Methode Electronics, Inc. Announces Stock Repurchase Plan, Dividend and Annual Meeting Results
September 15 2006 - 6:00AM
Business Wire
Methode Electronics, Inc. (Nasdaq:METH) today announced that its
Board of Directors has authorized the Company to repurchase up to 3
million shares of its outstanding common stock through April 30,
2008. Methode expects such repurchases to be effected from time to
time, in the open market or in private transactions, subject to
market conditions, general business conditions, cash balances and
other relevant factors. No assurance can be given as to the time
period over which the shares will be repurchased or as to whether
and to what extent the share repurchase will be consummated. Donald
Duda, President and CEO stated, "While Methode will continue to
focus on acquisitions, the Company's share repurchase plan
represents an opportunity for Methode to enhance shareholder
value." In addition, Methode's Board of Directors has declared a
quarterly dividend of $0.05 per share to be paid on October 31,
2006 to common stockholders of record at the close of business on
October 13, 2006. Methode held its annual meeting of stockholders
on September 14, 2006 to elect directors and ratify Ernst &
Young LLP as the Company's independent registered public accounting
firm. All directors were reelected with no less than 99.8 percent
of votes cast. Ernst & Young LLP was ratified with a vote "For"
of 98.6 percent. About Methode Electronics Methode Electronics,
Inc., globally designs, manufactures, and markets component devices
and subsystems worldwide for Original Equipment Manufacturers
(OEMs). Methode's components are found in the primary end markets
of the automotive, information processing and networking equipment,
voice and data communications systems, consumer electronics,
aerospace vehicles, rail and other transportation industries and
industrial equipment. Our products employ electrical, electronic
and opto-electronic technologies, such as sensors, interconnects
and controls. Further information can be found on Methode's
website, www.methode.com.
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