Sanmina Revises Third Quarter Outlook
SAN JOSE, Calif., June 20 /PRNewswire/ -- Sanmina Corporation (Nasdaq: SANM), a leading electronics contract manufacturer, announced today that its 2001 third quarter revenues and earnings are being impacted by the continued slowdown in its end-markets. For its fiscal third quarter, ending June 30, 2001, revenues are currently expected to be in the range of $760 million to $775 million. Diluted earnings per share on a GAAP basis before one-time charges are expected to be approximately $0.10. "Despite the current economic environment, we believe Sanmina is well positioned to strengthen its leading market position in the electronics manufacturing sector," continued Sola. "The company has a successful track record in providing its customers with world class manufacturing on a cost efficient basis, and we are committed to continuing this tradition. We also believe that the downturn in the electronics industry will cause original equipment manufacturers (OEMs) to become more focused on outsourcing as a means of reducing costs and capital commitments. Accordingly, we are aggressively pursuing outsourcing and divestiture opportunities. In particular, we are nearing agreement in principle for the acquisition of an advanced engineering and manufacturing facility from a leading communications OEM. We expect to provide further details regarding this opportunity in the next several days. In summary, we are staying focused on our growth strategy and are working to balance our costs while continuing to invest in our future," Sola concluded. Outlook information regarding the fourth quarter will be included in the company's third quarter earnings announcement on July 18, 2001. The company will be holding a conference call regarding these announcements on Wednesday, June 20, 2001 at 5:00 p.m. EDT (2:00 p.m. PDT). The dial-in number for the call is 703-871-3086. Callers should dial in 10 minutes prior to commencement of the call. A telephone replay will be available for 48 hours following the conference call. The phone call replay access number is 703-925-2533, access code 5337576. Company Profile Founded in 1980, Sanmina Corporation (www.sanmina.com) provides a cost-efficient, design and manufacturing solution to the world's leading original equipment manufacturing (OEMs) in the communications, medical, industrial instrumentation, and high-end computer sectors. Sanmina's complete end-to-end solution includes design, engineering, circuit fabrication of bare printed circuit boards, circuit board and backplane order fulfillment, and end-of-life product services. OEMs benefit from this model by dealing with a single-source supply-chain and global supply-base, which helps them achieve cost efficiencies in material acquisition as well as flexibility to reduce lead times. Safe Harbor Statement The foregoing, including the discussion regarding the company's future prospects contain certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the company, changes in customer requirements and in the volume of sales to principal customers, the ability of the company to assimilate acquired business and to achieve the anticipated benefits of such acquisitions, and competition and technological change. The company's actual results of operations may differ significantly than those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's 2000 Annual Report on Form 10-K filed with the Securities Exchange Commission on December 18, 2000, and the company's most recent quarterly 10-Q Report dated May 11, 2001. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X44666323
SOURCE Sanmina Corporation
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