<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------------------
FORM 10-Q
(Mark One) (X) Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities and Exchange Act of 1934
for the quarterly period ended July 31, 1999
or
( ) Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.
______________________________
Commission file number 0-2816
METHODE ELECTRONICS, INC.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter.)
Delaware 36-2090085
- -------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7444 West Wilson Avenue, Harwood Heights, Illinois 60656
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
<TABLE>
<S> <C>
(Registrant's telephone number, including area code) (708) 867-9600
-----------------------
</TABLE>
None
- -------------------------------------------------------------------------------
(Former name, former address, former fiscal year, if changed since last report)
At August 27, 1999, Registrant had 34,308,490 shares of Class A Common
Stock and 1,182,264 shares of Class B Common Stock outstanding.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such report(s)), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
------- -------
<PAGE>
INDEX
METHODE ELECTRONICS, INC. AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
- ----------------------------------
Item 1. Financial Statements (unaudited)
Condensed consolidated balance sheets July 31, 1999 and April 30, 1999
Condensed consolidated statements of income -- Three months ended July
31, 1999 and 1998
Condensed consolidated statements of cash flows -- Three months ended July
31, 1999 and 1998
Notes to condensed consolidated financial statements -- July 31, 1999
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
PART II. OTHER INFORMATION
- ------------------------------
Item 6. Exhibits and reports on Form 8-K
SIGNATURES
- ----------
2
<PAGE>
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
- --------------------------------------------------------------------------------------------
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
METHODE ELECTRONICS, INC. AND SUBSIDIARIES
July 31, April 30,
1999 1999
----- ------
<S> <C> <C>
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 39,827,675 $ 22,764,887
Accounts receivable - net 75,007,064 88,194,471
Inventories:
Finished products 12,748,439 9,877,422
Work in process 21,920,429 25,180,203
Materials 17,211,655 14,157,216
-----------------------------------------
51,880,523 49,214,841
Current deferred income taxes 5,239,000 5,239,000
Prepaid expenses 4,444,431 5,596,373
-----------------------------------------
TOTAL CURRENT ASSETS 176,398,693 171,009,572
PROPERTY, PLANT AND EQUIPMENT 223,690,609 217,183,692
Less allowance for depreciation 131,012,166 126,284,573
-----------------------------------------
92,678,443 90,899,119
GOODWILL -- net 39,450,891 39,770,435
INTANGIBLE BENEFIT PLAN ASSET 1,431,664 1,598,597
OTHER ASSETS 14,282,918 13,344,897
-----------------------------------------
$324,242,609 $316,622,620
=========================================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts and notes payable $ 29,790,552 $ 30,826,887
Other current liabilities 26,772,828 26,244,165
-----------------------------------------
TOTAL CURRENT LIABILITIES 56,563,380 57,071,052
OTHER LIABILITIES 2,771,978 2,918,650
DEFERRED COMPENSATION 7,463,516 7,320,313
ACCUMULATED BENEFIT PLAN OBLIGATION 856,268 837,939
SHAREHOLDERS' EQUITY
Common Stock 17,981,077 17,909,545
Paid in capital 25,088,620 23,066,837
Retained earnings 221,796,131 215,116,544
Other shareholders' equity (8,278,361) (7,618,260)
-----------------------------------------
256,587,467 248,474,666
-----------------------------------------
$324,242,609 $316,622,620
=========================================
</TABLE>
See notes to condensed consolidated financial statements.
3
<PAGE>
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
METHODE ELECTRONICS, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Three Months Ended July 31,
---------------------------
1999 1998
----- ----
<S> <C> <C>
INCOME:
Net sales $ 98,607,614 $ 87,961,397
Other 2,013,133 1,133,451
-------------------------------------
Total 100,620,747 89,094,848
COSTS AND EXPENSES:
Cost of products sold 74,111,900 65,441,410
Selling and administrative expenses 13,404,949 11,876,048
-------------------------------------
Total 87,516,849 77,317,458
-------------------------------------
Income before income taxes 13,103,898 11,777,390
Provision for income taxes 4,650,000 4,100,000
-------------------------------------
NET INCOME $ 8,453,898 $ 7,677,390
=====================================
Basic and diluted earnings
per Common Share $0.24 $0.22
Cash dividends per Common Share $0.05 $0.05
Weighted average number of Common Shares outstanding:
Basic 35,262,000 35,350,000
Diluted 35,443,000 35,404,000
</TABLE>
See notes to condensed consolidated financial statements.
4
<PAGE>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
METHODE ELECTRONICS, INC. AND SUBSIDIARIES
<TABLE>
<CAPTION>
Three Months Ended July 31,
--------------------------
1999 1998
----- -----
<S> <C> <C>
OPERATING ACTIVITIES
Net income $ 8,453,898 $ 7,677,390
Provision for depreciation
and amortization 4,601,076 4,664,562
Changes in operating assets
and liabilities 11,605,503 (2,249,970)
Other 964,263 793,054
---------------------------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 25,624,740 10,885,036
INVESTING ACTIVITIES
Purchases of property, plant and equipment (5,763,700) (4,072,490)
Acquisitions (1,444,442)
Other 326,509 380,718
---------------------------------------
NET CASH USED IN INVESTING ACTIVITIES (5,437,191) (5,136,214)
FINANCING ACTIVITIES
Dividends (1,774,311) (1,777,561)
Other (1,350,450) (563,927)
---------------------------------------
NET CASH USED IN FINANCING ACTIVITIES (3,124,761) (2,341,488)
---------------------------------------
INCREASE IN CASH AND CASH EQUIVALENTS 17,062,788 3,407,334
Cash and cash equivalents at
beginning of period 22,764,887 24,178,868
---------------------------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $39,827,675 $27,586,202
=======================================
</TABLE>
See notes to condensed consolidated financial statements.
5
<PAGE>
METHODE ELECTRONICS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
July 31, 1999
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the three-month period ended July 31, 1999
are not necessarily indicative of the results that may be expected for the year
ending April 30, 2000. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company's annual
report on Form 10-K for the year ended April 30, 1999.
Comprehensive income consists of net income and foreign currency
translation adjustments and totaled $8,787,000 and $6,605,000 for the first
quarters of 2000 and 1999.
2. EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted
earnings per share:
<TABLE>
<CAPTION>
Three Months Ended July 31,
---------------------------
1999 1998
---- ----
<S> <C> <C>
Numerator - net income $ 8,453,898 $ 7,677,390
=========== ===========
Denominator:
Denominator for basic earnings per
share - Weighted-average shares outstanding 35,262,000 35,350,000
Dilutive potential Common Shares - Employee
stock options and stock awards 181,000 54,000
----------- -----------
Denominator for diluted earnings per share -
Adjusted weighted-average shares and assumed
conversions 35,443,000 35,404,000
=========== ===========
Basic and diluted earnings per share $ 0.24 $ 0.22
=========== ============
</TABLE>
Options to purchase 217,350 shares of Common Stock at a weighted-average
option price of $23.78 per share were not included in the computation of diluted
earnings per share because the option exercise price was greater than the
average market price of the Common Shares and, therefore, the effect would be
antidilutive.
3. SEGMENT INFORMATION
The Company is managed on a technology product basis with those technology
segments being Electronic, Optical and Other. The business units whose results
are identified in the Electronic segment principally employ electronic processes
to control and convey signals. The business units whose results are identified
in the Optical segment principally employ light to control and convey signals.
The Company's businesses that manufacture multi-layer printed circuit board and
bus systems as well as its independent test laboratories are included in the
Other segment. The Company is in the process of exiting the printed circuit
board businesses and expects to be finished by the end of the second quarter.
6
<PAGE>
3. SEGMENT INFORMATION (Continued)
The table below presents information about the Company's reportable segments:
<TABLE>
<CAPTION>
Three Months Ended July 31, 1999
--------------------------------------------------------------------
Electronic Optical Other Eliminations Consolidated
----------- ----------- ----------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net sales to unaffiliated customers $73,810,000 $17,345,000 $7,453,000 $98,608,000
Transfers between technology segments 8,000 473,000 219,000 ($700,000) -
--------------------------------------------------------------------
Total net sales $73,818,000 $17,818,000 $7,672,000 ($700,000) $98,608,000
====================================================================
Income (loss) before income taxes $12,498,000 $ 4,153,000 $ (245,000) $16,406,000
=========== =========== ==========
Corporate expenses (3,302,000)
---------------
Total income before income taxes $13,104,000
===============
</TABLE>
<TABLE>
<CAPTION>
Three Months Ended July 31, 1998
--------------------------------------------------------------------
Electronic Optical Other Eliminations Consolidated
----------- ----------- ----------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net sales to unaffiliated customers $68,626,000 $11,687,000 $7,648,000 $87,961,000
Transfers between technology segments - 321,000 163,000 ($484,000) -
--------------------------------------------------------------------
Total net sales $68,626,000 $12,008,000 $7,811,000 ($484,000) $87,961,000
====================================================================
Income (loss) before income taxes $12,012,000 $ 2,004,000 $ (158,000) $13,858,000
=========== =========== ==========
Corporate expenses (2,081,000)
---------------
Total income before income taxes $11,777,000
===============
</TABLE>
4. RECLASSIFICATIONS
Certain prior year amounts have been reclassified to conform to the current
year presentation.
7
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
Results of Operations
- ---------------------
Consolidated net sales for the first quarter of fiscal 2000 increased 12%
to $98,608,000 from $87,961,000 a year ago. Sales of the Company's domestic
operations increased 14% and sales of the foreign operations increased 7%. The
increase in foreign sales was the result of the acquisition of two fiber optic
connector companies in fiscal 1999.
Sales of the Electronic segment represented 75% of the consolidated sales
in the first quarter of fiscal 2000 and 78% in fiscal 1999. Electronic segment
sales increased 8% over the prior year first quarter. Sales to the automotive
industry in the first quarter increased 21% and represented 69% of Electronic
segment sales compared with 62% in the first quarter of 1999. This sales gain
was reduced by double digit sales declines at the Company's Far East connector
operation, double digit declines in sales of dataMate terminators and the
consolidation and reorganization of two domestic harness facilities during the
current quarter.
Sales of the Optical segment represented 18% of consolidated sales in the
first quarter of fiscal 2000 and 13% in fiscal 1999. Optical segment sales in
the first quarter increased 48% over the prior year first quarter led by sales
of Optical transceivers which increased by more than 60% compared to last year's
first quarter. Optical segment sales also benefited from the acquisitions
described above.
Sales of Other products (chiefly current carrying devices and printed
circuit boards) increased 2% in the current quarter compared with the first
quarter last year. This segment includes $2,655,000 in fiscal 2000 and
$3,680,000 in 1999 of sales of the Company's printed circuit and related
businesses from which it expects to exit by the end of the second quarter.
Other income consisted primarily of earnings from the Company's automotive
joint venture, interest income from short-term investments, royalties and
license fees. The increase in fiscal 2000 was largely due to $675,000 of income
related to the licensing program of the Company's optoelectronic patent
portfolio.
Cost of goods sold as a percentage of sales for the first quarter increased
to 75.2% compared with the year-ago period of 74.4%. Gross margins were
adversely affected by the winding-down of the printed circuit businesses and the
consolidation and reorganization of two cable assembly operations during the
current quarter. Selling and administration expenses as a percentage of sales
were relatively constant at 13.6% in fiscal 2000 and 13.5% in fiscal 1999.
The effective tax rate was 35.5% in the first quarter of fiscal 2000
compared with 34.8% in the first quarter and 35.2% in the full year of fiscal
1999. Lower tax rates on results from foreign operations reduce the Company's
effective tax rate below the combined statutory federal and state income tax
rate.
Income from ongoing operations was up 15% to $9,100,000 or $0.26 per
diluted share as compared to $7,920,000 and $0.22 per share. Net income was
$8,454,000, or $0.24 per share as compared to $7,677,000 and $0.22 per share in
the year ago quarter. As previously announced, the Company is exiting the
printed circuit board business. Included in results is an operating loss of
$650,000 from the two printed circuit board businesses. The Company
8
<PAGE>
expects to incur approximately the same operating loss in the second quarter as
the wind-down of these two businesses is completed.
Financial Conditions, Liquidity and Capital Resources
- -----------------------------------------------------
Net cash provided by operating activities was $25,625,000 in the first
quarter of fiscal 2000, up substantially from the $10,885,000 provided during
the year-ago period. The increase in cash provided was chiefly due to collection
of accounts receivable that included substantial amounts related to automotive
tooling programs.
Depreciation and amortization expense was $4,601,000 in the first quarter
of fiscal 2000 compared with $4,665,000 in fiscal 1999, with capital additions
of $5,764,000 and $4,072,000, respectively. It is presently expected that fixed
asset additions for fiscal 2000 will approach $30,000,000 and will be financed
with internally generated funds.
Year 2000 Conversion
- --------------------
The Year 2000 issue exists because many computer systems, applications and
assets use two-digit date fields to designate a year. As the century date change
occurs, date sensitive systems may recognize the Year 2000 as 1900, or not at
all. This inability to recognize or properly treat the Year 2000 may cause
systems to process financial and operations information incorrectly.
Status Of Readiness:
The Company's Year 2000 Strategy to make systems "Y2K ready" includes a
common company-wide focus on all internal systems potentially impacted by the
Y2K issue, including Information Technology ("IT") Systems and Non-IT equipment
and systems (Operating Equipment) that contain embedded computer technology.
Each of the foregoing IT and Non-IT programs is being conducted in phases;
described as follows:
Inventory Phase -- Identify hardware or software that use or process date
information.
Assessment Phase -- Identify Year 2000 date processing deficiencies and
related implications.
Planning Phase -- Determine for each deficiency an appropriate solution and
budget as well as scheduling personnel and other resources.
Implementation Phase -- Implement designated solutions and test systems.
The Company is upgrading hardware and software for certain major computer
systems which will concurrently address the Year 2000 issues for those systems.
The Company has fully completed its assessment of all systems that could be
significantly affected by the Year 2000. The completed assessment indicates that
most of the Company's significant information technology systems could be
affected, particularly the general ledger and billing systems. The assessment
also indicates, that in some instances, software and hardware (embedded chips)
used in operating equipment also are at risk. However, based on a review of its
product line, the Company has determined that the
9
<PAGE>
products it has sold and will continue to sell do not require remediation to be
Year 2000 ready.
For IT Systems, the Company is 90% complete on the implementation phase and
expects to complete upgrade and replacement of the remaining systems by October
1999. For its' critical Non-IT Systems, the Company is substantially Year 2000
ready.
The Company has worked with third party suppliers to determine the Year
2000 readiness of the Company's systems that interface directly with third
parties. The Company completed its remediation efforts on these systems with
testing completed in March 1999.
The Company has queried its significant Non-IT suppliers that do not share
information systems with the Company (external agents). To date, the Company is
not aware of any external agent with a Year 2000 issue that would materially
impact the Company's results of operations, liquidity, or capital resources.
However, the Company has no means of ensuring that external agents will be Year
2000 ready. The inability of external agents to complete their Year 2000
resolution process in a timely fashion would indirectly impact the Company, and
the impact may be material. The Company also is making inquiries as to the Year
2000 readiness of selected customers and service vendors. The Company will have
a contingency plan in place no later than October 1999 to compensate for those
external agents that fail to complete their Year 2000 Resolution by the end of
1999.
Costs:
As of July 31, 1999, the Company's total incremental costs (historical plus
estimated future costs) of system upgrades and addressing Year 2000 issues are
estimated to be $2,635,000 of which $1,735,000 has been incurred ($370,000
expensed and $1,365,000 capitalized for new systems and equipment). These costs
are being funded through operating cash flow. Of the total remaining project
costs ($900,000), approximately $655,000 is attributable to the purchase of new
software and equipment that will be capitalized. The remaining $245,000 will be
expensed as incurred. The Company estimates that a substantial portion of these
costs is attributable to system upgrades that would have been incurred
regardless of the Year 2000 issue. Implementation of the Company's Year 2000
Plan is an ongoing process. Consequently, the above-described estimates of costs
and completion dates for the various components of the plan are subject to
change.
Risks:
The Company's Year 2000 readiness program is directed primarily toward
ensuring that the Company will be able to continue to perform five critical
functions: (A) order and receive raw material and supplies, (B) make and sell
its products, (C) invoice customers and collect payments, (D) pay its employees
and suppliers and (E) maintain accurate accounting records. While the Company
currently believes that it will be able to modify or replace its affected
systems in time to minimize any significant detrimental effects on its
operations, failure to do so, or the failure of key third parties to modify or
replace their affected systems, could have materially adverse impacts on the
Company's business operations or
10
<PAGE>
financial condition. In particular, because of the interdependent nature of
business systems, the Company could be materially adversely affected if private
businesses, utilities and governmental entities with which it does business or
that provide essential products or services are not Year 2000 ready. Reasonably
likely consequences of failure by the Company or third parties to resolve the
Year 2000 Problem include, among other things, temporary slowdowns of
manufacturing operations at one or more Company facilities, billing and
collection errors, delays in the distribution of products and delays in the
receipt of supplies.
The Company's expectations about future costs necessary to achieve Year
2000 readiness, the impact on its operations and its ability to bring each of
its systems into Year 2000 readiness are subject to a number of uncertainties
that could cause actual results to differ materially. Such factors include the
following: (i) The Company may not be successful in properly identifying all
systems and programs that contain two-digit year codes; (ii) The nature and
number of systems which require reprogramming, upgrading or replacement may
exceed the Company's expectations in terms of complexity and scope; (iii) The
Company may not be able to complete all remediation and testing necessary in a
timely manner; (iv) The Company's key suppliers and other third parties may not
be able to supply the Company with components or materials which are necessary
to manufacture its products, with sufficient electrical power and other
utilities to sustain its manufacturing process, or with adequate, reliable means
of transporting its products to its customers.
Contingency Plans:
Contingency plans for suppliers and mission critical systems impacted by
Year 2000 Issues are currently under development. Contingency plans are
completed for 90% of the Company's critical suppliers with expected completion
by October 1999. Contingency plans may include stockpiling raw materials,
increasing inventory levels, securing alternate sources of supply and other
appropriate measures. Once developed, Year 2000 contingency plans and related
cost estimates will be continually refined as additional information becomes
available.
Euro Conversion
- ---------------
On January 1, 1999, eleven member countries of the European Union
established fixed conversion rates between their existing currencies ("legal
currencies") and one common currency, the Euro. The Euro is now trading on
currency exchanges and may be used in certain transactions such as electronic
payments. Beginning in January 2002, new Euro-denominated notes and coins will
be used, and legacy currencies will be withdrawn from circulation. The
conversion to the Euro has eliminated currency exchange rate risk for
transactions between the member countries, which for the Company primarily
consists of sales to certain customers and payments to certain suppliers. The
Company is currently addressing the issues involved with the new currency, which
include converting information technology systems, recalculating currency risk,
and revising processes for preparing accounting and taxation records. Based on
the work completed so far, the Company does not believe the Euro conversion will
have a significant impact on the results of its operations or cash flows.
Cautionary Statements
- ---------------------
Certain statements in this report are forward-looking statements that are
subject to certain risks and uncertainties. The Company's business is highly
dependent upon specific makes and models of automobiles. Therefore, the
Company's financial results will be subject to many of the same risks that apply
to the automotive industry, such as general economic conditions, interest rates
and consumer spending patterns. A significant portion of the balance of the
Company's business relates to the computer and telecommunication industries
which are subject to many of the same risks facing the automotive industry as
well as fast-moving technological change. Other factors which may result in
materially different results for future periods include actual growth in the
Company's various markets; operating costs; currency exchange rates and
devaluations; delays in development, production and marketing of new products;
and other factors set forth from time to time in the Company's Form 10-K and
other reports filed with the Securities and Exchange Commission. Any of these
factors could cause the Company's actual results to differ materially from those
described in the forward-looking statements. The forward-looking statements in
this report are intended to be subject to the safe harbor protection provided
under the securities law.
11
<PAGE>
PART II. OTHER INFORMATION
- -------- -----------------
Item 6. Exhibits and Reports on Form 8-K
a) Exhibits
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Sequential
Exhibit Page
Number Description Number
- ------- ----------- -------
<S> <C> <C>
3.1 Certificate of Incorporation of Registrant, as amended and currently in effect(1)
3.2 By-Laws of Registrant, as amended and currently in effect(1)
4.1 Article Fourth of Certificate of Incorporation of Registrant, as amended and currently in
effect (included in Exhibit 3.1)
10.1 Methode Electronics, Inc. Employee Stock Ownership Plan dated
February 24,1977(2)*
10.2 Methode Electronics, Inc. Employee Stock Ownership Plan and Trust
Amendment No. 1(2)*
10.3 Methode Electronics, Inc. Employee Stock Ownership Trust(2)*
10.4 Methode Electronics, Inc. Employee Stock Ownership Trust-
Amendment No. 1(2)*
10.5 Methode Electronics, Inc. Incentive Stock Award Plan(3)*
10.6 Methode Electronics Inc. Supplemental Executive Benefit Plan(4)*
10.7 Methode Electronics. Inc. Managerial Bonus and Matching Bonus Plan (also
referred to as the Longevity Contingent Bonus Program) (4)*
10.8 Methode Electronics, Inc. Capital Accumulation Plan(4)*
10.9 Incentive Stock Award Plan for Non-Employee Directors(5)*
10.10 Methode Electronics, Inc. 401(k) Savings Plan(5)*
10.11 Methode Electronics, Inc. 401(k) Savings Trust(5)*
10.12 Methode Electronics, Inc. Electronic Controls Division Cash and Class A
Common Stock Bonus Plan(6)*
10.13 Methode Electronics, Inc. 1997 Stock Plan (7)*
27 Financial Data Schedules 14
- -------
(1) Previously filed with Registrant's Form S-3 Registration Statement No. 33-61940
filed April 30, 1993 and incorporated herein by reference.
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
(2) Previously filed with Registrant's S-8 Registration Statement No. 2-60613 and incorporated herein
by reference.
(3) Previously filed with Registrant's Registration Statement No. 2-92902 filed August 23, 1984, and
incorporated herein by reference.
(4) Previously filed with Registrant's Form 10-Q for three months ended January 31, 1994, and
incorporated herein by reference.
(5) Previously filed with Registrant's Form 10-K for the year ended April 30, 1994, and incorporated
herein by reference.
(6) Previously filed with Registrant's S-8 Registration Statement No. 333-49559 and incorporated herein
by reference.
(7) Previously filed with Registrant's Registration Statement No. 333-49671 and incorporated herein
by reference.
*Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Report on Form
10-Q pursuant to Item 6 of Form 10-Q.
b) Reports on Form 8-K
-----------------------
The Company did not file a report on Form 8-K during the three months ended July 31, 1999.
</TABLE>
SIGNATURES
- ----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Methode Electronics, Inc.
----------------------------------
By: -----------------------------------
Kevin J. Hayes
Chief Financial Officer
Dated: September 7, 1999
-----------------
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> JUL-31-1999
<CASH> 39,827,675
<SECURITIES> 0
<RECEIVABLES> 77,800,064
<ALLOWANCES> 2,793,000
<INVENTORY> 51,880,523
<CURRENT-ASSETS> 176,398,693
<PP&E> 223,690,609
<DEPRECIATION> 131,012,166
<TOTAL-ASSETS> 324,242,609
<CURRENT-LIABILITIES> 56,563,380
<BONDS> 0
0
0
<COMMON> 17,981,077
<OTHER-SE> 238,606,390
<TOTAL-LIABILITY-AND-EQUITY> 324,242,609
<SALES> 98,607,614
<TOTAL-REVENUES> 100,620,747
<CGS> 74,111,900
<TOTAL-COSTS> 74,111,900
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 168,159
<INCOME-PRETAX> 13,103,898
<INCOME-TAX> 4,650,000
<INCOME-CONTINUING> 8,453,898
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,453,898
<EPS-BASIC> 0.24
<EPS-DILUTED> 0.24
</TABLE>
