$MEI (Methode Electronics, Inc.)

$MEI {{ '2016-06-23T12:21:23+0000' | timeago}} • Announcement

$MEI, a maker of electrical components for the auto and computer industries, reported a decline in 4Q16 earnings due to lower sales from Power Products and higher pricing concessions in Automotive segment. Net income fell to $22.6MM or $0.60 per share from $26.6MM or $0.68 per share last year. Net sales slid to $212.8MM from $227.3MM.

$MEI {{ '2017-12-15T18:22:56+0000' | timeago}} • Announcement

Electronics company $MEI has declared a quarterly dividend of $0.11 per share on its common stock, representing a 22% increase versus the previous dividend. The dividend is payable on January 26, 2018, to stockholders of record on January 12, 2018.

$MEI {{ '2017-12-07T12:33:34+0000' | timeago}} • Announcement

$MEI updated its FY18 guidance to sales in the range of $880-900MM from $807-827MM, mainly due to incremental sales from acquisitions. The company, however, maintained its FY18 pre-tax income from operations in the range of $114-127MM and EPS in the range of $2.43-2.63.

$MEI {{ '2017-12-07T12:24:05+0000' | timeago}} • Announcement

Developer of custom engineered and application specific products and solutions, $MEI posted a 2.8% fall in 2Q18 profit, driven by higher expenses, lower sales volume in the Interface segment and unfavorable currency impact. Profit fell to $24.2MM or $0.64 per share from $24.9MM or $0.66 a year earlier. Revenue however, jumped 9.9% to $230.1MM.

$PIH {{ '2017-10-03T13:09:44+0000' | timeago}} • Announcement

$PIH, a technology firm in the automotive sector, said it completed plan of arrangement with $MEI, an electronics company, under which Methode  acquired all of the outstanding shares of Pacific Insight. Shareholders received CAD$18.50 per Pacific Insight Share. Pursuant to the transaction, the stock will be delisted from the Toronto Stock Exchange.

$MEI {{ '2017-09-26T19:51:42+0000' | timeago}} • Announcement

$MEI said its proposed acquisition of Pacific Insight Electronics Corp. has received approval from the shareholders of Pacific Insight. $MEI agreed to indirectly acquire, through Methode Subco, all of the outstanding common shares of Pacific Insight at a price of CAD$18.50 per Pacific Insight Share. The deal is expected to close on Oct. 3, 2017.

$MEI {{ '2017-09-25T16:29:00+0000' | timeago}} • Announcement

Pacific Insight Electronics said Shenzhen Kaizhong Precision Technology Co. is no longer proceeding with its proposed acquisition of the company. As previously announced, $MEI will buy all issued and outstanding shares of Pacific Insight Electronics for cash consideration of $18.50 per share.

$MEI {{ '2017-08-31T12:01:20+0000' | timeago}} • Announcement

$MEI still sees FY18 sales of $807-827MM, pre-tax income from operations of $114-127MM and EPS of $2.43-2.63. This forecast excludes results from Pacific Insight, as transaction closing remains subject to customary closing conditions, including approval by Pacific Insight shareholders. The Pacific Insight deal is expected to be completed in 2Q18.

$MEI {{ '2017-08-31T11:59:15+0000' | timeago}} • Announcement

$MEI's gross margin for 1Q18 fell to 27.6% from 28.2% last year. This was primarily as a result of new product development costs in the Automotive segment, lower sales volumes and unfavorable sales mix in the Interface segment and unfavorable sales mix and unfavorable commodity pricing in the Power Products segment.

$MEI {{ '2017-08-31T11:58:08+0000' | timeago}} • Announcement

$MEI reported a drop in 1Q18 earnings due to negative impact of acquisition-related expense, higher new product development costs in the Automotive segment, lower sales volumes and unfavorable sales mix. Net income fell to $20.5MM or $0.55 per share from $21.2MM or $0.57 per share last year. Sales grew 4.8% to $201.2MM.

$MEI {{ '2017-08-02T15:46:07+0000' | timeago}} • Announcement

$MEI has agreed to acquire Pacific Insight Electronics Corp. for approx. $114MM. The transaction will be funded with available cash and the existing credit facility, and is expected to be completed in 2Q18. $MEI expects the acquisition to be accretive to earnings in its current fiscal year ending April 28, 2018.

$MEI {{ '2017-07-28T11:56:45+0000' | timeago}} • Announcement

$MEI, a developer of custom engineered and application-specific products and solutions, announced the acquisition of 100% of the stock of Procoplast, an independent manufacturer of automotive assemblies located close to the Belgian-German border. This will augment Methode’s transmission lead-frame business in Europe.

$MEI {{ '2017-06-22T15:31:23+0000' | timeago}} • Webcast

$MEI said, if the acquisition of Procoplast is completed in 2Q18 as expected, it anticipates $17MM in revenue, which represents seven months of Procoplast revenue. $MEI revealed that it is paying eight times EBITDA multiple of Procoplast for the transaction, though the exact deal value was not disclosed.

$MEI {{ '2017-06-22T11:08:49+0000' | timeago}} • Announcement

$MEI entered into stock purchase agreement for acquisition of Procoplast s.a., an independent maker of automotive complex insert molded subassemblies. The acquisition is expected to complement European automotive business with high volume, highly automated injection production lines for automotive transmission and brake products.

$MEI {{ '2017-06-22T11:05:48+0000' | timeago}} • Announcement

$MEI expects FY18 sales of $807-827MM, pre-tax income of $114-127MM and EPS of $2.43-2.63. This considers the exit of Connectivity and AES, Automotive price reductions, no international grant money from a foreign government, and expected closing of the Procoplast acquisition.

$MEI {{ '2017-06-22T11:02:35+0000' | timeago}} • Announcement

$MEI's gross margin for 4Q17 fell to 25.1% from 28.6% last year. This was primarily as a result of the exit costs for Connectivity and AES, a provision for a customer warranty, unfavorable copper costs, unfavorable sales mix of data solutions products in the Interface segment and unfavorable sales mix in the Automotive segment.

$MEI {{ '2017-06-22T11:01:11+0000' | timeago}} • Announcement

$MEI reported a rise in 4Q17 earnings driven by lower income tax expenses. Net income rose to $23.1MM or $0.62 per share from $22.7MM or $0.61 per share last year. $MEI incurred expenses related to exit of two reporting units and related to activity from potential acquisition during the latest quarter. Net sales grew 3.2% to $219.7MM.

$MEI {{ '2017-03-02T12:34:22+0000' | timeago}} • Announcement

$MEI revised its FY17 guidance. The company anticipates sales to be  in the range of $810-820MM from $820-845MM. The company expects income from operations to be in the range of $115-120MM from $102-117MM and EPS to be in the range of $2.45-2.54 from $2.30-2.45.

$MEI {{ '2017-03-02T12:30:06+0000' | timeago}} • Announcement

$MEI reported 38% rise in its 3Q17 earnings, helped by higher sales in Automotive and Power Products segments and favourable currency impact on material and labor expense. Net income rose to $23.7MM, or $0.63 per share, compared to $17.2MM, or $0.45 per share in 3Q16. Net sales rose 6% YoY to $195.6MM.

$MEI {{ '2016-12-08T18:50:57+0000' | timeago}} • Webcast

$MEI commented that it saw additional interest in its 10 Gig product with shipments to two new customers in 2Q17. In 1H17, the company invested $9.5MM, while for FY17, $MEI expects capital investments to be between $18-22MM.

$MEI {{ '2016-12-08T13:48:14+0000' | timeago}} • Announcement

$MEI updated its FY17 guidance, with sales expected in the range of $820-845MM. However, the company believes full-year sales will likely be at the low end of this range. $MEI also maintained guidance for income from operations in the range of $102-117MM, but increased EPS to a range of $2.30-2.45 from $2.11-2.35.

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