10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0000065270-12-000025`
Period End Date	20120731
Filing Date	20120830
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	mei-20120728.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 34 Cash Flow Statement 38 Comprehensive Income 10

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.80M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$85.15M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.38M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.40M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$57.45M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.36M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$94.68M	USD	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	1.34M	shares	Point-in-time
Treasury Stock, Shares	`TreasuryStockShares`	1.34M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$98.36M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$9.68M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$7.00M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$14.73M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$14.23M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$22.32M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$22.95M	USD	Point-in-time
Net inventory	`InventoryNet`	$43.56M	USD	Point-in-time
Net inventory	`InventoryNet`	$47.36M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.33M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.53M	USD	Point-in-time
Prepaid and refundable income taxes	`PrepaidAndRefundableIncomeTaxes`	$635.00K	USD	Point-in-time
Prepaid and refundable income taxes	`PrepaidAndRefundableIncomeTaxes`	$1.01M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$9.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$7.17M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$240.17M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$240.43M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$276.58M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$277.45M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$200.30M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$195.14M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$81.45M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$77.15M	USD	Point-in-time
GOODWILL	`Goodwill`	$16.42M	USD	Point-in-time
GOODWILL	`Goodwill`	$16.42M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$16.62M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$16.21M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$14.40M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$16.21M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$36.82M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$36.81M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$86.06M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$83.86M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$403.65M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$405.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$54.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$54.04M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$35.76M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$37.10M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$89.80M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$91.88M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$48.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$56.50M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$3.41M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$3.38M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.98M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$4.80M	USD	Point-in-time
NON-CONTROLLING INTEREST	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$257.00K	USD	Point-in-time
NON-CONTROLLING INTEREST	`RedeemableNoncontrollingInterestEquityOtherCarryingAmount`	$333.00K	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,402,678 and 38,375,678 shares issued as of July 28, 2012 and April 28, 2012, respectively	`CommonStockValue`	$19.20M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,402,678 and 38,375,678 shares issued as of July 28, 2012 and April 28, 2012, respectively	`CommonStockValue`	$19.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$78.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$77.65M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$8.62M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$15.57M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of July 28, 2012 and April 28, 2012	`TreasuryStockValue`	$11.38M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of July 28, 2012 and April 28, 2012	`TreasuryStockValue`	$11.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$155.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$154.01M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$255.04M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$250.38M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$182.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$180.00K	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$255.22M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$250.56M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$405.48M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$403.65M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$118.74M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$110.80M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$97.27M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$90.82M	USD	1 Quarter
Gross margins	`GrossProfit`	$21.47M	USD	1 Quarter
Gross margins	`GrossProfit`	$19.98M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.56M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$17.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.42M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.17M	USD	1 Quarter
Interest (income)/expense, net	`InterestExpenseIncomeNet`	$-46.00K	USD	1 Quarter
Interest (income)/expense, net	`InterestExpenseIncomeNet`	$4.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$41.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$43.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.46M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.26M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$430.00K	USD	1 Quarter
Net income	`ProfitLoss`	$1.44M	USD	1 Quarter
Net income	`ProfitLoss`	$3.83M	USD	1 Quarter
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-59.00K	USD	1 Quarter
Less: Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-62.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$3.89M	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$1.49M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.39M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.28M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.52M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.89M	shares	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.44M	USD	1 Quarter
Net income	`ProfitLoss`	$3.83M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$3.44M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$3.91M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$462.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$404.00K	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$1.11M	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$991.00K	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$231.00K	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.94M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-286.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$6.19M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$6.50M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.41M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.55M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-4.55M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-11.41M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$198.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$2.59M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$2.59M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$27.00M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$8.50M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$24.61M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$5.91M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.33M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$424.00K	USD	1 Quarter
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$26.98M	USD	1 Quarter
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.65M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$86.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$84.43M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$85.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$57.45M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$86.80M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$84.43M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$85.15M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$57.45M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.44M	USD	1 Quarter
Net income	`ProfitLoss`	$3.83M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.94M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.94M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-3.11M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-506.00K	USD	1 Quarter
Less: Comprehensive loss attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-73.00K	USD	1 Quarter
Less: Comprehensive loss attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-43.00K	USD	1 Quarter
Comprehensive loss attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$-3.04M	USD	1 Quarter
Comprehensive loss attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$-463.00K	USD	1 Quarter

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