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Electronics Production | December 23, 2005

Solectron reports revenue growth

Solectron Corporation reported sales of $2.46 billion in the first quarter of fiscal 2006, an increase of 2.4 percent over fourth quarter revenues of $2.40 billion. Sales in the first quarter of fiscal 2005 were $2.69 billion.
The company reported a GAAP profit after tax from continuing operations in the first quarter of $20.2 million, or two cents per share, compared with GAAP profit after tax from continuing operations of $11.8 million, or one cent per share, in the fourth quarter of fiscal 2005. GAAP profit after tax from continuing operations in the first quarter of fiscal 2005 was $47.5 million, or 5 cents per share.

Non-GAAP profit after tax for the first quarter was $28.1 million, or $0.03 per share, compared to non-GAAP profit after tax of $41.4 million, or $0.04 per share, for the fourth quarter of fiscal 2005, and non-GAAP profit after tax of $51.4 million, or $0.05 per share in the first quarter of fiscal 2005. Non-GAAP financial results do not include restructuring costs, impairment charges, amortization of intangibles, stock based compensation expenses, or other infrequent or unusual items. The financial results of prior periods have been adjusted to reflect the impact of stock compensation charges and amortization of intangibles. Please refer to "Non-GAAP Information" below for further information.

"We are pleased to deliver sequential revenue growth in the first quarter," said Mike Cannon, president and chief executive officer, Solectron. "We are continuing to make investments to expand our global capabilities and to position Solectron for continued revenue growth in the second half of this year."

Click Here to read the full report.
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