Methode Electronics Inc., reported net income of $6.7 million, or 18 cents per share, on sales of $94.1 million in its fourth fiscal 2003 quarter ended April 30. This compares with a net loss of $4.7 million, or 13 cents per share, on sales of $85.0 million in the year-ago fourth fiscal quarter.
The Chicago interconnect components supplier reported strong sales in its automotive electronics business. However, telecom and communications sales remain depressed and will continue to be for the foreseeable future, according to Donald Duda, Methode's president.
For fiscal 2003, Methode earned a net income of $21.9 million, or 60 cents per share, on sales of $363.1 million. By contrast, fiscal 2002 net income was $3.8 million, or 11 cents per share, on sales of $319.7 million.
Methode is projecting fiscal 2004 first quarter sales of $75.0 million to $80.0 million, with net income of 11 to 13 cents per share.