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Electronics Production | March 23, 2006

Jabil increased revenue 35%

US based EMS-provider, Jabil Circuit, Inc., today reported net revenue for the second quarter of fiscal 2006 ended February 28, increased 35 percent to $2.3 billion compared to $1.7 billion for the same period of fiscal 2005.
Under accounting principles generally accepted in the United States of America"GAAP"), operating income for the second quarter of fiscal 2006 increased 44 percent to $83.3 million compared to $57.8 million for the same period of fiscal 2005. On a GAAP basis, net income for the second quarter of fiscal 2006 increased 50 percent to $69.0 million compared to $46.0 million for the same period in fiscal 2005. GAAP diluted earnings per share for the second quarter of fiscal 2006 increased 45 percent to $0.32 compared to $0.22 for the same period of fiscal 2005.

Jabil's second quarter of fiscal 2006 core operating income increased 41 percent to $96.2 million or 4.2 percent of net revenue compared to $68.1 million or 4.0 percent of net revenue for the second quarter of fiscal 2005. Core earnings increased 43 percent to $78.7 million compared to $54.9 million for the second quarter of fiscal 2005. Core earnings per share increased 37 percent to $ 0.37 per diluted share for the period compared to $0.27 for the second quarter of fiscal 2005. (Jabil defines core operating income as GAAP operating income before amortization of intangibles, stock-based compensation expense, acquisition-related charges and restructuring and impairment charges. Jabil defines core earnings as GAAP net income before amortization of intangibles, stock-based compensation expense, acquisition-related charges, restructuring and impairment charges and other income/loss, net of tax. Jabil defines core earnings per share as core earnings divided by the weighted average number of outstanding shares determined under GAAP. Jabil reports core operating income, core earnings and core earnings per share to provide its investors with an alternative method for assessing operating income, earnings and earnings per share from what it believes to be its core manufacturing operations. See the accompanying reconciliation of Jabil's core operating income to its GAAP operating income and Jabil's core earnings and core earnings per share to its GAAP net income and GAAP earnings per share and additional information in the supplemental information below.)

"We are pleased with our second quarter results and the growing strength of the business in the second half of our fiscal year," said Jabil President and CEO Timothy L. Main. "Demand for Jabil's outsourcing services continues to be broad-based across numerous markets."
The company provided guidance for its third quarter of 2006. Jabil said it currently expects its third quarter revenue to be in a range of $2.5 to $2.6 billion and core earnings of $0.43 per diluted share, depending upon actual levels of production. GAAP earnings per share for the third fiscal quarter of 2006 are currently estimated to be $0.39 per diluted share. (Expected GAAP earnings per share for the third quarter of fiscal year 2006 are currently estimated to include $0.02 per share for amortization of intangibles and $0.02 per share for stock-based compensation required to be expensed in fiscal 2006 under new accounting guidelines, Statement of Financial Accounting Standard No.123R - Share Based Payment ("SFAS 123R")).

The company updated and raised its full fiscal year 2006 guidance to 32 percent growth over fiscal 2005. Jabil said it currently expects fiscal year 2006 revenue of $9.9 billion, $600 million higher than guidance the company provided in December 2005. The company expects to grow full fiscal year core earnings per share 33 percent to $1.70 per diluted share. GAAP earnings per share for the full fiscal year are currently expected to be $1.50 per diluted share. (Expected GAAP earnings per share for the full fiscal year are currently estimated to include $0.08 per share for amortization of intangibles and $0.12 per share for stock-based compensation required to be expensed in fiscal 2006 under new accounting guidelines, SFAS 123R.)

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