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Methode Electronics, Inc. Discusses Impact of Customer Bankruptcy

22 September 1999

Methode Electronics, Inc. Discusses Impact of Customer Bankruptcy

    CHICAGO, Sept. 21 -- Methode Electronics, Inc.
today announced that on Monday, September 20, 1999, one of its
automotive customers, Breed Technologies, Inc. and certain of Breed's domestic
subsidiaries, filed a Voluntary Petition for Reorganization under Chapter 11
of The Bankruptcy Code.
    Methode is unable to predict how much, if any, of its current outstanding
balance with Breed will be collected in the future.  Because of this
uncertainty, Methode is considering a charge to earnings of approximately
$3,000,000, equal to about $0.06 a share during its second quarter ending
October 31, 1999.  The amount of the charge will depend upon the Breed
Technologies bankruptcy proceedings.
    In its news release, Breed announced that it had received a commitment
from its lending group for up to $125,000,000 for Debtor-In-Possession (DIP)
financing.  The Breed release further stated that the DIP financing, which is
subject to court approval, is expected to provide adequate funding for all
post-petition trade and employee obligations."
    Methode's worldwide sales to Breed have recently been averaging about
$5,000,000 per quarter.