Fabrinet Q2 net income drops 310% YOY

Fabrinet reported total revenue of $96.6 US million for the second quarter of fiscal 2012, a decrease of 47.7% compared to revenue of $184.6 million for the comparable period in fiscal 2011. GAAP net loss in the second quarter was negative $33.3 million, a decrease of 310.4% compared to GAAP net income of $15.8 million in the second quarter of 2011. Non-GAAP net income in the second quarter was $6.2 million, or $0.18per diluted share, a decrease of 63.6% compared to non-GAAP net income of 17.0 million, or $0.49 per share in the second quarter of 2011. © Fabrinet Tom Mitchell, Chief Executive Officer of Fabrinet, said, “Following the most severe flooding season of the last century in Thailand, I’m pleased to report that we are executing on a strong recovery plan. We are grateful to our employees, who overcame great personal hardship and loss, to undertake extraordinary efforts to protect and restore the equipment and inventory of our customers, and to our customers for their ongoing confidence and close collaboration during these trying times. We are making solid progress and look forward to getting back to business as usual.” The company expects third quarter revenue to be in the range of $131 million to $136 million.