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©roza-dreamstime.com Electronics Production | April 24, 2012

Sanmina-SCI reports loss

Sanmina-SCI Corp., has reported a second-quarter loss as revenue fell nearly 7 percent.

The company lost 1.4 million USD in the quarter compared to last years profit fo 13.1 million USD. Revenue was 1.46 billion USD down from 1.57 billion USD a year ago. "As we expected, our second quarter continued to be challenged by relatively flat demand across most of our markets and a decline in the multimedia segment," stated Jure Sola, Chairman and Chief Executive Officer. "We were able to take advantage of this slower demand period by generating $60 million of cash from operations and redeeming $150 million of long-term debt in the quarter, with an additional $100 million redeemed on April 9(th). Our net interest expense savings is expected to be approximately $20 million on an annual basis." The company expects to see improved results in the third quarter, with revenue between $1.475 billion to $1.525 billion.
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