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Summary of Quarterly Results of Operations (Unaudited) | 12 Months Ended
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May 03, 2014
Quarterly Financial Information Disclosure [Abstract] |
Summary of Quarterly Results of Operations (Unaudited) | Summary of Quarterly Results of Operations (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended May 3, 2014 and April 27, 2013:
| Fiscal 2014 Quarter Ended
| July 27 |  | October 26 |  | February 1 |  | May 3
Net sales | $ | 167.3 |  |  | $ | 190.9 |  |  | $ | 189.8 |  |  | $ | 224.8 |
Gross profit | 34.0 |  |  | 41.4 |  |  | 38.5 |  |  | 42.8 |
Net income attributable to Methode Electronics, Inc. | 13.6 |  |  | 19.8 |  |  | 14.6 |  |  | 48.1 |
Net income per basic common share | $ | 0.36 |  |  | $ | 0.52 |  |  | $ | 0.38 |  |  | $ | 1.27 |
Net income per diluted common share | $ | 0.36 |  |  | $ | 0.51 |  |  | $ | 0.38 |  |  | $ | 1.26 |
| Fiscal 2013 Quarter Ended
| July 28 |  | October 27 |  | January 26 |  | April 27
Net sales | $ | 118.7 |  |  | $ | 129.7 |  |  | $ | 123.0 |  |  | $ | 148.4 |
Gross profit | 21.5 |  |  | 22.3 |  |  | 20.0 |  |  | 27.8 |
Net income attributable to Methode Electronics, Inc. | 3.9 |  |  | 23.3 |  |  | 3.3 |  |  | 10.2 |
Net income per basic and diluted common share | $ | 0.10 |  |  | $ | 0.62 |  |  | $ | 0.09 |  |  | $ | 0.28 |
Significant Items for Fiscal 2014 The fourth quarter of fiscal 2014 includes an intangible asset pre-tax impairment charge of $1.7 million related to our Eetrex reporting unit in our Power Products segment. The fourth quarter of fiscal 2014 also includes a pre-tax gain on the sale of one of the Company's investments of $3.2 million. In addition, the fourth quarter includes a net tax benefit adjustment of $31.7 million, primarily related to the release of a valuation allowance against the deferred tax assets in the U.S. Significant Items for Fiscal 2013 The second quarter of fiscal 2013 includes pre-tax income from Delphi settlement of $20.0 million. The fourth quarter of fiscal 2013 includes a goodwill impairment charge of $4.3 million related to our Eetrex reporting unit in the Power Products segment.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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