Sanmina Reports Second Quarter Fiscal 2014 Results

SAN JOSE, Calif., April 22, 2014 — (PRNewswire) —  Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ GS: SANM), a leading integrated manufacturing solutions company, today reported financial results for the second fiscal quarter ended March 29, 2014.

Second Quarter Fiscal 2014 Summary

  • Revenue of $1.48 billion
  • GAAP operating margin of 3.1 percent
  • GAAP diluted earnings per share of $0.24
  • Non-GAAP(1) operating margin of 3.6 percent
  • Non-GAAP(1) diluted earnings per share of $0.44

Revenue for the second quarter was $1.48 billion, compared to $1.45 billion in the prior quarter and $1.43 billion for the same period of fiscal 2013.  

GAAP operating income in the second quarter was $45.3 million or 3.1 percent of revenue, compared to $45.8 million or 3.2 percent of revenue for the same period ended March 30, 2013.  GAAP net income in the second quarter was $20.8 million, compared to $21.2 million for the same period a year ago.  GAAP diluted earnings per share for the quarter were $0.24, compared to $0.25 in the second quarter of fiscal 2013. 

Non-GAAP operating income in the second quarter was $53.2 million or 3.6 percent of revenue, compared to $40.0 million or 2.8 percent of revenue in the second quarter fiscal 2013.  Non-GAAP net income in the second quarter was $38.3 million, compared to $25.3 million in the same period a year ago.  Non-GAAP diluted earnings per share were $0.44, compared to $0.30 for the same period a year ago.  

Balance Sheet Summary

  • Ending cash and cash equivalents were $390.6 million
  • Cash flow from operations was $8.5 million
  • Repurchased 1.1 million common shares for a total of $18.8 million
  • Inventory turns were 6.8x
  • Cash cycle days were 48.5 days

"I am pleased with our second quarter results.  Our outlook for revenue growth in the second half of the year remains optimistic as new programs ramp and demand improves across a broad set of customers.  We continue to invest in technology and business processes which offer a distinct advantage to our customers.  As we further diversify our business, we believe our revenue and profitability will continue to improve," stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.

Third Quarter Fiscal 2014 Outlook

The following forecast is for the third fiscal quarter ending June 28, 2014.  These statements are forward-looking and actual results may differ materially. 

  • Revenue between $1.50 billion to $1.60 billion
  • Non-GAAP diluted earnings per share between $0.45 to $0.49

Upcoming Investor and Analyst Day

Sanmina will host an Investor and Analyst Day on Tuesday, May 6, 2014 in New York, NY.  The event will begin at 9:00 a.m. ET and conclude at approximately 1:00 p.m. ETJure Sola, Chairman and Chief Executive Officer, along with members of the management team will provide a closer look into the Company.   

Financial analysts and institutional investors who are interested in attending the event should contact Paige Bombino at (408) 964-3610 or email Email Contact.  For other interested parties, a simultaneous webcast of the event will be available on the company website at www.sanmina.com, in the investor relations section.

Company Conference Call Information

Sanmina will hold a conference call regarding results for the second quarter fiscal year 2014 on Tuesday, April 22, 2014 at 5:00 p.m. ET (2:00 p.m. PT).  The access numbers are: domestic 877-273-6760 and international 706-634-6605. The conference will also be broadcast live over the Internet.  You can log on to the live webcast at www.sanmina.com.  Additional information in the form of a slide presentation is available by logging onto Sanmina's website at www.sanmina.com.  A replay of the conference call will be available for 48-hours.  The access numbers are: domestic 855-859-2056 and international 404-537-3406, access code is 28874977.

(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, we exclude charges or gains relating to: stock-based compensation expenses, restructuring costs (including employee severance and benefits costs and charges related to excess facilities and assets), acquisition and integration costs (consisting of costs associated with the acquisition and integration of acquired businesses into our operations), impairment charges for goodwill and other assets, amortization expense and other infrequent or unusual items (including charges associated with distressed customers, litigation settlements, gains and losses on sales of assets and redemptions of debt, discrete tax events and deferred tax changes), to the extent material or which we consider to be of a non-operational nature in the applicable period. See Schedule 1 below for more information regarding our use of non-GAAP financial measures, including the economic substance behind each exclusion, the manner in which management uses non-GAAP measures to conduct and evaluate the business, the material limitations associated with using such measures and the manner in which management compensates for such limitations. A reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release and is also available on the Investor Relations section of our website at www.sanmina.com.  Sanmina provides third quarter fiscal 2014 outlook only on a non-GAAP basis due to the inherent uncertainties associated with forecasting the timing and amount of acquisitions, restructuring activities, asset impairments and other unusual and infrequent items.


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