Sanmina Corporation | ||||||||
Condensed Consolidated Statements of Income | ||||||||
(In thousands, except per share amounts) | ||||||||
(GAAP) | ||||||||
(Unaudited) | ||||||||
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Three Months Ended |
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Six Months Ended | ||||
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Mar. 29, |
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Mar. 30, |
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Mar. 29, |
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Mar. 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Net sales |
$ 1,476,712 |
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$ 1,427,642 |
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$ 2,924,210 |
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$ 2,922,587 | |
Cost of sales |
1,357,745 |
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1,327,338 |
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2,694,458 |
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2,725,355 | |
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Gross profit |
118,967 |
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100,304 |
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229,752 |
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197,232 |
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Operating expenses: |
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Selling, general and administrative |
62,332 |
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58,954 |
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121,514 |
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118,822 |
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Research and development |
8,829 |
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6,020 |
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16,734 |
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11,415 |
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Amortization of intangible assets |
474 |
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474 |
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948 |
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948 |
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Restructuring and integration costs |
2,565 |
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6,925 |
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6,269 |
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10,872 |
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Asset impairments |
- |
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1,100 |
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- |
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1,100 |
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Gain on sales of long-lived assets |
(530) |
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(18,967) |
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(530) |
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(23,185) |
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Total operating expenses |
73,670 |
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54,506 |
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144,935 |
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119,972 |
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Operating income |
45,297 |
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45,798 |
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84,817 |
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77,260 | |
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Interest income |
174 |
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246 |
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980 |
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444 |
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Interest expense |
(7,482) |
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(10,416) |
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(14,955) |
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(23,500) |
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Other income (expense), net |
626 |
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(1,477) |
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1,504 |
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(16,399) |
Interest and other, net |
(6,682) |
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(11,647) |
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(12,471) |
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(39,455) | |
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Income before income taxes |
38,615 |
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34,151 |
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72,346 |
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37,805 | |
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Provision for income taxes |
17,775 |
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12,960 |
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28,405 |
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15,993 | |
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Net income |
$ 20,840 |
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$ 21,191 |
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$ 43,941 |
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$ 21,812 | |
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Basic income per share |
$ 0.25 |
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$ 0.26 |
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$ 0.53 |
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$ 0.27 |
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Diluted income per share |
$ 0.24 |
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$ 0.25 |
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$ 0.51 |
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$ 0.26 |
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Weighted-average shares used in computing per share amounts: |
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Basic |
82,728 |
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82,543 |
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83,247 |
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82,226 |
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Diluted |
86,144 |
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84,683 |
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86,723 |
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84,369 |