- Current report filing (8-K)
June 29 2009 - 4:16PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of
Report (Date of earliest event reported): June 23, 2009
METHODE
ELECTRONICS, INC.
(Exact name of
registrant as specified in its charter)
Delaware
(State or other
jurisdiction
of incorporation)
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0-2816
(Commission File Number)
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36-2090085
(IRS Employer
Identification No.)
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7401 West
Wilson Avenue, Chicago, Illinois 60706
(Address of
principal executive offices) (Zip Code)
Registrants
telephone number, including area code:
(708) 867-6777
Not
Applicable
(Former name or
former address, if changed since last report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item 4.02(a)
Non-Reliance on Previously Issued
Financial Statements or a Related Audit Report or Completed Interim Review.
On June 23, 2009, the Audit Committee of Methode Electronics, Inc.
(the Company), concluded that the Companys unaudited consolidated financial
statements included in the Companys Quarterly Report on Form 10-Q for the
period ended November 1, 2008 should no longer be relied upon because of
an error in such financial statements.
The error related to unrealized currency exchange losses arising from an
inter-company loan between the Company and one of its foreign subsidiaries in
conjunction with the acquisition of Hetronic, L.L.C., purchased on September 30,
2008.
The loan amount was $20,858,304.
Due to the U.S. Dollar increasing versus the Euro, from 0.6923 on September 30,
2008 to 0.7850 on November 1, 2008, an unrealized currency loss of
$2,463,140 should have been recorded for the second quarter. The restatement to include this unrecorded
currency loss significantly impacts the Companys previously reported condensed
consolidated balance sheet and condensed consolidated statements of income for
the three and six months ended November 1, 2008.
The impact of the restatement is discussed in Note 2 of the Companys
Amended Quarterly Report on Form 10-Q/A for the period ended November 1,
2008, also filed today with the Securities and Exchange Commission. In addition, the Company has amended other effected
information in the Form 10-Q/A, including Managements Discussion and
Analysis of Financial Condition and Results of Operations, to address the
impact of the restatement.
The Companys management has assessed the effectiveness of the Companys
internal control over financial reporting in light of the restatement and has
determined that the restatement is not indicative of a material weakness, but
does constitute a significant deficiency.
The Companys management and the Audit Committee have discussed the
matters disclosed in this Item 4.02 with Ernst & Young LLP, the
Companys independent registered public accounting firm.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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METHODE ELECTRONICS, INC.
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Date: June 29,
2009
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By:
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/s/ Douglas A. Koman
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Douglas A. Koman
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Chief Financial Officer
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3
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