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Electronics Production | October 26, 2006

Celestica Q3 revenue up 20%

Revenue was $2,392 million, up 20% from $1,994 million in the third quarter of 2005. Net loss on a GAAP basis for the third quarter was ($42.1) million, compared to GAAP net loss of ($19.6) million or for the same period last year.

Included in GAAP net loss for the quarter are charges of $82 million associated with previously announced restructuring plans. For the same period in 2005, restructuring charges of $41 million were incurred. Adjusted net earnings for the quarter were $40.5 million compared to $27.1 million or for the same period last year. Adjusted net earnings is defined as net earnings before amortization of intangible assets, gains or losses on the repurchase of shares and debt, integration costs related to acquisitions, option expense, option exchange costs and other charges, net of tax and significant deferred tax write-offs. These results compare with the company's guidance for the third quarter, announced on July 27, 2006, of revenue of $2.15 to $2.35 billion. For the nine months ended September 30, 2006, revenue was $6,550 million compared to $6,396 million for the same period in 2005. Net loss on a GAAP basis was ($89.8) million compared to net loss of ($18.6) million for the same period last year. Adjusted net earnings for the first nine months of 2006 were $87.0 million compared to adjusted net earnings of $100.2 million for the same period in 2005. "Revenues were very strong sequentially and year over year driven primarily by the growth realized in our consumer segment. Other segments were solid as well in this seasonally lower quarter," said Steve Delaney, CEO, Celestica. "I'm pleased with the added diversification and the improvement in operating margins, despite the setbacks we've had in the performance of some of our facilities in the Americas and Eastern Europe. We remain focused on overcoming these challenges and accelerating the improvement in our returns on capital."
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