$MEI (Methode Electronics, Inc.)

$MEI {{ '2016-09-01T12:18:31+0000' | timeago}} • Announcement

$MEI said it maintained its fiscal 2017 guidance of sales in the range of $820-$845MM, income from operations in the range of $102-$117MM and earnings per share in the range of $2.11 to $2.35. Sales guidance considers pricing concessions and reductions of approx. $13.0MM on purchased displays negotiated by a customer, the company said.

$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.

$MEI {{ '2016-12-08T13:43:23+0000' | timeago}} • Announcement

Lithium ion battery systems and radio remotes maker $MEI reported higher 2Q17 profit, helped by higher sales across segments. The company's earnings for the quarter rose 17.45% to $24.9MM, or $0.66 per share from $21.2MM, or $0.54 per share a year ago. Revenue rose marginally by 0.43% to $209.3MM.

$F {{ '2016-09-01T15:44:57+0000' | timeago}} • Webcast

Christopher Van Horn of FBR asks if the $F wins were new wins and if the company expects other opportunities with that customer. $MEI said they were new wins and the company anticipates that it would have other opportunities with $F and others in that area.

$MEI {{ '2016-09-01T15:40:11+0000' | timeago}} • Webcast

$MEI said that in 1Q17 the company spent $4.2MM in CapEx and for FY17 the company expects CapEx to be between $19-22MM. For FY17, depreciation and amortization is expected to be between $23-25MM and EBITDA is expected to be in the range of 15-16% or between $126-141MM.

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