10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

__________________________________ 

FORM 10-Q

(Mark One)

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended October 31, 2015

or

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

for the transition period from ______ to ______

 __________________________________ 

Commission file number 0-2816

METHODE ELECTRONICS, INC.

(Exact name of registrant as specified in its charter)

Delaware	36-2090085
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

7401 West Wilson Avenue, Harwood Heights, Illinois	60706-4548
(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code) (708) 867-6777

None

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x  No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company.  See definitions of “large accelerated filer” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o

(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No x

At December 8, 2015, registrant had 38,106,823 shares of common stock outstanding.

METHODE ELECTRONICS, INC.

FORM 10-Q

October 31, 2015

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed consolidated balance sheets as of October 31, 2015 (unaudited) and May 2, 2015	2
	Condensed consolidated statements of operations (unaudited) – three months and six months ended October 31, 2015 and November 1, 2014	3
	Condensed consolidated statements of comprehensive income (unaudited) – three months and six months ended October 31, 2015 and November 1, 2014	4
	Condensed consolidated statements of cash flows (unaudited) – six months ended October 31, 2015 and November 1, 2014	5
	Notes to condensed consolidated financial statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29
PART II.	OTHER INFORMATION
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 6.	Exhibits	30
SIGNATURES		31
INDEX TO EXHIBITS		32

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

($ in millions)

	As of			As of
	October 31, 2015			May 2, 2015
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	186.6		$	168.1
Accounts receivable, net	165.2			170.4
Inventories:
Finished products	13.8			16.0
Work in process	9.7			12.2
Materials	42.7			42.7
	66.2			70.9
Deferred income taxes	13.9			15.0
Prepaid expenses and other current assets	18.5			13.9
TOTAL CURRENT ASSETS	450.4			438.3
PROPERTY, PLANT AND EQUIPMENT	313.5			309.2
Less allowances for depreciation	223.0			215.9
	90.5			93.3
GOODWILL	1.6			1.7
INTANGIBLE ASSETS, net	10.1			11.3
PRE-PRODUCTION COSTS	9.4			10.5
DEFERRED INCOME TAXES	28.9			32.1
OTHER ASSETS	19.0			18.6
	69.0			74.2
TOTAL ASSETS	$	609.9		$	605.8
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$	71.2		$	70.1
Other current liabilities	40.3			60.5
TOTAL CURRENT LIABILITIES	111.5			130.6
LONG-TERM DEBT	22.0			5.0
OTHER LIABILITIES	3.9			4.0
DEFERRED COMPENSATION	7.8			7.2
SHAREHOLDERS’ EQUITY
Common stock, $0.50 par value, 100,000,000 shares authorized, 39,453,447 and 39,702,036 shares issued as of October 31, 2015 and May 2, 2015, respectively	19.7			19.9
Additional paid-in capital	108.7			102.2
Accumulated other comprehensive income	(16.4		)	(8.3		)
Treasury stock, 1,346,624 shares as of October 31, 2015 and May 2, 2015	(11.5		)	(11.5		)
Retained earnings	364.1			356.5
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS’ EQUITY	464.6			458.8
Noncontrolling interest	0.1			0.2
TOTAL EQUITY	464.7			459.0
TOTAL LIABILITIES AND EQUITY	$	609.9		$	605.8

See notes to condensed consolidated financial statements.

2

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

($ in millions, except per share data)

	Three Months Ended						Six Months Ended
	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
Net sales	$	208.4		$	229.7		$	411.7		$	447.8
Cost of products sold	157.5			169.5			307.2			337.2
Gross profit	50.9			60.2			104.5			110.6
Selling and administrative expenses	24.5			25.4			47.6			47.6
Income from operations	26.4			34.8			56.9			63.0
Interest income, net	(0.3		)	(0.1		)	(0.5		)	(0.2		)
Other (income) / expense	(0.2		)	0.2			(0.5		)	0.1
Income before income taxes	26.9			34.7			57.9			63.1
Income tax expense	5.7			8.7			13.1			15.7
Net income	21.2			26.0			44.8			47.4
Less: Net income attributable to noncontrolling interest	—			—			—			—
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	$	21.2		$	26.0		$	44.8		$	47.4
Amounts per common share attributable to Methode Electronics, Inc.:
Basic	$	0.55		$	0.67		$	1.15		$	1.23
Diluted	$	0.54		$	0.66		$	1.15		$	1.21
Cash dividends:
Common stock	$	0.09		$	0.09		$	0.18		$	0.18
Weighted average number of Common Shares outstanding:
Basic	38,972,930			38,694,583			38,913,836			38,571,015
Diluted	39,077,839			39,516,436			39,031,424			39,038,647

See notes to condensed consolidated financial statements.

3

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

($ in millions)

	Three Months Ended						Six Months Ended
	October 31, 2015			November 1, 2014			October 31, 2015			November 1, 2014
Net income	$	21.2		$	26.0		$	44.8		$	47.4
Foreign currency translation adjustment	(2.0		)	(10.8		)	(8.1		)	(16.1		)
Comprehensive income	19.2			15.2			36.7			31.3
Less: Comprehensive income attributable to non-controlling interest	—			—			—			—
Comprehensive income attributable to Methode Electronics, Inc.	$	19.2		$	15.2		$	36.7		$	31.3

See notes to consolidated financial statements.

4

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

($ in millions)

	Six Months Ended
	October 31, 2015			November 1, 2014
OPERATING ACTIVITIES
Net income	$	44.8		$	47.4
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation	10.8			11.2
Amortization of intangibles	1.2			0.8
Amortization of stock awards and stock options	2.2			2.2
Changes in operating assets and liabilities	(9.9		)	1.6
NET CASH PROVIDED BY OPERATING ACTIVITIES	49.1			63.2
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(9.5		)	(10.8		)
NET CASH USED IN INVESTING ACTIVITIES	(9.5		)	(10.8		)
FINANCING ACTIVITIES
Taxes paid related to net share settlement of equity awards	(7.6		)	—
Purchase of common stock	(22.8		)	—
Proceeds from exercise of stock options	0.4			6.3
Excess tax benefit from equity-based compensation	4.0			—
Cash dividends	(6.9		)	(6.9		)
Proceeds from borrowings	25.0			—
Repayment of borrowings	(8.0		)	(18.0		)
NET CASH USED IN FINANCING ACTIVITIES	(15.9		)	(18.6		)
Effect of foreign currency exchange rate changes on cash	(5.2		)	(6.0		)
INCREASE IN CASH AND CASH EQUIVALENTS	18.5			27.8
Cash and cash equivalents at beginning of period	168.1			116.4
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	186.6		$	144.2

See notes to condensed consolidated financial statements.

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METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

1.BASIS OF PRESENTATION

Methode Electronics, Inc. was incorporated in 1946 as an Illinois corporation and reincorporated in Delaware in 1966.  As used herein, “we,” “us,” “our,” the “Company” or “Methode” means Methode Electronics, Inc. and its subsidiaries.  Our business is managed and our financial results are reported on a segment basis, with those segments being Automotive, Interface, Power Products and Other.  The condensed consolidated financial statements and related disclosures as of October 31, 2015 and results of operations for the three and six months ended October 31, 2015 and November 1, 2014 are unaudited, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  The May 2, 2015 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”).  Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.  In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods.  These financial statements should be read in conjunction with the financial statements included in our Form 10-K for the year ended May 2, 2015, filed with the SEC on June 25, 2015.  Results may vary from quarter to quarter for reasons other than seasonality.

2.RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers.”  The core principle is that a company should recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” which deferred the effective date for all entities by one year so it is now effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. We are still assessing the impact of adoption on our consolidated financial statements.

In July 2015, FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory". This ASU requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. The guidance is effective for interim and annual periods beginning after December 15, 2016, and is to be applied prospectively. Early adoption is permitted. We do not believe the adoption of this standard will have a significant effect on our consolidated financial statements.

In May 2015, the FASB issued ASU 2015-7, "Fair Value Measurement: Disclosure for Investments in Certain Entities that calculates Net Asset Value per Share (or its Equivalent)". This amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net value asset per share. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We do not believe the adoption of this standard will have a significant effect on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs". This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The update requires retrospective application and represents a change in accounting principle. We do not believe the adoption of this standard will have a significant effect on our consolidated financial statements.

In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)", which eliminates the concept of extraordinary items. The standard does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The standard allows prospective or retrospective application. Early adoption is permitted if applied from the beginning of the fiscal year of adoption. We do not believe the adoption of this standard will have any significant effect on our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16 "Business Combinations Simplifying the Accounting for Measurement-Period Adjustments". The standard requires that an acquirer recognize measurement-period adjustments in the period in which the adjustments are determined. The income effects of such measurement-period adjustments are to be recorded in the same period’s financial statements but calculated as if the accounting had been completed as of the acquisition

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METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

date. The impact of measurement-period adjustments to earnings that relate to prior period financial statements are to be presented separately on the income statement or disclosed by line item. This accounting guidance is effective for us on a prospective basis beginning in the first quarter of fiscal 2017.

3.GOODWILL AND INTANGIBLE ASSETS

We review our goodwill and other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable, and at least annually in accordance with ASC No. 350, “Intangibles — Goodwill and Other”.  The values assigned to goodwill and intangible assets are normally based on estimates and judgments regarding expectations for the success and life cycle of products and technologies acquired.  A severe decline in expectations could result in significant impairment charges, which could have a material adverse effect on our financial condition and results of operations.

The following table shows the roll-forward of goodwill in the financial statements for the six months ended October 31, 2015:

	As of October 31, 2015
				Power
	Interface			Products		Total
Balance as of May 2, 2015	$	0.7		$	1.0	$	1.7
Foreign currency translation	(0.1		)	—		(0.1		)
Balance as of October 31, 2015	$	0.6		$	1.0	$	1.6

The following tables present details of the Company’s intangible assets:

	As of October 31, 2015
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16.3	$	15.2	$	1.1	8.3
Trade names, patents and technology licenses	25.8		16.8		9.0		2.9
Covenants not to compete	0.1		0.1		—		1.9
Total	$	42.2	$	32.1	$	10.1

	As of May 2, 2015
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16.3	$	15.0	$	1.3	8.8
Trade names, patents and technology licenses	25.8		15.8		10.0		3.3
Covenants not to compete	0.1		0.1		—		2.4
Total	$	42.2	$	30.9	$	11.3

The estimated aggregate amortization expense for the current fiscal year and each of the four succeeding fiscal years is as follows:

2016	$2.4
2017	$2.3
2018	$2.2
2019	$2.1
2020	$0.2

As of October 31, 2015 and May 2, 2015, the trade names, patents and technology licenses include $1.8 million of trade names that are not subject to amortization.

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METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

4.INCOME TAXES

At May 2, 2015, we recorded a deferred tax benefit of $7.2 million related to the release of a foreign valuation allowance and a $1.4 million deferred tax benefit related to the release of our state valuation allowance. The Company evaluated all available positive and negative evidence, including past operating results and projection of future taxable income and determined it is more likely than not that expected future taxable income will be sufficient to utilize substantially all of our foreign, federal and US state net deferred tax assets. The Company maintained a valuation allowance of $1.2 million at October 31, 2015 and May 2, 2015 related to certain state and federal net operating loss carryovers and expects to continue to maintain this allowance until we determine that these deferred tax assets are more likely than not realizable.

At October 31, 2015, we had available $2.1 million of federal and $80.6 million of state net operating loss carry forwards (having a tax benefit of $0.7 million and $3.8 million, respectively) and $3.7 million of foreign tax credit carry forwards. If unused, the U.S. federal net operating loss carry forwards will expire in the fiscal years 2018 through 2031. The state net operating loss carry forwards will expire in the fiscal years 2016 through 2035. The foreign tax credits will expire in the fiscal years 2023 through 2024.

The tax laws of Malta provide for investment tax credits of 30% of certain qualified expenditures. Unused credits of $16.1 million as of October 31, 2015 can be carried forward indefinitely. We record investment tax credits using the "flow through" method.

The Company recognized an income tax provision of $5.7 million and $8.7 million for the three months ended October 31, 2015 and November 1, 2014, respectively. The Company's effective tax rate was 21.2% and 25.1% for the three months ended October 31, 2015 and November 1, 2014, respectively. The Company recognized an income tax provision of $13.1 million and $15.7 million for the six months ended October 31, 2015 and November 1, 2014, respectively. The Company's effective tax rate was 22.7% and 24.9% for the six months ended October 31, 2015 and November 1, 2014, respectively. The income tax provision for both the three and six months ended October 31, 2015 and November 1, 2014 is lower than the U.S. statutory rate primarily due to foreign investment tax credits and foreign operations with lower statutory rates.

We record interest and penalties accrued related to the unrecognized tax benefits in the provision for income taxes.  We had approximately $0.1 million accrued at October 31, 2015 for the payment of interest and penalties.  The total unrecognized tax benefit as of October 31, 2015 was $0.9 million. We recorded an unrecognized tax benefit of $0.1 million in the first half of fiscal 2016. There have been no material changes to the accrued amounts in the current fiscal year.

The Company and all of its domestic subsidiaries file income tax returns in the U.S. federal jurisdiction and various states.  Our foreign subsidiaries file income tax returns in certain foreign jurisdictions since they have operations outside the U.S.  The Company and its subsidiaries are generally no longer subject to U.S. federal, state and local examinations by tax authorities for all years except fiscal 2014, 2013, 2012 and 2011.

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METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

5.COMMON STOCK AND STOCK-BASED COMPENSATION

During the quarter ended October 31, 2015, the Compensation Committee of the Board of Directors authorized a new long-term incentive program for key employees consisting of performance-based Restricted Stock Awards (“RSAs”) and time-based Restricted Stock Units (“RSUs”).

The number of RSAs earned will vary based on performance relative to established goals for fiscal 2020 adjusted EBITDA, with 50% of the target shares earned for threshold performance (representing 342,000 shares), 100% of the target shares earned for target performance (representing 684,000 shares) and 150% of the target shares earned for maximum performance (representing 1,026,000 shares).

At the target level of performance, the expected expense for the RSAs over the five-year period will be $21.8 million. During the quarter ended October 31, 2015, the Company recorded $0.4 million in compensation expense related to the RSA’s.

As of October 31, 2015, the Company is recording the RSA compensation expense based on target performance. In future periods, if management makes a determination that the target will likely be exceeded for fiscal 2020, a catch-up adjustment to compensation expense will be recorded in that period. This amount could be material to the financial statements.

The Company also granted 516,000 RSU's to key employees. The RSU’s are subject to a five-year vesting period, with 30% vesting on on each April 28, 2018 and 2019 and 40% vesting on May 2, 2020. The total expense for the RSU's is expected to be $16.5 million through 2020. During the quarter ended October 31, 2015, the Company recorded $0.4 million of compensation expense related to the RSU's.

6.NET INCOME PER SHARE

Basic net income per share is calculated by dividing net income attributable to Methode shareholders by the weighted average number of common shares outstanding for the applicable period.  Diluted net income per share is calculated after adjusting the denominator of the basic net income per share calculation for the effect of all potentially dilutive stock compensation awards outstanding during the period.

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended				Six Months Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
Numerator - net income attributable to Methode Electronics, Inc.	$	21.2	$	26.0	$	44.8	$	47.4
Denominator:	—		—
Denominator for basic net income per share-weighted average shares outstanding and vested/unissued restricted stock awards	38,972,930		38,694,583		38,913,836		38,571,015
Dilutive potential common shares-employee and director stock options, restricted stock awards and restricted stock units	104,909		821,853		117,588		467,632
Denominator for diluted net income per share	39,077,839		39,516,436		39,031,424		39,038,647
Net income per share:
Basic	$	0.55	$	0.67	$	1.15	$	1.23
Diluted	$	0.54	$	0.66	$	1.15	$	1.21

For the three months and six months ended October 31, 2015 and November 1, 2014, options to purchase 158,500 shares have been excluded in the computation of diluted net income per share because the exercise price was greater than the average market price for those periods, and therefore, would have been anti-dilutive. Restricted stock awards for 684,000

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METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

shares have been excluded in the computation of diluted net income per share for both the three months and six months ended October 31, 2015, as these awards are contingent on the Company's full year performance in fiscal 2020. Restricted stock awards for 700,000 shares have been excluded in the computation of diluted net income per share for both the three months and six months ended November 1, 2014, as these awards were contingent on the Company's full year performance in fiscal 2015.

7.SEGMENT INFORMATION

We are a global manufacturer of component and subsystem devices.  We design, manufacture and market devices employing electrical, electronic, wireless, sensing and optical technologies.  Our components are found in the primary end markets of the automotive, appliance, communications (including information processing and storage, networking equipment, wireless and terrestrial voice/data systems), aerospace, rail and other transportation industries, and the consumer and industrial equipment markets.

ASC No. 280, “Segment Reporting”, establishes annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources.  The CODM, as defined by ASC No. 280, is the Company’s President and Chief Executive Officer (“CEO”).

We have multiple operating segments that are aggregated in four reportable segments. Those segments are Automotive, Interface, Power Products and Other.

The Automotive segment supplies electronic and electromechanical devices and related products to automobile Original Equipment Manufacturers ("OEMs"), either directly or through their tiered suppliers. Our products include control switches for electrical power and signals, connectors for electrical devices, integrated control components, switches and sensors that monitor the operation or status of a component or system, and packaging of electrical components as well as design and manufacture of magnetic torque sensing products.

The Interface segment provides a variety of copper and fiber-optic interconnect and interface solutions for the aerospace, appliance, commercial, computer, construction, consumer, material handling, medical, military, mining, networking, storage, and telecommunications markets.  Solutions include conductive polymers, connectors, custom cable assemblies, industrial safety radio remote controls, optical and copper transceivers, personal computer and express card packaging and terminators, solid-state field effect interface panels, and thick film inks.  Services include the design and installation of fiber optic and copper infrastructure systems, and manufacturing active and passive optical components.

The Power Products segment manufactures braided flexible cables, current-carrying laminated bus devices, custom power-product assemblies, high-current low voltage flexible power cabling systems and powder coated bus bars that are used in various markets and applications, including aerospace, computers, industrial and power conversion, military, telecommunications, and transportation.

The Other segment includes medical devices, inverters and battery systems and insulated gate bipolar transistor solutions.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Form 10-K for the fiscal year ended May 2, 2015.  We allocate resources to segments based on operating income. Transfers between segments are recorded using internal transfer prices set by us.

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METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

	Three Months Ended October 31, 2015
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	163.1		$	36.0		$	11.8	$	—		$	(2.5	)	$	208.4
Transfers between segments	(2.3		)	(0.2		)	—		—			2.5			—
Net sales to unaffiliated customers	$	160.8		$	35.8		$	11.8	$	—		$	—		$	208.4
Income (loss) from operations	$	35.1		$	1.4		$	0.5	$	(1.9	)	$	(8.7	)	$	26.4
Interest income, net															(0.3		)
Other income, net															(0.2		)
Income before income taxes															$	26.9

	Three Months Ended November 1, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	167.1		$	41.1		$	21.7		$	1.7		$	(1.9	)	$	229.7
Transfers between segments	(1.2		)	(0.5		)	(0.1		)	(0.1		)	1.9			—
Net sales to unaffiliated customers	$	165.9		$	40.6		$	21.6		$	1.6		$	—		$	229.7
Income/(loss) from operations	$	35.0		$	4.8		$	5.6		$	(1.0	)	$	(9.6	)	$	34.8
Interest income, net																(0.1		)
Other expense, net																0.2
Income before income taxes																$	34.7

	Six Months Ended October 31, 2015
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	317.9		$	70.1		$	28.3	$	0.1		$	(4.7	)	$	411.7
Transfers between segments	(4.1		)	(0.5		)	—		(0.1		)	4.7			—
Net sales to unaffiliated customers	$	313.8		$	69.6		$	28.3	$	—		$	—		$	411.7
Income/(loss) from operations	$	71.1		$	2.1		$	3.5	$	(4.1	)	$	(15.7	)	$	56.9
Interest income, net															(0.5		)
Other income, net															(0.5		)
Income before income taxes															$	57.9

	Six Months Ended November 1, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	323.9		$	85.6		$	38.0		$	3.4		$	(3.1	)	$	447.8
Transfers between segments	(1.6		)	(1.1		)	(0.2		)	(0.1		)	3.0			—
Net sales to unaffiliated customers	$	322.3		$	84.5		$	37.8		$	3.3		$	(0.1	)	$	447.8
Income/(loss) from operations	$	62.7		$	11.9		$	8.6		$	(3.1	)	$	(17.1	)	$	63.0
Interest income, net																(0.2		)
Other expense, net																0.1
Income before income taxes																$	63.1

11

METHODE ELECTRONICS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollar amounts in millions, except per share data)

8.          CONTINGENCIES

Certain litigation arising in the normal course of business is pending against us.  We are from time to time subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters and environmental matters.  We consider insurance coverage and third-party indemnification when determining required accruals for pending litigation and claims.  Although the outcome of potential legal actions and claims cannot be determined, it is our opinion, based on the information available, that we have adequate reserves for these liabilities.

Hetronic Germany-GmbH Matters    

For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. We became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, weterminated all of our agreements with the Fuchs companies. On June 20, 2014, we filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements seeking damages, as well as various forms of injunctive relief. The defendants have filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, we amended our complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional, affiliated parties. The Court denied the defendants’ motions to dismiss, although some of the defendants have filed a motion to reconsider that denial. Discovery has commenced in the case and is ongoing. 

9.          PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY ARRANGEMENTS

We incur pre-production tooling costs related to certain products produced for our customers under long-term supply agreements.  We had $9.4 million and $10.5 million as of October 31, 2015 and May 2, 2015, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling.  Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract.

10.          DEBT AND CREDIT AGREEMENT

We are party to an Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain other financial institutions, which has a maturity of September 21, 2017. The credit facility is in the aggregate principal amount of $100.0 million, with an option to increase the principal amount by an additional $50.0 million, subject to customary conditions and approval of the lender(s) providing new commitment(s). The credit facility provides for variable rates of interest based on the type of borrowing and the Company's debt to EBITDA financial ratio. The Amended and Restated Credit Agreement is guaranteed by certain of our U.S. subsidiaries. At October 31, 2015, the interest rate on the credit facility was 1.5% plus LIBOR and we were in compliance with the covenants of the agreement. During the first six months of fiscal 2016, we had borrowings of $25.0 million and payments of $8.2 million, which includes interest of $0.2 million, under this credit facility. As of October 31, 2015, there were outstanding balances against the credit facility of $22.0 million.  There was $78.0 million available to borrow under the credit facility as of October 31, 2015, which does not include the option to increase the principal amount. We believe the fair value approximates the carrying amount as of October 31, 2015.

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement

Certain statements in this report are forward-looking statements that are subject to certain risks and uncertainties.  We undertake no duty to update any such forward-looking statements to conform to actual results or changes in our expectations.  Our business is highly dependent upon two large automotive customers and specific makes and models of automobiles.  Our results will be subject to many of the same risks that apply to the automotive, appliance, computer and communications industries, such as general economic conditions, interest rate fluctuations, consumer spending patterns and technological changes.   Other factors which may result in materially different results for future periods include the following risk factors. Additional risks and uncertainties not presently known or that our management currently believe to be insignificant may also adversely affect our financial condition or results of operations.  These risk factors should be considered in connection with evaluating the forward-looking statements contained in this report because these factors could cause our actual results and condition to differ materially from those projected in forward-looking statements.  The forward-looking statements in this report are subject to the safe harbor protection provided under the securities laws and are made as of the date of this report.

• 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.

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• 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.

• Our inability to effectively manage the timing, volume, quality and cost of new program launches could adversely affect our financial performance.

• Disruption of our supply chain could have an adverse effect on our business, financial condition and results of operations.

• We are dependent on the availability and price of materials.

• 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.

• Changes in our effective tax rate may harm our results of operations.

• Our gross margins are subject to fluctuations due to many factors such as geographical and vertical market pricing mix, changes in the mix of our prototyping and production-based business, competitive pricing dynamics and customer mix, pricing concessions, various manufacturing cost variables including product yields, package and assembly costs and provisions for obsolete inventory and the absorption of manufacturing overhead and any significant decrease in our gross margins could adversely affect our business, financial condition and results of operations.

• We may be required to recognize impairment charges.

• We may be unable to keep pace with rapid technological changes, which could adversely affect our business.

• 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.

• 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.

• 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.

• 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.

• We currently have a significant amount of our cash located outside the U.S.

• 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.

• Our information technology (“IT”) systems could be breached.

• 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 such forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ materially from those foreseen in such forward-looking statements.  These forward-looking statements speak only as of the date of the report, press release, statement, document, webcast or oral discussion in which they are made.  We do not intend to update any forward-looking statements, all of which are expressly qualified by the foregoing.  See Part I — Item 1A, Risk Factors of our Form 10-K for the fiscal year ended May 2, 2015, for a further discussion regarding some of the reasons that actual results may be materially different from those we anticipate.

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Overview

We are a global manufacturer of component and subsystem devices with manufacturing, design and testing facilities in China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, Singapore, Switzerland, the United Kingdom and the United States. We are a global designer and manufacturer of electronic and electro-mechanical devices. We design, manufacture and market devices employing electrical, radio remote control, electronic, wireless, sensing and optical technologies. Our business is managed on a segment basis, with those segments being Automotive, Interface, Power Products and Other.  For more information regarding the business and products of these segments, see “Item 1. Business.” of our Form 10-K for the fiscal year ended May 2, 2015.

Our components are found in the primary end markets of the aerospace, appliance, automotive, construction, consumer and industrial equipment markets, communications (including information processing and storage, networking equipment, wireless and terrestrial voice/data systems), rail and other transportation industries.

Plan to Repurchase Common Stock    

In September 2015, the Board of Directors authorized the repurchase of up to $100 million of the Company's outstanding common stock through September 1, 2017. The Company has purchased $22.8 million of outstanding common stock as of October 31, 2015. The program may be suspended or terminated at any time.

Sale of Trace Laboratories    

On February 3, 2015, we sold our 100% ownership interest in our Trace Laboratories businesses for $11.7 million,

including $0.5 million held in escrow which is expected to be received in fiscal 2016. The businesses, located in Maryland and

Illinois, provided services for qualification testing and certification, and analysis of electronic and optical components. The net

assets of the businesses had a book value of $4.0 million. We recorded a pre-tax gain of $7.7 million, related to the sale of the net assets in the fourth quarter of fiscal 2015.

Hetronic Germany-GmbH Matters    

For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. We became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, weterminated all of our agreements with the Fuchs companies. On June 20, 2014, we filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements seeking damages, as well as various forms of injunctive relief. The defendants have filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, we amended our complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional, affiliated parties. The Court denied the defendants’ motions to dismiss, although some of the defendants have filed a motion to reconsider that denial. Discovery has commenced in the case and is ongoing.

14

Results of Operations for the Three Months Ended October 31, 2015 as Compared to the Three Months Ended November 1, 2014

Consolidated Results

Below is a table summarizing results for the three months ended:

($ in millions)

(“N/M” equals not meaningful)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	208.4		$	229.7		$	(21.3	)	(9.3	)%
Cost of products sold	157.5			169.5			(12.0		)	(7.1	)%
Gross profit	50.9			60.2			(9.3		)	(15.4	)%
Selling and administrative expenses	24.5			25.4			(0.9		)	(3.5	)%
Interest income, net	(0.3		)	(0.1		)	(0.2		)	N/M
Other (income)/expense, net	(0.2		)	0.2			(0.4		)	N/M
Income tax expense	5.7			8.7			(3.0		)	(34.5	)%
Net income attributable to Methode Electronics, Inc.	$	21.2		$	26.0		$	(4.8	)	(18.5	)%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	75.6		%	73.8		%
Gross margins	24.4		%	26.2		%
Selling and administrative expenses	11.8		%	11.1		%
Interest income, net	(0.1		)%	—		%
Other (income)/expense, net	(0.1		)%	0.1		%
Income tax expense	2.7		%	3.8		%
Net income attributable to Methode Electronics, Inc.	10.2		%	11.3		%

Net Sales.  Consolidated net sales decreased$21.3 million, or 9.3%, to $208.4 million for the three months ended October 31, 2015, from $229.7 million for the three months ended November 1, 2014.  The Automotive segment net sales decreased$5.1 million, or 3.1%, to $160.8 million for the second quarter of fiscal 2016, from $165.9 million for the second quarter of fiscal 2015, primarily due to lower sales volumes of the Ford Center Console program, currency rate fluctuations and pricing concessions on certain products, partially offset by increased sales volumes for the GM Center Console program and transmission lead-frame assemblies.  The Interface segment net sales decreased$4.8 million, or 11.8%, to $35.8 million for the second quarter of fiscal 2016, compared to $40.6 million for the second quarter of fiscal 2015, due to lower sales volumes of appliance, data solutions and radio remote control products. The Power Products segment net sales decreased$9.8 million, or 45.4%, to $11.8 million for the second quarter of fiscal 2016, compared to $21.6 million for the second quarter of fiscal 2015, primarily due to lower sales volumes for datacom, cabling and busbar products.  The Other segment had minimal sales in the second quarter of fiscal 2016 because the Company sold its Trace Laboratories operating units in the fourth quarter of fiscal 2015 and the remaining operating units in this segment, medical devices, inverters and battery systems, had minimal net sales in the second quarter of fiscal 2016 or the second quarter of fiscal 2015. Translation of foreign operations net sales for the three months ended October 31, 2015 decreased reported net sales by $4.6 million, or 2.2%, due to average currency rate fluctuations in the second quarter of fiscal 2016, compared to the second quarter of fiscal 2015, primarily due to the strengthening of the U.S. dollar compared to the euro.

Cost of Products Sold.  Consolidated cost of products sold decreased$12.0 million, or 7.1%, to $157.5 million for the three months ended October 31, 2015, compared to $169.5 million for the three months ended November 1, 2014.  Consolidated cost of products sold as a percentage of net sales was 75.6% for the second quarter of fiscal 2016, compared to

15

73.8% for the second quarter of fiscal 2015.  The Automotive segment experienced a decrease in cost of products sold as a percentage of net sales substantially due to favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations. The cost of products sold as a percentage of sales was also favorably impacted in the second quarter of fiscal 2016 due to the ramp-up of production in our lower cost manufacturing operation in Egypt. The Interface segment experienced a decrease in cost of products sold as a percentage of net sales primarily due to sales mix within the segment as well as raw material cost and direct labor cost reductions in our appliance reporting unit, partially offset with manufacturing inefficiencies due to lower sales volumes. The Power Products segment experienced an increase in cost of products sold as a percentage of sales due to manufacturing inefficiencies related to decreased sales volumes.

Gross Profit.  Consolidated gross profit decreased$9.3 million, or 15.4%, to $50.9 million for the three months ended October 31, 2015, as compared to $60.2 million for the three months ended November 1, 2014.  Gross margins as a percentage of net sales decreased to 24.4% for the three months ended October 31, 2015, compared to 26.2% for the three months ended November 1, 2014.  The decrease is primarily due to manufacturing inefficiencies related to decreased sales volumes for the Power Products segments, partially offset by favorable commodity pricing and the favorable currency impact on the purchase of certain raw materials and labor costs in our foreign operations.

Selling and Administrative Expenses.  Selling and administrative expenses decreased by $0.9 million, or 3.5%, to $24.5 million for the three months ended October 31, 2015, compared to $25.4 million for the three months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales increased to 11.8% for the three months ended October 31, 2015 from 11.1% for the three months ended November 1, 2014. In the second quarter of fiscal 2016, bonus expense decreased by $4.4 million, partially offset by increased expenses for legal and other professional fees of $2.1 million, wages, benefits and stock award compensation expense of $0.7 million, severance expense of $0.5 million, and amortization expense of $0.2 million.

Interest Income, Net.  Interest income, net was $0.3 million for the three months ended October 31, 2015, compared to $0.1 million for the three months ended November 1, 2014. The increase is primarily due to decreased debt levels during fiscal 2016 as compared to fiscal 2015.

Other (Income)/Expense, Net. Other (income)/expense, net increased $0.4 million, to income of $0.2 million for the three months ended October 31, 2015, compared to an expense of $0.2 million for the three months ended November 1, 2014. All amounts for both the second quarter of fiscal 2016 and the second quarter of fiscal 2015, relate to currency rate fluctuations. The functional currencies of these operations are the British pound, Chinese yuan, Euro, Indian rupee, Mexican peso, Singapore dollar and Swiss franc. Some foreign operations have transactions denominated in currencies other than their functional currencies, primarily sales in U.S. dollars and Euros, creating exchange rate sensitivities.

Income Tax Expense.  Income tax expense decreased$3.0 million, or 34.5%, to $5.7 million for the three months ended October 31, 2015, compared to $8.7 million for the three months ended November 1, 2014.  The Company's effective tax rate decreased to 21.2% in the second quarter of fiscal 2016, compared to 25.1% in the second quarter quarter of fiscal 2015.

Net Income Attributable to Methode Electronics, Inc.  Net income attributable to Methode Electronics, Inc. decreased$4.8 million, or 18.5%, to $21.2 million for the three months ended October 31, 2015, compared to $26.0 million for the three months ended November 1, 2014, primarily due to lower sales volumes, manufacturing inefficiencies due to lower sales volumes, no sales or earnings due to the sale of Trace Laboratories, partially offset with favorable selling and administrative expenses, favorable currency rates fluctuations and lower income tax expense.

16

Operating Segments

Automotive Segment Results

Below is a table summarizing results for the three months ended:

($ in millions)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	160.8		$	165.9		$	(5.1	)	(3.1	)%
Cost of products sold	117.6			122.9			(5.3		)	(4.3	)%
Gross profit	43.2			43.0			0.2			0.5	%
Selling and administrative expenses	8.1			8.0			0.1			1.3	%
Income from operations	$	35.1		$	35.0		$	0.1		0.3	%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	73.1		%	74.1		%
Gross margins	26.9		%	25.9		%
Selling and administrative expenses	5.0		%	4.8		%
Income from operations	21.8		%	21.1		%

Net Sales.  Automotive segment net sales decreased$5.1 million, or 3.1%, to $160.8 million for the three months ended October 31, 2015, from $165.9 million for the three months ended November 1, 2014.  Net sales decreased in North America by $10.1 million, or 9.8%, to $92.8 million in the second quarter of fiscal 2016, compared to $102.9 million in the second quarter of fiscal 2015, primarily due to lower sales volumes of the Ford Center Console program which substantially completed production at the end of fiscal 2015. Sales of the GM Center Console program increased due to increased volumes, partially offset with pricing concessions on certain products. In addition, sales volumes increased for our transmission lead-frame assemblies in the second quarter of fiscal 2016 as compared to the second quarter of fiscal 2015. Net sales increased in Europe by $1.5 million, or 3.8%, to $41.5 million in the second quarter of fiscal 2016, compared to $40.0 million in the second quarter of fiscal 2015, primarily due to higher tooling sales and increased sales volumes for hidden switch products, partially offset by unfavorable currency rate fluctuations. Net sales in Asia increased $3.5 million, or 15.2%, to $26.5 million in the second quarter of fiscal 2016, compared to $23.0 million in the second quarter of fiscal 2015, primarily due to higher sales volumes for our transmission lead-frame assemblies, linear position sensor products and interior lighting products, partially offset with lower sales volumes of steering angle sensor products. Translation of foreign operations net sales for the three months ended October 31, 2015 decreased reported net sales by $4.6 million, or 2.8%, due to average currency rates in the second quarter of fiscal 2016, compared to the average currency rates in the second quarter of fiscal 2015, primarily due to the strengthening of the U.S. dollar as compared to the euro.

Cost of Products Sold.  Automotive segment cost of products sold decreased $5.3 million, or 4.3%, to $117.6 million for the three months ended October 31, 2015, compared to $122.9 million for the three months ended November 1, 2014.  The Automotive segment cost of products sold as a percentage of net sales decreased to 73.1% in the second quarter of fiscal 2016, compared to 74.1% in the second quarter of fiscal 2015.  The decrease is substantially due to favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations. The cost of products sold as a percentage of sales was also favorably impacted in the second quarter of fiscal 2016 due to the ramp-up of production in our lower cost manufacturing operation in Egypt.

Gross Profit.  Automotive segment gross profit increased$0.2 million, or 0.5%, to $43.2 million for the three months ended October 31, 2015, as compared to $43.0 million for the three months ended November 1, 2014.  The Automotive segment gross margins as a percentage of net sales increased to 26.9% for the three months ended October 31, 2015, as

17

compared to 25.9% for the three months ended November 1, 2014.  The increase is substantially due to favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations, partially offset by price concessions.

Selling and Administrative Expenses.  Selling and administrative expenses increased $0.1 million, or 1.3%, to $8.1 million for the three months ended October 31, 2015, as compared to $8.0 million for the three months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales increased to 5.0% for the three months ended October 31, 2015 from 4.8% for the three months ended November 1, 2014, due to lower sales volumes. The expenses in the second quarter of fiscal 2016 increased slightly for benefit related expenses, partially offset with lower bonus expense.

Income from Operations.  Automotive segment income from operations increased$0.1 million, or 0.3%, to $35.1 million for the three months ended October 31, 2015, compared to $35.0 million for the three months ended November 1, 2014. The second quarter of fiscal 2016 benefitted from favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations, partially offset with lower sales volumes and customer pricing concessions.

Interface Segment Results

Below is a table summarizing results for the three months ended:

($ in millions)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	35.8		$	40.6		$	(4.8	)	(11.8	)%
Cost of products sold	26.4			30.1			(3.7		)	(12.3	)%
Gross profit	9.4			10.5			(1.1		)	(10.5	)%
Selling and administrative expenses	8.0			5.7			2.3			40.4	%
Income from operations	$	1.4		$	4.8		$	(3.4	)	(70.8	)%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	73.7		%	74.1		%
Gross margins	26.3		%	25.9		%
Selling and administrative expenses	22.3		%	14.0		%
Income from operations	3.9		%	11.8		%

Net Sales.  Interface segment net sales decreased$4.8 million, or 11.8%, to $35.8 million for the three months ended October 31, 2015, from $40.6 million for the three months ended November 1, 2014.  Net sales decreased in North America by $3.2 million, or 9.8%, to $29.3 million in the second quarter of fiscal 2016, compared to $32.5 million in the second quarter of fiscal 2015, primarily due to lower sales volumes of appliance products and data solutions products, partially offset with higher radio remote control sales volumes. Net sales in Europe decreased $0.3 million, or 5.2%, to $5.5 million in the second quarter of fiscal 2016, compared to $5.8 million in the second quarter of fiscal 2015, primarily due to lower radio remote control sales volumes, partially offset with higher data solutions and sensor sales volumes. Net sales in Asia decreased $1.3 million, or 56.5%, to $1.0 million in the second quarter of fiscal 2016, compared to $2.3 million in the second quarter of fiscal 2015, primarily due to lower sales volumes of radio remote controls. The Philippine radio remote control operation was moved to Egypt during the first quarter of fiscal 2016.

Cost of Products Sold.  Interface segment cost of products sold decreased$3.7 million, or 12.3%, to $26.4 million for the three months ended October 31, 2015, compared to $30.1 million for the three months ended November 1, 2014.  Interface segment cost of products sold as a percentage of net sales decreased to 73.7% for the three months ended October 31, 2015,

18

compared to 74.1% for the three months ended November 1, 2014.  The decrease in cost of products sold as a percentage of net sales is primarily due to sales mix within the segment as well as raw material cost and direct labor cost reductions in our appliance products, partially offset with manufacturing inefficiencies due to lower sales volumes.

Gross Profit.  Interface segment gross profit decreased$1.1 million, or 10.5%, to $9.4 million for the three months ended October 31, 2015, compared to $10.5 million for the three months ended November 1, 2014.  Gross margins as a percentage of net sales increased to 26.3% for the three months ended October 31, 2015, from 25.9% for the three months ended November 1, 2014.  The increase in gross margins as a percentage of net sales is primarily due to sales mix within the segment as well as raw material cost and direct labor cost reductions in our appliance products, partially offset with manufacturing inefficiencies due to lower sales volumes.

Selling and Administrative Expenses.  Selling and administrative expenses increased$2.3 million, or 40.4%, to $8.0 million for the three months ended October 31, 2015, compared to $5.7 million for the three months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales increased to 22.3% for the three months ended October 31, 2015, from 14.0% for the three months ended November 1, 2014. The increase in selling and administrative expenses is due primarily to increased legal expenses, and increased intangible asset amortization expense, and travel expenses, partially offset with lower bonus expense.

Income from Operations.  Interface segment income from operations decreased$3.4 million, or 70.8%, to $1.4 million for the three months endedOctober 31, 2015, compared to $4.8 million for the three months endedNovember 1, 2014, primarily due to lower sales volumes, increased legal expenses, intangible asset amortization expense, travel and other selling expenses, partially offset with favorable sales mix and material and direct labor cost reductions.

Power Products Segment Results

Below is a table summarizing results for the three months ended:

($ in millions)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	11.8		$	21.6		$	(9.8	)	(45.4	)%
Cost of products sold	10.7			14.7			(4.0		)	(27.2	)%
Gross profit	1.1			6.9			(5.8		)	(84.1	)%
Selling and administrative expenses	0.6			1.3			(0.7		)	(53.8	)%
Income from operations	$	0.5		$	5.6		$	(5.1	)	(91.1	)%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	90.7		%	68.1		%
Gross margins	9.3		%	31.9		%
Selling and administrative expenses	5.1		%	6.0		%
Income from operations	4.2		%	25.9		%

Net Sales.  Power Products segment net sales decreased$9.8 million, or 45.4%, to $11.8 million for the three months endedOctober 31, 2015, compared to $21.6 million for the three months endedNovember 1, 2014.  Net sales decreased in North America by $6.7 million, or 50.0%, to $6.7 million in the second quarter of fiscal 2016, compared to $13.4 million in the second quarter of fiscal 2015, primarily due to lower sales volumes of datacom products. Net sales in Europe decreased $1.4 million, or 56.0%, to $1.1 million in the second quarter of fiscal 2016, compared to $2.5 million in the second quarter of fiscal 2015, primarily due to lower sales volumes of bypass switches and busbar products. Net sales in Asia decreased $1.7 million,

19

or 29.8%, to $4.0 million in the second quarter of fiscal 2016, compared to $5.7 million in the second quarter of fiscal 2015, primarily due to decreased sales volumes of busbar and cabling products.

Cost of Products Sold.  Power Products segment cost of products sold decreased$4.0 million, or 27.2%, to $10.7 million for the three months ended October 31, 2015, compared to $14.7 million for the three months ended November 1, 2014.  The Power Products segment cost of products sold as a percentage of net sales increased to 90.7% for the three months ended October 31, 2015, from 68.1% for the three months ended November 1, 2014.  The increase in cost of products sold as a percentage of net sales is primarily due to manufacturing inefficiencies related to decreased sales volumes.

Gross Profit.  Power Products segment gross profit decreased$5.8 million, or 84.1%, to $1.1 million in the second quarter of fiscal 2016, compared to $6.9 million in the second quarter of fiscal 2015.  Gross margins as a percentage of net sales decreased to 9.3% for the three months ended October 31, 2015 from 31.9% for the three months ended November 1, 2014. The decrease in gross margins as a percentage of net sales is primarily due to manufacturing inefficiencies related to decreased sales volumes.

Selling and Administrative Expenses.  Selling and administrative expenses decreased$0.7 million, or 53.8%, to $0.6 million for the three months ended October 31, 2015, compared to $1.3 million for the three months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales decreased to 5.1% for the three months ended October 31, 2015 from 6.0% for the three months ended November 1, 2014. Selling and administrative expenses decreased primarily due to lower commission and bonus expense in North America.

Income From Operations.  Power Products segment income from operations decreased$5.1 million, or 91.1%, to $0.5 million for the three months ended October 31, 2015, compared to $5.6 million for the three months ended November 1, 2014, due to manufacturing inefficiencies related to decreased sales volumes, partially offset with lower commission and bonus expense.

Other Segment Results

Below is a table summarizing results for the three months ended:

($ in millions)

(“N/M” equals not meaningful)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	—		$	1.6		$	(1.6	)	(100.0	)%
Cost of products sold	1.1			1.7			(0.6		)	(35.3	)%
Gross profit	(1.1		)	(0.1		)	(1.0		)	1,000.0	%
Selling and administrative expenses	0.8			0.9			(0.1		)	(11.1	)%
Loss from operations	$	(1.9	)	$	(1.0	)	$	(0.9	)	N/M
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	N/M			100.0		%
Cost of products sold	N/M			106.3		%
Gross margins	N/M			(6.3		)%
Selling and administrative expenses	N/M			56.3		%
Loss from operations	N/M			(62.5		)%

Net Sales.  The Other segment net sales decreased$1.6 million, due to minimal sales for the three months ended October 31, 2015, compared to $1.6 million for the three months ended November 1, 2014. The decrease is due to sale of Trace

20

Laboratories businesses units at the beginning of the fourth quarter of fiscal 2015. The remaining operating units in this segment, medical devices, inverters and battery systems, had minimal net sales in the second quarter of fiscal 2016 or the second quarter of fiscal 2015.

Cost of Products Sold.  Other segment cost of products sold decreased$0.6 million, or 35.3%, to $1.1 million for the three months ended October 31, 2015, compared to $1.7 million for the three months ended November 1, 2014. The decrease is primarily due to the sale of Trace Laboratories, partially offset with development costs in our medical devices, inverters and battery systems operating units.

Gross Profit.  The Other segment gross profit was a loss of $1.1 million for the three months ended October 31, 2015, compared to a loss of $0.1 million in the three months ended November 1, 2014.  The decrease is primarily due to the sale of Trace Laboratories, partially offset with development costs in our medical devices, inverters and battery systems operating units.

Selling and Administrative Expenses.  Selling and administrative expenses decreased$0.1 million, or 11.1%, to $0.8 million for the three months ended October 31, 2015, compared to $0.9 million for the three months ended November 1, 2014.  The decrease is primarily due to the sale of Trace Laboratories business, partially offset by increased headcount and professional fees in our medical devices, inverters and battery systems operating units.

Loss From Operations  The Other segment loss from operations increased$0.9 million, to $1.9 million for the three months ended October 31, 2015, compared to $1.0 million for the three months ended November 1, 2014.  The increased loss was primarily due to sale of Trace Laboratories business, increased development expenses, professional fees and headcount.

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Results of Operations for the Six Months Ended October 31, 2015 as Compared to the Six Months Ended November 1, 2014

Consolidated Results

Below is a table summarizing results for the six months ended:

($ in millions)

(“N/M” equals not meaningful)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	411.7		$	447.8		$	(36.1	)	(8.1	)%
Cost of products sold	307.2			337.2			(30.0		)	(8.9	)%
Gross profit	104.5			110.6			(6.1		)	(5.5	)%
Selling and administrative expenses	47.6			47.6			—			—	%
Interest income, net	(0.5		)	(0.2		)	(0.3		)	N/M
Other (income)/expense, net	(0.5		)	0.1			(0.6		)	N/M
Income tax expense	13.1			15.7			(2.6		)	(16.6	)%
Net income attributable to Methode Electronics, Inc.	$	44.8		$	47.4		$	(2.6	)	(5.5	)%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	74.6		%	75.3		%
Gross margins	25.4		%	24.7		%
Selling and administrative expenses	11.6		%	10.6		%
Interest income, net	(0.1		)%	—		%
Other (income)/expense, net	(0.1		)%	—		%
Income tax expense	3.2		%	3.5		%
Net income attributable to Methode Electronics, Inc.	10.9		%	10.6		%

Net Sales.  Consolidated net sales decreased $36.1 million, or 8.1%, to $411.7 million for the six months ended October 31, 2015, from $447.8 million for the six months ended November 1, 2014.  The Automotive segment net sales decreased $8.5 million, or 2.6%, to $313.8 million for the first half of fiscal 2016, from $322.3 million for the first half of fiscal 2015, primarily due to lower sales volumes of the Ford Center Console program, unfavorable currency rate fluctuations and pricing concessions on certain products, partially offset by increased sales volumes for the GM Center Console program and transmission lead-frame assemblies.   The Interface segment net sales decreased$14.9 million, or 17.6%, to $69.6 million for the first half of fiscal 2016, compared to $84.5 million for the first half of fiscal 2015, due to lower sales volumes of appliance, data solutions and radio remote control products.  The Power Products segment net sales decreased$9.5 million, or 25.1%, to $28.3 million for the first half of fiscal 2016, compared to $37.8 million for the first half of fiscal 2015, primarily due to lower sales volumes for datacom, cabling and busbar products. The Other segment had minimal sales in the first half of fiscal 2016 because the Company sold its Trace Laboratories operating units in the fourth quarter of fiscal 2015 and the remaining operating units in this segment, medical devices, inverters and battery systems, had minimal net sales in the first half of fiscal 2016 or the second quarter of fiscal 2015.  Translation of foreign operations net sales for the six months ended October 31, 2015 decreased net sales by $10.3 million, or 2.4%, in the first half of fiscal 2016, compared to the average currency rates in the first half of fiscal 2015, primarily due to the strengthening of the U.S. dollar compared to the euro.

Cost of Products Sold.  Consolidated cost of products sold decreased$30.0 million, or 8.9%, to $307.2 million for the six months ended October 31, 2015, compared to $337.2 million for the six months ended November 1, 2014.  Consolidated cost of products sold as a percentage of net sales decreased to 74.6% for the first half of fiscal 2016, compared to 75.3% for the first half of fiscal 2015.  The Automotive segment experienced a decrease in cost of products sold as a percentage of net sales substantially due to favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations. The cost of products sold as a percentage of sales was also

22

favorably impacted in the first half of fiscal 2016 due to the ramp-up of production in our lower cost manufacturing operation in Egypt. The Interface segment experienced an increase in cost of products sold as a percentage of net sales primarily due to additional costs and inefficiencies experienced during the first quarter of fiscal 2016 related to the move of the radio remote control operation from the Philippines to Egypt. The Company experienced moving costs, severance and redundant staffing of $1.0 million during the first quarter of fiscal 2016 in addition to the manufacturing inefficiencies. The Interface segment also experienced an increase in cost of goods sold as a percentage of sales, in the first half of fiscal 2016, due to lower sales volumes for appliance and data solutions products. The Power Products segment experienced an increase in cost of products sold as a percentage of net sales primarily due to manufacturing inefficiencies related to decreased sales volumes.

Gross Profit.  Consolidated gross profit decreased$6.1 million, or 5.5%, to $104.5 million for the six months ended October 31, 2015, as compared to $110.6 million for the six months ended November 1, 2014.  Gross margins as a percentage of net sales increased to 25.4% for the six months ended October 31, 2015, compared to 24.7% for the six months ended November 1, 2014.  The increase is primarily due to by favorable commodity pricing and the favorable currency impact on the purchase of certain raw materials and labor costs in our foreign operations in the automotive segment, partially offset by manufacturing inefficiencies related to decreased sales volumes for the Interface and Power Products segments and the additional costs and inefficiencies experienced during the first quarter of fiscal 2016 related to the move of the radio remote control operation from the Philippines to Egypt.

Selling and Administrative Expenses.  Selling and administrative expenses remained constant at $47.6 million for both the six months ended October 31, 2015 and November 1, 2014.  Selling and administrative expenses as a percentage of net sales increased to 11.6% for the six months ended October 31, 2015 from 10.6% for the six months ended November 1, 2014. In the first half of fiscal 2016, expenses increased for legal and other professional fees by $3.0 million, wages and benefit expense by $1.7 million, travel and advertising expenses by $0.6 million, and amortization expense of $0.4 million, offset by decreased bonus expense of $5.7 million.

Interest Income, Net.  Interest income, net increased $0.3 million, to $0.5 million for the six months ended October 31, 2015, compared to $0.2 million for the six months ended November 1, 2014. The increase is primarily due to decreased debt levels during fiscal 2016 as compared to fiscal 2015.

Other (Income)/Expense, Net. Other (income)/expense, net decreased$0.6 million to income of $0.5 million for the six months ended October 31, 2015, compared to an expense of $0.1 million for the six months ended November 1, 2014. All amounts for both the first half of fiscal 2016 and the first half of fiscal 2015, relate to currency rate fluctuations. The functional currencies of these operations are the British pound, Chinese yuan, euro, Indian rupee, Mexican peso, Singapore dollar and Swiss franc. Some foreign operations have transactions denominated in currencies other than their functional currencies, primarily sales in U.S. dollars and euros, creating exchange rate sensitivities.

Income Tax Expense.  Income tax expense decreased$2.6 million, or 16.6%, to $13.1 million for the six months ended October 31, 2015, compared to $15.7 million for the six months ended November 1, 2014.  The Company's effective tax rate decreased to 22.7% in the first half of fiscal 2016, compared to 24.9% in the first half of fiscal 2015.

Net Income Attributable to Methode Electronics, Inc.  Net income attributable to Methode Electronics, Inc. decreased$2.6 million, or 5.5%, to $44.8 million for the six months ended October 31, 2015, compared to $47.4 million for the six months ended November 1, 2014, primarily due to lower sales volumes, manufacturing inefficiencies due to lower sales volumes, the additional costs and inefficiencies experienced during the first quarter of fiscal 2016 related to the move of the radio remote control operation from the Philippines to Egypt, and no sales or earnings due to the sale of Trace Laboratories, partially offset with favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations, favorable currency rate translation fluctuations and lower income tax expense.

23

Operating Segments

Automotive Segment Results

Below is a table summarizing results for the six months ended:

($ in millions)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	313.8		$	322.3		$	(8.5	)	(2.6	)%
Cost of products sold	226.6			243.8			(17.2		)	(7.1	)%
Gross profit	87.2			78.5			8.7			11.1	%
Selling and administrative expenses	16.1			15.8			0.3			1.9	%
Income from operations	$	71.1		$	62.7		$	8.4		13.4	%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	72.2		%	75.6		%
Gross margins	27.8		%	24.4		%
Selling and administrative expenses	5.1		%	4.9		%
Income from operations	22.7		%	19.5		%

Net Sales.  Automotive segment net sales decreased$8.5 million, or 2.6%, to $313.8 million for the six months ended October 31, 2015, from $322.3 million for the six months ended November 1, 2014.  Net sales decreased in North America by $16.7 million, or 8.5%, to $180.1 million for the first half of fiscal 2016, compared to $196.8 million for the first half of fiscal 2015, primarily due to lower sales volumes of the Ford Center Console program which substantially completed production at the end of fiscal 2015. Sales volumes of the GM Center Console program increased due to increased volumes, partially offset with pricing concessions on certain products. In addition, sales volumes increased for our transmission lead-frame assemblies in the first half of fiscal 2016 as compared to the first half of fiscal 2015. Net sales decreased in Europe by $0.7 million, or 0.9%, to $80.7 million in the first half of fiscal 2016, compared to $81.4 million in the first half of fiscal 2015, primarily due to unfavorable currency rate fluctuations, partially offset by higher tooling sales and higher sales volumes for hidden switch products. Net sales in Asia increased $8.9 million, or 20.2%, to $53.0 million in the first half of fiscal 2016, compared to $44.1 million in the first half of fiscal 2015, primarily due to higher sales volumes for our transmission lead-frame assemblies, linear position sensor products and interior lighting products, partially offset with lower sales volumes of steering angle sensor products. Translation of foreign operations net sales for the six months ended October 31, 2015 decreased reported net sales by $10.3 million, or 3.2%, in the first half of fiscal 2016, compared to the average currency rates in the first half of fiscal 2015, primarily due to the strengthening of the U.S. dollar compared to the euro.

Cost of Products Sold.  Automotive segment cost of products sold decreased$17.2 million, or 7.1%, to $226.6 million for the six months ended October 31, 2015, from $243.8 million for the six months ended November 1, 2014.  The Automotive segment cost of products sold as a percentage of net sales decreased to 72.2% in the first half of fiscal 2016, compared to 75.6% in the first half of fiscal 2015.  The decrease is substantially due to favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations. The cost of products sold as a percentage of sales was also favorably impacted in the first half of fiscal 2016 due to the ramp-up of production in our lower cost manufacturing operation in Egypt.

Gross Profit.  Automotive segment gross profit increased$8.7 million, or 11.1%, to $87.2 million for the six months ended October 31, 2015, as compared to $78.5 million for the six months ended November 1, 2014.  The Automotive segment gross margins as a percentage of net sales increased to 27.8% for the six months ended October 31, 2015, as compared to 24.4% for the six months ended November 1, 2014.  The increase is substantially due to favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations, partially offset by price concessions.

24

Selling and Administrative Expenses.  Selling and administrative expenses increased$0.3 million, or 1.9%, to $16.1 million for the six months ended October 31, 2015, compared to $15.8 million for the six months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales were 5.1% for the six months ended October 31, 2015 and 4.9% for the six months ended November 1, 2014. The increase in expenses in the first half of fiscal 2016 is primarily due to higher salary and benefit expense and travel expenses, partially offset with lower bonus expenses.

Income from Operations.  Automotive segment income from operations increased$8.4 million, or 13.4%, to $71.1 million for the six months ended October 31, 2015, compared to $62.7 million for the six months ended November 1, 2014. The first half of fiscal 2016 benefitted from favorable commodity pricing of raw materials and favorable currency impact on both the purchase of certain raw materials and labor costs in our foreign operations, partially offset with lower sales volumes, customer pricing concessions and higher selling and administrative expenses.

Interface Segment Results

Below is a table summarizing results for the six months ended:

($ in millions)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	69.6		$	84.5		$	(14.9	)	(17.6	)%
Cost of products sold	53.1			61.9			(8.8		)	(14.2	)%
Gross profit	16.5			22.6			(6.1		)	(27.0	)%
Selling and administrative expenses	14.4			10.7			3.7			34.6	%
Income from operations	$	2.1		$	11.9		$	(9.8	)	(82.4	)%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	76.3		%	73.3		%
Gross margins	23.7		%	26.7		%
Selling and administrative expenses	20.7		%	12.7		%
Income from operations	3.0		%	14.1		%

Net Sales.  Interface segment net sales decreased$14.9 million, or 17.6%, to $69.6 million for the six months ended October 31, 2015, from $84.5 million for the six months ended November 1, 2014.  Net sales decreased in North America by $11.5 million, or 17.1%, to $55.7 million in the first half of fiscal 2016, compared to $67.2 million in the first half of fiscal 2015, primarily due to lower sales volumes of appliance products and data solutions products, partially offset with higher radio remote control sales volumes. Net sales in Europe increased $0.2 million, or 1.7%, to $12.3 million in the first half of fiscal 2016, compared to $12.1 million in the first half of fiscal 2015, primarily due to higher radio remote control sales volumes. Net sales in Asia decreased $3.6 million, or 69.2%, to $1.6 million in the first half of fiscal 2016, compared to $5.2 million in the first half of fiscal 2015, primarily due to lower sales volumes of radio remote controls. The Philippine radio remote control operation was moved to Egypt during the first quarter of fiscal 2016.

Cost of Products Sold.  Interface segment cost of products sold decreased$8.8 million, or 14.2%, to $53.1 million for the six months ended October 31, 2015, compared to $61.9 million for the six months ended November 1, 2014.  Interface segment cost of products sold as a percentage of net sales increased to 76.3% for the six months ended October 31, 2015, compared to 73.3% for the six months ended November 1, 2014.  The increase in cost of products sold as a percentage of net sales is primarily due to additional costs and inefficiencies experienced during the first quarter of fiscal 2016 related to the move of the radio remote control operation from the Philippines to Egypt. The Company experienced moving costs, severance and redundant staffing of $1.0 million during the first quarter of fiscal 2016 in addition to the manufacturing inefficiencies. Cost of products sold as a percentage of sales also increased in the first half of fiscal 2016 due to lower sales volumes for appliance and data solutions products.

25

Gross Profit.  Interface segment gross profit decreased$6.1 million, or 27.0%, to $16.5 million for the six months ended October 31, 2015, compared to $22.6 million for the six months ended November 1, 2014.  Gross margins as a percentage of net sales decreased to 23.7% for the six months ended October 31, 2015, from 26.7% for the six months ended November 1, 2014.  The decrease in gross margins as a percentage of net sales is primarily due to moving costs, severance and redundant staffing related to the move from the Philippines to Egypt and lower appliance and data solution products sales volumes.

Selling and Administrative Expenses.  Selling and administrative expenses increased$3.7 million, or 34.6%, to $14.4 million for the six months ended October 31, 2015, compared to $10.7 million for the six months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales increased to 20.7% for the six months ended October 31, 2015, from 12.7% for the six months ended November 1, 2014. The increase in selling and administrative expenses is primarily due to increased legal expenses, increased compensation expense, travel expense, other professional fees and intangible asset amortization expense.

Income from Operations.  Interface segment income from operations decreased$9.8 million, or 82.4%, to $2.1 million for the six months ended October 31, 2015, compared to $11.9 million for the six months ended November 1, 2014, primarily due to lower sales volumes, increased legal expenses, intangible asset amortization expense, travel expense and other selling expenses.

Power Products Segment Results

Below is a table summarizing results for the six months ended:

($ in millions)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	28.3		$	37.8		$	(9.5	)	(25.1	)%
Cost of products sold	23.1			26.7			(3.6		)	(13.5	)%
Gross profit	5.2			11.1			(5.9		)	(53.2	)%
Selling and administrative expenses	1.7			2.5			(0.8		)	(32.0	)%
Income from operations	$	3.5		$	8.6		$	(5.1	)	(59.3	)%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	100.0		%	100.0		%
Cost of products sold	81.6		%	70.6		%
Gross margins	18.4		%	29.4		%
Selling and administrative expenses	6.0		%	6.6		%
Income from operations	12.4		%	22.8		%

Net Sales.  Power Products segment net sales decreased$9.5 million, or 25.1%, to $28.3 million for the six months ended October 31, 2015, compared to $37.8 million for the six months ended November 1, 2014.  Net sales decreased in North America by $8.3 million, or 34.9%, to $15.5 million in the first half of fiscal 2016, compared to $23.8 million in the first half of fiscal 2015, primarily due to lower sales volumes of datacom products. Net sales in Europe increased $0.2 million, or 6.5%, to $3.3 million in the first half of fiscal 2016, compared to $3.1 million in the first half of fiscal 2015, primarily due to higher sales volumes of a bypass switch. Net sales in Asia decreased $1.4 million, or 12.8%, to $9.5 million in the first half of fiscal 2016, compared to $10.9 million in the first half of fiscal 2015, primarily due to decreased sales volumes of busbar and cabling products.

Cost of Products Sold.  Power Products segment cost of products sold decreased$3.6 million, or 13.5%, to $23.1 million for the six months ended October 31, 2015, compared to $26.7 million for the six months ended November 1, 2014.  The Power Products segment cost of products sold as a percentage of net sales increased to 81.6% for the six months ended

26

October 31, 2015, from 70.6% for the six months ended November 1, 2014.  The increase in cost of products sold as a percentage of net sales is primarily due to manufacturing inefficiencies related to decreased sales volumes.

Gross Profit.  Power Products segment gross profit decreased $5.9 million, or 53.2%, to $5.2 million in the first half of fiscal 2016, compared to $11.1 million in the first half of fiscal 2015.  Gross margins as a percentage of net sales decreased to 18.4% for the six months ended October 31, 2015 from 29.4% for the six months ended November 1, 2014. The decrease in gross margins as a percentage of net sales is primarily due to manufacturing inefficiencies related to decreased sales volumes.

Selling and Administrative Expenses.  Selling and administrative expenses decreased $0.8 million, or 32.0%, to $1.7 million for six months ended October 31, 2015, compared to $2.5 million for the nine months ended November 1, 2014.  Selling and administrative expenses as a percentage of net sales decreased to 6.0% for the six months ended October 31, 2015 from 6.6% for the six months ended November 1, 2014. The decrease is primarily due to lower commission and bonus expense in North America.

Income From Operations.  Power Products segment income from operations decreased$5.1 million, or 59.3%, to $3.5 million for the six months ended October 31, 2015, compared to $8.6 million for the six months ended November 1, 2014, due to manufacturing inefficiencies related to decreased sales volumes, partially offset with lower commission and bonus expense.

Other Segment Results

Below is a table summarizing results for the six months ended:

($ in millions)

(“N/M” equals not meaningful)

	October 31, 2015			November 1, 2014			Net Change			Net Change
Net sales	$	—		$	3.3		$	(3.3	)	(100.0	)%
Cost of products sold	2.1			3.6			(1.5		)	(41.7	)%
Gross profit	(2.1		)	(0.3		)	(1.8		)	N/M
Selling and administrative expenses	2.0			2.7			(0.7		)	(25.9	)%
Loss from operations	$	(4.1	)	$	(3.0	)	$	(1.1	)	36.7	%
Percent of sales:	October 31, 2015			November 1, 2014
Net sales	N/A			100.0		%
Cost of products sold	N/A			109.1		%
Gross margins	N/A			(9.1		)%
Selling and administrative expenses	N/A			81.8		%
Loss from operations	N/A			(90.9		)%

Net Sales.  The Other segment net sales decreased $3.3 million, or 100.0%, to no sales for the six months ended October 31, 2015, compared to $3.3 million for the six months ended November 1, 2014, The decrease is primarily due to sale of Trace Laboratories business at the beginning of the fourth quarter of fiscal 2015. The remaining operating units in this segment, medical devices, inverters and battery systems, had minimal net sales in the first half of fiscal 2016 or in the first half fiscal 2015.

Cost of Products Sold.  Other segment cost of products sold decreased$1.5 million, or 41.7%, to $2.1 million for the six months ended October 31, 2015, compared to $3.6 million for the six months ended November 1, 2014. The decrease is primarily due to the sale of Trace Laboratories, partially offset with development costs in our medical devices, inverters and battery systems operating units.

27

Gross Profit.  The Other segment gross profit decreased$1.8 million, to a loss of $2.1 million for the six months ended October 31, 2015, compared to a loss of $0.3 million for the six months ended November 1, 2014. The decrease is primarily due to the sale of Trace Laboratories, partially offset with development costs in our medical devices, inverters and battery systems operating units.

Selling and Administrative Expenses.  Selling and administrative expenses decreased$0.7 million, or 25.9%, to $2.0 million for the six months ended October 31, 2015, compared to $2.7 million for the six months ended November 1, 2014.  The decrease is primarily due to the sale of Trace Laboratories business, partially offset by increased headcount and professional fees in our medical devices, inverters and battery systems operating units.

Loss From Operations  The Other segment loss from operations increased$1.1 million to $4.1 million for the six months ended October 31, 2015, compared to $3.0 million for the six months ended November 1, 2014.  The increased loss was primarily due to sale of Trace Laboratories business, increased development expenses, professional fees and headcount.

Liquidity and Capital Resources

We believe our current world-wide cash balances together with expected future cash flows to be generated from operations and our committed credit facility will be sufficient to support current operations. A significant amount of cash and expected future cash flows are located outside of the U.S. Of the $186.6 million of cash and cash equivalents as of October 31, 2015, $177.0 million was held in subsidiaries outside the U.S. and all of this amount is deemed to be permanently reinvested and therefore not available to fund our domestic operations. We currently have $2.1 million of federal net operating loss carry-forwards in the U.S. which would reduce the cash tax obligation (if the carry-forward has not otherwise been used) upon any future repatriation of funds.

We are party to an Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain other financial institutions, which has a maturity of September 21, 2017. The credit facility is in the aggregate principal amount of $100.0 million, with an option to increase the principal amount by an additional $50.0 million, subject to customary conditions and approval of the lender(s) providing new commitment(s). The credit facility provides for variable rates of interest based on the type of borrowing and the Company's debt to EBITDA financial ratio. The Amended and Restated Credit Agreement is guaranteed by certain of our U.S. subsidiaries. At October 31, 2015, the interest rate on the credit facility was 1.5% plus LIBOR and we were in compliance with the covenants of the agreement. During the first six months of fiscal 2016, we had borrowings of $25.0 million and payments of $8.2 million, which includes interest of $0.2 million, under this credit facility. As of October 31, 2015, there were outstanding balances against the credit facility of $22.0 million.  There was $78.0 million available to borrow under the credit facility as of October 31, 2015, which does not include the option to increase the principal amount.

Cash Flow - Operating Activities

Net cash provided by operating activities decreased$14.1 million to $49.1 million for the first six months of fiscal 2016, compared to $63.2 million for the first six months of fiscal 2015, primarily due to the increased cash use of $11.5 million from the changes in operating assets and liabilities and the decrease in net income of $2.6 million. The net changes in assets and liabilities resulted in the cash use of $9.9 million in the first half of fiscal 2016, compared to cash generation of $1.6 million in the first half of fiscal 2015. The increased cash use in the first half of fiscal 2016 compared to the first half of fiscal 2015 is primarily driven by the increased cash payments for bonuses and payroll taxes, partially offset with timing of receivable collections.

Cash Flow - Investing Activities

Net cash used in investing activities decreased by $1.3 million due to purchases of property, plant and equipment of $9.5 million for the first six months of fiscal 2016, compared to $10.8 million for the first six months of fiscal 2015. 

Cash Flow - Financing Activities

Net cash used by financing activities increased $2.7 million to $15.9 million in the first half of fiscal 2016, compared to $18.6 million for the first half of fiscal 2015.  The board of directors authorized the repurchase of up to $100.0 million of the company outstanding stock through September 1, 2017. During the first six months of fiscal 2016, the company repurchased $22.8 million related to the plan. During the first half of fiscal 2016, the Company had net borrowings against the credit facility of $17.0 million, compared to net payments of $18.0 million in the first half of fiscal 2015. We paid dividends of $6.9 million for both the first half of fiscal 2016 and the first half of fiscal 2015. The first half of fiscal 2016 includes $7.6 million

28

of taxes paid related to net share settlement of equity awards, partially offset by a $4.0 million excess tax benefit on those shares. There were proceeds from the exercise of stock options of $0.4 million and $6.3 million in the first six months of fiscal 2016 and the first six months of fiscal 2015, respectively.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements, other than operating leases and purchase obligations entered into in the normal course of business.

Item 3.  Quantitative And Qualitative Disclosures About Market Risk

Certain of our foreign operations enter into transactions in currencies other than their functional currency, primarily the U.S. dollar and the Euro.  A 10% change in foreign currency exchange rates from balance sheet date levels could impact our income before income taxes by $7.0 million as of October 31, 2015 and $6.7 million as of May 2, 2015.  We also have foreign currency exposure arising from the translation of our net equity investment in our foreign operations to U.S. dollars.  We generally view our investments in foreign operations with functional currencies other than the U.S. dollar as long-term.  The currencies to which we are exposed are the British pound, Chinese yuan, Euro, Indian Rupee, Mexican peso, Singapore dollar and Swiss franc.  A 10% change in foreign currency exchange rates from balance sheet date levels could impact our net foreign investments by $31.2 million at October 31, 2015 and $28.0 million at May 2, 2015.

We are exposed to market risk from changes in interest rates. The interest rate risk for our credit agreement, under which we had $22.0 million of net borrowings at October 31, 2015, is variable and is determined based on LIBOR. We estimate that a one percentage point change in interest rates would not have a material impact on our results of operations for fiscal 2016 based upon our current and expected levels of our debt.

Item 4.  Controls And Procedures

As of the end of the period covered by this quarterly report on Form 10-Q, we performed an evaluation under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and our Chief Financial Officer, of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934).  The Company’s disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Company in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s applicable rules and forms.  As a result of this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

There have been no changes in our internal control over financial reporting during the quarter ended October 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

29

PART II.         OTHER INFORMATION

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds.

The following table provides information about the Company's purchase of shares of Company's common stock during the quarter ended October 31, 2015.

ISSUER PURCHASES OF EQUITY SECURITIES

					Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number (or approximate dollar value) of remaining Shares that may be Purchased Under the Plans or Programs
Period	Total Number of Shares Purchases		Average Price Paid Per Share
August 2, 2015 through August 29, 2015	—		$	—	—		$	—
August 30, 2015 through October 3, 2015	710,502	(1)	$	31.99	710,502	(1)	$77.2 million
October 4, 2015 through October 31, 2015	—		$	—	—		$	—

⁽¹⁾ In September 2015, the Company adopted a plan to repurchase up to $100.0 million of its common stock. The plan expires September 1, 2017.

Item 6.          Exhibits

Exhibit Number	Description
10.1	Agreement and General Release between the Company and Thomas Reynolds, effective September 28, 2015 (1)
10.2	Performance Based Restricted Stock Form Award Agreement dated October 7, 2015 (2)
10.3	Restricted Stock Unit Form Award Agreement dated October 7, 2015 (2)
10.4	Form of Amendment to Change in Control Agreement dated November 8, 2010 (3)
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⁾ Previously files with the Company's form 8-K filed on October 6, 2015, and incorporated herein by reference.

⁽²⁾ Previously files with the Company's form 8-K filed on October 9, 2015, and incorporated herein by reference.

⁽³⁾ The Form of Amendment to Change in Control Agreement filed with the Company's Form 8-K filed November 12, 2010 included a typographical error in amended Section 2 (e) regarding the executive's notice period. The corrected amendment has been filed herewith.

30

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		METHODE ELECTRONICS, INC.
		By:	/s/ Douglas A. Koman
			Douglas A. Koman
			Chief Financial Officer
			(principal financial officer)
Dated:	December 10, 2015

31

INDEX TO EXHIBITS

Exhibit Number	Description
10.1	Agreement and General Release between the Company and Thomas Reynolds, effective September 28, 2015 (1)
10.2	Performance Based Restricted Stock Form Award Agreement dated October 7, 2015 (2)
10.3	Restricted Stock Unit Form Award Agreement dated October 7, 2015 (2)
10.4	Form of Amendment to Change in Control Agreement dated November 8, 2010 (3)
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⁾ Previously files with the Company's form 8-K filed on October 6, 2015, and incorporated herein by reference.

⁽²⁾ Previously files with the Company's form 8-K filed on October 9, 2015, and incorporated herein by reference.

⁽³⁾ The Form of Amendment to Change in Control Agreement filed with the Company's Form 8-K filed November 12, 2010 included a typographical error in amended Section 2 (e) regarding the executive's notice period. The corrected amendment has been filed herewith.

32

EX-10.4

Exhibit 10.4

AMENDMENT TO CHANGE IN CONTROL AGREEMENT

This Amendment to Change in Control Agreement (the “Amendment”) is entered into as of this 8th day of November 2010, between Methode Electronics, Inc., a Delaware corporation (the “Company”), and [_____________] (the “Executive”).

WITNESSETH:

WHEREAS, the Company and Executive are parties to a Change in Control Agreement dated September 1, 2006, as amended July 16, 2009 (the “Agreement”); and

WHEREAS, the Company and Executive wish to amend the Agreement to modify the definition of “Good Reason” and the circumstances pursuant to which Executive is entitled to certain additional payments under Section 6 of the Agreement.

NOW, THEREFORE, it is hereby agreed by and between the parties, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, as follows:

1.    Amended Section 2(e). Effective immediately, Section 2(e) of the Agreement is amended to read in its entirety as follows:

(e)“Good Reason” shall exist if, without Executive’s express written consent any of the following events or actions occurs, provided that no finding of Good Reason shall be effective unless and until the Executive has provided the Company, within sixty (60) calendar days of becoming aware of the facts and circumstances underlying the finding of Good Reason, with written notice thereof stating with specificity the facts and circumstances underlying the finding of Good Reason and, if the basis for such finding of Good Reason is capable of being cured by the Company, providing the Company with an opportunity to cure the same within thirty (30) calendar days after receipt of such notice:

(i) The Company shall materially reduce the nature, scope or level of Executive’s responsibilities from the nature, scope or level of such responsibilities prior to the Change in Control (or prior to the Period Pending a Change in Control), or shall fail to provide Executive with adequate office facilities and support services to perform such responsibilities.

(ii) The Company shall require Executive to move Executive’s principal business office more than 25 miles from Executive’s principal business office at the time of this Agreement, or assign to Executive duties that would reasonably require such move; provided, however, that if Executive’s principal business office is not located at the Company’s then current corporate headquarters, and the Company requires Executive to move Executive’s principal business office to such corporate headquarters, or assigns to Executive duties that would reasonably require such move, such actions shall not constitute “Good Reason” under this subsection (ii).

(iii) The Company shall require Executive, or assign duties to Executive which would reasonably require Executive, to increase, by more than twenty-four, the number of normal working days (determined at the time of this Agreement) that Executive spends away from Executive’s principal business office during any consecutive twelve-month period.

(iv) The Company shall reduce Executive’s Annual Salary below that in effect as of the date of this Agreement (or as of the Change in Control, if greater).

(v) The Company shall materially reduce or fail to continue in effect any cash or stock-based incentive or bonus plan, retirement plan, welfare benefit plan, or other benefit plan, program or arrangement, unless the aggregate value (as computed by an independent employee benefits consultant selected by the Company) of all such incentive, bonus, retirement and benefit plans, programs and arrangements provided to Executive is not materially less than their aggregate value as of the date of this Agreement (or as of the Change in Control, if greater).

(vi) If the Board of Directors fails to act in good faith with respect to the Company’s obligations hereunder, or the Company breaches its obligations hereunder.

2.    Amended Section 6(a). Effective immediately, Section 6(a) of the Agreement is amended to read in its entirety as follows:

(a) In the event it shall be determined that as a result, directly or indirectly, of any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), the Executive would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax), then:

(i) If the Payment is the result of a Change in Control occurring before May 1, 2015, the Executive shall be entitled to promptly receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, but excluding any income taxes on the Payment, the Executive is in the same after-tax position as if no Excise Tax had been imposed upon the Executive; provided, however, that the Gross-Up Payment shall be made only to the extent that the total value of any payments or benefits received by the Executive under this Agreement or any other plan or agreement with the Company (“Benefits”) exceeds by 25 percent or more the dollar amount that is three times the Executive’s “base amount” (as defined in Section 280G of the Code). If the total value of Benefits exceeds by less than 25 percent the dollar amount that is three times the Executive’s “base amount,” then no Gross-Up Payment shall be made and Benefits shall be capped at the amount that is $1 less than three times the Executive’s “base amount.”

(ii) If the Payment is the result of a Change in Control occurring on or after May 1, 2015, no Gross-Up Payment shall be made and the Executive shall be entitled to have the Benefits either (A) paid or delivered in full, or (B) capped at the amount that is $1 less than three times the Executive’s “base amount,” whichever of the foregoing results in the receipt by the Executive of the greatest benefit on an after-tax basis (taking into account applicable taxes, including federal, state and local income taxes and the Excise Tax).

Any reduction of Benefits required by subsection (i) or (ii) above shall be carried out by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute

payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata among the payments or benefits included in the Benefits (on the basis of the relative present value of the parachute payments).

3.    Agreement Remains in Effect. Except as modified by this Amendment, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first written above.

METHODE ELECTRONICS, INC.

By:_______________________________

Its:_______________________________

EMPLOYEE:

____________________________________

Name:

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Donald W. Duda, certify that:

1. I have reviewed this report on Form 10-Q of Methode Electronics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrants fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	December 10, 2015
		/s/ Donald W. Duda
		Chief Executive Officer
		(principal executive officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Douglas A. Koman, certify that:

1. I have reviewed this report on Form 10-Q of Methode Electronics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrants fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated:	December 10, 2015
		/s/ Douglas A. Koman
		Chief Financial Officer
		(principal financial officer)

EX-32.1

Exhibit 32

METHODE ELECTRONICS, INC.

Certification of Periodic Financial Report

Pursuant to 18 U.S.C. Section 1350

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Methode Electronics, Inc. (the “Company”) certifies that the Quarterly Report on Form 10-Q of the Company for the quarter ended October 31, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in that Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:	December 10, 2015	/s/ Donald W. Duda
		Donald W. Duda
		Chief Executive Officer
Dated:	December 10, 2015	/s/ Douglas A. Koman
		Douglas A. Koman
		Chief Financial Officer

1

XML

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014	May. 02, 2015
Valuation Allowance [Line Items]
Deferred tax benefit related to release of foreign valuation allowance					$ 7.2
Deferred tax benefit related to release of state valuation allowance					1.4
Federal tax expense (benefit)			$ (0.7)
State tax expense (benefit)			(3.8)
Foreign tax credit carryforward	$ 3.7		3.7
Income tax expense	$ 5.7	$ 8.7	$ 13.1	$ 15.7
Effective income tax rate	21.20%	25.10%	22.70%	24.90%
Unrecognized tax benefits, income tax penalties and interest accrued	$ 0.1		$ 0.1
Total unrecognized tax benefit	$ 0.9		0.9
Unrecognized tax benefit recorded			$ 0.1
Malta | Investment Tax Credit Carryforward
Valuation Allowance [Line Items]
Investment tax credit on qualified expenditures, percent	30.00%		30.00%
Unused credits	$ 16.1		$ 16.1
Federal
Valuation Allowance [Line Items]
Operating loss carryforwards	2.1		2.1
State
Valuation Allowance [Line Items]
Operating loss carryforwards	80.6		80.6
Domestic federal and state
Valuation Allowance [Line Items]
Valuation allowances against deferred tax assets	$ 1.2		$ 1.2		$ 1.2

XML

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Oct. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

We review our goodwill and other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable, and at least annually in accordance with ASC No. 350, “Intangibles — Goodwill and Other”.  The values assigned to goodwill and intangible assets are normally based on estimates and judgments regarding expectations for the success and life cycle of products and technologies acquired.  A severe decline in expectations could result in significant impairment charges, which could have a material adverse effect on our financial condition and results of operations.

The following table shows the roll-forward of goodwill in the financial statements for the six months ended October 31, 2015:

	As of October 31, 2015
				Power
	Interface			Products		Total
Balance as of May 2, 2015	$	0.7		$	1.0	$	1.7
Foreign currency translation	(0.1		)	—		(0.1		)
Balance as of October 31, 2015	$	0.6		$	1.0	$	1.6

The following tables present details of the Company’s intangible assets:

	As of October 31, 2015
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16.3	$	15.2	$	1.1	8.3
Trade names, patents and technology licenses	25.8		16.8		9.0		2.9
Covenants not to compete	0.1		0.1		—		1.9
Total	$	42.2	$	32.1	$	10.1

	As of May 2, 2015
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16.3	$	15.0	$	1.3	8.8
Trade names, patents and technology licenses	25.8		15.8		10.0		3.3
Covenants not to compete	0.1		0.1		—		2.4
Total	$	42.2	$	30.9	$	11.3

The estimated aggregate amortization expense for the current fiscal year and each of the four succeeding fiscal years is as follows:

2016	$2.4
2017	$2.3
2018	$2.2
2019	$2.1
2020	$0.2

As of October 31, 2015 and May 2, 2015, the trade names, patents and technology licenses include $1.8 million of trade names that are not subject to amortization.

XML

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Oct. 31, 2015 segment
Segment Reporting [Abstract]
Number of reportable segments	4

XML

NET INCOME PER SHARE - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	158,500	158,500	158,500	158,500
Restricted Stock Awards (RSAs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	684,000	700,000	684,000	700,000

XML

SEGMENT INFORMATION - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Segment Reporting Information [Line Items]
Net sales to unaffiliated customers	$ 208.4	$ 229.7	$ 411.7	$ 447.8
Income (loss) from operations	26.4	34.8	56.9	63.0
Interest income, net	(0.3)	(0.1)	(0.5)	(0.2)
Other income, net	(0.2)	0.2	(0.5)	0.1
Income before income taxes	26.9	34.7	57.9	63.1
Operating Segments
Segment Reporting Information [Line Items]
Net sales	(208.4)	(229.7)	(411.7)	(447.8)
Transfers between segments
Segment Reporting Information [Line Items]
Net sales	0.0	0.0	0.0	0.0
Automotive
Segment Reporting Information [Line Items]
Net sales to unaffiliated customers	160.8	165.9	313.8	322.3
Income (loss) from operations	35.1	35.0	71.1	62.7
Automotive | Operating Segments
Segment Reporting Information [Line Items]
Net sales	(163.1)	(167.1)	(317.9)	(323.9)
Automotive | Transfers between segments
Segment Reporting Information [Line Items]
Net sales	(2.3)	(1.2)	(4.1)	(1.6)
Interface
Segment Reporting Information [Line Items]
Net sales to unaffiliated customers	35.8	40.6	69.6	84.5
Income (loss) from operations	1.4	4.8	2.1	11.9
Interface | Operating Segments
Segment Reporting Information [Line Items]
Net sales	(36.0)	(41.1)	(70.1)	(85.6)
Interface | Transfers between segments
Segment Reporting Information [Line Items]
Net sales	(0.2)	(0.5)	(0.5)	(1.1)
Power Products
Segment Reporting Information [Line Items]
Net sales to unaffiliated customers	11.8	21.6	28.3	37.8
Income (loss) from operations	0.5	5.6	3.5	8.6
Power Products | Operating Segments
Segment Reporting Information [Line Items]
Net sales	(11.8)	(21.7)	(28.3)	(38.0)
Power Products | Transfers between segments
Segment Reporting Information [Line Items]
Net sales	0.0	(0.1)	0.0	(0.2)
Other
Segment Reporting Information [Line Items]
Net sales to unaffiliated customers	0.0	1.6	0.0	3.3
Income (loss) from operations	(1.9)	(1.0)	(4.1)	(3.1)
Other | Operating Segments
Segment Reporting Information [Line Items]
Net sales	0.0	(1.7)	(0.1)	(3.4)
Other | Transfers between segments
Segment Reporting Information [Line Items]
Net sales	0.0	(0.1)	(0.1)	(0.1)
Eliminations/Corporate
Segment Reporting Information [Line Items]
Net sales to unaffiliated customers	0.0	0.0	0.0	(0.1)
Income (loss) from operations	(8.7)	(9.6)	(15.7)	(17.1)
Eliminations/Corporate | Operating Segments
Segment Reporting Information [Line Items]
Net sales	2.5	1.9	4.7	3.1
Eliminations/Corporate | Transfers between segments
Segment Reporting Information [Line Items]
Net sales	$ 2.5	$ 1.9	$ 4.7	$ 3.0

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PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY ARRANGEMENTS - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2015	May. 02, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Pre-production costs	$ 9.4	$ 10.5

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Oct. 31, 2015

Accounting Changes and Error Corrections [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers.”  The core principle is that a company should recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” which deferred the effective date for all entities by one year so it is now effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. We are still assessing the impact of adoption on our consolidated financial statements.

In July 2015, FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory". This ASU requires an entity to measure inventory at the lower of cost and net realizable value, rather than at the lower of cost or market. The guidance is effective for interim and annual periods beginning after December 15, 2016, and is to be applied prospectively. Early adoption is permitted. We do not believe the adoption of this standard will have a significant effect on our consolidated financial statements.

In May 2015, the FASB issued ASU 2015-7, "Fair Value Measurement: Disclosure for Investments in Certain Entities that calculates Net Asset Value per Share (or its Equivalent)". This amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net value asset per share. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We do not believe the adoption of this standard will have a significant effect on our consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs". This ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amendments in this ASU are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The update requires retrospective application and represents a change in accounting principle. We do not believe the adoption of this standard will have a significant effect on our consolidated financial statements.

In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20)", which eliminates the concept of extraordinary items. The standard does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The standard allows prospective or retrospective application. Early adoption is permitted if applied from the beginning of the fiscal year of adoption. We do not believe the adoption of this standard will have any significant effect on our consolidated financial statements.

In September 2015, the FASB issued ASU 2015-16 "Business Combinations Simplifying the Accounting for Measurement-Period Adjustments". The standard requires that an acquirer recognize measurement-period adjustments in the period in which the adjustments are determined. The income effects of such measurement-period adjustments are to be recorded in the same period’s financial statements but calculated as if the accounting had been completed as of the acquisition date. The impact of measurement-period adjustments to earnings that relate to prior period financial statements are to be presented separately on the income statement or disclosed by line item. This accounting guidance is effective for us on a prospective basis beginning in the first quarter of fiscal 2017.

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DEBT AND CREDIT AGREEMENT - Narrative (Details) - USD ($)	6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Line of Credit Facility [Line Items]
Proceeds from borrowings	$ 25,000,000	$ 0
Repayments in the period	8,000,000	$ 18,000,000
Line of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	100,000,000.0
Optional increase in borrowing capacity, up to	$ 50,000,000.0
Basis spread on variable rate	1.50%
Variable rate basis	LIBOR
Proceeds from borrowings	$ 25,000,000
Repayments in the period	8,200,000
Interest expense	200,000
Amount outstanding	22,000,000
Available borrowing capacity	$ 78,000,000

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 31, 2015	May. 02, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 186.6	$ 168.1
Accounts receivable, net	165.2	170.4
Inventories:
Finished products	13.8	16.0
Work in process	9.7	12.2
Materials	42.7	42.7
Net inventory	66.2	70.9
Deferred income taxes	13.9	15.0
Prepaid expenses and other current assets	18.5	13.9
TOTAL CURRENT ASSETS	450.4	438.3
PROPERTY, PLANT AND EQUIPMENT	313.5	309.2
Less allowances for depreciation	223.0	215.9
Net property, plant and equipment	90.5	93.3
GOODWILL	1.6	1.7
INTANGIBLE ASSETS, net	10.1	11.3
PRE-PRODUCTION COSTS	9.4	10.5
DEFERRED INCOME TAXES	28.9	32.1
OTHER ASSETS	19.0	18.6
Total other long-term assets	69.0	74.2
TOTAL ASSETS	609.9	605.8
CURRENT LIABILITIES
Accounts payable	71.2	70.1
Other current liabilities	40.3	60.5
TOTAL CURRENT LIABILITIES	111.5	130.6
LONG-TERM DEBT	22.0	5.0
OTHER LIABILITIES	3.9	4.0
DEFERRED COMPENSATION	7.8	7.2
SHAREHOLDERS’ EQUITY
Common stock, $0.50 par value, 100,000,000 shares authorized, 39,453,447 and 39,702,036 shares issued as of October 31, 2015 and May 2, 2015, respectively	19.7	19.9
Additional paid-in capital	108.7	102.2
Accumulated other comprehensive income	(16.4)	(8.3)
Treasury stock, 1,346,624 shares as of October 31, 2015 and May 2, 2015	(11.5)	(11.5)
Retained earnings	364.1	356.5
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS’ EQUITY	464.6	458.8
Noncontrolling interest	0.1	0.2
TOTAL EQUITY	464.7	459.0
TOTAL LIABILITIES AND EQUITY	$ 609.9	$ 605.8

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
OPERATING ACTIVITIES
Net income	$ 44.8	$ 47.4
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation	10.8	11.2
Amortization of intangibles	1.2	0.8
Amortization of stock awards and stock options	2.2	2.2
Changes in operating assets and liabilities	(9.9)	1.6
NET CASH PROVIDED BY OPERATING ACTIVITIES	49.1	63.2
INVESTING ACTIVITIES
Purchases of property, plant and equipment	(9.5)	(10.8)
NET CASH USED IN INVESTING ACTIVITIES	(9.5)	(10.8)
FINANCING ACTIVITIES
Taxes paid related to net share settlement of equity awards	(7.6)	0.0
Purchase of common stock	(22.8)	0.0
Proceeds from exercise of stock options	0.4	6.3
Excess tax benefit from equity-based compensation	4.0	0.0
Cash dividends	(6.9)	(6.9)
Proceeds from borrowings	25.0	0.0
Repayment of borrowings	(8.0)	(18.0)
NET CASH USED IN FINANCING ACTIVITIES	(15.9)	(18.6)
Effect of foreign currency exchange rate changes on cash	(5.2)	(6.0)
INCREASE IN CASH AND CASH EQUIVALENTS	18.5	27.8
Cash and cash equivalents at beginning of period	168.1	116.4
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 186.6	$ 144.2

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Oct. 31, 2015	May. 02, 2015
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 42.2	$ 42.2
Accumulated Amortization	32.1	30.9
Net	10.1	11.3
Customer relationships and agreements
Finite-lived Intangible Assets [Roll Forward]
Gross	16.3	16.3
Accumulated Amortization	15.2	15.0
Net	$ 1.1	$ 1.3
Wtd. Avg. Remaining Amortization Periods (Years)	8 years 3 months 15 days	8 years 9 months 18 days
Trade names, patents and technology licenses
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 25.8	$ 25.8
Accumulated Amortization	16.8	15.8
Net	$ 9.0	$ 10.0
Wtd. Avg. Remaining Amortization Periods (Years)	2 years 10 months 12 days	3 years 4 months 6 days
Covenants not to compete
Finite-lived Intangible Assets [Roll Forward]
Gross	$ 0.1	$ 0.1
Accumulated Amortization	0.1	0.1
Net	$ 0.0	$ 0.0
Wtd. Avg. Remaining Amortization Periods (Years)	1 year 10 months 12 days	2 years 5 months

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GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2015	May. 02, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Trade names not subject to amortization	$ 1.8	$ 1.8

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BASIS OF PRESENTATION

6 Months Ended

Oct. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

Methode Electronics, Inc. was incorporated in 1946 as an Illinois corporation and reincorporated in Delaware in 1966.  As used herein, “we,” “us,” “our,” the “Company” or “Methode” means Methode Electronics, Inc. and its subsidiaries.  Our business is managed and our financial results are reported on a segment basis, with those segments being Automotive, Interface, Power Products and Other.  The condensed consolidated financial statements and related disclosures as of October 31, 2015 and results of operations for the three and six months ended October 31, 2015 and November 1, 2014 are unaudited, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  The May 2, 2015 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”).  Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.  In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods.  These financial statements should be read in conjunction with the financial statements included in our Form 10-K for the year ended May 2, 2015, filed with the SEC on June 25, 2015.  Results may vary from quarter to quarter for reasons other than seasonality.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 31, 2015	May. 02, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	39,453,447	39,702,036
Treasury stock (in shares)	1,346,624	1,346,624

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BASIS OF PRESENTATION (Policies)

6 Months Ended

Oct. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Goodwill and Intangible Assets

We review our goodwill and other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable, and at least annually in accordance with ASC No. 350, “Intangibles — Goodwill and Other”.  The values assigned to goodwill and intangible assets are normally based on estimates and judgments regarding expectations for the success and life cycle of products and technologies acquired.  A severe decline in expectations could result in significant impairment charges, which could have a material adverse effect on our financial condition and results of operations.

Net Income Per Share

Basic net income per share is calculated by dividing net income attributable to Methode shareholders by the weighted average number of common shares outstanding for the applicable period.  Diluted net income per share is calculated after adjusting the denominator of the basic net income per share calculation for the effect of all potentially dilutive stock compensation awards outstanding during the period.

Segment Information

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Form 10-K for the fiscal year ended May 2, 2015.  We allocate resources to segments based on operating income. Transfers between segments are recorded using internal transfer prices set by us.

Contingencies

Certain litigation arising in the normal course of business is pending against us.  We are from time to time subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters and environmental matters.  We consider insurance coverage and third-party indemnification when determining required accruals for pending litigation and claims.

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DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Oct. 31, 2015	Dec. 08, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	METHODE ELECTRONICS INC
Entity Central Index Key	0000065270
Current Fiscal Year End Date	--04-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		38,106,823

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GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Oct. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Roll-forward

The following table shows the roll-forward of goodwill in the financial statements for the six months ended October 31, 2015:

	As of October 31, 2015
				Power
	Interface			Products		Total
Balance as of May 2, 2015	$	0.7		$	1.0	$	1.7
Foreign currency translation	(0.1		)	—		(0.1		)
Balance as of October 31, 2015	$	0.6		$	1.0	$	1.6

Schedule of Intangible Assets

The following tables present details of the Company’s intangible assets:

	As of October 31, 2015
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16.3	$	15.2	$	1.1	8.3
Trade names, patents and technology licenses	25.8		16.8		9.0		2.9
Covenants not to compete	0.1		0.1		—		1.9
Total	$	42.2	$	32.1	$	10.1

	As of May 2, 2015
							Wtd. Avg.
							Remaining
			Accumulated				Amortization
	Gross		Amortization		Net		Periods (Years)
Customer relationships and agreements	$	16.3	$	15.0	$	1.3	8.8
Trade names, patents and technology licenses	25.8		15.8		10.0		3.3
Covenants not to compete	0.1		0.1		—		2.4
Total	$	42.2	$	30.9	$	11.3

Schedule of Estimated Aggregate Amortization Expense of Intangible Assets

The estimated aggregate amortization expense for the current fiscal year and each of the four succeeding fiscal years is as follows:

2016	$2.4
2017	$2.3
2018	$2.2
2019	$2.1
2020	$0.2

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Income Statement [Abstract]
Net sales	$ 208.4	$ 229.7	$ 411.7	$ 447.8
Cost of products sold	157.5	169.5	307.2	337.2
Gross profit	50.9	60.2	104.5	110.6
Selling and administrative expenses	24.5	25.4	47.6	47.6
Income from operations	26.4	34.8	56.9	63.0
Interest income, net	(0.3)	(0.1)	(0.5)	(0.2)
Other (income) / expense	(0.2)	0.2	(0.5)	0.1
Income before income taxes	26.9	34.7	57.9	63.1
Income tax expense	5.7	8.7	13.1	15.7
Net income	21.2	26.0	44.8	47.4
Less: Net income attributable to noncontrolling interest	0.0	0.0	0.0	0.0
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	$ 21.2	$ 26.0	$ 44.8	$ 47.4
Amounts per common share attributable to Methode Electronics, Inc.:
Basic (in dollars per share)	$ 0.55	$ 0.67	$ 1.15	$ 1.23
Diluted (in dollars per share)	0.54	0.66	1.15	1.21
Cash dividends:
Common stock (in dollars per share)	$ 0.09	$ 0.09	$ 0.18	$ 0.18
Weighted average number of Common Shares outstanding:
Basic (in shares)	38,972,930	38,694,583	38,913,836	38,571,015
Diluted (in shares)	39,077,839	39,516,436	39,031,424	39,038,647

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NET INCOME PER SHARE

6 Months Ended

Oct. 31, 2015

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NET INCOME PER SHARE

Basic net income per share is calculated by dividing net income attributable to Methode shareholders by the weighted average number of common shares outstanding for the applicable period.  Diluted net income per share is calculated after adjusting the denominator of the basic net income per share calculation for the effect of all potentially dilutive stock compensation awards outstanding during the period.

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended				Six Months Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
Numerator - net income attributable to Methode Electronics, Inc.	$	21.2	$	26.0	$	44.8	$	47.4
Denominator:	—		—
Denominator for basic net income per share-weighted average shares outstanding and vested/unissued restricted stock awards	38,972,930		38,694,583		38,913,836		38,571,015
Dilutive potential common shares-employee and director stock options, restricted stock awards and restricted stock units	104,909		821,853		117,588		467,632
Denominator for diluted net income per share	39,077,839		39,516,436		39,031,424		39,038,647
Net income per share:
Basic	$	0.55	$	0.67	$	1.15	$	1.23
Diluted	$	0.54	$	0.66	$	1.15	$	1.21

For the three months and six months ended October 31, 2015 and November 1, 2014, options to purchase 158,500 shares have been excluded in the computation of diluted net income per share because the exercise price was greater than the average market price for those periods, and therefore, would have been anti-dilutive. Restricted stock awards for 684,000 shares have been excluded in the computation of diluted net income per share for both the three months and six months ended October 31, 2015, as these awards are contingent on the Company's full year performance in fiscal 2020. Restricted stock awards for 700,000 shares have been excluded in the computation of diluted net income per share for both the three months and six months ended November 1, 2014, as these awards were contingent on the Company's full year performance in fiscal 2015.

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COMMON STOCK AND STOCK-BASED COMPENSATION

6 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

COMMON STOCK AND STOCK-BASED COMPENSATION

COMMON STOCK AND STOCK-BASED COMPENSATION

During the quarter ended October 31, 2015, the Compensation Committee of the Board of Directors authorized a new long-term incentive program for key employees consisting of performance-based Restricted Stock Awards (“RSAs”) and time-based Restricted Stock Units (“RSUs”).

The number of RSAs earned will vary based on performance relative to established goals for fiscal 2020 adjusted EBITDA, with 50% of the target shares earned for threshold performance (representing 342,000 shares), 100% of the target shares earned for target performance (representing 684,000 shares) and 150% of the target shares earned for maximum performance (representing 1,026,000 shares).

At the target level of performance, the expected expense for the RSAs over the five-year period will be $21.8 million. During the quarter ended October 31, 2015, the Company recorded $0.4 million in compensation expense related to the RSA’s.

As of October 31, 2015, the Company is recording the RSA compensation expense based on target performance. In future periods, if management makes a determination that the target will likely be exceeded for fiscal 2020, a catch-up adjustment to compensation expense will be recorded in that period. This amount could be material to the financial statements.

The Company also granted 516,000 RSU's to key employees. The RSU’s are subject to a five-year vesting period, with 30% vesting on on each April 28, 2018 and 2019 and 40% vesting on May 2, 2020. The total expense for the RSU's is expected to be $16.5 million through 2020. During the quarter ended October 31, 2015, the Company recorded $0.4 million of compensation expense related to the RSU's.

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Aggregate Amortization Expense of Intangible Assets (Details) $ in Millions	Oct. 31, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2016	$ 2.4
2017	2.3
2018	2.2
2019	2.1
2020	$ 0.2

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NET INCOME PER SHARE (Tables)

6 Months Ended

Oct. 31, 2015

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share:

	Three Months Ended				Six Months Ended
	October 31, 2015		November 1, 2014		October 31, 2015		November 1, 2014
Numerator - net income attributable to Methode Electronics, Inc.	$	21.2	$	26.0	$	44.8	$	47.4
Denominator:	—		—
Denominator for basic net income per share-weighted average shares outstanding and vested/unissued restricted stock awards	38,972,930		38,694,583		38,913,836		38,571,015
Dilutive potential common shares-employee and director stock options, restricted stock awards and restricted stock units	104,909		821,853		117,588		467,632
Denominator for diluted net income per share	39,077,839		39,516,436		39,031,424		39,038,647
Net income per share:
Basic	$	0.55	$	0.67	$	1.15	$	1.23
Diluted	$	0.54	$	0.66	$	1.15	$	1.21

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PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY ARRANGEMENTS

6 Months Ended

Oct. 31, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY ARRANGEMENTS

PRE-PRODUCTION COSTS RELATED TO LONG-TERM SUPPLY ARRANGEMENTS

We incur pre-production tooling costs related to certain products produced for our customers under long-term supply agreements.  We had $9.4 million and $10.5 million as of October 31, 2015 and May 2, 2015, respectively, of pre-production tooling costs related to customer-owned tools for which reimbursement is contractually guaranteed by the customer or for which the customer has provided a non-cancelable right to use the tooling.  Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs are reimbursable, as specified in a customer contract.

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SEGMENT INFORMATION

6 Months Ended

Oct. 31, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We are a global manufacturer of component and subsystem devices.  We design, manufacture and market devices employing electrical, electronic, wireless, sensing and optical technologies.  Our components are found in the primary end markets of the automotive, appliance, communications (including information processing and storage, networking equipment, wireless and terrestrial voice/data systems), aerospace, rail and other transportation industries, and the consumer and industrial equipment markets.

ASC No. 280, “Segment Reporting”, establishes annual and interim reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources.  The CODM, as defined by ASC No. 280, is the Company’s President and Chief Executive Officer (“CEO”).

We have multiple operating segments that are aggregated in four reportable segments. Those segments are Automotive, Interface, Power Products and Other.

The Automotive segment supplies electronic and electromechanical devices and related products to automobile Original Equipment Manufacturers ("OEMs"), either directly or through their tiered suppliers. Our products include control switches for electrical power and signals, connectors for electrical devices, integrated control components, switches and sensors that monitor the operation or status of a component or system, and packaging of electrical components as well as design and manufacture of magnetic torque sensing products.

The Interface segment provides a variety of copper and fiber-optic interconnect and interface solutions for the aerospace, appliance, commercial, computer, construction, consumer, material handling, medical, military, mining, networking, storage, and telecommunications markets.  Solutions include conductive polymers, connectors, custom cable assemblies, industrial safety radio remote controls, optical and copper transceivers, personal computer and express card packaging and terminators, solid-state field effect interface panels, and thick film inks.  Services include the design and installation of fiber optic and copper infrastructure systems, and manufacturing active and passive optical components.

The Power Products segment manufactures braided flexible cables, current-carrying laminated bus devices, custom power-product assemblies, high-current low voltage flexible power cabling systems and powder coated bus bars that are used in various markets and applications, including aerospace, computers, industrial and power conversion, military, telecommunications, and transportation.

The Other segment includes medical devices, inverters and battery systems and insulated gate bipolar transistor solutions.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Form 10-K for the fiscal year ended May 2, 2015.  We allocate resources to segments based on operating income. Transfers between segments are recorded using internal transfer prices set by us.

	Three Months Ended October 31, 2015
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	163.1		$	36.0		$	11.8	$	—		$	(2.5	)	$	208.4
Transfers between segments	(2.3		)	(0.2		)	—		—			2.5			—
Net sales to unaffiliated customers	$	160.8		$	35.8		$	11.8	$	—		$	—		$	208.4
Income (loss) from operations	$	35.1		$	1.4		$	0.5	$	(1.9	)	$	(8.7	)	$	26.4
Interest income, net															(0.3		)
Other income, net															(0.2		)
Income before income taxes															$	26.9

	Three Months Ended November 1, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	167.1		$	41.1		$	21.7		$	1.7		$	(1.9	)	$	229.7
Transfers between segments	(1.2		)	(0.5		)	(0.1		)	(0.1		)	1.9			—
Net sales to unaffiliated customers	$	165.9		$	40.6		$	21.6		$	1.6		$	—		$	229.7
Income/(loss) from operations	$	35.0		$	4.8		$	5.6		$	(1.0	)	$	(9.6	)	$	34.8
Interest income, net																(0.1		)
Other expense, net																0.2
Income before income taxes																$	34.7

	Six Months Ended October 31, 2015
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	317.9		$	70.1		$	28.3	$	0.1		$	(4.7	)	$	411.7
Transfers between segments	(4.1		)	(0.5		)	—		(0.1		)	4.7			—
Net sales to unaffiliated customers	$	313.8		$	69.6		$	28.3	$	—		$	—		$	411.7
Income/(loss) from operations	$	71.1		$	2.1		$	3.5	$	(4.1	)	$	(15.7	)	$	56.9
Interest income, net															(0.5		)
Other income, net															(0.5		)
Income before income taxes															$	57.9

	Six Months Ended November 1, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	323.9		$	85.6		$	38.0		$	3.4		$	(3.1	)	$	447.8
Transfers between segments	(1.6		)	(1.1		)	(0.2		)	(0.1		)	3.0			—
Net sales to unaffiliated customers	$	322.3		$	84.5		$	37.8		$	3.3		$	(0.1	)	$	447.8
Income/(loss) from operations	$	62.7		$	11.9		$	8.6		$	(3.1	)	$	(17.1	)	$	63.0
Interest income, net																(0.2		)
Other expense, net																0.1
Income before income taxes																$	63.1

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CONTINGENCIES

6 Months Ended

Oct. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES

CONTINGENCIES

Certain litigation arising in the normal course of business is pending against us.  We are from time to time subject to various legal actions and claims incidental to our business, including those arising out of alleged defects, breach of contracts, employment-related matters and environmental matters.  We consider insurance coverage and third-party indemnification when determining required accruals for pending litigation and claims.  Although the outcome of potential legal actions and claims cannot be determined, it is our opinion, based on the information available, that we have adequate reserves for these liabilities.

Hetronic Germany-GmbH Matters    

For several years, Hetronic Germany-GmbH and Hydronic-Steuersysteme-GmbH (the “Fuchs companies”) served as our distributors for Germany, Austria and other central and eastern European countries pursuant to their respective intellectual property licenses and distribution and assembly agreements. We became aware that the Fuchs companies and their managing director, Albert Fuchs, had materially violated those agreements. As a result, weterminated all of our agreements with the Fuchs companies. On June 20, 2014, we filed a lawsuit against the Fuchs companies in the Federal District Court for the Western District of Oklahoma alleging material breaches of the distribution and assembly agreements seeking damages, as well as various forms of injunctive relief. The defendants have filed counterclaims alleging breach of contract, interference with business relations and business slander. On April 2, 2015, we amended our complaint against the Fuchs companies to add additional unfair competition and Lanham Act claims and to add additional, affiliated parties. The Court denied the defendants’ motions to dismiss, although some of the defendants have filed a motion to reconsider that denial. Discovery has commenced in the case and is ongoing.

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DEBT AND CREDIT AGREEMENT

6 Months Ended

Oct. 31, 2015

Debt Disclosure [Abstract]

DEBT AND CREDIT AGREEMENT

DEBT AND CREDIT AGREEMENT

We are party to an Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, and certain other financial institutions, which has a maturity of September 21, 2017. The credit facility is in the aggregate principal amount of $100.0 million, with an option to increase the principal amount by an additional $50.0 million, subject to customary conditions and approval of the lender(s) providing new commitment(s). The credit facility provides for variable rates of interest based on the type of borrowing and the Company's debt to EBITDA financial ratio. The Amended and Restated Credit Agreement is guaranteed by certain of our U.S. subsidiaries. At October 31, 2015, the interest rate on the credit facility was 1.5% plus LIBOR and we were in compliance with the covenants of the agreement. During the first six months of fiscal 2016, we had borrowings of $25.0 million and payments of $8.2 million, which includes interest of $0.2 million, under this credit facility. As of October 31, 2015, there were outstanding balances against the credit facility of $22.0 million.  There was $78.0 million available to borrow under the credit facility as of October 31, 2015, which does not include the option to increase the principal amount. We believe the fair value approximates the carrying amount as of October 31, 2015.

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Roll-forward (Details) $ in Millions	6 Months Ended
	Oct. 31, 2015 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1.7
Foreign currency translation	(0.1)
Ending balance	1.6
Interconnect
Goodwill [Roll Forward]
Beginning balance	0.7
Foreign currency translation	(0.1)
Ending balance	0.6
Power Products
Goodwill [Roll Forward]
Beginning balance	1.0
Foreign currency translation	0.0
Ending balance	$ 1.0

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COMMON STOCK AND STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	60 Months Ended
	Oct. 31, 2015	May. 02, 2020
Performance-Based Restricted Stock Awards (RSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Compensation expense	$ 0.4
Performance-Based Restricted Stock Awards (RSAs) | 50% of Target Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	50.00%
Number of RSAs earned based on performance (in shares)	342,000
Performance-Based Restricted Stock Awards (RSAs) | 100% of Target Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	100.00%
Number of RSAs earned based on performance (in shares)	684,000
Performance-Based Restricted Stock Awards (RSAs) | 150% of Target Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	150.00%
Number of RSAs earned based on performance (in shares)	1,026,000
Performance-Based Restricted Stock Awards (RSAs) | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 21.8
Time-Based Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Compensation expense	$ 0.4
Awarded (in shares)	516,000
Time-Based Restricted Stock Units (RSUs) | April 28, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	30.00%
Time-Based Restricted Stock Units (RSUs) | April 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	30.00%
Time-Based Restricted Stock Units (RSUs) | May 2, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent	40.00%
Time-Based Restricted Stock Units (RSUs) | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 16.5

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 21.2	$ 26.0	$ 44.8	$ 47.4
Foreign currency translation adjustment	(2.0)	(10.8)	(8.1)	(16.1)
Comprehensive income	19.2	15.2	36.7	31.3
Less: Comprehensive income attributable to non-controlling interest	0.0	0.0	0.0	0.0
Comprehensive income attributable to Methode Electronics, Inc.	$ 19.2	$ 15.2	$ 36.7	$ 31.3

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INCOME TAXES

6 Months Ended

Oct. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

At May 2, 2015, we recorded a deferred tax benefit of $7.2 million related to the release of a foreign valuation allowance and a $1.4 million deferred tax benefit related to the release of our state valuation allowance. The Company evaluated all available positive and negative evidence, including past operating results and projection of future taxable income and determined it is more likely than not that expected future taxable income will be sufficient to utilize substantially all of our foreign, federal and US state net deferred tax assets. The Company maintained a valuation allowance of $1.2 million at October 31, 2015 and May 2, 2015 related to certain state and federal net operating loss carryovers and expects to continue to maintain this allowance until we determine that these deferred tax assets are more likely than not realizable.

At October 31, 2015, we had available $2.1 million of federal and $80.6 million of state net operating loss carry forwards (having a tax benefit of $0.7 million and $3.8 million, respectively) and $3.7 million of foreign tax credit carry forwards. If unused, the U.S. federal net operating loss carry forwards will expire in the fiscal years 2018 through 2031. The state net operating loss carry forwards will expire in the fiscal years 2016 through 2035. The foreign tax credits will expire in the fiscal years 2023 through 2024.

The tax laws of Malta provide for investment tax credits of 30% of certain qualified expenditures. Unused credits of $16.1 million as of October 31, 2015 can be carried forward indefinitely. We record investment tax credits using the "flow through" method.

The Company recognized an income tax provision of $5.7 million and $8.7 million for the three months ended October 31, 2015 and November 1, 2014, respectively. The Company's effective tax rate was 21.2% and 25.1% for the three months ended October 31, 2015 and November 1, 2014, respectively. The Company recognized an income tax provision of $13.1 million and $15.7 million for the six months ended October 31, 2015 and November 1, 2014, respectively. The Company's effective tax rate was 22.7% and 24.9% for the six months ended October 31, 2015 and November 1, 2014, respectively. The income tax provision for both the three and six months ended October 31, 2015 and November 1, 2014 is lower than the U.S. statutory rate primarily due to foreign investment tax credits and foreign operations with lower statutory rates.

We record interest and penalties accrued related to the unrecognized tax benefits in the provision for income taxes.  We had approximately $0.1 million accrued at October 31, 2015 for the payment of interest and penalties.  The total unrecognized tax benefit as of October 31, 2015 was $0.9 million. We recorded an unrecognized tax benefit of $0.1 million in the first half of fiscal 2016. There have been no material changes to the accrued amounts in the current fiscal year.

The Company and all of its domestic subsidiaries file income tax returns in the U.S. federal jurisdiction and various states.  Our foreign subsidiaries file income tax returns in certain foreign jurisdictions since they have operations outside the U.S.  The Company and its subsidiaries are generally no longer subject to U.S. federal, state and local examinations by tax authorities for all years except fiscal 2014, 2013, 2012 and 2011.

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NET INCOME PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Oct. 31, 2015	Nov. 01, 2014
Earnings Per Share [Abstract]
Numerator - net income attributable to Methode Electronics, Inc.	$ 21.2	$ 26.0	$ 44.8	$ 47.4
Denominator for basic net income per share-weighted average shares outstanding and vested/unissued restricted stock awards (in shares)	38,972,930	38,694,583	38,913,836	38,571,015
Dilutive potential common shares-employee and director stock options, restricted stock awards and restricted stock units (in shares)	104,909	821,853	117,588	467,632
Denominator for diluted net income per share (in shares)	39,077,839	39,516,436	39,031,424	39,038,647
Net income per share:
Basic (in dollars per share)	$ 0.55	$ 0.67	$ 1.15	$ 1.23
Diluted (in dollars per share)	$ 0.54	$ 0.66	$ 1.15	$ 1.21

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SEGMENT INFORMATION (Tables)

6 Months Ended

Oct. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

	Three Months Ended October 31, 2015
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	163.1		$	36.0		$	11.8	$	—		$	(2.5	)	$	208.4
Transfers between segments	(2.3		)	(0.2		)	—		—			2.5			—
Net sales to unaffiliated customers	$	160.8		$	35.8		$	11.8	$	—		$	—		$	208.4
Income (loss) from operations	$	35.1		$	1.4		$	0.5	$	(1.9	)	$	(8.7	)	$	26.4
Interest income, net															(0.3		)
Other income, net															(0.2		)
Income before income taxes															$	26.9

	Three Months Ended November 1, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	167.1		$	41.1		$	21.7		$	1.7		$	(1.9	)	$	229.7
Transfers between segments	(1.2		)	(0.5		)	(0.1		)	(0.1		)	1.9			—
Net sales to unaffiliated customers	$	165.9		$	40.6		$	21.6		$	1.6		$	—		$	229.7
Income/(loss) from operations	$	35.0		$	4.8		$	5.6		$	(1.0	)	$	(9.6	)	$	34.8
Interest income, net																(0.1		)
Other expense, net																0.2
Income before income taxes																$	34.7

	Six Months Ended October 31, 2015
	Automotive			Interface			Power Products		Other			Eliminations/Corporate			Consolidated
Net sales	$	317.9		$	70.1		$	28.3	$	0.1		$	(4.7	)	$	411.7
Transfers between segments	(4.1		)	(0.5		)	—		(0.1		)	4.7			—
Net sales to unaffiliated customers	$	313.8		$	69.6		$	28.3	$	—		$	—		$	411.7
Income/(loss) from operations	$	71.1		$	2.1		$	3.5	$	(4.1	)	$	(15.7	)	$	56.9
Interest income, net															(0.5		)
Other income, net															(0.5		)
Income before income taxes															$	57.9

	Six Months Ended November 1, 2014
	Automotive			Interface			Power Products			Other			Eliminations/Corporate			Consolidated
Net sales	$	323.9		$	85.6		$	38.0		$	3.4		$	(3.1	)	$	447.8
Transfers between segments	(1.6		)	(1.1		)	(0.2		)	(0.1		)	3.0			—
Net sales to unaffiliated customers	$	322.3		$	84.5		$	37.8		$	3.3		$	(0.1	)	$	447.8
Income/(loss) from operations	$	62.7		$	11.9		$	8.6		$	(3.1	)	$	(17.1	)	$	63.0
Interest income, net																(0.2		)
Other expense, net																0.1
Income before income taxes																$	63.1