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Electronics Production | January 04, 2006

Merix sales increases 43%

American PCB-producer Merix Corporation has announced financial results for the second quarter of fiscal 2006 ended November 26, 2005. Sales for the second quarter increased 43% to $61.7 million compared to $43.2 million for the second quarter of fiscal 2005.
For the second quarter of fiscal 2006, sales for Merix' U.S. operations were $53.6 million and for Merix Asia were $8.1 million, which is consistent with the guidance range previously provided by Merix. On a GAAP basis, the net loss in the second quarter of fiscal 2006 was $2.3 million or $0.12 per share compared to net income of $681 thousand or $0.04 per share in the second quarter of fiscal 2005.

On a non-GAAP basis, Merix had income of $530 thousand, or $0.03 per share, in the second quarter of fiscal 2006 compared to non-GAAP income of $443 thousand, or $0.02 per share, in the second quarter of fiscal 2005. Merix defines its non-GAAP income (loss) as GAAP net income (loss) before expenses associated with a valuation allowance against deferred taxes; amortization of intangibles and purchase accounting adjustments to inventories resulting from acquisitions; restructuring and related activities; and legal fees for defense of securities litigation. Management believes the excluded items are not representative of underlying trends in the Company's operating performance and that excluding them provides investors with additional information to assess the Company's results over multiple periods and compare the Company's results with the results of its competitors. See Related Financial Highlights in this earnings release for a reconciliation of GAAP to non-GAAP results.

Click here for the full press release (merix.com).

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