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Electronics Production | November 02, 2010

Sanmina-SCI with USD 31.4M profit in Q4

Revenue for the 4Q/2010 was USD 1.69 billion, up 4%, compared to USD 1.63 billion in the prior quarter ended July 3, 2010 and up 25%, compared to USD 1.35 billion for the same period a year ago. Revenue for the fiscal year ended October 2, 2010 was USD 6.3 billion, up 22% compared to USD 5.2 billion for the year ended October 3, 2009.
Non-GAAP gross profit in the fourth quarter was USD 132.2 million, or 7.8% of revenue, down 10 basis points, compared to gross profit of USD 129 million, or 7.9% of revenue in the third quarter and up 70 basis points compared to USD 96.4 million, or 7.1% in the same period a year ago. Non-GAAP gross profit for the fiscal year 2010 was USD 492.4 million, or 7.8% of revenue, up 120 basis points, compared to gross profit of USD 339.9 million, or 6.6% for the fiscal year 2009.

Non-GAAP operating income in the fourth quarter was USD 68.9 million, or 4.1% of revenue, up 20 basis points, compared to USD 64.2 million, or 3.9% of revenue in the prior quarter and a 150 basis point improvement compared to USD 34.5 million, or 2.6% in the fourth quarter fiscal 2009. Non-GAAP operating income for fiscal 2010 was USD 237.9 million, or 3.8% of revenue, up 200 basis points, compared to $94.3 million, or 1.8% of revenue for fiscal 2009.

Non-GAAP net income in the fourth quarter was $37.8 million, a diluted earnings per share of USD 0.46, compared to a net income of USD 26.6 million and USD 0.32 diluted earnings per share in the prior quarter. Non-GAAP net income for the same period a year ago was USD 94 thousand, a diluted earnings per share of USD 0.00. Non-GAAP net income for the full year was USD 106.9 million, or USD 1.30 diluted earnings per share, compared to net loss of USD 42.5 million, a diluted loss per share of USD 0.52 in fiscal 2009.

Balance Sheet Results

As of October 2, 2010, cash and cash equivalents amounted to USD 593 million. Cash cycle days were 47 days and inventory turns were 7.3x for the quarter.

"Fiscal 2010 was a great year for Sanmina-SCI with healthy revenue growth and margin expansion driven by solid execution of our strategy. We remain focused on market diversification, operational excellence and leading edge technology, which offer a distinct advantage to our customers. Our differentiated strategy has positioned us for profitable growth in fiscal 2011," stated Jure Sola, Chairman and Chief Executive Officer.

First Quarter Fiscal 2011 Outlook

* Revenue between USD 1.625 billion - 1.675 billion
* Non-GAAP diluted earnings per share between USD 0.40 - 0.44

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