10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000065270-14-000035`
Period End Date	20140731
Filing Date	20140904
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	mei-20140802.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 34 Cash Flow Statement 40 Comprehensive Income 10

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.50	USD	Point-in-time
Common stock, number of shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, number of shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$135.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$65.80M	USD	Point-in-time
Common stock, number of shares issued	`CommonStockSharesIssued`	39.26M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$73.40M	USD	Point-in-time
Common stock, number of shares issued	`CommonStockSharesIssued`	39.50M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$116.40M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$173.00M	USD	Point-in-time
Treasury stock, number of shares	`TreasuryStockShares`	1.34M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$156.70M	USD	Point-in-time
Treasury stock, number of shares	`TreasuryStockShares`	1.34M	shares	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$14.20M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$16.90M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$12.50M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$12.00M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$45.40M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$44.70M	USD	Point-in-time
Net inventory	`InventoryNet`	$74.10M	USD	Point-in-time
Net inventory	`InventoryNet`	$71.60M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$6.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$8.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$12.90M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$12.00M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$381.70M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$385.50M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$323.60M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$324.20M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$222.40M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$224.70M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$99.50M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$101.20M	USD	Point-in-time
GOODWILL	`Goodwill`	$12.90M	USD	Point-in-time
GOODWILL	`Goodwill`	$13.00M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$12.60M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$13.00M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$11.60M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$10.50M	USD	Point-in-time
Deferred Tax Assets, Net, Noncurrent	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$40.00M	USD	Point-in-time
Deferred Tax Assets, Net, Noncurrent	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$37.20M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$16.10M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$16.40M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$90.70M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$92.60M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$575.70M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$575.50M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$82.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$79.50M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$37.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$39.50M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$119.10M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$119.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$38.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$48.00M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$4.40M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$3.40M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$12.80M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$6.40M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,724,526 and 38,455,853 shares issued as of October 26, 2013 and April 27, 2013, respectively	`CommonStockValue`	$19.70M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 38,724,526 and 38,455,853 shares issued as of October 26, 2013 and April 27, 2013, respectively	`CommonStockValue`	$19.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$92.80M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$89.80M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.40M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$24.70M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of October 26, 2013 and April 27, 2013	`TreasuryStockValue`	$11.40M	USD	Point-in-time
Treasury stock, 1,342,188 shares as of October 26, 2013 and April 27, 2013	`TreasuryStockValue`	$11.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$269.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$287.10M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$391.90M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$407.60M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$300.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$300.00K	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$392.20M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$407.90M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$575.50M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$575.70M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$167.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$218.10M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$167.60M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$133.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$34.00M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.90M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$22.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$15.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$28.30M	USD	1 Quarter
Interest expense, net	`InterestExpenseIncomeNet`	-	USD	1 Quarter
Interest expense, net	`InterestExpenseIncomeNet`	$100.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$100.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-100.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.90M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$28.40M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.00M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.30M	USD	1 Quarter
Net income	`ProfitLoss`	$13.60M	USD	1 Quarter
Net income	`ProfitLoss`	$21.40M	USD	1 Quarter
Less: Net income/(loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: Net income/(loss) attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$21.40M	USD	1 Quarter
NET INCOME ATTRIBUTABLE TO METHODE ELECTRONICS, INC.	`NetIncomeLoss`	$13.60M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.56	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.36	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.36	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.55	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Common stock	`CommonStockDividendsPerShareCashPaid`	$0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	38.46M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	37.55M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.25M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.65M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$13.60M	USD	1 Quarter
Net income	`ProfitLoss`	$21.40M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$5.60M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$5.20M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$500.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$400.00K	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$1.20M	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$1.00M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$12.00M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-4.80M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-200.00K	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$8.70M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$33.20M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.30M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.30M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-9.30M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.30M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$4.50M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.00M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$3.40M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$2.60M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	$14.50M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfLongTermDebt`	$5.50M	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfLongTermDebt`	$10.00M	USD	1 Quarter
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$7.40M	USD	1 Quarter
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-8.90M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$800.00K	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.70M	USD	1 Quarter
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.60M	USD	1 Quarter
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.30M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$135.70M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$65.80M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$73.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$116.40M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$135.70M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$65.80M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$73.40M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$116.40M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$13.60M	USD	1 Quarter
Net income	`ProfitLoss`	$21.40M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.40M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.30M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$16.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$16.00M	USD	1 Quarter
Less: Comprehensive income/(loss) attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: Comprehensive income/(loss) attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$16.00M	USD	1 Quarter
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$16.10M	USD	1 Quarter

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