Methode Electronics Application Board – GuruFocus.com

CHICAGO, June 16, 2022 (GLOBE NEWSWIRE) — Methode Electronics, Inc. (:MEI)one of the world’s leading providers of bespoke solutions for user interface, LED lighting and power distribution applications, today announced that its Board of Directors has declared a quarterly dividend of 0.14 $ per share to be paid on July 29, 2022 to common shareholders of record at the close of business on July 15, 2022.

The company also announced today that its board of directors has authorized an increase in the company’s existing share buyback program. The Board of Directors authorized the purchase of an additional $100 million of the Company’s outstanding common stock at the March 2021 authorization, bringing the total program authorization to $200 million. As of April 30, 2022, a total of 1,593,139 shares have been purchased under the authorization for a total cost of $71.2 million.

The Board also extended the expiration of the authorization to June 14, 2024, from the previous expiry date of March 31, 2023. Purchases can be made on the open market, through private transactions or under purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934.

The share repurchase program is subject to market conditions, general trade conditions, cash balances, borrowing capacity and other relevant factors. The program may be suspended or terminated at any time. No assurance can be given as to the period during which the shares will be purchased or as to whether and to what extent the purchases of shares will be consummated.

About Methode Electronics, Inc.
Methode Electronics, Inc. (:MEI) is a leading global provider of custom-engineered solutions with sales, engineering and manufacturing locations in North America, Europe, the Middle East and Asia. We design, engineer and produce mechatronic products for OEMs using our wide range of technologies for user interface, LED lighting, power distribution and sensor applications.

Our solutions are found in transportation end markets (including automotive, utility vehicles, e-bikes, aerospace, bus and rail), cloud computing infrastructure, construction equipment, large appliances public and medical devices. Our business is managed by segment, these segments being automotive, industrial, interface and medical.

Forward-looking statements
This press release 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 safe harbor protections under securities laws. Methode undertakes no obligation to update any forward-looking statement to conform to actual results or to changes in Methode’s expectations on a quarterly basis or otherwise. The forward-looking statements contained in this press release involve a number of risks and uncertainties. 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. These factors may include, but are not limited to, the following: 1) Impact of pandemics, such as the COVID-19 pandemic; 2) Dependence on the automobile industry and utility vehicles; 3) Dependence on our supply chain, including semiconductor suppliers; 4) Dependence on a small number of large customers, including two large automotive customers; 5) Dependence on availability and price of materials; 6) Failure to attract and retain qualified personnel; 7) Timing, quality and cost of new program launches; 8) Risks related to the conduct of global operations; 9) Ability to compete effectively; 10) Investment in programs before revenue recognition; 11) Ability to withstand price pressures, including price reductions; 12) Impact of production delays or canceled orders; 13) Ability to successfully leverage acquisitions and divestitures; 14) Ability to withstand business interruptions; 15) Breaches of our computer systems; 16) Ability to keep pace with rapid technological change; 17) Ability to protect our intellectual property; 18) Costs associated with environmental, health and safety regulations; 19) International trade disputes resulting in tariffs and our ability to mitigate tariffs; 20) Impact of climate change and related regulations; 21) Ability to avoid design or manufacturing defects; 22) Accounting for goodwill and long-lived asset impairment charges; 23) Ability to manage our levels of indebtedness and any resulting restrictions; 24) Currency fluctuations; 25) Fluctuations in income tax rates; 26) Judgments related to accounting for tax positions; 27) Compensation expense adjustments for performance-based awards; 28) Timing and magnitude of costs associated with restructuring activities; and 29) Impact on interest expense of replacement or modification of LIBOR.

For Methode Electronics, Inc.
Robert K. Cherry
Vice President Investor Relations
[email protected]
708-457-4030

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