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Electronics Production | January 12, 2009

Jabil first quarter profit turns to loss

A goodwill impairment charge turned US based EMS provider Jabil Circuit’s first quarter profit of $46.2 million into a loss during the first fiscal quarter.
The company has finalized its preliminary goodwill impairment analysis for the first quarter for fiscal 2009 and has recorded a preliminary non-cash goodwill impairment charge for its consumer division in the amount of $318 million. The income tax expense associated with the goodwill impairment was $4 million.

This reflects a continuous decline in customer demand and equity values, that finally resulted in a deterioration of its market capitalization.

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