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Electronics Production | June 24, 2008

Jabil Results up in the third quarter

Jabil has reported its preliminary, unaudited financial results for its third quarter of fiscal year 2008, ended May 31, 2008. “The results from our third quarter were extremely gratifying given the challenging market conditions,” said President and CEO Timothy L. Main.
Net revenue for the third quarter of fiscal 2008 increased three percent to $3.1 billion compared to $3.0 billion for the same period of fiscal 2007.

GAAP operating income for the third quarter of fiscal 2008 increased 88 percent to $63.1 million compared to $33.6 million for the same period of fiscal 2007. GAAP net income for the third quarter of fiscal 2008 increased 517 percent to net income of $38.4 million compared to $6.2 million of net income for the same period in fiscal 2007. GAAP diluted earnings per share for the third quarter of fiscal 2008 increased 533 percent to net income per share of $0.19 compared to $0.03 of earnings per share for the same period of fiscal 2007.

Jabil's third quarter of fiscal 2008 core operating income decreased 2 percent to $85.3 million or 2.8 percent of net revenue compared to $87.1 million or 2.9 percent of net revenue for the third quarter of fiscal 2007. Core earnings increased 12 percent to $52.8 million compared to $47.4 million for the third quarter of fiscal 2007. Core earnings per share increased 13 percent to $0.26 per diluted share for the period compared to $0.23 for the third quarter of fiscal 2007.

Jabil management said it expects net revenue in the fourth quarter of fiscal 2008 in a range of $3.2 billion to $3.3 billion, with an estimated core operating margin range of 3.0 to 3.3 percent. Jabil said its core earnings per share for its fourth quarter of fiscal 2008 are anticipated to be in a range of $0.29 to $0.33 per diluted share. GAAP earnings per share are estimated to be $0.21 to $0.25 per diluted share. (Expected GAAP earnings per share for the fourth quarter of fiscal 2008 are currently estimated to include $0.02 per share for amortization of intangibles and $0.06 per share for stock-based compensation and related charges.)

Jabil said it expects fiscal year 2008 net revenue to range from $12.7 billion to $12.8 billion, with full year core operating income estimated to be approximately 3 percent or $370 million to $385 million. The company said its core earnings per share are estimated to be $1.11 to $1.15 per diluted share. GAAP earnings per share are estimated to be $0.58 to $0.62 per diluted share. (Expected GAAP earnings per share for fiscal 2008 are currently estimated to include $0.13 per share for amortization of intangibles, $0.17 per share for stock-based compensation and related charges and $0.23 per share for restructuring and impairment charges.)

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