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Sanmina-SCI Announces First Quarter Fiscal 2011 Results

SAN JOSE, Calif. Jan. 24, 2011 January 1, 2011

First Quarter Fiscal 2011 Highlights

  • $1.66 billion
  • Non-GAAP operating margin of 4.2 percent
  • $0.45
  • GAAP operating margin of 3.7 percent
  • $0.34

$1.66 billion $1.48 billion

GAAP Financial Results

$28 million $0.34 $59 million $0.74 $36 million $0.44

Non-GAAP Financial Results(1)

$129 million $112 million

$69 million $49 million

$37 million $0.45 $18 million $0.23

Three Month Periods

(In millions, except per share and margin data)

Q1:2011

Q4:2010

Q1:2010

GAAP(2):

Revenue

$1,662

$1,688

$1,478

Net income

$28

$31

$59

Diluted earnings per share

$0.34

$0.38

$0.74

Non-GAAP(1):

Revenue

$1,662

$1,687

$1,478

Gross profit

$129

$132

$112

Gross margin

7.8%

7.8%

7.6%

Operating income

$69

$69

$49

Operating margin

4.2%

4.1%

3.3%

Net income

$37

$38

$18

Diluted earnings per share

$0.45

$0.46

$0.23

Balance Sheet Results

January 1, 2011 $549 million

Jure Sola

Second Quarter Fiscal 2011 Outlook

March 2, 2011

  • $1.62 billion to $1.67 billion
  • $0.40 to $0.43

(1) Schedule 1 www.sanmina-sci.com

(2) $36 million $0.44

Company Conference Call Information

Monday, January 24, 2011 5:00 p.m. ET 2:00 p.m. PT www.sanmina-sci.com www.sanmina-sci.com

About Sanmina-SCI

http://www.sanmina-sci.com

Sanmina-SCI Safe Harbor Statement

Certain statements contained in this press release, including the Company’s outlook for future revenue, operating margin and earnings per share, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including a deterioration in the markets for the Company’s customers’ products and a resulting decrease in the Company’s customers’ ability to pay for the Company’s products and which therefore could reduce the Company’s revenue; customer bankruptcy filings, which could cause the Company to record charges to its earnings; the sufficiency of the Company’s cash position and other sources of liquidity to operate and expand its business; impact of the restrictions contained in the Company’s credit agreements and indentures upon the Company’s ability to operate and expand its business; competition negatively impacting the Company’s revenues and margins; any failure of the Company to effectively assimilate acquired businesses and achieve the anticipated benefits of its acquisitions; the need to adopt future restructuring plans as a result of changes in the Company’s business, which would increase the Company’s costs and decrease its net income; and the other factors set forth in the Company’s annual and quarterly reports filed with the Securities Exchange Commission ("SEC").

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

SANMF

Sanmina-SCI Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(GAAP)

January 1,

October 2,

2011

2010

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$    548,519

$    592,812

Accounts receivable, net

1,002,839

1,018,612

Inventories

832,710

844,347

Prepaid expenses and other current assets

87,005

81,191

Assets held for sale

49,689

53,047

Total current assets

2,520,762

2,590,009

Property, plant and equipment, net

573,932

570,258

Other non-current assets

138,414

141,529

Total assets

$ 3,233,108

$ 3,301,796

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$    839,253

$    923,038

Accrued liabilities

148,228

140,371

Accrued payroll and related benefits

108,798

122,934

Short-term debt

53,400

65,000

Total current liabilities

1,149,679

1,251,343

Long-term liabilities:

Long-term debt

1,240,329

1,240,666

Other

143,098

148,186

Total long-term liabilities

1,383,427

1,388,852

Total stockholders’ equity

700,002

661,601

Total liabilities and stockholders’ equity

$ 3,233,108

$ 3,301,796

Sanmina-SCI Corporation

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

January 1,

January 2,

2011

2010

Net sales  

$ 1,662,451

$ 1,478,302

Cost of sales

1,534,404

1,368,615

Gross profit

128,047

109,687

Operating expenses:

Selling, general and administrative

58,471

62,415

Research and development

4,166

3,098

Amortization of intangible assets

958

1,178

Restructuring and integration costs

5,039

3,338

Asset impairment

85

Gain on sales of long-lived assets

(1,627)

    Total operating expenses

67,092

70,029

Operating income

60,955

39,658

Interest income

572

381

Interest expense

(26,661)

(26,777)

Other income, net

1,217

39,655

Interest and other, net

(24,872)

13,259

Income before income taxes

36,083

52,917

Provision for (benefit from) income taxes

7,724

(6,465)

Net income  

$      28,359

$      59,382

Basic income per share

$          0.36

$          0.76

Diluted income per share

$          0.34

$          0.74

Weighted-average shares used in computing

per share amounts:

 Basic

79,846

78,615

 Diluted

82,825

80,575

Sanmina-SCI Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)

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