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Electronics Production | January 23, 2008

Sanmina-SCI revenue up,<br>PC business below expectation

Sanmina-SCI reported revenue of $2.53 billion for the first fiscal quarter ended December 29, 2007. This is compared to $2.51 billion in the fourth fiscal quarter ended September 29, 2007 and $2.78 billion in the first fiscal quarter ended December 30, 2006.

The Company's core business met expectations with revenue of $1.79 billion. The PC business experienced weakness in the quarter and delivered below expectation with revenue of $740 million. Net income for the first quarter of fiscal 2008 was $21.0 million, $0.04 diluted earnings per share, compared to $10.2 million, a diluted earnings per share of $0.02, for the fourth fiscal quarter ended September 29, 2007, and $34.7 million, $0.07 diluted earnings per share for the first fiscal quarter of 2007. Gross profit for the first fiscal quarter was $155.1 million, 6.1 percent of revenue, compared to $134.1 million, 5.4 percent of revenue for the prior quarter, and $169.9 million, 6.1 percent of revenue in the same period a year ago. Operating income for the quarter was $61.2 million, compared to $42.8 million in the prior quarter and $70.6 million for the same period a year ago. For the first quarter of fiscal 2008, the Company reported net income of $7.9 million, $0.01 diluted earnings per share versus a net loss of $1.1 billion, $2.10 diluted loss per share for the fourth quarter of fiscal 2007 and net income of $28.2 million, $0.05 diluted earnings per share for th same period a year ago. Revenue is expected to be in the range of $2.4 billion to $2.5 billion for second quarter 2008. Non-GAAP diluted earnings per share to be between $0.03 to $0.05.
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