$MEI
METHODE ELECTRONICS INC

2013 Q1 Form 10-Q Financial Statement

#000006527013000010 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012 Q1
Revenue $123.0M $129.7M $112.0M
YoY Change 9.82% 11.92% 9.69%
Cost Of Revenue $102.9M $107.5M $92.75M
YoY Change 11.0% 13.16% 12.19%
Gross Profit $20.00M $22.30M $19.25M
YoY Change 3.87% 6.61% -0.93%
Gross Profit Margin 16.26% 17.19% 17.19%
Selling, General & Admin $15.78M $15.18M $16.84M
YoY Change -6.31% -16.97% 8.66%
% of Gross Profit 78.88% 68.06% 87.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.100M $4.500M $4.100M
YoY Change 0.0% 12.5% 5.13%
% of Gross Profit 20.5% 20.18% 21.29%
Operating Expenses $15.78M $15.18M $16.84M
YoY Change -6.31% -16.97% 8.66%
Operating Profit $4.257M $27.12M $2.416M
YoY Change 76.2% 927.08% -38.65%
Interest Expense $0.00 -$100.0K $200.0K
YoY Change -100.0% -300.0%
% of Operating Profit 0.0% -0.37% 8.28%
Other Income/Expense, Net -$114.0K -$536.0K -$615.0K
YoY Change -81.46% 176.29% -225.51%
Pretax Income $4.123M $26.53M $1.965M
YoY Change 109.82% 984.91% -54.43%
Income Tax $855.0K $3.234M $1.180M
% Of Pretax Income 20.74% 12.19% 60.05%
Net Earnings $3.300M $23.30M $809.0K
YoY Change 307.91% 7391.96% -86.25%
Net Earnings / Revenue 2.68% 17.96% 0.72%
Basic Earnings Per Share $0.09 $0.62 $0.02
Diluted Earnings Per Share $0.09 $0.62 $0.02
COMMON SHARES
Basic Shares Outstanding 37.41M shares 37.41M shares 37.31M shares
Diluted Shares Outstanding 38.00M shares 37.98M shares 37.54M shares

Balance Sheet

Concept 2013 Q1 2012 Q4 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.40M $77.00M $76.80M
YoY Change -4.43% 1.99% 10.66%
Cash & Equivalents $73.38M $77.00M $76.81M
Short-Term Investments
Other Short-Term Assets $11.50M $12.40M $12.10M
YoY Change -4.96% -2.36% 32.97%
Inventory $53.78M $50.82M $43.96M
Prepaid Expenses
Receivables $94.42M $107.9M $86.13M
Other Receivables $500.0K $600.0K $900.0K
Total Short-Term Assets $233.5M $248.7M $219.8M
YoY Change 6.2% 10.1% 9.47%
LONG-TERM ASSETS
Property, Plant & Equipment $93.38M $89.88M $69.19M
YoY Change 34.95% 34.18% 11.24%
Goodwill $17.20M $17.22M $16.42M
YoY Change 4.74% 4.83%
Intangibles $17.05M $17.48M $17.06M
YoY Change -0.1% -0.29%
Long-Term Investments
YoY Change
Other Assets $37.16M $37.03M $27.19M
YoY Change 36.67% 35.55% -20.73%
Total Long-Term Assets $84.25M $83.83M $79.03M
YoY Change 6.6% 8.37% -37.13%
TOTAL ASSETS
Total Short-Term Assets $233.5M $248.7M $219.8M
Total Long-Term Assets $84.25M $83.83M $79.03M
Total Assets $411.1M $422.4M $368.0M
YoY Change 11.69% 14.09% 12.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.47M $56.75M $41.67M
YoY Change 11.51% 39.38% 10.25%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.92M $89.63M $68.66M
YoY Change 14.95% 34.53% 2.93%
LONG-TERM LIABILITIES
Long-Term Debt $40.00M $46.00M $39.50M
YoY Change 1.27% 26.03%
Other Long-Term Liabilities $3.375M $3.322M $4.373M
YoY Change -22.82% -30.69% -59.51%
Total Long-Term Liabilities $3.375M $3.322M $4.373M
YoY Change -22.82% -30.69% -59.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.92M $89.63M $68.66M
Total Long-Term Liabilities $3.375M $3.322M $4.373M
Total Liabilities $82.29M $92.95M $73.03M
YoY Change 12.69% 30.15% -9.62%
SHAREHOLDERS EQUITY
Retained Earnings $176.8M $176.1M $150.8M
YoY Change 17.22% 15.37%
Common Stock $99.31M $98.59M $95.92M
YoY Change 3.53% 4.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.38M $11.38M $11.38M
YoY Change 0.0% 0.0%
Treasury Stock Shares 1.342M shares 1.342M shares 1.342M shares
Shareholders Equity $282.9M $277.6M $250.4M
YoY Change
Total Liabilities & Shareholders Equity $411.1M $422.4M $368.0M
YoY Change 11.69% 14.09% 12.72%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012 Q1
OPERATING ACTIVITIES
Net Income $3.300M $23.30M $809.0K
YoY Change 307.91% 7391.96% -86.25%
Depreciation, Depletion And Amortization $4.100M $4.500M $4.100M
YoY Change 0.0% 12.5% 5.13%
Cash From Operating Activities $10.20M $16.50M $10.20M
YoY Change 0.0% -443.75% -35.44%
INVESTING ACTIVITIES
Capital Expenditures -$6.400M -$12.20M -$7.500M
YoY Change -14.67% 171.11% 78.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.400M $100.0K
YoY Change -100.0% -78.13%
Cash From Investing Activities -$6.400M -$13.60M -$7.500M
YoY Change -14.67% 24.77% 78.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.600M -13.10M 400.0K
YoY Change -2250.0% -289.86% -102.05%
NET CHANGE
Cash From Operating Activities 10.20M 16.50M 10.20M
Cash From Investing Activities -6.400M -13.60M -7.500M
Cash From Financing Activities -8.600M -13.10M 400.0K
Net Change In Cash -4.800M -10.20M 3.100M
YoY Change -254.84% 15.91% -139.24%
FREE CASH FLOW
Cash From Operating Activities $10.20M $16.50M $10.20M
Capital Expenditures -$6.400M -$12.20M -$7.500M
Free Cash Flow $16.60M $28.70M $17.70M
YoY Change -6.21% -9666.67% -11.5%

Facts In Submission

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3375000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-362000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-767000 USD
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-615000 USD
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-114000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-609000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7781000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7772000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1434000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
6349000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16608000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30013000 USD
CY2012Q2 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Not Owned
PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned
16215000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
39500000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
28500000 USD
CY2013Q1 us-gaap Preproduction Costs Related To Long Term Supply Arrangements Asset For Molds Dies And Tools Not Owned
PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned
12784000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
198000 USD
us-gaap Profit Loss
ProfitLoss
30387000 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
785000 USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
293562000 USD
CY2012Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
277451000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
93380000 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
77152000 USD
CY2013Q1 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
106000 USD
CY2012Q2 us-gaap Redeemable Noncontrolling Interest Equity Other Carrying Amount
RedeemableNoncontrollingInterestEquityOtherCarryingAmount
333000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
36500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2012Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
154008000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
176804000 USD
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
CY2013Q1 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
CY2012Q1 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
0 USD
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
122982000 USD
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
112000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
338694000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
371478000 USD
us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
371478000 USD
CY2013Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
122982000 USD
CY2012Q1 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
112000000 USD
us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
338694000 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15776000 USD
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16838000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
53679000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
48250000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3113000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2472000 USD
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
35500 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
28860 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
27000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
21975 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
255044000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
282912000 USD
CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
283127000 USD
CY2012Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
255224000 USD
CY2012Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1342188 shares
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
1342188 shares
CY2012Q2 us-gaap Treasury Stock Value
TreasuryStockValue
11377000 USD
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
11377000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
66000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
64000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
531624 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
223446 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
581802 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
230332 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37540222 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37937894 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37995292 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37522475 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37413490 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37406270 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37309890 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37299029 shares
CY2012Q2 mei Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Gross
FiniteLivedAndIndefiniteLivedIntangibleAssetsExcludingGoodwillGross
41249000 USD
CY2013Q1 mei Finite Lived And Indefinite Lived Intangible Assets Excluding Goodwill Gross
FiniteLivedAndIndefiniteLivedIntangibleAssetsExcludingGoodwillGross
42476000 USD
CY2012Q1 mei Interest Expense Income Net
InterestExpenseIncomeNet
-164000 USD
mei Interest Expense Income Net
InterestExpenseIncomeNet
27000 USD
CY2013Q1 mei Interest Expense Income Net
InterestExpenseIncomeNet
20000 USD
mei Interest Expense Income Net
InterestExpenseIncomeNet
-160000 USD
CY2013Q1 mei Prepaid And Refundable Income Taxes
PrepaidAndRefundableIncomeTaxes
439000 USD
CY2012Q2 mei Prepaid And Refundable Income Taxes
PrepaidAndRefundableIncomeTaxes
1015000 USD
CY2012Q2 mei Prepaid Expenses And Other Current Assets
PrepaidExpensesAndOtherCurrentAssets
7172000 USD
CY2013Q1 mei Prepaid Expenses And Other Current Assets
PrepaidExpensesAndOtherCurrentAssets
7872000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--04-27
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Period End Date
DocumentPeriodEndDate
2013-01-26
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000065270
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
37060490 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
METHODE ELECTRONICS INC

Files In Submission

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0000065270-13-000010.txt Edgar Link pending
0000065270-13-000010-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
mei-20130126.xml Edgar Link completed
mei-20130126.xsd Edgar Link pending
mei-20130126_cal.xml Edgar Link unprocessable
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