DOW JONES NEWSWIRES
Methode Electronics Inc.'s (NYSE:MEI) (MEI) fiscal third-quarter net income doubled to $ 9.76 million, or 26 cents a share, from $4.7 million, or 13 cents, the previous year, due in part to the company's acquisition of TouchSensor Technologies LLC in 2007.
Additionally, automotive sales were boosted by one-time price increases of $ 5.4 million on previously marginally profitable and unprofitable products, which Methode decided to stop making but, at the request of the customer, has agreed to continue to produce through the second quarter of fiscal 2009.
The Chicago maker of electronic components and devices said net sales for the period ended Feb. 2 increased 31% to $138.5 million from $105.4 million a year ago.
Due to the company's fiscal calendar, the period ended Feb. 2, 2008, represents 14 weeks of results, while the year-ago quarter, ended Jan. 27, 2007, represented 13 weeks of results.
The company changed its forecast for 2008, increasing its earnings per share estimate to 93 cents to 98 cents, on an increased sales estimate of $525 million to $540 million.
-Amanda Harris Falls; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires 03-13-08 0703 Copyright (c) 2008 Dow Jones & Company, Inc.
