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Electronics Production | January 25, 2011

Sanmina-SCI: revenue jumps, but profit falls

EMS-provider Sanmina-SCI reported revenue increase for the first quarter (ended January 1, 2011) of 12.5% to USD 1.66 billion, compared to USD 1.48 billion for the same period of fiscal 2010.

GAAP net income in the first quarter was USD 28 million, a diluted earnings per share of USD 0.34, compared to USD 59 million, a diluted earnings per share of USD 0.74 for the same period of fiscal 2010. GAAP net income in the first quarter of fiscal 2010 included a one-time benefit of USD 36 million, or USD 0.44 diluted earnings per share related to a litigation settlement. Balance Sheet Results As of January 1, 2011, cash and cash equivalents amounted to USD 549 million. Cash cycle days were 52 days and inventory turns were 7.3x for the quarter. "Demand for the first quarter was in line with expectations and our second quarter outlook supports our view of a flat first half of fiscal 2011. We remain encouraged by our customers' forecasts, increased market demand and new program ramps that will drive revenue growth in the second half of the fiscal year and should allow us to achieve our operating margin and EPS goals for 2011," stated Jure Sola, Sanmina-SCI's Chairman and Chief Executive Officer. Second Quarter Fiscal 2011 Outlook The following forecast is for the second fiscal quarter ending March 2, 2011. These statements are forward-looking and actual results may differ materially. - Revenue between USD 1.62 - 1.67 billion - Non-GAAP diluted earnings per share between USD 0.40 - 0.43
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