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METHODE ELECTRONICS ANNOUNCES RECORD FIRST QUARTER SALES AND EARNINGS

 CHICAGO, Aug. 26 /PRNewswire/ -- Methode Electronics, Inc. reported record sales of $43,512,000 for the first quarter ended July 31, 1993, up 7 percent from $40,805,000 a year ago. Net income for the quarter increased to $3,598,000, up from $3,386,000 last year. Earnings per share amounted to $.16 as compared to $.15 in fiscal 1993. The provision for income taxes for the current quarter was at a 38.0 percent rate versus 30.5 percent a year ago reflecting an increase in income from domestic sources as well as recently passed U.S. tax legislation.
 President William J. McGinley said, "We continue to enjoy success with our automotive products with first quarter sales up about 11 percent over an unusually strong first quarter performance last year. Sales of our coil assembly transducers for use with air bags continue to gain acceptance and we should soon see for the first time some sizable overseas shipments of these products.
 "We had substantial sales and profit increases at our dataMate input/output termination device and fiber optic connector facilities which were, unfortunately, offset by the results from some of our overseas operations which did not perform as well as they did a year ago. For some time now the economy has been soft in Europe and, during the quarter, we encouraged some weakness in the Far East OEM disk drive and personal computer markets. We anticipate our growth in the new voice and data-com technologies will help to make up for these temporary adjustments in sales of data processing products.
 "The balance of our business which represents about 15 percent of sales is mainly with the defense and mainframe computer markets. These businesses have been down for some time and we continue to take steps to shore up and diversify these operations.
 "One of the strengths of our component business is its built-in diversity as our capabilities adapt to a wide ranging spectrum of communication, industrial and aerospace end products," McGinley concluded.
 METHODE ELECTRONICS, INC.
 Financial Highlights
 Three Months Ended July 31, 1993 1992
 Net sales $43,512,000 $40,805,000
 Other income 467,000 362,000
 Cost of products sold 31,820,000 29,819,000
 Selling and administrative expenses 6,361,000 6,477,000
 Income before income taxes 5,798,000 4,871,000
 Income taxes 2,200,000 1,485,000
 Net income 3,598,000 3,386,000
 Earnings per common share $.16 $.15
 Average number of common
 shares outstanding 22,960,000 22,537,000
 -0- 8/26/93
 /CONTACT: Eugene Lyman for Methode Electronics, 312-868-9800, or Kevin Hayes, vp and treasurer, of Methode, 708-867-9600/
 (METH) CO: Methode Electronics, Inc. ST: Illinois IN: CPR SU: ERN


MP -- NY044 -- 6133 08/26/93 12:18 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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