10-Q Filing

METHODE ELECTRONICS INC CIK: 65270 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000065270-15-000023`
Period End Date	20150731
Filing Date	20150903
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	mei-20150801.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, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$116.40M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	39.70M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$167.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$168.10M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	40.08M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$135.70M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.35M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$159.70M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	1.61M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$170.40M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$16.00M	USD	Point-in-time
Finished products	`InventoryFinishedGoodsNetOfReserves`	$15.40M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$12.20M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$11.70M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$42.60M	USD	Point-in-time
Materials	`InventoryRawMaterialsNetOfReserves`	$42.70M	USD	Point-in-time
Net inventory	`InventoryNet`	$70.90M	USD	Point-in-time
Net inventory	`InventoryNet`	$69.70M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$15.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$14.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$15.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpensesAndOtherCurrentAssets`	$13.90M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$438.30M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$427.10M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$309.20M	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT	`PropertyPlantAndEquipmentGross`	$308.70M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$218.80M	USD	Point-in-time
Less allowances for depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$215.90M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$93.30M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$89.90M	USD	Point-in-time
GOODWILL	`Goodwill`	$1.70M	USD	Point-in-time
GOODWILL	`Goodwill`	$1.60M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$11.30M	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$10.70M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$10.80M	USD	Point-in-time
PRE-PRODUCTION COSTS	`PreproductionCostsRelatedToLongTermSupplyArrangementsAssetForMoldsDiesAndToolsNotOwned`	$10.50M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$32.10M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$28.00M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$19.70M	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$18.60M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$74.20M	USD	Point-in-time
Total other long-term assets	`AssetsNoncurrent`	$70.80M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$587.80M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$605.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$68.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$70.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$36.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$60.50M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$104.00M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$130.60M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$2.00M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebt`	$5.00M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$3.90M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$4.00M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$7.90M	USD	Point-in-time
DEFERRED COMPENSATION	`DeferredCompensationLiabilityClassifiedNoncurrent`	$7.20M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 40,081,131 and 39,702,036 shares issued as of August 1, 2015 and May 2, 2015, respectively	`CommonStockValue`	$20.00M	USD	Point-in-time
Common stock, $0.50 par value, 100,000,000 shares authorized, 40,081,131 and 39,702,036 shares issued as of August 1, 2015 and May 2, 2015, respectively	`CommonStockValue`	$19.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$102.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$106.20M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.30M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.40M	USD	Point-in-time
Treasury stock, 1,605,514 shares and 1,346,624 as of August 1, 2015 and May 2, 2015, respectively	`TreasuryStockValue`	$11.50M	USD	Point-in-time
Treasury stock, 1,605,514 shares and 1,346,624 as of August 1, 2015 and May 2, 2015, respectively	`TreasuryStockValue`	$18.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$356.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$376.50M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$469.90M	USD	Point-in-time
TOTAL METHODE ELECTRONICS, INC. SHAREHOLDERS EQUITY	`StockholdersEquity`	$458.80M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$100.00K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$200.00K	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$459.00M	USD	Point-in-time
TOTAL EQUITY	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$470.00M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$605.80M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$587.80M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$203.30M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$218.10M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$149.70M	USD	1 Quarter
Cost of products sold	`CostOfGoodsSold`	$167.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$50.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$53.60M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$22.20M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$23.20M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$28.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.40M	USD	1 Quarter
Interest income, net	`InterestExpenseIncomeNet`	-	USD	1 Quarter
Interest income, net	`InterestExpenseIncomeNet`	$-200.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$100.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$300.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.90M	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`	$7.40M	USD	1 Quarter
Net income	`ProfitLoss`	$21.40M	USD	1 Quarter
Net income	`ProfitLoss`	$23.50M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: Net income 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`	$23.50M	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.60	USD	1 Quarter
Basic (in dollars per share)	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.56	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.60	USD	1 Quarter
Diluted (in dollars per share)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.55	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Common stock (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	38.90M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	38.46M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.03M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.65M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$21.40M	USD	1 Quarter
Net income	`ProfitLoss`	$23.50M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$5.60M	USD	1 Quarter
Provision for depreciation	`Depreciation`	$5.60M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$400.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$600.00K	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$400.00K	USD	1 Quarter
Amortization of stock awards and stock options	`ShareBasedCompensation`	$1.00M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-4.80M	USD	1 Quarter
Changes in operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$11.10M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$19.00M	USD	1 Quarter
NET CASH PROVIDED BY OPERATING ACTIVITIES	`NetCashProvidedByUsedInOperatingActivities`	$33.20M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.90M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.30M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-3.30M	USD	1 Quarter
NET CASH USED IN INVESTING ACTIVITIES	`NetCashProvidedByUsedInInvestingActivities`	$-5.90M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$6.90M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$4.50M	USD	1 Quarter
Excess tax benefit from equity-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$3.80M	USD	1 Quarter
Excess tax benefit from equity-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$3.40M	USD	1 Quarter
Cash dividends	`PaymentsOfDividendsCommonStock`	$3.50M	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfLinesOfCredit`	$10.00M	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfLinesOfCredit`	$3.00M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-8.90M	USD	1 Quarter
NET CASH USED IN FINANCING ACTIVITIES	`NetCashProvidedByUsedInFinancingActivities`	$-9.60M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.70M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.70M	USD	1 Quarter
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$19.30M	USD	1 Quarter
INCREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-200.00K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$116.40M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$167.90M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$168.10M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$135.70M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$116.40M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$167.90M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$168.10M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$135.70M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$21.40M	USD	1 Quarter
Net income	`ProfitLoss`	$23.50M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.10M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.30M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$16.10M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$17.40M	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Less: Comprehensive income attributable to non-controlling interest	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Comprehensive income attributable to Methode Electronics, Inc.	`ComprehensiveIncomeNetOfTax`	$17.40M	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.