Electronics Production | July 26, 2011
Revenue up 6.7% sequentially for Sanmina-SCI
Sanmina-SCI's revenue for the third quarter was up 6.7% to USD 1.67 billion, compared to USD 1.57 billion in the prior quarter and up 3.0% compared to USD 1.63 billion for the same period of fiscal 2010.
Third Quarter Fiscal 2011 Highlights GAAP operating income in the third quarter was USD 52.9 million or 3.2 percent of revenue, compared to USD 61.7 million or 3.8 percent of revenue in the third quarter fiscal 2010. GAAP net income in the third quarter was USD 7.2 million, a diluted earnings per share of $0.09, compared to USD 21.6 million, a diluted earnings per share of USD 0.26 for the same period of fiscal 2010. Non-GAAP operating income in the third quarter was USD 65.0 million or 3.9% of revenue, compared to USD 64.2 million or 3.9% of revenue in the third quarter fiscal 2010. Non-GAAP net income in the third quarter was USD 35.1 million, a diluted earnings per share of USD 0.42, compared to USD 26.6 million, a diluted earnings per share of USD 0.32 for the same period a year ago. During the third quarter, the Company issued USD 500 million in principal amount 7% senior notes due in 2019. The proceeds of the offering, together with USD 80 million of cash on hand, were used to fund the full redemption of the USD 380 million of debt due in 2013 and USD 200 million of debt due in 2016. During the quarter, the Company swapped the 2019 notes from a fixed to floating rate. The net effect of these transactions increased the average life of our debt from 3.4 to 5.7 years as of July 2, 2011 and is expected to reduce the Company's net interest expense in the future. Cash and cash equivalents for the quarter ended July 2, 2011 were USD 582.8 million compared to USD 654.7 million in the prior quarter. Cash flow from operations was USD 51.3 million. Inventory turns were 7.2x. Cash cycle days were 51 days. "We delivered nice growth in the third quarter and are pleased with our ability to expand our margins despite continued softness in the defense and aerospace market. Based on our customer forecasts, we believe demand in the short-term remains stable," stated Jure Sola, Chairman and Chief Executive Officer. "We are confident our strategy focused on higher value added services, diversified markets and innovative technologies will continue to allow us to capitalize on opportunities with new and existing customers, and positions Sanmina-SCI for long-term growth and margin expansion." Fourth Quarter Fiscal 2011 Outlook The following forecast is for the fourth fiscal quarter ending October 1, 2011. These statements are forward-looking and actual results may differ materially. - Revenue between USD 1.65-1.70 billion - Non-GAAP diluted earnings per share between USD 0.40-0.44
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