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Electronics Production | February 01, 2008

Celestica's revenue down 2% in Q4

Celestica has announced financial results for the fourth quarter and year ended December 31, 2007. Revenue was $2,211 million, down 2% from $2,262 million in the fourth quarter of 2006. Net loss on a GAAP basis for the fourth quarter was ($11.7) million, compared to GAAP net loss of ($60.8) million for the same period last year.

Restructuring charges in the quarter were $24 million compared to $59 million for the same period last year. GAAP net loss for the quarter also included a non-cash write-down of long-lived assets of $15 million. Adjusted net earnings for the quarter were $37.2 million compared to $6.5 million for the same period last year. Adjusted net earnings (loss) is defined as net earnings before amortization of intangible assets, gains or losses on the repurchase of shares and debt, integration costs related to acquisitions, option expense, option exchange costs and other charges, net of tax and significant deferred tax write-offs (detailed GAAP financial statements and supplementary information related to adjusted net earnings appear at the end of this press release). For 2007, revenue was $8,070 down 8%, compared to $8,812 million for 2006. Net loss on a GAAP basis was ($13.7) million compared to GAAP net loss of ($150.6) million for last year. Adjusted net earnings for 2007 were $62.3 million compared to adjusted net earnings of $93.5 million for 2006. “We are pleased with the strong results our company delivered in the fourth quarter,” said Craig Muhlhauser, President and Chief Executive Officer, Celestica. “Since implementing our turnaround plans 12 months ago, we have undergone a major transformation which has resulted in our best ever and industry leading inventory turns, strong margin recovery and an improving trend in returns on invested capital. For the first quarter ending March 31, 2008, the company anticipates revenue to be in the range of $1.7 billion to $1.9 billion. The topline and bottom line guidance reflects the seasonal impacts in the March quarter for the company’s communications, information technology and consumer business. The company has also determined it will expand its restructuring program by $50 million to $75 million during 2008 in order to further reduce fixed costs and overhead expenses.
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