Fabrinet announces Q1 results, addresses flooding situation

Fabrinet reported total revenue of $186.3 million for the first quarter of the fiscal year 2012, a 7.3% increase YoY ( $173.7 million for the comparable period in 2011). GAAP net income in the first quarter was $15.7 million, an increase of 3.0% YoY (compared to $15.2 million in the first quarter of 2011). Further details are available at the bottom of this article. Update on recent flooding Tom Mitchell, CEO of Fabrinet, said, "While we are pleased to have achieved our 47th consecutive quarter of profitability during the September quarter, our attention is focused on recovering from the flood waters that have impacted our operations in Thailand. Through the tireless efforts and resourcefulness of our employees, and in the midst of this natural disaster, we are preparing to resume production at our Pinehurst campus, one of our two manufacturing campuses in Thailand. In fact, today we began production at Pinehurst on a limited scale and anticipate ramping to full production at the Pinehurst campus during the next two weeks." Production at Fabrinet's Pinehurst campus had been suspended for approximately three weeks due to flooding of the main artery and access roads to the campus. Water breached the company's other Thailand campus, known as Chokchai, on Saturday evening, October 22 and the water level within the campus buildings rose to as high as five feet. Production will not recommence at Chokchai, located approximately seven miles south of Pinehurst, for the rest of the current quarter, and likely for significantly longer. The company acknowledged that it may never again manufacture at the Chokchai campus but, instead, divert manufacturing to the existing buildings 3, 4 & 5 at its Pinehurst campus, and its newest building 6 at Pinehurst, upon completion. Fiscal results © Fabrinet