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Electronics Production | February 01, 2011

Fabrinet reports 61% revenue increase for 2Q/2011

Fabrinet reported total revenue of USD 184.6 million for the second quarter of fiscal 2011, an increase of 61% compared to revenue of USD 114.4 million for the comparable period in fiscal 2010.
GAAP net income in the second quarter was USD 15.8 million, or USD 0.46 per diluted share, an increase of 42% compared to GAAP net income of USD 11.1 million, or USD 0.35 per share in the second quarter of 2010.

Tom Mitchell, Chief Executive Officer of Fabrinet, said, “We are pleased to have achieved record revenues in the second quarter and continued our long history of profitability. Our strong revenue and earnings performance was above expectations. We saw strength in all product areas, with growth from optical communications above our overall growth rate. Looking ahead, we continue to be optimistic on the growth of our core markets.”

Business Outlook

The company expects third quarter revenue to be in the range of USD 182 million - 187 million. GAAP net income is expected to be in the range of USD 0.47 - 0.49 per share, based on approximately 34.6 million fully diluted weighted average shares outstanding.

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