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Sanmina-SCI Reports Results for the Third Quarter Fiscal 2011
Date:7/25/2011

ing, together with $80 million of cash on hand, were used to fund the full redemption of the $380 million of debt due in 2013 and $200 million of debt due in 2016.  During the quarter, the Company swapped the 2019 notes from a fixed to floating rate. The net effect of these transactions increased the average life of our debt from 3.4 to 5.7 years as of July 2, 2011 and is expected to reduce the Company's net interest expense in the future.  

Cash and cash equivalents for the quarter ended July 2, 2011 were $582.8 million compared to $654.7 million in the prior quarter.  Cash flow from operations was $51.3 million.  Inventory turns were 7.2x.  Cash cycle days were 51 days.  

"We delivered nice growth in the third quarter and are pleased with our ability to expand our margins despite continued softness in the defense and aerospace market.  Based on our customer forecasts, we believe demand in the short-term remains stable," stated Jure Sola, Chairman and Chief Executive Officer.  "We are confident our strategy focused on higher value added services, diversified markets and innovative technologies will continue to allow us to capitalize on opportunities with new and existing customers, and positions Sanmina-SCI for long-term growth and margin expansion."  

Fourth Quarter Fiscal 2011 OutlookThe following forecast is for the fourth fiscal quarter ending October 1, 2011.  These statements are forward-looking and actual results may differ materially.  

  • Revenue between $1.65 billion to $1.70 billion
  • Non-GAAP diluted earnings per share between $0.40 to $0.44

  • (1) In the commentary set forth above and/or in the financial statements included in this earnings release, we present the following non-GAAP financial measures:  operating income, operating margin, net income and diluted earnings per share.  In computing each of these non-GAAP financial measures,
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    SOURCE Sanmina-SCI Corporation
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