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© Flextronics Electronics Production | April 28, 2011

Net sales up 15% YoY for Flextronics in 4Q

Net sales for the fourth quarter ended March 31, 2011 increased 15% to USD 6.9 billion for EMS-provider Flextronics compared to net sales for the quarter ended March 31, 2010 of USD 5.9 billion.
Adjusted operating income increased USD 19 million or 11% to USD 189 million, compared to adjusted operating income of USD 170 million for the same quarter last year. Adjusted net income for the fourth quarter ended March 31, 2011 was USD 162 million, an increase of USD 32 million or 25%, and adjusted EPS increased USD 0.05 or 31% to USD 0.21, compared to USD 130 million and USD 0.16, respectively, for the same quarter last year. GAAP operating income, net income, and EPS were all up significantly year-over-year.

"In fiscal 2011 we achieved strong year-over-year growth that was broadly distributed across all of our market segments. Every segment grew double-digits and overall for the year our company delivered USD 4.6 billion in organic growth," said Mike McNamara, CEO of Flextronics.

"For fiscal 2011, we experienced strong operating leverage, growing our adjusted operating income 38% to USD 824 million, up from USD 598 million a year ago.Our fiscal 2011 ROIC also marked a new record at 30.5%. In addition, during fiscal 2011 we generated USD 463 million in free cash flow which helped us buy back USD 400 million or 6% of our outstanding shares," said Paul Read, CFO of Flextronics.

Guidance

For the first quarter ending July 1, 2011, revenue is expected to be in the range of USD 7.1 to 7.6 billion and adjusted EPS is expected to be in the range of USD 0.20 to 0.23 per share.

GAAP earnings per share are expected to be lower than the guidance provided herein by approximately USD 0.03 per diluted share for quarterly intangible amortization and stock-based compensation expense.

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