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Methode Electronics Posts Profit In Q1 - Quick Facts
September 2, 2010, Thursday, 18:51 GMT | 13:51 EST | 23:21 IST | 01:51 SGT
(RTTNews) - Electro-mechanical device maker Methode Electronics, Inc. (MEI) Thursday reported a profit for the first quarter, compared to yea-ago loss, reflecting mainly the absence of last year's restructuring expenses and lower sales.
The company's first quarter net income was $4.1 million, compared to a loss of $19 thousand. On a per share basis, earnings were $0.11, compared to breakeven in the same period last year.
Net sales increased 9.5% to $98.3 million from $89.8 million in the previous year.
The company noted that a gain of $1.2 million on a life insurance policy, and favorable selling and administrative expenses, and absence of previous year's restructuring expenses contributed to higher net income for the latest quarter.
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