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© studio 37 dreamstime.com Electronics Production | October 31, 2012

Sanmina-SCI down 7.7 percent compared to last year

Revenue for the fourth quarter was $1.58 billion, compared to $1.55 billion in the prior quarter and $1.70 billion for the same period of fiscal 2011. Revenue for fiscal year ended September 29, 2012 was $6.09 billion, down 7.7 percent compared to $6.60 billion for the fiscal year ended October 1, 2011.
GAAP operating income in the fourth quarter was $32.2 million or 2.0 percent of revenue, compared to $53.5 million or 3.2 percent of revenue for the same period a year ago. GAAP operating income for fiscal year 2012 was $137.5 million, compared to $212.0 million in fiscal year 2011

GAAP net income in the fourth quarter was $164.2 million, compared to $18.1 million for the same period a year ago. GAAP net income for fiscal year 2012 was $180.2 million, compared to $68.9 million in fiscal year 2011.

Cash and cash equivalents for the quarter ended September 29, 2012 were $409.6 million. Cash flow from operations was $121.1 million for the quarter and $215.4 million for the full year.

"I am pleased with our fourth quarter results and what we accomplished in fiscal 2012 despite the challenging economic environment. Modest revenue growth and expanded operating margins in the quarter were in line with our expectations. We generated very strong cash flow from operations of $121 million for the quarter and $215 million for the fiscal year," stated Jure Sola, Chairman and Chief Executive Officer.

"Our first quarter fiscal 2013 guidance reflects continued uncertainty in the market. Though the macro-environment is challenging, we have taken action to position us for improved performance in fiscal 2013," concluded Sola.

First Quarter Fiscal 2013 Outlook
The following forecast is for the first fiscal quarter ending December 29, 2012. These statements are forward-looking and actual results may differ materially.
  • Revenue between $1.5 billion to $1.55 billion
  • Non-GAAP diluted earnings per share between $0.31 to $0.37

Restructuring Activities
Sanmina-SCI also announced a restructuring plan which impacts two of its manufacturing facilities. This action will improve the Company's operational cost structure, flexibility and capacity utilization. As a result of this plan, the Company has recorded charges in its fourth quarter of approximately $11.9 million, consisting of severance pay for affected employees and related asset impairments.

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