Noncontrolling interest 213 180 ----------- ----------- TOTAL EQUITY 289,584 255,224 ----------- ----------- TOTAL LIABILITIES AND EQUITY 434,939 403,648 =========== =========== METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Fiscal Year Ended -------------------------------- April 27, 2013 April 28, 2012 --------------- --------------- OPERATING ACTIVITIES Net income $ 40,444 $ 8,137 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Loss on sale of fixed assets - 118 Impairment of goodwill 4,326 - Gain on bargain purchase - (255) Provision for depreciation 17,012 14,348 Amortization of intangible assets 1,794 1,811 Stock-based compensation 3,252 3,976 Provision for bad debt 106 495 Deferred income taxes (7,206) (1,939) Changes in operating assets and liabilities: Accounts receivable (21,198) (13,525) Inventories (16,138) (3,278) Prepaid expenses and other current assets 9,175 (10,255) Accounts payable and accrued expenses 1,678 25,192 --------------- --------------- NET CASH PROVIDED BY OPERATING ACTIVITIES 33,245 24,825 INVESTING ACTIVITIES Purchases of property, plant and equipment (38,555) (25,744) Acquisition of businesses (1,434) (6,353) --------------- --------------- NET CASH USED IN INVESTING ACTIVITIES (39,989) (32,097) FINANCING ACTIVITIES Proceeds from exercise of stock options 608 263 Cash dividends (10,378) (10,364) Proceeds from borrowings 37,000 52,000 Repayment of borrowings (41,500) (4,000) --------------- --------------- NET CASH PROVIDED BY/ (USED IN) FINANCING ACTIVITIES (14,270) 37,899 Effect of foreign currency exchange rate changes on cash 28 (1,275) --------------- --------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (20,986) 29,352 Cash and cash equivalents at beginning of year 86,797 57,445 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 65,811 $ 86,797 =============== ===============
For Methode Electronics, Inc. - Investor Contacts: Kristine Walczak Dresner Corporate Services 312-780-7205 kwalczak@dresnerco.com Philip Kranz Dresner Corporate Services 312-780-7240 pkranz@dresnerco.com
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