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30
May
2012

Flextronics: Revised 4Q profit down 20%

EMS-giant Flextronics International Ltd revised down its fourth-quarter profit by $32 million, or about 20 percent, saying it would not be able to recover inventory and accounts receivable from one of its customers.
"Company management has been in good faith negotiations with this customer regarding various out-of-court restructuring alternatives, but concluded on May 25, 2012 that all inventory and accounts receivable related to this customer were unrecoverable," a statement reads.

Flextronics restated its fourth-quarter profit to USD 124.7 million (from its reported profit of USD 156.7 million). Flextronics said it took the USD 32 million charge after a customer in the concentrated solar photovoltaic market faced liquidity issues.

"This subsequent event has no effect on our ongoing operations, did not result in a material change to the company's balance sheet, and had no effect on cash flows from operations or free cash flows for fiscal year 2012," Chief Financial Officer Paul Read said in a statement.
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