Sanmina Updates Fourth Quarter Fiscal Year Outlook
SAN JOSE, Calif., Sept. 4 /PRNewswire/ -- Sanmina Corporation (Nasdaq: SANM), a leading electronics contract manufacturer, announced today that its 2001 fourth quarter revenues and earnings are being impacted by the continued slowdown in its end-markets. For its fiscal fourth quarter, ending September 29, 2001, revenues are currently expected to be in the range of $600 million to $620 million. Diluted earnings per share and cash diluted earnings per share for the fourth fiscal quarter before restructuring and other one-time charges are expected to be approximately $0.00 to $0.01 and $0.01 to $0.02 respectively. Commenting on the revised outlook for the company's fourth fiscal quarter, Jure Sola, Sanmina's chairman and chief executive officer, said, "Sanmina's operations continue to be affected by the ongoing slowdown in capital spending by its end-markets. As a result of reduced near-term demand, we have implemented a number of aggressive programs to consolidate operations, improve efficiencies and realign our capacity to meet customer demand. At the same time, mindful of our customers' future needs, we are committed to investing in leading-edge technology and to pursuing our long-term strategic objectives of growing our business and building shareholder value. Clearly, our goal is to navigate as efficiently and effectively as possible during this challenging period. "While we are disappointed by the current outlook, we believe the long- term fundamentals of the electronic manufacturing services industry remain intact due to the increasing trend in outsourcing as well as our customers' expanding new product programs. We are confident of our growth prospects, and we believe we have taken the necessary steps to enable us to come out of this challenging environment well positioned for the future," concluded Sola. Conference Call Information The company will be holding a conference call regarding these announcements on Tuesday, September 4, 2001 at 8:30 a.m. EST (5:30 a.m. PST). The dial-in number for the call is (703) 871-3022. 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 5501059. Conference Call Webcast Information The conference call will also be broadcast live over the Internet. Log onto the live webcast at http://www.videonewswire.com/event.asp?id=1075 . A digital replay will be available for 48 hours following the conference call at the web address listed above. 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 August 10, 2001. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X43227092
SOURCE Sanmina Corporation
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