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Electronics Production | October 29, 2008

Sanmina-SCI increase gross profit in Q4

Revenue from continuing operations for the fourth quarter was $1.70 billion, compared to $1.75 billion in the same period a year ago. Revenue from continuing operations for the fiscal year ended September 27, 2008 was $7.20 billion, compared to $7.14 billion for the year ended September 29, 2007.
Non-GAAP gross profit in the fourth quarter was $132.8 million, or 7.8 percent of revenue, compared to gross profit of $109.9 million, or 6.3 percent of revenue, in the fourth quarter a year ago. Non-GAAP gross profit for the fiscal year 2008 was $531.2 million, or 7.4 percent of revenue, compared to gross profit of $464.0 million, or 6.5 percent for the fiscal year 2007.

Non-GAAP operating income was $59.3 million, or 3.5 percent of revenue in the quarter, compared to $22.7 million, or 1.3 percent of revenue, in the same period a year ago. Non-GAAP operating income for fiscal 2008 was $205.6 million, or 2.9 percent of revenue, compared to $101.6 million, or 1.4 percent of revenue for fiscal 2007.

Non-GAAP net income in the fourth quarter was $24.0 million,compared to a net loss of ($9.9) million, in the same period a year ago. Non-GAAP net income for the full year was $69.6 million, compared to net loss of ($58.3) million, or ($0.11) diluted loss per share in fiscal 2007.

"I am pleased with our fourth quarter operational execution as we delivered record margins and strong asset management. This is particularly commendable despite a difficult economic environment that impacted customer demand, and our revenue, late in the quarter," stated Jure Sola, Chairman and Chief Executive Officer.

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