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Electronics Production | March 24, 2009

Jabil posts second quarter loss

Jabil Circuit net revenue for the second fiscal quarter of fiscal 2009 decreased 5.6 percent to $2.9 billion compared to the same period of fiscal 2008. Preliminary GAAP operating income (loss) for the second quarter of fiscal 2009 was a loss of $0.5 million compared to income of $1.6 million for the same period of fiscal 2008.
Preliminary GAAP net loss for the second quarter of fiscal 2009 increased 75 percent to a loss of $42.1 million compared to a loss of $24.0 million for the same period in fiscal 2008.

Core operating income for the second quarter of fiscal 2009 decreased 25 percent to $51.2 million or 1.8 percent of net revenue compared to $67.8 million or 2.2 percent of net revenue for the second quarter of fiscal 2008. Core earnings decreased 35 percent to $27.3 million compared to $42.0 million for the second quarter of fiscal 2008. Core earnings per share decreased 35 percent to $0.13 per diluted share for the period compared to $0.20 for the second quarter of fiscal 2008.

"Liquidity and balance sheet strength are key advantages in this market environment," said President and CEO Timothy L. Main. "We will continue to focus on controlling our capital, reducing costs and refining our value proposition. When end-markets stabilize and recovery begins, we will be ready with an outstanding, well-funded solution for a growing marketplace," he said. As of the end of its second fiscal quarter of 2009, Jabil has approximately $775 million in cash and $800 million available under a five-year revolving credit facility expiring in 2012. Main noted that the Company is aggressively cutting costs and is restructuring its operations to meet the changing demands of its customers.

Jabil management said end-markets remain difficult with limited visibility, and as a result, the Company thought it was prudent to take a conservative position regarding third quarter guidance. Jabil said it expects its net revenue for its third fiscal quarter of 2009 to be in a range from $2.5 billion to $2.7 billion, with estimated core operating income in a range from zero to $40.0 million.

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