Sanmina Reports Second Quarter Fiscal 2014 Results

 


Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)














Three Months Ended


Six Months Ended




Mar. 29,


Mar. 30,


Mar. 29,


Mar. 30,




2014


2013


2014


2013











GAAP Operating Income


$      45,297


$      45,798


$      84,817


$      77,260


GAAP operating margin


3.1%


3.2%


2.9%


2.6%

Adjustments










Stock compensation expense (1)


4,757


4,342


9,032


9,008


Amortization of intangible assets


1,251


474


1,725


948


Distressed customer charges (2)


(290)


321


383


5,412


Restructuring, acquisition and integration costs


2,565


6,925


6,269


10,872


Contingency item expected to reverse in a future period (3)


124


-


124


-


Gain on sales of long-lived assets


(530)


(18,967)


(530)


(23,185)


Asset impairments


-


1,100


-


1,100

Non-GAAP Operating Income


$      53,174


$      39,993


$    101,820


$      81,415


Non-GAAP operating margin


3.6%


2.8%


3.5%


2.8%





















GAAP Net Income


$      20,840


$      21,191


$      43,941


$      21,812











Adjustments:










Operating income adjustments (see above)


7,877


(5,805)


17,003


4,155


Loss on repurchases of debt (4)


-


1,401


-


1,401


Loss on dedesignation of interest rate swap (5)


-


-


-


14,903


Litigation settlements (6)


(261)


-


(261)


-


Nonrecurring tax items


9,823


8,498


13,082


7,253

Non-GAAP Net Income


$      38,279


$      25,285


$      73,765


$      49,524





















GAAP Net Income Per Share:










Basic


$          0.25


$          0.26


$          0.53


$          0.27


Diluted


$          0.24


$          0.25


$          0.51


$          0.26











Non-GAAP Net Income Per Share:










Basic


$          0.46


$          0.31


$          0.89


$          0.60


Diluted


$          0.44


$          0.30


$          0.85


$          0.59











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





















(1)

Stock compensation expense was as follows: 






















Three Months Ended


Six Months Ended




Mar. 29,


Mar. 30,


Mar. 29,


Mar. 30,




2014


2013


2014


2013








Cost of sales


$        1,364


$        1,291


$        2,566


$        2,631


Selling, general and administrative


3,382


3,004


6,453


6,299


Research and development


11


47


13


78


  Total


$        4,757


$        4,342


$        9,032


$        9,008











(2)

Relates to inventory and bad debt reserves / recoveries associated with distressed customers.

(3)

Represents a non-recurring contingency that the Company expects to resolve favorably in future periods.  However, there can be no assurance of the exact amount or timing of this recovery.

(4)

Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed or repurchased prior to maturity.

(5)

Represents a non-cash loss resulting from dedesignation of an interest rate swap.

(6)

Represents cash received in connection with a litigation settlement.


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