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Electronics Production | June 23, 2006

Jabil 3Q Income, Revenue Rise

Jabil announced a net revenue for the third quarter of fiscal 2006 ended May 31, 2006 increased 34 percent to $2.6 billion compared to $1.9 billion for the same period of fiscal 2005.

Under generally accepted accounting principles in the United States of America (“GAAP”), operating income for the third quarter of fiscal 2006 increased 5 percent to $77.3 million compared to $73.2 million for the same period of fiscal 2005. On a GAAP basis, net income for the third quarter of fiscal 2006 increased 8 percent to $64.2 million compared to $59.4 million for the same period in fiscal 2005. GAAP diluted earnings per share for the third quarter of fiscal 2006 increased 3 percent to $0.30 compared to $0.29 for the same period of fiscal 2005. Jabil's third quarter of fiscal 2006 core operating income increased 10 percent to $93.4 million or 3.6 percent of net revenue compared to $84.7 million or 4.4 percent of net revenue for the third quarter of fiscal 2005. Core earnings increased 14 percent to $78.5 million compared to $68.9 million for the third quarter of fiscal 2005. Core earnings per share increased 9 percent to $0.36 per diluted share for the period compared to $0.33 for the third 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 investors with an alternative method for assessing operating income, earnings and earnings per share from what it believes are 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.) The company provided guidance for its fourth quarter of 2006. Jabil said it currently expects its fourth quarter revenue to be in a range of $2.75 to $2.95 billion and core earnings of $0.30 to $0.35 per diluted share. GAAP earnings per share for the fourth fiscal quarter of 2006 are currently estimated to be $0.24 to $0.29 per diluted share. (Expected GAAP earnings per share for the fourth quarter of fiscal year 2006 are currently estimated to include $0.03 per share for amortization of intangibles and $0.03 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 its full fiscal year 2006 guidance, saying it expects revenue growth of 35 to 37 percent or $10.1 to $10.3 billion. The company expects to grow full fiscal year core earnings per share 15 to 19 percent to $1.47 to $1.52 per diluted share. GAAP earnings per share for the full fiscal year are currently expected to be $1.22 to $1.27 per diluted share. (Expected GAAP earnings per share for the full fiscal year are currently estimated to include $0.11 per share for amortization of intangibles and $0.14 per share for stock-based compensation required to be expensed in fiscal 2006 under new accounting guidelines, SFAS 123R.)
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