10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000065270-13-000028`
Period End Date	20130731
Filing Date	20130829
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	mei-20130727.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 34 Cash Flow Statement 40 Comprehensive Income 10

Balance Sheet 80 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
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.38M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.46M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.58M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.80M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	38.40M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$73.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$85.15M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$135.59M	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`	$119.82M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$11.74M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$18.36M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$10.70M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$10.22M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$37.97M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$39.96M	USD	Point-in-time
Net inventory	`InventoryNet`	$69.01M	USD	Point-in-time
Net inventory	`InventoryNet`	$59.93M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.37M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$3.31M	USD	Point-in-time
Prepaid and refundable income taxes	`PrepaidAndRefundableIncomeTaxes`	$269.00K	USD	Point-in-time
Prepaid and refundable income taxes	`PrepaidAndRefundableIncomeTaxes`	$326.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$10.57M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$9.46M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$258.65M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$292.22M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$297.25M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$305.71M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$198.90M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$205.39M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$98.36M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$100.32M	USD	Point-in-time
GOODWILL	`Goodwill`	$12.91M	USD	Point-in-time
GOODWILL	`Goodwill`	$12.92M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$16.47M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$16.03M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$14.89M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$11.51M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$37.04M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$37.51M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$81.36M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$77.93M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$473.89M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$434.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$76.17M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$27.14M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$28.93M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$90.47M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$103.31M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$43.50M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$52.50M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$3.29M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$3.71M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$9.07M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$8.09M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,579,860 and 38,455,853 shares issued as of July 27, 2013 and April 27, 2013, respectively	`CommonStockValue`	$19.29M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,579,860 and 38,455,853 shares issued as of July 27, 2013 and April 27, 2013, respectively	`CommonStockValue`	$19.23M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$83.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$81.47M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$18.12M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$15.68M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of July 27, 2013 and April 27, 2013	`TreasuryStockValue`	$11.38M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of July 27, 2013 and April 27, 2013	`TreasuryStockValue`	$11.38M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$184.37M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$195.37M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$305.06M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$289.37M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$249.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$213.00K	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$305.31M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$289.58M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$434.94M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$473.89M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$167.27M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$118.74M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$97.27M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$133.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$33.98M	USD	1 Quarter
Gross profit	`GrossProfit`	$21.47M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$17.30M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.86M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$15.13M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.17M	USD	1 Quarter
Interest (income)/expense, net	`InterestExpenseIncomeNet`	$59.00K	USD	1 Quarter
Interest (income)/expense, net	`InterestExpenseIncomeNet`	$-46.00K	USD	1 Quarter
Other (income)/expense, net	`OtherNonoperatingIncomeExpense`	$41.00K	USD	1 Quarter
Other (income)/expense, net	`OtherNonoperatingIncomeExpense`	$-125.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.94M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.26M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.30M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$430.00K	USD	1 Quarter
Net income	`ProfitLoss`	$13.64M	USD	1 Quarter
Net income	`ProfitLoss`	$3.83M	USD	1 Quarter
Less: Net income/(loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-62.00K	USD	1 Quarter
Less: Net income/(loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$32.00K	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$13.61M	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$3.89M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.36	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.36	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.55M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.39M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	37.89M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.25M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$13.64M	USD	1 Quarter
Net income	`ProfitLoss`	$3.83M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$3.91M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$5.20M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$461.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$404.00K	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$1.17M	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$991.00K	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$11.99M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.94M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-236.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$8.71M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$6.19M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.35M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.41M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-9.35M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-11.41M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.07M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$2.60M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$2.59M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$14.50M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$8.50M	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfLongTermDebt`	$5.50M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$5.91M	USD	1 Quarter
NET CASH PROVIDED BY FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$7.47M	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`	$762.00K	USD	1 Quarter
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.65M	USD	1 Quarter
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.60M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$65.81M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$86.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$73.41M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$85.15M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$65.81M	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`	$73.41M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$85.15M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$13.64M	USD	1 Quarter
Net income	`ProfitLoss`	$3.83M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.45M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.94M	USD	1 Quarter
Comprehensive income/(loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-3.11M	USD	1 Quarter
Comprehensive income/(loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$16.09M	USD	1 Quarter
Less: Comprehensive income/(loss) attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-73.00K	USD	1 Quarter
Less: Comprehensive income/(loss) attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$36.00K	USD	1 Quarter
Comprehensive income/(loss) attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$-3.04M	USD	1 Quarter
Comprehensive income/(loss) attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$16.05M	USD	1 Quarter

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