Flextronics Announces Third Quart...( Net sales increase 67%...),Health

Net sales increase 67% to record $9.1 billion

Adjusted net income increases 84% to $250 million

Adjusted EPS increases 30% to $0.30

SINGAPORE, Jan. 29 /PRNewswire-FirstCall/ -- Flextronics (Nasdaq: FLEX) today announced results for its third quarter ended December 31, 2007 as follows:

(US$ in millions, except EPS)

Three Month Periods Nine Month Periods

Ended Ended

December December December December

31, 2007 31, 2006 31, 2007 31, 2006

Net sales $9,069 $5,415 $19,783 $14,177

GAAP operating income $22 $153 $317 $300

Adjusted operating income (1) $300 $161 $625 $429

GAAP net income $(774) $119 $(547) $388

Adjusted net income (1) $250 $136 $530 $356

GAAP EPS $(0.94) $0.20 $(0.80) $0.66

Adjusted EPS (1) $0.30 $0.23 $0.77 $0.60

(1) A reconciliation of non-GAAP financial measures to GAAP financial

measures is presented in Schedule II of this press release.

Third Quarter Results

Revenue increased $3.7 billion, or 67%, from the year ago quarter to a record high $9.1 billion in the December 2007 quarter. Adjusted operating profit increased $139 million, or 86%, from the year ago quarter to $300 million in the December 2007 quarter while adjusted operating margin improved 30 basis points from 3.0% to 3.3% over the same ti
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