Celestica swings to profit

Revenue in the second quarter was $1,876 million compared to $1,937 million in the second quarter of 2007. Net earnings on a GAAP basis for the second quarter were $39.8 million or $0.17 per share, compared to GAAP net loss of ($19.2) million or ($0.08) per share for the same period last year. Adjusted net earnings for the quarter were $38.9 million or $0.17 per share, compared to adjusted net earnings of $4.9 million or $0.02 per share for the same period last year. The term adjusted net earnings is defined as net earnings before other charges, amortization of intangible assets, integration costs related to acquisitions, option expense, option exchange costs and gains or losses on the repurchase of shares and debt, net of tax and significant deferred tax write-offs or recovery (detailed GAAP financial statements and supplementary information related to adjusted net earnings appear at the end of this press release). These results compare with the company's guidance for the second quarter, announced on April 24, 2008, of revenue of $1.8 billion to $2.0 billion and adjusted net earnings per share of $0.13 to $0.19. For the six months ended June 30, 2008, revenue was $3,712 million compared to $3,779 million for the same period in 2007. Net earnings on a GAAP basis were $69.6 million or $0.30 per share compared to GAAP net loss of ($53.5) million or ($0.23) per share for the same period last year. Adjusted net earnings for the first half of 2008 were $74.3 million or $0.32 per share compared to adjusted net loss of ($4.2) million or ($0.02) per share for the same period in 2007. For the third quarter ending September 30, 2008, the company anticipates revenue to be in the range of $1.9 billion to $2.1 billion, and adjusted net earnings per share to range from $0.17 to $0.23.