© mpanch Electronics Production | September 26, 2012

Jabil Circuit posts fiscal results

Jabil Circuit has announced its preliminary, unaudited financial results for the fourth quarter and full fiscal year, ended August 31, 2012.
The company reported fourth quarter revenue of 4.3 billion USD and fiscal year revenue of 17.2 billion USD. Net income for Jabil Circuit fell to 82.8 million from 114 million the year before.

Jabil's Diversified Manufacturing Services business grew 24 percent in fiscal 2012. Although Jabil picked up share gains in its Enterprise & Infrastructure business during the year, overall demand weakened, resulting in a decrease of 2 percent from fiscal 2011. Jabil's High Velocity business declined 14 percent during the fiscal year.

"Results for the fourth quarter were negatively impacted by a challenging new program ramp in our Specialized Services sector," said Main. "Additionally demand remained weak in most of our business segments."

Generally accepted accounting principles (GAAP) operating income for the quarter was 144 million USD. These results were negatively impacted by a distressed customer charge of 5.9 million USD.

"We are pleased to have generated cash flow from operations of $443 million during the quarter and $634 million over the course of the year. Due to this outstanding performance and ongoing strength of the balance sheet, we were able to return $136 million in capital to shareholders during the fiscal year through dividends and share repurchases," said Chief Financial Officer Forbes Alexander. "We see this positive performance continuing and are estimating operating cash flow of $1 billion in fiscal 2013," Alexander noted.


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