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METHODE ELECTRONICS REPORTS 43 PERCENT EARNINGS INCREASE; SETS RECORD THREE- AND SIX-MONTH RESULTS

 CHICAGO, Nov. 24 ~PRNewswire~ -- Methode Electronics, Inc. (NASDAQ-NMS: METHB), again reported record quarterly sales and earnings.
 Sales for its fiscal year 1993 second quarter ended Oct. 31, 1992, were $42,784,000, up 9 percent from $39,283,000. After-tax income increased to $3,949,000, up 43 percent from $2,768,000 a year ago. Earnings were $.35 per share for the second quarter as compared to $.25 per share for the comparable period a year ago. The amounts for last year have been restated to reflect the company's fourth quarter, fiscal 1992 decision to offer its test equipment business for sale. This business lost $.03 per share for the second quarter of fiscal 1992 and is not included in the above results for that period.
 Six-month sales were also at record levels at $83,588,000, up 13 percent from $74,039,000. After-tax income rose 40 percent to an all-time-high at $7,336,000 versus $5,243,000 a year earlier with earnings per share at $.65, up from $.47 a year ago. Net income for the six months of $.65 per share compares to $.42 when the losses from the test equipment business are considered in last year's results.
 President William J. McGinley said, "Strong demand for our domestic automotive electronic control products continues to be a major factor in our recent success. We ususally see a month or two in the first half of our fiscal year when demand for automotive controls softens but this year we have experienced a steady flow of business which has allowed us to operate our facility at a more efficient level. As we head into the third quarter, we anticipate the usual slowdown in December and January as the Big Three alter their schedules and announce temporary plant shutdowns in December and for a short period after the holidays. Over the years this has become a way of life for us and we have learned to plan around it.
 "Sales of our connector products primarily for use in computers and telecommunications devices strengthened domestically during the second quarter and were up over 20 percent worldwide from last year. We are in the process of expanding our production capacity for a few of our key connector products and expect to see improved results in our fourth fiscal quarter.
 "The automotive electronics, personal computer and data communication markets have been growing and offer the best opportunities to expand in our particular niches. Some of our other products which serve the mainframe computer and the military and aerospace marketplaces continue to remain flat. We have reason to hope for help in these areas in the form of increased bookings but do not expect improvement until the fourth quarter which ends April 30, 1993.
 "We are happy to report that a lawsuit filed a couple of years ago by a former supplier has recently been finalized on terms more favorable than anticipated and as a result our second quarter earnings have been increased by $.01 per share," McGinley concluded.
 METHODE ELECTRONICS, INC.
 Financial Highlights
 Three months ended Oct. 31 1992 1991
 Net sales $42,784,000 $39,283,000
 Other income 505,000 366,000
 Cost of products sold 30,957,000 29,487,000
 Selling and administrative expenses 6,523,000 6,130,000
 Income from continuing operations
 before income taxes 5,809,000 4,032,000
 Income taxes 1,860,000 1,264,000
 Income from continuing operations 3,949,000 2,768,000
 Loss from discontinued operations -- (328,000)
 Net income $ 3,949,000 $ 2,440,000
 Earnings from continuing operations
 per common share $.35 $.25
 Earnings per common share $.35 $.22
 Average number of com. shares outstanding 11,295,000 11,173,000
 Six months ended Oct. 31 1992 1991
 Net sales $83,588,000 $74,039,000
 Other income 868,000 705,000
 Cost of products sold 60,776,000 55,346,000
 Selling and administrative expenses 12,999,000 11,777,000
 Income from continuing operations
 before income taxes 10,681,000 7,621,000
 Income taxes 3,345,000 2,378,000
 Income from continuing operations 7,336,000 5,243,000
 Loss from discontinued operations -- (559,000)
 Net income $ 7,336,000 $ 4,684,000
 Earnings from continuing operations
 per common share $.65 $.47
 Earnings per common share $.65 $.42
 Average number of com. shares outstanding 11,282,000 11,098,000
 -0- 11~24~92
 ~CONTACT: Eugene Lyman, 312-868-9800, for Methode; or Kevin Hayes, VP and treasure of Methode, 708-867-9600~
 (METH)


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

GK -- NY027 -- 0979 11~24~92 10:44 EST
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Date:Nov 24, 1992
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