|
Sanmina Corporation | ||||||||
|
Condensed Consolidated Statements of Operations | ||||||||
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(In thousands, except per share amounts) | ||||||||
|
(GAAP) | ||||||||
|
(Unaudited) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 28, |
|
Sept. 29, |
|
Sept. 28, |
|
Sept. 29, |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ 1,505,323 |
|
$ 1,578,584 |
|
$ 5,917,124 |
|
$ 6,093,334 | |
|
Cost of sales |
1,389,989 |
|
1,463,427 |
|
5,490,307 |
|
5,657,552 | |
|
|
Gross profit |
115,334 |
|
115,157 |
|
426,817 |
|
435,782 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
| |
|
|
Selling, general and administrative |
57,130 |
|
57,817 |
|
238,072 |
|
240,863 |
|
|
Research and development |
7,395 |
|
6,256 |
|
25,571 |
|
21,899 |
|
|
Amortization of intangible assets |
474 |
|
672 |
|
1,896 |
|
3,067 |
|
|
Restructuring and integration costs |
4,647 |
|
17,899 |
|
24,910 |
|
31,371 |
|
|
Asset impairments |
1,000 |
|
313 |
|
2,100 |
|
2,390 |
|
|
Gain on sales of long-lived assets |
- |
|
- |
|
(23,361) |
|
(1,298) |
|
|
Total operating expenses |
70,646 |
|
82,957 |
|
269,188 |
|
298,292 |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
44,688 |
|
32,200 |
|
157,629 |
|
137,490 | |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
179 |
|
330 |
|
1,014 |
|
1,425 |
|
|
Interest expense |
(8,560) |
|
(13,383) |
|
(41,004) |
|
(71,744) |
|
|
Other income (expense), net |
2,204 |
|
(4,034) |
|
(14,233) |
|
(17,228) |
|
Interest and other, net |
(6,177) |
|
(17,087) |
|
(54,223) |
|
(87,547) | |
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
38,511 |
|
15,113 |
|
103,406 |
|
49,943 | |
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from) income taxes |
(290) |
|
(149,037) |
|
24,055 |
|
(130,291) | |
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ 38,801 |
|
$ 164,150 |
|
$ 79,351 |
|
$ 180,234 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share |
$ 0.46 |
|
$ 2.01 |
|
$ 0.96 |
|
$ 2.22 |
|
|
Diluted income per share |
$ 0.44 |
|
$ 1.96 |
|
$ 0.93 |
|
$ 2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing |
|
|
|
|
|
|
|
|
|
per share amounts: |
|
|
|
|
|
|
|
|
|
Basic |
83,790 |
|
81,578 |
|
82,834 |
|
81,284 |
|
|
Diluted |
87,201 |
|
83,556 |
|
85,403 |
|
83,495 |
|
Sanmina Corporation | ||||||||||
|
Reconciliation of GAAP to Non-GAAP Measures | ||||||||||
|
(in thousands, except per share amounts) | ||||||||||
|
(Unaudited) | ||||||||||
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Three Months Ended |
|
Twelve Months Ended | |||||
|
|
|
|
Sept. 28, |
|
Sept. 29, |
|
Sept. 28, |
|
Sept. 29, | |
|
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 | |
|
|
|
|
|
|
|
|
|
|
| |
|
GAAP Operating Income |
|
$ 44,688 |
|
$ 32,200 |
|
$ 157,629 |
|
$ 137,490 | ||
|
|
GAAP operating margin |
|
3.0% |
|
2.0% |
|
2.7% |
|
2.3% | |
|
Adjustments |
|
|
|
|
|
|
|
| ||
|
|
Stock compensation expense (1) |
|
4,148 |
|
4,879 |
|
17,524 |
|
17,999 | |
|
|
Amortization of intangible assets |
|
474 |
|
672 |
|
1,896 |
|
3,171 | |
|
|
Distressed customer charges (2) |
|
768 |
|
- |
|
6,180 |
|
2,794 | |
|
|
Restructuring and integration costs |
|
4,647 |
|
17,899 |
|
24,910 |
|
32,273 | |
|
|
Gain on sales of long-lived assets |
|
- |
|
- |
|
(23,361) |
|
(1,298) | |
|
|
Asset impairments |
|
1,000 |
|
313 |
|
2,100 |
|
2,390 | |
|
Non-GAAP Operating Income |
|
$ 55,725 |
|
$ 55,963 |
|
$ 186,878 |
|
$ 194,819 | ||
|
|
Non-GAAP operating margin |
|
3.7% |
|
3.5% |
|
3.2% |
|
3.2% | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
GAAP Net Income |
|
$ 38,801 |
|
$ 164,150 |
|
$ 79,351 |
|
$ 180,234 | ||
|
|
|
|
|
|
|
|
|
|
| |
|
Adjustments: |
|
|
|
|
|
|
|
| ||
|
|
Operating income adjustments (see above) |
|
11,037 |
|
23,763 |
|
29,249 |
|
57,329 | |
|
|
Loss on repurchases of debt (3) |
|
- |
|
6,240 |
|
1,401 |
|
16,937 | |
|
|
Loss on dedesignation of interest rate swap (4) |
|
- |
|
- |
|
14,903 |
|
- | |
|
|
Litigation settlements (5) |
|
(2,421) |
|
- |
|
(2,421) |
|
- | |
|
|
Nonrecurring tax items |
|
(7,537) |
|
(156,114) |
|
902 |
|
(149,231) | |
|
Non-GAAP Net Income |
|
$ 39,880 |
|
$ 38,039 |
|
$ 123,385 |
|
$ 105,269 | ||
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
GAAP Net Income Per Share: |
|
|
|
|
|
|
|
| ||
|
|
Basic |
|
$ 0.46 |
|
$ 2.01 |
|
$ 0.96 |
|
$ 2.22 | |
|
|
Diluted |
|
$ 0.44 |
|
$ 1.96 |
|
$ 0.93 |
|
$ 2.16 | |
|
|
|
|
|
|
|
|
|
|
| |
|
Non-GAAP Net Income Per Share: |
|
|
|
|
|
|
|
| ||
|
|
Basic |
|
$ 0.48 |
|
$ 0.47 |
|
$ 1.49 |
|
$ 1.30 | |
|
|
Diluted |
|
$ 0.46 |
|
$ 0.46 |
|
$ 1.44 |
|
$ 1.26 | |
|
|
|
|
|
|
|
|
|
|
| |
|
Weighted-average shares used in computing per share amounts: |
|
|
|
|
|
|
|
| ||
|
|
Basic |
|
83,790 |
|
81,578 |
|
82,834 |
|
81,284 | |
|
|
Diluted |
|
87,201 |
|
83,556 |
|
85,403 |
|
83,495 | |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
(1) |
Stock compensation expense was as follows: |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Three Months Ended |
|
Twelve Months Ended | |||||
|
|
|
|
Sept. 28, |
|
Sept. 29, |
|
Sept. 28, |
|
Sept. 29, | |
|
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 | |
|
|
|
|
|
|
| |||||
|
|
Cost of sales |
|
$ 1,362 |
|
$ 1,908 |
|
$ 5,464 |
|
$ 4,504 | |
|
|
Selling, general and administrative |
|
2,767 |
|
2,921 |
|
11,942 |
|
13,363 | |
|
|
Research and development |
|
19 |
|
50 |
|
118 |
|
132 | |
|
|
Total |
|
$ 4,148 |
|
$ 4,879 |
|
$ 17,524 |
|
$ 17,999 | |
|
|
|
|
|
|
|
|
|
|
| |
|
(2) |
Relates to inventory and bad debt reserves / recoveries associated with distressed customers. | |||||||||
|
|
|
|
|
|
|
|
|
|
| |
|
(3) |
Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed or repurchased prior to maturity. | |||||||||
|
|
|
|
|
|
|
|
|
|
| |
|
(4) |
Represents a non-cash loss resulting from dedesignation of an interest rate swap. |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |
|
(5) |
Represents cash received in connection with litigation settlements. |
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| |||
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| |
