Sanmina-SCI Posts Huge Loss

Sanmina-SCI said it lost $1.1 billion or $2.15 a share for fiscal year 2007, compared with a loss of $141 million, or 27 cents a share, in the year-ago period. Revenue dropped 7.4 percent from $2.7 billion to $2.5 billion. Excluding a non-cash impairment charge for goodwill of $1.1 billion and other charges and items, the company earned $10.2 million, or 2 cents per share, in the recent quarter. Excluding charges and special items, the company earned $22.8 million, or 4 cents per share, compared with $102.4 million, or 19 cents per share, last fiscal year. Revenue for the year was $10.38 billion compared with $10.96 billion the previous year. Sanmina-SCI CEO Jure Sola said the company was confident it could continue to improve its financial metrics. Sanmina-SCI reaffirmed its intention to sell or otherwise dispose of its personal and business computer unit. Sanmina-SCI expects to account for this business unit as a discontinued operation from the first quarter of 2008 onwards.