Methode Electronics, Inc.
Financial Highlights
(In thousands, except per share data, unaudited)
Three Months Ended
November 1, October 27,
2008 2007
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Net sales $ 121,304 $ 133,239
Other income 959 527
Cost of products sold 97,815 105,900
Restructuring 6,284 -
Selling and administrative expenses 18,650 16,107
Income from operations (486) 11,759
Interest, net 469 611
Other, net 1,853 (941)
Income before income taxes 1,836 11,429
Income taxes (865) 2,623
Net income 2,701 8,806
Basic and diluted earnings per common share $ 0.07 $ 0.24
Average Number of Common Shares Outstanding:
Basic 37,068 37,079
Diluted 37,551 37,467
Six Months Ended
November 1, October 27,
2008 2007
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Net sales $ 255,818 $ 258,248
Other income 1,692 673
Cost of products sold 203,245 204,235
Restructuring 11,201 -
Selling and administrative expenses 35,102 32,071
Income from operations 7,962 22,615
Interest, net 1,003 1,047
Other, net 1,584 (1,161)
Income before income taxes 10,549 22,501
Income taxes 1,032 5,423
Net income 9,517 17,078
Basic earnings per common share $ 0.26 $ 0.46
Diluted earnings per common share $ 0.25 $ 0.46
Average Number of Common Shares Outstanding:
Basic 37,120 37,033
Diluted 37,584 37,476
Methode Electronics, Inc.
Summary Balance Sheet
(In thousands)
November 1, April 28,
2008 2008
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Cash $ 52,806 $ 104,305
Accounts receivable - net 73,599 85,805
Inventories 68,043 55,949
Other current assets 14,567 14,758
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Total Current Assets 209,015 260,817
Property, plant and equipment - net 80,404 90,280
Goodwill - net 68,085 54,476
Intangible assets - net 54,184 41,282
Other assets 26,144 23,365
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Total Assets $ 437,832 $ 470,220
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Accounts payable $ 32,922 $ 42,810
Other current liabilities 25,654 33,902
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Total Current Liabilities 58,576 76,712
Other liabilities 21,772 20,723
Shareholders' equity 357,484 372,785
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Total Liabilities and Shareholders' Equity $ 437,832 $ 470,220
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Methode Electronics, Inc.
Summary Statement of Cash Flow
(In thousands)
Six Months Ended
November October
1, 27,
2008 2007
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Operating Activities:
Net income $ 9,517 $ 17,078
Provision for depreciation 12,489 9,939
Impairment of assets 3,177 0
Amortization of intangibles 3,052 2,739
Amortization of stock awards and stock options 1,605 1,602
Changes in operating assets and liabilities (1,160) 10,587
Other 735 174
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Net Cash Provided by Operating Activities 29,415 42,119
Investing Activities:
Purchases of property, plant and equipment (9,557) (10,082)
Proceeds from sale of building - 960
Acquisitions of businesses (57,010) (7,696)
Joint venture dividend - (1,000)
Other (209) (346)
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Net Cash Used in Investing Activities (66,776) (18,164)
Financing Activities:
Repurchase of common stock (5,137) -
Proceeds from exercise of stock options 110 1,145
Tax benefit from stock options and awards 46 190
Dividends (4,528) (3,781)
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Net Cash Used in Financing Activities (9,509) (2,446)
Effect of foreign exchange rate changes on cash (4,629) 1,250
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Increase (Decrease) in Cash and Cash Equivalents (51,499) 22,759
Cash and Cash Equivalents at Beginning of Period 104,305 60,091
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Cash and Cash Equivalents at End of Period $ 52,806 $ 82,850
Contact Information: For Methode Electronics Inc. - Investor Contacts: Philip Kranz Dresner Corporate Services 312-780-7240 pkranz@dresnerco.com Kristine Walczak Dresner Corporate Services 312-780-7205 kwalczak@dresnerco.com