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Electronics Production | January 26, 2007

Sanmina-SCI improves its Net Income

For the first quarter ended December 30, 2006, Sanmina-SCI reported revenue of $2.78 billion, up from $2.72 billion in the fourth quarter of fiscal 2006 ended September 30, 2006. Revenue in the first quarter of fiscal 2006 was $2.86 billion.
Net income for the first fiscal quarter of 2007 was $34.7 million, up from the fourth quarter net loss of $2.1 million. Operating income was $70.6 million or 2.5% of revenue, compared to $32.1 million, or 1.2% of revenue in the prior quarter and $76.1 million, or 2.7% of revenue in the same period a year ago. Gross profit was $169.9 million, up 29.8% over the fourth quarter of fiscal 2006. Gross margin was 6.1%, up from the prior quarter of 4.8% and up from 6.0% in the first quarter of fiscal 2006.

For the first quarter of fiscal 2007, the Company reported net income of $28.2 million, versus a net loss of $28.1 million for the fourth quarter fiscal 2006 and net income of $17.4 million for the same period a year ago.

At December 30, 2006, the Company reported $538.8 million in cash and cash equivalents. At quarter-end, the Company also reported a current ratio of 1.7, working capital of $1.63 billion, and stockholders' equity of $2.3 billion.

"I am pleased with our first quarter results," stated Jure Sola, Chairman and Chief Executive Officer. "Demand in the first quarter was not as strong as we have seen historically, but we experienced nice growth from a number of our core markets and a majority of our key customers. Due to our continued focus on the basic fundamentals of our business, improved product mix and increased operating efficiencies, our gross margins improved to 6.1%. I am confident that our business is moving in the right direction and that we will continue to see the benefits of our strategic initiatives and hard work."

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