Methode Electronics, Inc. (NYSE:MEI) Q4 2020 Earnings Conference Call - Final Transcript

Jun 30, 2020 • 11:00 am ET


Methode Electronics, Inc. (NYSE:MEI) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Methode Electronics Fourth Quarter Fiscal 2020 Results Call. [Operator Instructions].

At this time, it's my pleasure to turn the floor over to Mr. Rob Cherry, Vice President of Investor Relations. Sir, the floor is yours. Thank you, operator. Good morning and welcome to Methode Electronics' fiscal year 2020 fourth quarter earnings conference call. For this call, we have prepared a presentation entitled Fiscal 2020 Fourth Quarter and Full Year Financial Results, which can be viewed on the webcast of this call, or found at in the Investors section. This conference call contains certain forward-looking statements, which reflect management's expectations, regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are subject to the Safe Harbor protection provided under the securities laws. Methode undertakes no duty to update any forward-looking statement, to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward-looking statements in this call involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from expectations are detailed in Methode's filings with this Securities and Exchange Commission, such as our annual and quarterly reports. Such factors may include, without limitation, the following; impact from pandemics, such as the COVID-19 pandemic; dependence on the automotive, appliance, commercial vehicle, computer and communications industries. Dependence on a small number of large customers, including two large automotive customers. International trade disputes, resulting in tariffs and our ability to mitigate tariffs; timing, quality and cost of new program launches; ability to withstand price pressure, including pricing reductions; failure to attract and retain qualified personnel; ability to successfully market and sell Dabir surface products; currency fluctuations; customary risks related to conducting global operations; costs associated with environmental health and safety regulations; ability to withstand business interruptions; recognition of goodwill and long-lived asset impairment charges; ability to successfully benefit from acquisitions and divestitures; investment programs, prior to the recognition of revenue, dependence on the availability and price of materials; dependence on our supply chain; judgments related to accounting for tax tax positions; income tax rate fluctuations; ability to keep pace with rapid technological changes; impacts to our information technology systems; ability to avoid design or manufacturing defects; costs associated with reorganization activities; ability to compete effectively; ability to protect our intellectual property; success of Grakon and/or our ability to implement and profit from new applications of the acquired technology; significant adjustments to expense, related to our performance-based stock awards in our long-term incentive plan; ability to manage our debt levels and any restrictions thereunder; and impact to interest expense from the replacement or modification of LIBOR. At this time, I'd like to turn the call over to Mr. Don Duda, President and Chief Executive Officer.

Donald W. Duda

Thank you, Rob, and welcome to Methode. Good morning everyone and thank you for joining us today for our fiscal 2020 fourth quarter and full year financial results conference