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Electronics Production | November 05, 2009

Sanmina-SCI with 12% revenue growth in 4Q

Sanmina-SCI reported 4Q-revenure to be up 12% reaching $1.35 billion, compared to $1.21 billion in the prior quarter ended June 27, 2009. Revenue for the fiscal year ended October 3, 2009 was down to $5.18 billion, compared to $7.20 billion for the year ended September 27, 2008.

Non-GAAP gross profit in the fourth quarter was $96.4 million, or 7.1% of revenue, up 70 basis points, compared to gross profit of $77.1 million, or 6.4% of revenue in the third quarter. Non-GAAP gross profit for the fiscal year 2009 was $339.9 million, or 6.6% of revenue, compared to gross profit of $531.2 million, or 7.4% for the fiscal year 2008. Non-GAAP operating income was $34.5 million, or 2.6% of revenue, up 120 basis points, compared to $17.1 million, or 1.4% of revenue in the prior quarter. Non-GAAP operating income for fiscal 2009 was $94.3 million, or 1.8% of revenue, compared to $205.6 million, or 2.9% of revenue for fiscal 2008. Non-GAAP net income in the fourth quarter was $94 thousand, a diluted earnings per share of $0.00, compared to a net loss of $10.9 million and $0.14 diluted loss per share in the prior quarter. Non-GAAP net loss for the full year was $42.5 million, $0.52 diluted loss per share, compared to net income of $69.6 million, a diluted earnings per share of $0.79 in fiscal 2008. "I am pleased with Sanmina-SCI's progress despite a challenging economy and optimistic that the worst is now behind us. We delivered solid results for the quarter with 12 percent growth in revenue and 70 basis point improvement in gross margin over the prior quarter. We expect to further expand margins through our diversified end-markets, efficient manufacturing processes and increase in demand. Our new business strategy and lean cost structure offer distinct advantages to our customers that differentiate us from the competition and position us for future profitable growth," stated Jure Sola, Chairman and Chief Executive Officer. Debt Redemption On October 15, 2009 the Company called for redemption on November 16, 2009 of all of its outstanding Senior Floating Rate Notes due 2010. The aggregate principal amount of the Notes currently outstanding is $175.7 million. Upon redemption, holders of the Notes will receive the principal amount of the Notes plus accrued and unpaid interest thereon to but excluding the redemption date. The Company plans to fund the redemption using existing cash resources. The Company's next debt maturity is 2013. First Quarter Fiscal 2010 Outlook The following forecast is for the first fiscal quarter ending January 2, 2010. These statements are forward-looking and actual results may differ materially. -- Revenue between $1.35 billion to $1.45 billion -- Non-GAAP diluted earnings per share between $0.10 to $0.15
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