$MEI
METHODE ELECTRONICS INC

2024 Q3 Form 10-Q Financial Statement

#000095017024103735 Filed on September 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $258.5M $289.7M
YoY Change -10.77% 2.58%
Cost Of Revenue $213.9M $235.7M
YoY Change -9.25% 6.84%
Gross Profit $44.60M $54.00M
YoY Change -17.41% -12.62%
Gross Profit Margin 17.25% 18.64%
Selling, General & Admin $46.20M $44.50M
YoY Change 3.82% 26.06%
% of Gross Profit 103.59% 82.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.10M $14.00M
YoY Change 0.71% 13.82%
% of Gross Profit 31.61% 25.93%
Operating Expenses $46.20M $44.50M
YoY Change 3.82% 26.06%
Operating Profit -$7.500M $3.800M
YoY Change -297.37% -82.57%
Interest Expense -$4.800M -$2.800M
YoY Change 71.43%
% of Operating Profit -73.68%
Other Income/Expense, Net -$800.0K $0.00
YoY Change -100.0%
Pretax Income -$13.10M $1.000M
YoY Change -1410.0% -96.14%
Income Tax $5.200M $100.0K
% Of Pretax Income 10.0%
Net Earnings -$18.30M $900.0K
YoY Change -2133.33% -95.81%
Net Earnings / Revenue -7.08% 0.31%
Basic Earnings Per Share -$0.52 $0.03
Diluted Earnings Per Share -$0.52 $0.02
COMMON SHARES
Basic Shares Outstanding 35.32M 35.69M
Diluted Shares Outstanding 35.42M 36.28M

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.3M $147.9M
YoY Change -24.75% -2.95%
Cash & Equivalents $111.3M $147.9M
Short-Term Investments
Other Short-Term Assets $27.90M $19.80M
YoY Change 40.91% -14.29%
Inventory $219.9M $175.6M
Prepaid Expenses
Receivables $248.6M $300.8M
Other Receivables $4.100M $13.40M
Total Short-Term Assets $611.8M $657.5M
YoY Change -6.95% 2.88%
LONG-TERM ASSETS
Property, Plant & Equipment $213.8M $225.2M
YoY Change -5.06% 15.72%
Goodwill $170.6M $302.5M
YoY Change -43.6% 30.0%
Intangibles $252.2M $251.3M
YoY Change 0.36% 24.04%
Long-Term Investments
YoY Change
Other Assets $766.1M $916.6M
YoY Change -16.42% 22.08%
Total Long-Term Assets $766.1M $916.6M
YoY Change -16.42% 22.08%
TOTAL ASSETS
Total Short-Term Assets $611.8M $657.5M
Total Long-Term Assets $766.1M $916.6M
Total Assets $1.378B $1.574B
YoY Change -12.46% 13.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $161.1M $131.9M
YoY Change 22.14% 13.32%
Accrued Expenses $89.70M $67.30M
YoY Change 33.28% 12.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $3.200M
YoY Change -93.75% -75.38%
Total Short-Term Liabilities $260.8M $208.4M
YoY Change 25.14% 6.44%
LONG-TERM LIABILITIES
Long-Term Debt $295.8M $335.8M
YoY Change -11.91% 72.91%
Other Long-Term Liabilities $19.80M $17.10M
YoY Change 15.79% 9.62%
Total Long-Term Liabilities $372.7M $433.4M
YoY Change -14.01% 53.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $260.8M $208.4M
Total Long-Term Liabilities $372.7M $433.4M
Total Liabilities $633.5M $641.8M
YoY Change -1.29% 34.13%
SHAREHOLDERS EQUITY
Retained Earnings $587.1M $764.8M
YoY Change -23.23% -0.43%
Common Stock $18.30M $18.70M
YoY Change -2.14% -1.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.50M $11.50M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $744.4M $931.4M
YoY Change
Total Liabilities & Shareholders Equity $1.378B $1.574B
YoY Change -12.46% 13.25%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$18.30M $900.0K
YoY Change -2133.33% -95.81%
Depreciation, Depletion And Amortization $14.10M $14.00M
YoY Change 0.71% 13.82%
Cash From Operating Activities $10.90M -$5.600M
YoY Change -294.64% -144.09%
INVESTING ACTIVITIES
Capital Expenditures $13.60M $13.80M
YoY Change -1.45% 43.75%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$13.60M -$13.80M
YoY Change -1.45% 43.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.20M 12.50M
YoY Change -485.6% -160.1%
NET CHANGE
Cash From Operating Activities 10.90M -5.600M
Cash From Investing Activities -13.60M -13.80M
Cash From Financing Activities -48.20M 12.50M
Net Change In Cash -50.20M -9.100M
YoY Change 451.65% -53.57%
FREE CASH FLOW
Cash From Operating Activities $10.90M -$5.600M
Capital Expenditures $13.60M $13.80M
Free Cash Flow -$2.700M -$19.40M
YoY Change -86.08% -725.81%

Facts In Submission

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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Financial reporting periods</span></p><p style="text-indent:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The current fiscal year ending May 3, 2025 is a 53-week fiscal year, with the additional week being included in the Company’s second fiscal quarter. The three months ended July 27, 2024 and July 29, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> were both </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">13</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">-week periods.</span></p>
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