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Electronics Production | July 23, 2008

Sanmina-SCI shows strength in challening economic environment

US based EMS company Sanmina-SCI, has reported its financial results for its third fiscal quarter ended June 28, 2008. revenue of $1.90 Billion, up 4.7% quarter-on-quarter and 13.7% year-on-year.
Revenue from continuing operations for the third quarter was $1.90 billion, compared to $1.67 billion in the same period a year ago. Non-GAAP gross profit in the third quarter of fiscal 2008 was $141.4 million, or 7.4 percent of revenue, up 160 basis points compared to gross profit of $96.5 million, or 5.8 percent of revenue, in the third quarter a year ago. Non-GAAP operating income was $60.4 million, or 3.2 percent of revenue in the quarter, compared to $10.2 million, or 0.6 percent of revenue, in the same period a year ago.

Non-GAAP net income was $26.0 million, compared to a net loss of ($38.6) million, in the same period a year ago. Non-GAAP diluted earnings per share for the quarter was $0.05, compared to a loss of ($0.07) in the same period a year ago.

GAAP net income in the third quarter was $12.0 million, or $0.02 diluted earnings per share, compared to a net loss of ($42.2) million, or ($0.08) per share, in the same period a year ago.

"I am pleased with our third quarter results which mark the fourth consecutive quarter of improved profitability. We expect to see further improvements in our operational results as we continue to fine tune and focus our business model, strategic plan and execution on our core business. With the completion of the sale of our personal computing business and our restructuring initiatives largely behind us, I believe we will be able to sustain our financial improvements despite the challenging economic environment," stated Jure Sola, Chairman and Chief Executive Officer.

For the next quarter revenue from continuing operations is expected to be in the range of $1.8 billion to $1.9 billion. Non-GAAP diluted earnings per share for continuing operations is expected to be between $0.05 to $0.07.

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