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Electronics Production | June 21, 2004

Solectron return to profit

Sequential Revenues Grow 5.3%, Gross Margins Increase from 4.5% to 5.2% and Capital Structure is Strengthened by Debt Reduction of $2 Billion.
Solectron Corporation (NYSE:SLR), a leading provider of electronics manufacturing and integrated supply chain services, today reported sales of $3,040 million in the third quarter of fiscal 2004, up 5.3 percent from $2,887 million in the second quarter and up 29 percent from $2,357 million in the third quarter of last year.

The company reported a GAAP net loss from continuing operations in the third quarter of $65 million, or 8 cents per share, compared with a GAAP net loss from continuing operations of $2,686 million, or $3.24 per share, in the year-earlier quarter. Excluding $6 million in restructuring and impairment charges and $72 million in expenses related to the early settlement of its Adjustable Conversion-Rate Equity Security Units (ACES), Solectron had pro forma net income from continuing operations of $13 million, or 1 cent per share, in the third quarter of fiscal 2004.

"This was a milestone quarter for Solectron," said Mike Cannon, president and chief executive officer. "We are pleased to have returned the company to profitability after an extended period of losses. We improved our performance across the board and we achieved many of our targets one quarter ahead of our committed timeline. I am proud of the progress our global team has made and I am confident our performance will continue to improve."

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