Sanmina Reports Second Quarter Fiscal 2014 Results

 

Sanmina Corporation

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(GAAP)

(Unaudited)












Three Months Ended


Six Months Ended












Mar. 29,


Mar. 30,


Mar. 29,


Mar. 30,



2014


2013


2014


2013










Net sales

$ 1,476,712


$ 1,427,642


$ 2,924,210


$ 2,922,587

Cost of sales

1,357,745


1,327,338


2,694,458


2,725,355


Gross profit

118,967


100,304


229,752


197,232










Operating expenses:









Selling, general and administrative

62,332


58,954


121,514


118,822


Research and development

8,829


6,020


16,734


11,415


Amortization of intangible assets

474


474


948


948


Restructuring and integration costs 

2,565


6,925


6,269


10,872


Asset impairments

-


1,100


-


1,100


Gain on sales of long-lived assets

(530)


(18,967)


(530)


(23,185)


     Total operating expenses

73,670


54,506


144,935


119,972










Operating income

45,297


45,798


84,817


77,260











Interest income

174


246


980


444


Interest expense 

(7,482)


(10,416)


(14,955)


(23,500)


Other income (expense), net

626


(1,477)


1,504


(16,399)

Interest and other, net

(6,682)


(11,647)


(12,471)


(39,455)










Income before income taxes

38,615


34,151


72,346


37,805










Provision for income taxes 

17,775


12,960


28,405


15,993










Net income

$      20,840


$      21,191


$      43,941


$      21,812




















Basic income per share

$          0.25


$          0.26


$          0.53


$          0.27


Diluted income per share

$          0.24


$          0.25


$          0.51


$          0.26











Weighted-average shares used in computing  per share amounts:









  Basic

82,728


82,543


83,247


82,226


  Diluted

86,144


84,683


86,723


84,369


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