-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sy9z+GE6fLWRJ8742qhd94NQDKlLC43DgjMbMGxXPpUtC8m2OzRHYIbC8QEwMVgS L8WIwLqZI4GdWE3wmAQrrA== 0001157523-04-002101.txt : 20040304 0001157523-04-002101.hdr.sgml : 20040304 20040304153118 ACCESSION NUMBER: 0001157523-04-002101 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040304 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METHODE ELECTRONICS INC CENTRAL INDEX KEY: 0000065270 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC CONNECTORS [3678] IRS NUMBER: 362090085 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-02816 FILM NUMBER: 04648810 BUSINESS ADDRESS: STREET 1: 7401 W WILSON AVE CITY: CHICAGO STATE: IL ZIP: 60706 BUSINESS PHONE: 7088676777 MAIL ADDRESS: STREET 1: 7401 WEST WILSON AVE CITY: CHICAGO STATE: IL ZIP: 60706 8-K 1 a4587109.txt METHODE ELECTRONICS 8-K =============================================================================== UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------- FORM 8-K --------------- CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 4, 2004 --------------- METHODE ELECTRONICS, INC. (Exact name of registrant as specified in its charter) Delaware 0-2816 36-2090085 State of Other Commission File Number I.R.S. Employer Jurisdiction of Identification Number Incorporation 7401 West Wilson Avenue, Chicago, Illinois 60706 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (708) 867-6777 Not Applicable (Former name or former address, if changed since last report) =============================================================================== ITEM 7. Financial Statements and Exhibits (c) Exhibits 99.1 Methode Electronics, Inc. Press Release issued on March 4, 2004. ITEM 12. Results of Operations and Financial Condition On March 4, 2004, Methode Electronics, Inc. announced its third quarter fiscal year 2004 results for the quarter ended January 31, 2004. SIGNATURE 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 hereunto duly authorized. METHODE ELECTRONICS, INC. Date: March 4, 2004 By: /s/ Douglas A. Koman ----------------------- Douglas A. Koman Vice President, Corporate Finance EX-99 3 a4587109ex99.txt METHODE ELECTRONICS EXHIBIT 99 Exhibit 99.1 Methode Electronics, Inc. Reports Third Quarter Fiscal Year 2004 Results CHICAGO--(BUSINESS WIRE)--March 4, 2004--Methode Electronics, Inc. (Nasdaq:METH), a global manufacturer of electronic component and subsystem devices, today announced operating results for the fiscal 2004 third quarter ended January 31, 2004. Methode achieved fiscal 2004 third quarter net sales of $86.7 million and, excluding expenses related to the elimination of its dual class stock structure and a facility closing, net income of $4.5 million, or $0.12 per share. This compares with net sales of $92.1 million and net income of $4.5 million, or $0.12 per share, in the third quarter of fiscal year 2003. Methode took an after tax charge of $3.1 million, or $0.08 per share, in the third quarter of this fiscal year. This includes a charge of $1.3 million, with no tax benefit, for severance pay, lease and other related costs of products sold for the closing of its Ireland facility, as well as a pre-tax selling, general and administrative charge of $2.6 million, or $1.8 million after tax, for expenses related to the elimination of its dual class stock structure, primarily dealing with the unsolicited tender offer for its Class B shares. After recording this charge, Methode reported net income of $1.4 million, or $0.04 per share, for the third quarter of fiscal year 2004. Customer paid tooling sales in this year's third quarter were $3.8 million compared to $7.9 million in the year ago period. Excluding the customer paid tooling, product sales were $82.9 million in this year's third quarter compared to $84.2 million in the same quarter last year. In the first nine months of fiscal 2004, net sales were $259.2 million compared to $268.9 million from the same period last year. Excluding the fiscal year 2004 third quarter charges, nine month net income was $15.2 million, or $0.42 per share, compared to $15.2 million, or $0.42 per share, in the same period of fiscal 2003. Including the fiscal 2004 third quarter charges, net income was $12.1 million, or $0.34 per share, in the first three quarters of this fiscal year, compared to $15.2 million, or $0.42 per share, reported in the first three quarters of fiscal 2003. For the first nine months of fiscal 2004, tooling sales were $7.6 million compared to $15.8 million in the first nine-month period of fiscal 2003. Excluding tooling, product sales for the first nine months of fiscal 2004 were $251.6 million compared to $253.1 million in the same period last year. Methode's cash position at the end of the 2004 fiscal third quarter, after $8.0 million was paid to shareholders to eliminate the Class B stock, was $60.5 million. Fiscal 2004 third quarter foreign exchanges losses were $0.6 million, compared to $1.0 million in fiscal 2003. Fiscal 2004 nine-month foreign exchange losses were $1.1 million compared to $2.2 million in fiscal 2003. On January 8, 2004, Methode completed the elimination of its dual stock structure with overwhelming approval from its shareholders. Methode's common stock now trades under the symbol METH on the Nasdaq National Market. Commenting on the quarter, Donald W. Duda, President of Methode Electronics, stated, "Our financial results were in line with our expectations and guidance. Our traditional North American automotive manufacturing customers continue to experience slower production schedules bringing our revenues slightly below last years third quarter mark. However, our Automotive Safety Technology unit and the automotive group in Europe continue to demonstrate strong sequential and year-over-year growth." Mr. Duda went on to say, "As part of our strategy to diversify our customer base we continue to seek new opportunities with Japanese OEMs. As a result of this effort our automotive controls unit was awarded Methode's first product with Honda in North America for a 2006 model year vehicle. It is an entry into a new major OEM for Methode and we are proud of our team and their commitment to obtain this business." Methode is reaffirming its net sales forecast for its fiscal year ending April 30, 2004, between $350 million and $360 million. The Company's prior earnings per share guidance was between $0.60 and $0.65. As a result of the costs associated with the elimination of its dual class structure, the unsolicited tender for its Class B shares, the closing of its Ireland facility and the pending close of its UK manufacturing facility in the fourth quarter, the Company is revising earnings per share guidance for its fiscal year ending April 30, 2004, between $0.48 and $0.53. As previously announced, the Company will conduct a conference call led by its President, Donald W. Duda, and Vice President, Corporate Finance, Douglas A. Koman, on March 4, 2004 at 10:00 a.m. Central Time. You may participate on the conference call by dialing 800-901-5231 passcode: Methode. Methode also invites you to listen to the webcast of this call by visiting the Company's website at http://www.methode.com and entering the "Investor Relations" page and then clicking on the "Webcast" icon. A replay of the call will be available for seven days, by dialing 888-286-8010 passcode: 26241460. The replay will also be available on the Company's website. About Methode Electronics Methode Electronics, Inc. is a global manufacturer of electronic component and subsystem devices. Methode designs, manufactures and markets devices employing electrical, electronic, wireless, sensing and optical technologies. Methode's components are found in the primary end markets of the automotive, 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. Further information can be found at Methode's website http://www.methode.com. Forward-Looking Statements Certain statements in this press release dated March 4, 2004, containing information on Methode's third quarter reporting period for fiscal 2004, and offering guidance for its full year reporting period for fiscal 2004, are forward-looking statements that are subject to certain risks and uncertainties. The Company's results will be subject to many of the same risks that apply to the automotive, computer and telecommunications industries, such as general economic conditions, interest rates, consumer spending patterns and technological change. Other factors, which may result in materially different results for future periods, include market growth; operating costs; currency exchange rates and devaluations; delays in development, production and marketing of new products; and other factors set forth from time to time in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are subject to the safe harbor protection provided under the securities law. Methode Electronics, Inc. Financial Highlights (In thousands, except per share data, unaudited) Three Months Ended January 31, 2004 2003 ----------- ----------- Net sales $86,698 $92,061 Other income 636 359 Cost of products sold 69,594 75,079 Selling and administrative expenses 14,721 10,025 Income from operations 3,019 7,316 Interest, net 144 290 Other, net (554) (998) Income before income taxes 2,609 6,608 Income taxes 1,235 2,150 Net income 1,374 4,458 Basic and Diluted Earnings per Common Share $0.04 $0.12 Average Number of Common Shares outstanding: Basic 35,700 36,178 Diluted 36,045 36,421 Nine Months Ended January 31, 2004 2003 ----------- ----------- Net sales $259,158 $268,925 Other income 1,986 790 Cost of products sold 205,979 213,976 Selling and administrative expenses 36,153 31,870 Income from operations 19,012 23,869 Interest, net 383 864 Other, net (1,094) (2,216) Income before income taxes 18,301 22,517 Income taxes 6,180 7,300 Net income 12,121 15,217 Basic and Diluted Earnings per Common Share $0.34 $0.42 Average Number of Common Shares outstanding: Basic 35,865 36,162 Diluted 36,163 36,407 Methode Electronics, Inc. Financial Highlights (In thousands) January 31, April 30, 2004 2003 ----------- ----------- (Unaudited) Cash $ 60,543 $ 64,261 Accounts receivable - net 58,768 58,246 Inventories 33,289 31,936 Other current assets 12,244 20,720 ----------- ----------- Total Current Assets 164,844 175,163 Property, plant and equipment - net 86,591 82,902 Goodwill - net 18,657 18,077 Intangible assets - net 23,486 25,458 Other assets 13,647 13,874 ----------- ----------- Total Assets $307,225 $315,474 =========== =========== Accounts and notes payable $ 23,271 $ 24,515 Other current liabilities 30,278 24,801 ----------- ----------- Total current liabilities 53,549 49,316 Other liabilities 8,197 11,153 Shareholders' equity 245,479 255,005 ----------- ----------- Total Liabilities and Shareholders' Equity $307,225 $315,474 =========== =========== CONTACT: Methode Electronics, Inc. Joey Iske (IR), 708-457-4060 jiske@methode.com -----END PRIVACY-ENHANCED MESSAGE-----