Newsgroup: it.economia.borsa.estero
Titolo: SANM

April 18, 2002 16:15
Sanmina-SCI Announces Second Quarter Results
Results Underscore Management's Commitment to Increased Profitability
SAN JOSE, Calif., April 18 /PRNewswire-FirstCall/ -- Sanmina-SCI Corporation
(Nasdaq: SANM), a leading supplier of integrated design and electronics
manufacturing services (EMS), today reported financial results for its
second quarter and six months ended March 30, 2002.
Second quarter fiscal 2002 highlights include:
    -- EXCLUDING CHARGES, PRO FORMA CASH EARNINGS PER SHARE OF $0.01 INLINE
       WITH COMPANY'S GUIDANCE
    -- COMPANY GENERATES $305 MILLION IN OPERATING CASH FLOW, EXCLUDING PAY
       DOWN OF ASSET SECURITIZATION
    -- INTEGRATION OF CORPORATE MERGER EXCEEDING EXPECTATIONS
    -- COMPANY EXPANDS MANUFACTURING PARTNERSHIPS WITH LEADING OEMs
Summary of Pro Forma Financial Results (includes results of operations for
SCI Systems as if combined at the beginning of each respective period;
excludes merger, restructuring and other infrequent or unusual charges):
(Thousands, except
--
ci sono due tipi di analisti
quelli che sbagliano
quelli che mentono
(anonimo)

Reflecting the company's merger with SCI Systems, which was completed on
December 6, 2001, the pro forma financial tables following this release
include presentation of combined results of operations for Sanmina and SCI
Systems for all periods presented. The pro forma tables are presented before
giving effect to merger, restructuring and other infrequent or unusual
charges. The GAAP financial tables do not include results of operations for
SCI Systems for periods prior to December 6, 2001, the date of completion of
the merger.
For the second quarter ended March 30, 2002, Sanmina-SCI reported revenues
of $2,411 million, compared to pro forma revenue (giving effect to the
combination of Sanmina and SCI Systems) of $3,198 million in the second
quarter last year. This compares to revenues of $2,406 million in the first
quarter this year.
Pro forma net income for the second quarter ended March 30, 2002 was $132
thousand, compared to $156.7 million in the second quarter last year. The
company reported diluted cash earnings per share for the second quarter of
$0.01, compared to $0.30 in the second quarter a year ago. These financial
results are pro forma and include the results of SCI Systems as if combined
at the beginning of each respective period. Results are exclusive of merger,
restructuring and other infrequent and unusual charges.
At March 30, 2002, the company reported $928.5 million in cash and
investments. Cash provided by operations was approximately $305 million.
Approximately, $240 million of this amount was used to pay down asset
securitization. At quarter-end, the company had a current ratio of 2.2.
Working capital was $2.4 billion and shareholders' equity was $6.1 billion.
Merger Integration Successful; Company Further Expands OEM Partnerships
``During the quarter, we made great progress in furthering our strategic
plan, successfully integrating our two companies, expanding our partnerships
with leading OEMs, and advancing our leading-edge technology,'' said Jure
Sola, Sanmina-SCI's Chairman and Chief Executive Officer. ``Following our
merger with SCI, which we completed in December last year, we moved
aggressively to reduce costs and realign our operations. As a result, we
have further enhanced our customer service, reinforcing throughout our
global network our core competency of increased flexibility and
responsiveness. Our increasing efficiencies in supply chain management and
ongoing improvements in customer service underscore our commitment to
excellence.
``At the same time, we also focused on our growth strategy announcing
initiatives to extend our partnerships with Alcatel, Hewlett Packard and
IBM, and expand our leading position in the global EMS market. These OEM
transactions, which include the acquisition of full system integration, test
and order fulfillment capabilities as well as multi-year supply contracts,
advance our strategy of providing customers total manufacturing solutions,''
continued Sola.
``Reflecting our commitment of providing customers best-in-class engineering
and services, during the quarter, we announced further progress in our
advanced capabilities in fiber optic design, assembly and test. As a result,
we are emerging as a leader in meeting the demands for this next generation
network technology.
``As we look to the remainder of this year and increased stability in our
markets, we will continue to streamline operations, increase profitability
and advance our leadership in providing reliable, innovative technology
solutions. We will work closely with our customers helping them to reduce
their costs, to increase their profitability, and to strengthen their
competitive advantage,'' Sola concluded.
Company Outlook
Sanmina-SCI projects third quarter fiscal 2002 revenue of approximately $2.4
to 2.7 billion, and cash earnings per share of approximately $0.02 to $0.04,
before merger, restructuring and other infrequent or unusual charges.
Company Conference Call Information
Sanmina-SCI will be holding a conference call regarding this announcement on
Thursday, April 18, 2002 at 5:00 p.m. EDT (2:00 p.m. PDT). The dial in
number for the teleconference: domestic 
877-273-6760
; international
706-634-6605
. The conference will also be broadcast live over the Internet.
Log onto the live webcast at 
http://www.videonewswire.com/event.asp?id=4005
. A replay of the conference all will be available for 48 hours. The access
numbers are: domestic 
877-642-1687
 and international 
706-645-9291
,
conference ID 2896153.
About Sanmina-SCI
Sanmina-SCI Corporation is a leading electronics contract manufacturer
serving the fastest-growing segments of the $130 billion global electronics
manufacturing services (EMS) market. Recognized as a technology leader,
Sanmina-SCI provides end-to-end manufacturing solutions, delivering
unsurpassed quality and support to large OEMs primarily in the
communications, industrial and medical instrumentation, and computer
technology sectors of the market. Sanmina-SCI has over 100 facilities
strategically located in key regions throughout the world. For more
information go to 
http://www.sanmina-sci.com
 .
Safe Harbor Statement
The foregoing, including the discussion regarding the company's future
prospects, contains certain forward-looking statements that involve risks
and uncertainties, including uncertainties associated with economic
conditions in the electronics industry, particularly in the principal
industry sectors served by the company, changes in customer requirements and
in the volume of sales to principal customers, the ability of Sanmina-SCI to
effectively integrate its operations following the merger of Sanmina
Corporation and SCI Systems, Inc. and to assimilate other acquired
businesses and achieve the anticipated benefits of the merger and other such
acquisitions, and competition and technological change. The company's actual
results of operations may differ significantly from those contemplated in
the company's 2001 Annual Report on Form 10-K and 10K/A filed with the
Securities Exchange Commission on December 21, 2001 and March 26, 2002, and
the company's 10-Q filed with the Securities Exchange Commission on February
12, 2002.

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