10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0000065270-12-000005`
Period End Date	20120131
Filing Date	20120301
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	mei-20111029.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 72 Cash Flow Statement 46

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$63.82M	USD	Point-in-time
par value	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
par value	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$76.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$57.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$69.42M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$88.04M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$86.13M	USD	Point-in-time
shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
shares issued	`CommonStockSharesIssued`	38.36M	shares	Point-in-time
shares issued	`CommonStockSharesIssued`	38.31M	shares	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$6.80M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$6.27M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$14.48M	USD	Point-in-time
shares issued	`TreasuryStockShares`	1.34M	shares	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$10.98M	USD	Point-in-time
shares issued	`TreasuryStockShares`	1.34M	shares	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$22.67M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$21.30M	USD	Point-in-time
Net Inventory	`InventoryNet`	$38.56M	USD	Point-in-time
Net Inventory	`InventoryNet`	$43.95M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.78M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.58M	USD	Point-in-time
Prepaid and refundable income taxes	`PrepaidAndRefundableIncomeTaxes`	$881.00K	USD	Point-in-time
Prepaid and refundable income taxes	`PrepaidAndRefundableIncomeTaxes`	$851.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$7.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$8.47M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$195.96M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$219.82M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$298.25M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$266.40M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$197.20M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$236.74M	USD	Point-in-time
Net Property, Plant, and Equipment	`PropertyPlantAndEquipmentNet`	$61.51M	USD	Point-in-time
Net Property, Plant, and Equipment	`PropertyPlantAndEquipmentNet`	$69.19M	USD	Point-in-time
GOODWILL	`Goodwill`	$16.42M	USD	Point-in-time
GOODWILL	`Goodwill`	$16.42M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$17.06M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$18.42M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$14.64M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$18.36M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$27.19M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$27.78M	USD	Point-in-time
Total Other Long Term Assets	`AssetsNoncurrent`	$79.03M	USD	Point-in-time
Total Other Long Term Assets	`AssetsNoncurrent`	$77.27M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$334.74M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$368.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$41.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$37.15M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$26.98M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$26.34M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$68.66M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$63.49M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	-	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$39.50M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$4.37M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$5.62M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.56M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.49M	USD	Point-in-time
NON-CONTROLLING INTEREST	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	-	USD	Point-in-time
NON-CONTROLLING INTEREST	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$403.00K	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,363,078 and 38,312,243 shares issued as of January 28, 2012 and April 30, 2011, respectively	`CommonStockValue`	$19.16M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,363,078 and 38,312,243 shares issued as of January 28, 2012 and April 30, 2011, respectively	`CommonStockValue`	$19.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$76.74M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.11M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$14.99M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$23.15M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of January 28, 2012 and April 30, 2011	`TreasuryStockValue`	$11.38M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of January 28, 2012 and April 30, 2011	`TreasuryStockValue`	$11.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$150.83M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$155.99M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$259.03M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$250.37M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$184.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$2.11M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$261.14M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$250.56M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$334.74M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$368.05M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$308.81M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$338.69M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$112.00M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$102.10M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$92.75M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$245.52M	USD	3 Qtrs
Cost of products sold	`CostOfGoodsSold`	$278.54M	USD	3 Qtrs
Cost of products sold	`CostOfGoodsSold`	$82.67M	USD	1 Quarter
Gross Margins	`GrossProfit`	$19.43M	USD	1 Quarter
Gross Margins	`GrossProfit`	$19.25M	USD	1 Quarter
Gross Margins	`GrossProfit`	$60.15M	USD	3 Qtrs
Gross Margins	`GrossProfit`	$63.28M	USD	3 Qtrs
Restructuring	`RestructuringCharges`	-	USD	3 Qtrs
Restructuring	`RestructuringCharges`	-	USD	1 Quarter
Restructuring	`RestructuringCharges`	-	USD	1 Quarter
Restructuring	`RestructuringCharges`	$-21.00K	USD	3 Qtrs
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.50M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$16.84M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$53.15M	USD	3 Qtrs
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$53.68M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$3.94M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.16M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.42M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$6.47M	USD	3 Qtrs
Interest (income)/expense, net	`InterestExpenseNet`	$203.00K	USD	3 Qtrs
Interest (income)/expense, net	`InterestExpenseNet`	$-164.00K	USD	1 Quarter
Interest (income)/expense, net	`InterestExpenseNet`	$-160.00K	USD	3 Qtrs
Interest (income)/expense, net	`InterestExpenseNet`	$116.00K	USD	1 Quarter
Other (income)/expense, net	`NonoperatingIncomeExpense`	$490.00K	USD	1 Quarter
Other (income)/expense, net	`NonoperatingIncomeExpense`	$-767.00K	USD	3 Qtrs
Other (income)/expense, net	`NonoperatingIncomeExpense`	$-693.00K	USD	3 Qtrs
Other (income)/expense, net	`NonoperatingIncomeExpense`	$-615.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.97M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.31M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.26M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.87M	USD	3 Qtrs
Income tax (benefit)/expense	`IncomeTaxExpenseBenefit`	$-89.00K	USD	3 Qtrs
Income tax (benefit)/expense	`IncomeTaxExpenseBenefit`	$-1.50M	USD	1 Quarter
Income tax (benefit)/expense	`IncomeTaxExpenseBenefit`	$3.42M	USD	3 Qtrs
Income tax (benefit)/expense	`IncomeTaxExpenseBenefit`	$1.18M	USD	1 Quarter
Net income	`ProfitLoss`	$785.00K	USD	1 Quarter
Net income	`ProfitLoss`	$9.35M	USD	3 Qtrs
Net income	`ProfitLoss`	$5.81M	USD	1 Quarter
Net income	`ProfitLoss`	$2.44M	USD	3 Qtrs
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-85.00K	USD	3 Qtrs
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-72.00K	USD	1 Quarter
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-170.00K	USD	3 Qtrs
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-24.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$2.62M	USD	3 Qtrs
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$5.88M	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$9.44M	USD	3 Qtrs
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$809.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.16	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.25	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.07	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.07	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.25	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.16	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.21	USD	3 Qtrs
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.21	USD	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.09M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.14M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.30M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.31M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.41M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.52M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.54M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.64M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$785.00K	USD	1 Quarter
Net income	`ProfitLoss`	$9.35M	USD	3 Qtrs
Net income	`ProfitLoss`	$5.81M	USD	1 Quarter
Net income	`ProfitLoss`	$2.44M	USD	3 Qtrs
Provision for depreciation	`Depreciation`	$10.56M	USD	3 Qtrs
Provision for depreciation	`Depreciation`	$9.84M	USD	3 Qtrs
Impairment of tangible assets	`TangibleAssetImpairmentCharges`	-	USD	3 Qtrs
Impairment of tangible assets	`TangibleAssetImpairmentCharges`	$1.30M	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.78M	USD	3 Qtrs
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.37M	USD	3 Qtrs
Amortization of stock awards and stock options	`ShareBasedCompensation`	$1.91M	USD	3 Qtrs
Amortization of stock awards and stock options	`ShareBasedCompensation`	$3.11M	USD	3 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$5.90M	USD	3 Qtrs
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$4.62M	USD	3 Qtrs
Other	`OtherNoncashIncomeExpense`	$-362.00K	USD	3 Qtrs
Other	`OtherNoncashIncomeExpense`	$-33.00K	USD	3 Qtrs
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$11.95M	USD	3 Qtrs
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$19.60M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.76M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.61M	USD	3 Qtrs
Acquisition of businesses	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$6.35M	USD	3 Qtrs
Acquisition of businesses	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$750.00K	USD	3 Qtrs
Proceeds from life insurance policies	`ProceedsFromLifeInsurancePolicies`	-	USD	3 Qtrs
Proceeds from life insurance policies	`ProceedsFromLifeInsurancePolicies`	$1.51M	USD	3 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-8.99M	USD	3 Qtrs
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-22.96M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.10M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$198.00K	USD	3 Qtrs
Cash dividends	`PaymentsOfDividendsCommonStock`	$7.74M	USD	3 Qtrs
Cash dividends	`PaymentsOfDividendsCommonStock`	$7.77M	USD	3 Qtrs
Net borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$39.50M	USD	3 Qtrs
Net borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	3 Qtrs
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$31.93M	USD	3 Qtrs
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-6.64M	USD	3 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.64M	USD	3 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.55M	USD	3 Qtrs
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.60M	USD	3 Qtrs
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.37M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$63.82M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$76.81M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$57.45M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$69.42M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$63.82M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$76.81M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$57.45M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$69.42M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.