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Electronics Production | September 30, 2009

4Q net revenue fell 15% for Jabil

Net revenue for the 4Q/2009 (ending August 31, 2009) was $2.8 billion compared to $3.3 billion for the same period of fiscal 2008. GAAP operating income for the 4Q/2009 was $43.1 million compared to income of $87.8 million for the same period of fiscal 2008.

GAAP net income for the fourth quarter of fiscal 2009 was $5.5 million compared to net income of $57.5 million for the same period of fiscal 2008. GAAP diluted earnings per share for the fourth quarter of fiscal 2009 were $0.03 compared to $0.28 for the same period of fiscal 2008. Core operating income for the fourth quarter of fiscal 2009 was $65.4 million or 2.3 percent of net revenue compared to $104.7 million or 3.2 percent of net revenue for the fourth quarter of fiscal 2008. Core earnings for the fourth quarter of fiscal 2009 were $33.4 million compared to $61.7 million for the same period of fiscal 2008. Core earnings per diluted share for the fourth quarter of fiscal 2009 were $0.16 compared to $0.30 for the same period of fiscal 2008. "Marked improvement in our sequential performance was aided by cost cutting, increased productivity, market share gains and a more benign end-market environment. Income gains were matched with cash flow generation and balance sheet improvements during the quarter," said Jabils's President and CEO Timothy L. Main. Fiscal Year 2009 Net revenue for the fiscal year was $11.7 billion compared to $12.8 billion for fiscal 2008. GAAP operating income for fiscal 2009 was a loss of $910.2 million compared to income of $251.4 million for fiscal 2008. GAAP net loss for fiscal 2009 was $1.2 billion compared to net income of $133.9 million for fiscal 2008. GAAP diluted loss per share for fiscal 2009 was $5.63 compared to earnings per share of $0.65 for fiscal 2008. Jabil's fiscal 2009 core operating income was $246.8 million or 2.1 percent of net revenue compared to $379.9 million or 3.0 percent of net revenue for fiscal 2008. Core earnings for fiscal 2009 were $132.0 million compared to $231.0 million for fiscal 2008. Core earnings per diluted share for fiscal 2009 were $0.63 compared to $1.12 for fiscal 2008. Business Update "Based upon our current expectations, it appears as though the worst of the recession is behind us. However, we remain vigilant and will continue to focus on productivity, quality and balance sheet health even as revenues begin to recover. We are grateful for the dedicated efforts of our global workforce and look forward to a more robust fiscal 2010," said President and CEO Timothy L. Main. Through the twelve months ended August 31, 2009, the company produced cash flow from operations of $556 million and currently has more than $800 million in cash. During the quarter the company repurchased $295 million of its 5.875% senior notes that were due in 2010 (98% of the total outstanding) and closed on its $312 million offering of 7.75% senior notes due 2016. The company also has an $800 million revolving credit facility. "In short, we are ready to take advantage of opportunities for growth in our fiscal 2010," said Main. Fiscal First Quarter 2010 Guidance Jabil management indicated that it expects its net revenue for its first fiscal quarter of 2010 to be in a range from $3.0 billion to $3.2 billion. The company estimated that its core operating income would be in a range from $85 million to $105 million, driven by the continued demand from its customers, further manufacturing efficiencies and the benefit of cost reductions.
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