We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.56 | 0 | 14:24:08 |
Delaware
|
|
36-2090085
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
7401 West Wilson Avenue, Chicago, Illinois
|
|
60706-4548
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
|
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
|
|
Page
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
As of
|
||||
|
|
January 28,
2017 |
|
April 30,
2016 |
||||
|
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
268.8
|
|
|
$
|
227.8
|
|
Accounts receivable, net
|
|
153.8
|
|
|
175.5
|
|
||
Inventories:
|
|
|
|
|
|
|||
Finished products
|
|
11.2
|
|
|
11.9
|
|
||
Work in process
|
|
9.7
|
|
|
9.6
|
|
||
Materials
|
|
41.1
|
|
|
44.7
|
|
||
|
|
62.0
|
|
|
66.2
|
|
||
Deferred income taxes
|
|
—
|
|
|
11.8
|
|
||
Prepaid expenses and other current assets
|
|
14.5
|
|
|
14.9
|
|
||
TOTAL CURRENT ASSETS
|
|
499.1
|
|
|
496.2
|
|
||
PROPERTY, PLANT AND EQUIPMENT
|
|
327.6
|
|
|
325.9
|
|
||
Less allowances for depreciation
|
|
239.9
|
|
|
232.9
|
|
||
|
|
87.7
|
|
|
93.0
|
|
||
GOODWILL
|
|
1.6
|
|
|
1.7
|
|
||
INTANGIBLE ASSETS, net
|
|
7.2
|
|
|
8.9
|
|
||
PRE-PRODUCTION COSTS
|
|
17.0
|
|
|
9.5
|
|
||
DEFERRED INCOME TAXES
|
|
35.8
|
|
|
27.7
|
|
||
OTHER ASSETS
|
|
18.6
|
|
|
18.9
|
|
||
|
|
80.2
|
|
|
66.7
|
|
||
TOTAL ASSETS
|
|
$
|
667.0
|
|
|
$
|
655.9
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
67.7
|
|
|
$
|
68.2
|
|
Other current liabilities
|
|
43.5
|
|
|
49.7
|
|
||
TOTAL CURRENT LIABILITIES
|
|
111.2
|
|
|
117.9
|
|
||
LONG-TERM DEBT
|
|
37.0
|
|
|
57.0
|
|
||
OTHER LIABILITIES
|
|
2.1
|
|
|
2.9
|
|
||
DEFERRED COMPENSATION
|
|
8.8
|
|
|
8.0
|
|
||
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,133,925 and 38,181,985 shares issued as of January 28, 2017 and April 30, 2016, respectively
|
|
19.1
|
|
|
19.1
|
|
||
Additional paid-in capital
|
|
125.2
|
|
|
112.3
|
|
||
Accumulated other comprehensive loss
|
|
(32.1
|
)
|
|
(8.4
|
)
|
||
Treasury stock, 1,346,624 shares as of January 28, 2017 and April 30, 2016
|
|
(11.5
|
)
|
|
(11.5
|
)
|
||
Retained earnings
|
|
407.2
|
|
|
358.6
|
|
||
TOTAL EQUITY
|
|
507.9
|
|
|
470.1
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
667.0
|
|
|
$
|
655.9
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
January 28,
2017 |
|
January 30,
2016 |
|
January 28,
2017 |
|
January 30,
2016 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Net sales
|
|
$
|
195.6
|
|
|
$
|
184.6
|
|
|
$
|
596.7
|
|
|
$
|
596.3
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
|
142.2
|
|
|
137.0
|
|
|
433.7
|
|
|
444.2
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
53.4
|
|
|
47.6
|
|
|
163.0
|
|
|
152.1
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Selling and administrative expenses
|
|
24.3
|
|
|
26.1
|
|
|
78.2
|
|
|
73.7
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from operations
|
|
29.1
|
|
|
21.5
|
|
|
84.8
|
|
|
78.4
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Interest income, net
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
||||
Other income, net
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|
(2.9
|
)
|
|
(1.5
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
|
30.3
|
|
|
22.7
|
|
|
88.0
|
|
|
80.6
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense
|
|
6.6
|
|
|
5.5
|
|
|
18.3
|
|
|
18.6
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.
|
|
$
|
23.7
|
|
|
$
|
17.2
|
|
|
$
|
69.7
|
|
|
$
|
62.0
|
|
|
|
|
|
|
|
|
|
|
||||||||
Amounts per common share attributable to Methode Electronics, Inc.:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.64
|
|
|
$
|
0.45
|
|
|
$
|
1.87
|
|
|
$
|
1.60
|
|
Diluted
|
|
$
|
0.63
|
|
|
$
|
0.45
|
|
|
$
|
1.86
|
|
|
$
|
1.60
|
|
Cash dividends:
|
|
|
|
|
|
|
|
|
|
|
||||||
Common stock
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
Weighted average number of Common Shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
37,217,302
|
|
|
38,159,789
|
|
|
37,297,757
|
|
|
38,662,487
|
|
||||
Diluted
|
|
37,470,653
|
|
|
38,278,231
|
|
|
37,477,967
|
|
|
38,790,624
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
January 28,
2017 |
|
January 30, 2016
|
|
January 28,
2017 |
|
January 30, 2016
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
$
|
23.7
|
|
|
$
|
17.2
|
|
|
$
|
69.7
|
|
|
$
|
62.0
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(9.0
|
)
|
|
(7.2
|
)
|
|
(23.7
|
)
|
|
(15.3
|
)
|
||||
Comprehensive income attributable to Methode Electronics, Inc.
|
$
|
14.7
|
|
|
$
|
10.0
|
|
|
$
|
46.0
|
|
|
$
|
46.7
|
|
|
|
Nine Months Ended
|
||||||
|
|
January 28,
2017 |
|
January 30,
2016 |
||||
OPERATING ACTIVITIES
|
|
|
|
|
|
|
||
Net income
|
|
$
|
69.7
|
|
|
$
|
62.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Provision for depreciation
|
|
15.8
|
|
|
16.0
|
|
||
Amortization of intangibles
|
|
1.8
|
|
|
1.8
|
|
||
Amortization of stock awards and stock options
|
|
9.8
|
|
|
4.8
|
|
||
Changes in operating assets and liabilities
|
|
9.6
|
|
|
(0.8
|
)
|
||
Other
|
|
—
|
|
|
—
|
|
||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
106.7
|
|
|
83.8
|
|
||
|
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
||
Purchases of property, plant and equipment
|
|
(13.2
|
)
|
|
(17.2
|
)
|
||
NET CASH USED IN INVESTING ACTIVITIES
|
|
(13.2
|
)
|
|
(17.2
|
)
|
||
|
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
|
|
|
||
Taxes paid related to net share settlement of equity awards
|
|
(1.1
|
)
|
|
(7.6
|
)
|
||
Purchase of common stock
|
|
(9.8
|
)
|
|
(59.8
|
)
|
||
Proceeds from exercise of stock options
|
|
2.7
|
|
|
0.5
|
|
||
Tax benefit from stock option exercises
|
|
0.5
|
|
|
4.0
|
|
||
Cash dividends
|
|
(10.3
|
)
|
|
(10.2
|
)
|
||
Proceeds from borrowings
|
|
—
|
|
|
63.0
|
|
||
Repayment of borrowings
|
|
(20.0
|
)
|
|
(13.0
|
)
|
||
NET CASH USED IN FINANCING ACTIVITIES
|
|
(38.0
|
)
|
|
(23.1
|
)
|
||
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash
|
|
(14.5
|
)
|
|
(9.3
|
)
|
||
|
|
|
|
|
||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
41.0
|
|
|
34.2
|
|
||
Cash and cash equivalents at beginning of period
|
|
227.8
|
|
|
168.1
|
|
||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
268.8
|
|
|
$
|
202.3
|
|
|
|
As of January 28, 2017
|
||||||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
Power
|
|
|
||||||
|
|
Interface
|
|
Products
|
|
Total
|
||||||
Balance as of April 30, 2016
|
|
$
|
0.7
|
|
|
$
|
1.0
|
|
|
$
|
1.7
|
|
Foreign currency translation
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||
Balance as of January 28, 2017
|
|
$
|
0.6
|
|
|
$
|
1.0
|
|
|
$
|
1.6
|
|
|
|
As of January 28, 2017
|
||||||||||||
|
|
|
|
|
|
|
|
Wtd. Avg.
|
||||||
|
|
|
|
|
|
|
|
Remaining
|
||||||
|
|
|
|
Accumulated
|
|
|
|
Amortization
|
||||||
|
|
Gross
|
|
Amortization
|
|
Net
|
|
Periods (Years)
|
||||||
Customer relationships and agreements
|
|
$
|
16.3
|
|
|
$
|
15.5
|
|
|
$
|
0.8
|
|
|
7.0
|
Trade names, patents and technology licenses
|
|
25.8
|
|
|
19.4
|
|
|
6.4
|
|
|
1.7
|
|||
Covenants not to compete
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
0.7
|
|||
Total
|
|
$
|
42.2
|
|
|
$
|
35.0
|
|
|
$
|
7.2
|
|
|
|
|
|
As of April 30, 2016
|
||||||||||||
|
|
|
|
|
|
|
|
Wtd. Avg.
|
||||||
|
|
|
|
|
|
|
|
Remaining
|
||||||
|
|
|
|
Accumulated
|
|
|
|
Amortization
|
||||||
|
|
Gross
|
|
Amortization
|
|
Net
|
|
Periods (Years)
|
||||||
Customer relationships and agreements
|
|
$
|
16.3
|
|
|
$
|
15.3
|
|
|
$
|
1.0
|
|
|
7.8
|
Trade names, patents and technology licenses
|
|
25.8
|
|
|
17.9
|
|
|
7.9
|
|
|
2.4
|
|||
Covenants not to compete
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
1.4
|
|||
Total
|
|
$
|
42.2
|
|
|
$
|
33.3
|
|
|
$
|
8.9
|
|
|
|
2017
|
|
$2.3
|
2018
|
|
$2.2
|
2019
|
|
$2.1
|
2020
|
|
$0.2
|
2021
|
|
$0.1
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
January 28,
2017 |
|
January 30,
2016 |
|
January 28,
2017 |
|
January 30,
2016 |
||||||||
Numerator - net income attributable to Methode Electronics, Inc.
|
|
$
|
23.7
|
|
|
$
|
17.2
|
|
|
$
|
69.7
|
|
|
$
|
62.0
|
|
Denominator:
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||
Denominator for basic net income per share-weighted average shares outstanding and vested/unissued restricted stock awards
|
|
37,217,302
|
|
|
38,159,789
|
|
|
37,297,757
|
|
|
38,662,487
|
|
||||
Dilutive potential common shares-employee stock options, restricted stock awards and restricted stock units
|
|
253,351
|
|
|
118,442
|
|
|
180,210
|
|
|
128,137
|
|
||||
Denominator for diluted net income per share
|
|
37,470,653
|
|
|
38,278,231
|
|
|
37,477,967
|
|
|
38,790,624
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.64
|
|
|
$
|
0.45
|
|
|
$
|
1.87
|
|
|
$
|
1.60
|
|
Diluted
|
|
$
|
0.63
|
|
|
$
|
0.45
|
|
|
$
|
1.86
|
|
|
$
|
1.60
|
|
|
|
Three Months Ended January 28, 2017
|
||||||||||||||||||||||
|
|
Automotive
|
|
Interface
|
|
Power
Products
|
|
Other
|
|
Eliminations/Corporate
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
152.7
|
|
|
$
|
29.8
|
|
|
$
|
15.4
|
|
|
$
|
0.1
|
|
|
$
|
(2.4
|
)
|
|
$
|
195.6
|
|
Transfers between segments
|
|
(2.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
||||||
Net sales to unaffiliated customers
|
|
$
|
150.4
|
|
|
$
|
29.8
|
|
|
$
|
15.4
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
195.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (loss) from operations
|
|
$
|
36.9
|
|
|
$
|
1.3
|
|
|
$
|
3.2
|
|
|
$
|
(3.3
|
)
|
|
$
|
(9.0
|
)
|
|
$
|
29.1
|
|
Interest income, net
|
|
|
|
|
|
|
|
|
|
|
|
(0.2
|
)
|
|||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
(1.0
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30.3
|
|
|
|
Three Months Ended January 30, 2016
|
||||||||||||||||||||||
|
|
Automotive
|
|
Interface
|
|
Power
Products
|
|
Other
|
|
Eliminations/Corporate
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
141.0
|
|
|
$
|
35.2
|
|
|
$
|
11.4
|
|
|
$
|
0.2
|
|
|
$
|
(3.2
|
)
|
|
$
|
184.6
|
|
Transfers between segments
|
|
(2.5
|
)
|
|
(0.4
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
3.1
|
|
|
—
|
|
||||||
Net sales to unaffiliated customers
|
|
$
|
138.5
|
|
|
$
|
34.8
|
|
|
$
|
11.3
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
184.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income/(loss) from operations
|
|
$
|
28.7
|
|
|
$
|
0.5
|
|
|
$
|
1.2
|
|
|
$
|
(2.1
|
)
|
|
$
|
(6.8
|
)
|
|
$
|
21.5
|
|
Interest income, net
|
|
|
|
|
|
|
|
|
|
|
|
(0.2
|
)
|
|||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
(1.0
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
$
|
22.7
|
|
|
|
Nine Months Ended January 28, 2017
|
||||||||||||||||||||||
|
|
Automotive
|
|
Interface
|
|
Power
Products
|
|
Other
|
|
Eliminations/Corporate
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
467.9
|
|
|
$
|
95.6
|
|
|
$
|
40.0
|
|
|
$
|
2.1
|
|
|
$
|
(8.9
|
)
|
|
$
|
596.7
|
|
Transfers between segments
|
|
(6.3
|
)
|
|
(0.7
|
)
|
|
(0.1
|
)
|
|
(1.9
|
)
|
|
9.0
|
|
|
—
|
|
||||||
Net sales to unaffiliated customers
|
|
$
|
461.6
|
|
|
$
|
94.9
|
|
|
$
|
39.9
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
596.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income/(loss) from operations
|
|
$
|
111.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
7.7
|
|
|
$
|
(8.0
|
)
|
|
$
|
(26.0
|
)
|
|
$
|
84.8
|
|
Interest income, net
|
|
|
|
|
|
|
|
|
|
|
|
(0.3
|
)
|
|||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
(2.9
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
$
|
88.0
|
|
|
|
Nine Months Ended January 30, 2016
|
||||||||||||||||||||||
|
|
Automotive
|
|
Interface
|
|
Power
Products
|
|
Other
|
|
Eliminations/Corporate
|
|
Consolidated
|
||||||||||||
Net sales
|
|
$
|
459.1
|
|
|
$
|
105.4
|
|
|
$
|
39.6
|
|
|
$
|
0.3
|
|
|
$
|
(8.1
|
)
|
|
$
|
596.3
|
|
Transfers between segments
|
|
(6.3
|
)
|
|
(1.1
|
)
|
|
(0.5
|
)
|
|
(0.2
|
)
|
|
8.1
|
|
|
—
|
|
||||||
Net sales to unaffiliated customers
|
|
$
|
452.8
|
|
|
$
|
104.3
|
|
|
$
|
39.1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
596.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income/(loss) from operations
|
|
$
|
99.7
|
|
|
$
|
2.6
|
|
|
$
|
4.7
|
|
|
$
|
(6.2
|
)
|
|
$
|
(22.4
|
)
|
|
$
|
78.4
|
|
Interest income, net
|
|
|
|
|
|
|
|
|
|
|
|
(0.7
|
)
|
|||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
(1.5
|
)
|
|||||||||||
Income before income taxes
|
|
|
|
|
|
|
|
|
|
|
|
$
|
80.6
|
|
•
|
Our business is highly dependent on two large automotive customers. If we were to lose either of these customers or experienced a significant decline in the volume or price of products purchased by these customers, or if either of the customers declare bankruptcy, our future results could be adversely affected.
|
•
|
Because we derive a substantial portion of our revenues from customers in the automotive, appliance, computer and communications industries, we are susceptible to trends and factors affecting those industries.
|
•
|
Our ability to market our automotive products is subject to a lengthy sales cycle, which requires significant investment prior to significant sales revenues, and there is no assurance that our products will be implemented in any particular vehicle.
|
•
|
Our inability to effectively manage the timing, volume, quality and cost of new program launches could adversely affect our financial performance.
|
•
|
We are subject to continuing pressure to lower our prices.
|
•
|
A significant fluctuation between the U.S. dollar and other currencies could adversely impact our operating results.
|
•
|
A significant portion of our business activities are conducted in foreign countries, exposing us to additional risks that may not exist in the United States.
|
•
|
Our Dabir Surface medical device products are emerging technologies. Our ability to successfully market and sell these products will depend on acceptance by the medical community.
|
•
|
We have significant operations in Europe which may be adversely impacted by the continued economic challenges in Europe, including the impact of the referendum in the United Kingdom (“U.K.”) approving the exit of the U.K. from the European Union.
|
•
|
Disruption of our supply chain could have an adverse effect on our business, financial condition and results of operations.
|
•
|
Changes in our effective tax rate may harm our results of operations.
|
•
|
Should a catastrophic event or other significant business interruption occur at any of our facilities, we could face significant reconstruction or remediation costs, penalties, third party liability and loss of production capacity, which could adversely affect our business.
|
•
|
We are dependent on the availability and price of materials.
|
•
|
Our gross margins are subject to fluctuations due to many factors such as geographical and vertical market pricing mix, pricing concessions and various manufacturing cost variables.
|
•
|
We currently have a significant amount of our cash located outside the U.S.
|
•
|
We may be unable to keep pace with rapid technological changes, which could adversely affect our business.
|
•
|
Our information technology (“IT”) systems could be breached.
|
•
|
Products we manufacture may contain design or manufacturing defects that could result in reduced demand for our products or services, costs associated with recalls, or liability claims against us.
|
•
|
Our technology-based business and the markets in which we operate are highly competitive. If we are unable to compete effectively, our sales could decline.
|
•
|
If we are unable to protect our intellectual property or we infringe, or are alleged to infringe, on another person’s intellectual property, our business, financial condition and operating results could be materially adversely affected.
|
•
|
Any decision to strategically divest one or more current businesses or our inability to capitalize on prior or future acquisitions may adversely affect our business.
|
•
|
We may be required to recognize additional impairment charges.
|
•
|
Regulations related to the use of conflict-free minerals may increase our costs and expenses, and an inability to certify that our products are conflict-free may adversely affect customer relationships.
|
•
|
Any withdrawal from or material modifications to NAFTA and certain other international trade agreements could adversely affect our business, financial condition and results of operations.
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
195.6
|
|
|
$
|
184.6
|
|
|
$
|
11.0
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
142.2
|
|
|
137.0
|
|
|
5.2
|
|
|
3.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
53.4
|
|
|
47.6
|
|
|
5.8
|
|
|
12.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
24.3
|
|
|
26.1
|
|
|
(1.8
|
)
|
|
(6.9
|
)%
|
|||
Interest income, net
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
%
|
|||
Other income, net
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|
—
|
|
|
—
|
%
|
|||
Income tax expense
|
|
6.6
|
|
|
5.5
|
|
|
1.1
|
|
|
20.0
|
%
|
|||
Net income attributable to Methode Electronics, Inc.
|
|
$
|
23.7
|
|
|
$
|
17.2
|
|
|
$
|
6.5
|
|
|
37.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
72.7
|
%
|
|
74.2
|
%
|
|
|
|
|
|||||
Gross margins
|
|
27.3
|
%
|
|
25.8
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
12.4
|
%
|
|
14.1
|
%
|
|
|
|
|
|||||
Interest income, net
|
|
(0.1
|
)%
|
|
(0.1
|
)%
|
|
|
|
|
|||||
Other income, net
|
|
(0.5
|
)%
|
|
(0.5
|
)%
|
|
|
|
|
|||||
Income tax expense
|
|
3.4
|
%
|
|
3.0
|
%
|
|
|
|
|
|||||
Net income attributable to Methode Electronics, Inc.
|
|
12.1
|
%
|
|
9.3
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
150.4
|
|
|
$
|
138.5
|
|
|
$
|
11.9
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
105.6
|
|
|
101.3
|
|
|
4.3
|
|
|
4.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
44.8
|
|
|
37.2
|
|
|
7.6
|
|
|
20.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
7.9
|
|
|
8.5
|
|
|
(0.6
|
)
|
|
(7.1
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income from operations
|
|
$
|
36.9
|
|
|
$
|
28.7
|
|
|
$
|
8.2
|
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
70.2
|
%
|
|
73.1
|
%
|
|
|
|
|
|||||
Gross margins
|
|
29.8
|
%
|
|
26.9
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
5.3
|
%
|
|
6.1
|
%
|
|
|
|
|
|||||
Income from operations
|
|
24.5
|
%
|
|
20.7
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
29.8
|
|
|
$
|
34.8
|
|
|
$
|
(5.0
|
)
|
|
(14.4
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
23.0
|
|
|
26.6
|
|
|
(3.6
|
)
|
|
(13.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
6.8
|
|
|
8.2
|
|
|
(1.4
|
)
|
|
(17.1
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
5.5
|
|
|
7.7
|
|
|
(2.2
|
)
|
|
(28.6
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income from operations
|
|
$
|
1.3
|
|
|
$
|
0.5
|
|
|
$
|
0.8
|
|
|
160.0
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
77.2
|
%
|
|
76.4
|
%
|
|
|
|
|
|||||
Gross margins
|
|
22.8
|
%
|
|
23.6
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
18.5
|
%
|
|
22.1
|
%
|
|
|
|
|
|||||
Income from operations
|
|
4.4
|
%
|
|
1.4
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
15.4
|
|
|
$
|
11.3
|
|
|
$
|
4.1
|
|
|
36.3
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
11.3
|
|
|
9.1
|
|
|
2.2
|
|
|
24.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
4.1
|
|
|
2.2
|
|
|
1.9
|
|
|
86.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
0.9
|
|
|
1.0
|
|
|
(0.1
|
)
|
|
(10.0
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income from operations
|
|
$
|
3.2
|
|
|
$
|
1.2
|
|
|
$
|
2.0
|
|
|
166.7
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
73.4
|
%
|
|
80.5
|
%
|
|
|
|
|
|||||
Gross margins
|
|
26.6
|
%
|
|
19.5
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
5.8
|
%
|
|
8.8
|
%
|
|
|
|
|
|||||
Income from operations
|
|
20.8
|
%
|
|
10.6
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
||||||
Net sales
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
|
1.7
|
|
|
0.9
|
|
|
0.8
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
Gross profit
|
|
(1.6
|
)
|
|
(0.8
|
)
|
|
(0.8
|
)
|
|
|||
|
|
|
|
|
|
|
|
||||||
Selling and administrative expenses
|
|
1.7
|
|
|
1.3
|
|
|
0.4
|
|
|
|||
|
|
|
|
|
|
|
|
||||||
Loss from operations
|
|
$
|
(3.3
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
(1.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
596.7
|
|
|
$
|
596.3
|
|
|
$
|
0.4
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
433.7
|
|
|
444.2
|
|
|
(10.5
|
)
|
|
(2.4
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
163.0
|
|
|
152.1
|
|
|
10.9
|
|
|
7.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
78.2
|
|
|
73.7
|
|
|
4.5
|
|
|
6.1
|
%
|
|||
Interest income, net
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
0.4
|
|
|
(57.1
|
)%
|
|||
Other income, net
|
|
(2.9
|
)
|
|
(1.5
|
)
|
|
(1.4
|
)
|
|
93.3
|
%
|
|||
Income tax expense
|
|
18.3
|
|
|
18.6
|
|
|
(0.3
|
)
|
|
(1.6
|
)%
|
|||
Net income attributable to Methode Electronics, Inc.
|
|
$
|
69.7
|
|
|
$
|
62.0
|
|
|
$
|
7.7
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
72.7
|
%
|
|
74.5
|
%
|
|
|
|
|
|||||
Gross margins
|
|
27.3
|
%
|
|
25.5
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
13.1
|
%
|
|
12.4
|
%
|
|
|
|
|
|||||
Interest income, net
|
|
(0.1
|
)%
|
|
(0.1
|
)%
|
|
|
|
|
|||||
Other income, net
|
|
(0.5
|
)%
|
|
(0.3
|
)%
|
|
|
|
|
|||||
Income tax expense
|
|
3.1
|
%
|
|
3.1
|
%
|
|
|
|
|
|||||
Net income attributable to Methode Electronics, Inc.
|
|
11.7
|
%
|
|
10.4
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
461.6
|
|
|
$
|
452.8
|
|
|
$
|
8.8
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
325.5
|
|
|
328.5
|
|
|
(3.0
|
)
|
|
(0.9
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
136.1
|
|
|
124.3
|
|
|
11.8
|
|
|
9.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
24.9
|
|
|
24.6
|
|
|
0.3
|
|
|
1.2
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income from operations
|
|
$
|
111.2
|
|
|
$
|
99.7
|
|
|
$
|
11.5
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
70.5
|
%
|
|
72.5
|
%
|
|
|
|
|
|||||
Gross margins
|
|
29.5
|
%
|
|
27.5
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
5.4
|
%
|
|
5.4
|
%
|
|
|
|
|
|||||
Income from operations
|
|
24.1
|
%
|
|
22.0
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
94.9
|
|
|
$
|
104.3
|
|
|
$
|
(9.4
|
)
|
|
(9.0
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
74.4
|
|
|
79.5
|
|
|
(5.1
|
)
|
|
(6.4
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
20.5
|
|
|
24.8
|
|
|
(4.3
|
)
|
|
(17.3
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
20.6
|
|
|
22.2
|
|
|
(1.6
|
)
|
|
(7.2
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income/(loss) from operations
|
|
$
|
(0.1
|
)
|
|
$
|
2.6
|
|
|
$
|
(2.7
|
)
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
78.4
|
%
|
|
76.2
|
%
|
|
|
|
|
|||||
Gross margins
|
|
21.6
|
%
|
|
23.8
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
21.7
|
%
|
|
21.3
|
%
|
|
|
|
|
|||||
Income/(loss) from operations
|
|
(0.1
|
)%
|
|
2.5
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
39.9
|
|
|
$
|
39.1
|
|
|
$
|
0.8
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
29.4
|
|
|
31.9
|
|
|
(2.5
|
)
|
|
(7.8
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
10.5
|
|
|
7.2
|
|
|
3.3
|
|
|
45.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
2.8
|
|
|
2.5
|
|
|
0.3
|
|
|
12.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Income from operations
|
|
$
|
7.7
|
|
|
$
|
4.7
|
|
|
$
|
3.0
|
|
|
63.8
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Percent of sales:
|
|
January 28,
2017 |
|
January 30,
2016 |
|
|
|
|
|||||||
Net sales
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|||||
Cost of products sold
|
|
73.7
|
%
|
|
81.6
|
%
|
|
|
|
|
|||||
Gross margins
|
|
26.3
|
%
|
|
18.4
|
%
|
|
|
|
|
|||||
Selling and administrative expenses
|
|
7.0
|
%
|
|
6.4
|
%
|
|
|
|
|
|||||
Income from operations
|
|
19.3
|
%
|
|
12.0
|
%
|
|
|
|
|
|
|
January 28,
2017 |
|
January 30,
2016 |
|
Net Change
|
|
Net Change
|
|||||||
Net sales
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Cost of products sold
|
|
3.8
|
|
|
3.1
|
|
|
0.7
|
|
|
22.6
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gross profit
|
|
(3.6
|
)
|
|
(3.0
|
)
|
|
(0.6
|
)
|
|
20.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Selling and administrative expenses
|
|
4.4
|
|
|
3.2
|
|
|
1.2
|
|
|
37.5
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Loss from operations
|
|
$
|
(8.0
|
)
|
|
$
|
(6.2
|
)
|
|
$
|
(1.8
|
)
|
|
29.0
|
%
|
|
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Credit Agreement dated as of November 18, 2016 among the Company, Bank of America N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association, as L/C Issuer and the lenders named therein.
(1)
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
|
32
|
|
Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350
|
101
|
|
Interactive Data File
|
|
|
|
METHODE ELECTRONICS, INC.
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ John R. Hrudicka
|
|
|
|
|
John R. Hrudicka
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(principal financial officer)
|
|
|
|
|
|
Dated:
|
March 2, 2017
|
|
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Credit Agreement dated as of November 18, 2016 among the Company, Bank of America N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association, as L/C Issuer and the lenders named therein.
(1)
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
|
32
|
|
Certification of Periodic Financial Report Pursuant to 18 U.S.C. Section 1350
|
101
|
|
Interactive Data File
|
1 Year Methode Electronics Chart |
1 Month Methode Electronics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions