Printer Friendly

METHODE ELECTRONICS, INC. REPORTS RECORD SECOND QUARTER AND SIX-MONTH SALES AND EARNINGS

 CHICAGO, Nov. 22 /PRNewswire/ -- Methode Electronics, Inc. today reported record sales for the second quarter ended Oct. 31, 1993, up 24 percent to $52,972,000 from $42,784,000 a year ago. Income before income taxes was up 34 percent to $7,800,000 as compared to $5,809,000 a year earlier. Net income amounted to $.21 per share, up 24 percent from $.17 last year. The provision for income taxes for the current quarter increased to 37.4 percent versus 32 percent a year earlier as a result of an increase in income from domestic sources and the recently enacted U.S. tax increase. It is anticipated that the tax rate for the balance of the year will approximate 38 percent.
 Sales for the first half of the year of $96,485,000 were also a record, up 15 percent with pre-tax income of $13,598,000, up 27 percent from a year ago. Earnings for the first six months of fiscal 1994 were $.37 per share, up 16 percent from $.32 in fiscal 1993.
 President William J. McGinley said, "Our success for the second quarter and first half of fiscal 1994 was to a great extent propelled by the performance of our automotive controls business which enjoyed sales increases due in part to the sustained automotive build and also because of increased per vehicle controls requirements. In fiscal 1994 for the first time we are shipping to overseas customers our coll assembly transducers for use with air bags. Overseas volume to-date, although limited, is encouraging and we anticipate additional inroads into Europe and the Far East.
 "Sales for the second quarter from our domestic connector facilities were flat with a year ago although we had a substantial jump in activity at our Fiber Optic Division. We continue to experience a sales fall off in Europe with disappointing earnings results. Sales and earnings were also off in the Far East as disk drive and personal computer manufacturers juggled schedules throughout the quarter.
 "We have seen some increases in shipments of current carrying devices to mainframe accounts and expect to see additional improvement as orders have firmed somewhat for the third quarter.
 "Our defense business continued the slowness we have experienced for several quarters and there really is no anticipation that this marketplace will ever recover to anything approaching levels experienced just a few years ago. Several months ago we initiated additional actions to further diversify the customer base of these defense operations utilizing and upgrading existing technology,'' President McGinley concluded.
 METHODE ELECTRONICS, INC. FINANCIAL HIGHLIGHTS
 Three Months Ended Oct. 31,
 1993 1992
 Net sales $ 52,972,000 $ 42,784,000
 Other income 489,000 505,000
 Cost of products sold 38,337,000 30,957,000
 Selling and administrative
 expenses 7,324,000 6,523,000
 Income before income taxes 7,800,000 5,809,000
 Income taxes 2,918,000 1,860,000
 Net income 4,882,000 3,949,000
 Earnings per common share $.21 $.17
 Average number of
 common shares outstanding 22,993,000 22,591,000
 Six Months Ended Oct. 31,
 1993 1992
 Net sales $ 96,485,000 $ 83,588,000
 Other income 956,000 868,000
 Cost of products sold 70,157,000 60,776,000
 Selling and administrative
 expenses 13,686,000 12,999,000
 Income before income taxes 13,598,000 10,681,000
 Income taxes 5,118,000 3,345,000
 Net income 8,480,000 7,336,000
 Earnings per common share $.37 $.32
 Average number of
 common shares outstanding 22,977,000 22,563,000
 -0- 11/22/93
 /CONTACT: Eugene Lyman of E.W. Lyman Associates, 312-868-9800, or Kevin Hayes, VP & Treasurer, Methode Electronics, 708-867-9600/
 (METHB)


CO: Methode Electronics, Inc. ST: Illinois IN: CPR SU: ERN

LG -- NY073 -- 6883 11/22/93 14:48 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1993
Words:639
Previous Article:SOUTHDOWN PLANS TO ISSUE $75 MLN CONVERTIBLE PREFERRED STOCK; LARGEST SHAREHOLDER PLANS TO SELL 1,250,000 COMMON SHARES IN SECONDARY OFFERING
Next Article:SKYBOX INTERNATIONAL ELECTS THREE NEW DIRECTORS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters