Methode Electronics, Inc. (NYSE:MEI) Q1 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 11:00 am ET


Methode Electronics, Inc. (NYSE:MEI) Q1 2021 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to your Methode Electronics First Quarter Fiscal 2021 Results Conference Call. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to your host, Vice President of Investor Relations, Mr. Robert Cherry. Sir, the floor is yours.

Robert Cherry

Thank you, operator. Good morning and welcome to Methode Electronics fiscal 2021 first quarter earnings conference call. For this call, we have prepared a presentation entitled Fiscal 2021 First Quarter Financial Results, which can be viewed on the webcast of this call or found at in the Investors section.

This conference call contain 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 conference call involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the 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; recognition of goodwill and long-lived asset impairment charges; costs associated with restructuring activities; international trade disputes resulting in tariffs and our ability to mitigate tariffs; timing, quality, 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 Surfaces products; currency fluctuations; customary risks related to conducting global operations; costs associated with environmental, health and safety regulations; ability to withstand business interruptions; ability to successfully benefit from acquisitions and divestitures; investment in 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 positions; income tax rate fluctuations; ability to keep pace with rapid technological changes; breaches to our information technology systems; ability to avoid design or manufacturing defects; ability to compete effectively; ability to protect our intellectual property; success of recent acquisitions and/or our ability to implement and profit from new applications of the acquired technology; 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 good morning, everyone, and thank you for joining us today for our fiscal 2021 first quarter earnings conference call. I'm joined today by Ron Tsoumas, our Chief Financial Officer. Both Ron and I have opening comments and afterwards,