Sanmina Announces Second Quarter 2001 Results

- End-to-End Solution Offering in Europe and South America Broadened -



- Worldwide Technology Leadership Strengthened -



Apr 18, 2001, 01:00 ET from Sanmina Corporation

    SAN JOSE, Calif., April 18 /PRNewswire/ --
 Sanmina Corporation (Nasdaq:   SANM), a leading supplier of integrated design
 and electronics manufacturing solutions, today reported financial results for
 the second quarter and six months ended March 31, 2001.  Results for prior
 periods have been restated to reflect the company's March 1, 2001 acquisition
 of Segerstrom & Svensson, a leading global supplier of integrated enclosure
 systems.  Earnings per share for the prior periods have been restated to
 reflect the company's two-for-one stock splits effective January 8, 2001 and
 March 22, 2000.
 
     Second quarter fiscal 2001 highlights include:
 
     -- REVENUES UP 26% VERSUS Q2 2000
     -- OPERATING INCOME ROSE 91% VERSUS Q2 2000, EXCLUDING ONE-TIME CHARGES
     -- DILUTED EARNINGS PER SHARE UP 82% TO $0.34 VERSUS Q2 2000, EXCLUDING
        ONE-TIME CHARGES
     -- COMPANY STRENGTHENS TECHNOLOGY LEADERSHIP IN RADIO FREQUENCY AND
        OPTICAL ASSEMBLY AND TEST PROCESSES WORLDWIDE
 
          Summary of Financial Results (*excluding one-time charges):
 
     (Thousands, except
      per share data)           Q2:01*       Q2:00      6MOS01*       6MOS00
 
     Revenues                 $1,191,138   $948,358   $2,676,709    $1,785,713
     Operating margin              15.0%       9.8%        13.4%          9.6%
     Operating income           $178,469    $93,398     $358,190      $171,502
     Net income                 $114,890    $58,991     $230,841      $105,785
     EPS - basic                   $0.36      $0.20        $0.73         $0.36
     EPS - diluted                 $0.34      $0.18        $0.68         $0.34
     Cash EPS - basic              $0.37      $0.21        $0.75         $0.38
     Cash EPS - diluted            $0.35      $0.20        $0.70         $0.36
 
     Summary of Financial Results (**including one-time charges):
 
     (Thousands, except
      per share data)             Q2:01**     Q2:00      6MOS01**     6MOS00
 
     Revenues                  $1,191,138   $948,358   $2,676,709   $1,785,713
     Operating margin                7.9%       9.8%        10.2%         9.6%
     Operating income             $93,557    $93,398     $273,278     $171,502
     Net income                   $62,245    $58,991     $178,196     $105,785
     EPS - basic                    $0.20      $0.20        $0.56        $0.36
     EPS - diluted                  $0.19      $0.18        $0.52        $0.34
     Cash EPS - basic               $0.21      $0.21        $0.59        $0.38
     Cash EPS - diluted             $0.20      $0.20        $0.55        $0.36
 
     Revenues for the second quarter of fiscal 2001 were up 26% to
 $1.19 billion compared to $948.36 million from the second quarter of fiscal
 2000.  Excluding charges related to merger costs and other one-time charges
 totaling approximately $85 million, Sanmina's operating margin for the second
 quarter this year increased to 15.0%, up from 9.8% in the same quarter last
 year.  Sanmina was able to achieve this operating margin improvement by
 focusing on mix, controlling costs, and by operational efficiencies.  As a
 result, operating income for the second quarter increased 91% to
 $178.5 million, up from $93.4 million last year.  Excluding one-time charges,
 net income for the second quarter was $114.9 million, or $0.34 diluted
 earnings per share, a 95% increase from $59.0 million, or $0.18 diluted
 earnings per share in the previous year.  Results for the periods have been
 restated to give effect to Sanmina's acquisition of Segerstrom and Svensson,
 which was completed on March 1, 2001.  Earnings per share for the prior
 periods have been restated to reflect the company's two-for-one stock splits
 effective January 8, 2001 and March 22, 2000.
 
     Company Expands Service Offering and Extends Technology Leadership
     "By remaining focused on reducing costs, improving efficiencies, and
 enhancing our services to meet our customers' needs for a complete end-to-end
 solution, we continued to achieve solid results," said Jure Sola, chairman and
 chief executive officer of Sanmina.
     "During the quarter we successfully accomplished several strategic
 initiatives designed to continuously improve our operations," continued Sola.
 "One of the most significant initiatives was the successful acquisition of
 Segerstrom & Svensson which will help us expand our engineering, enclosure
 manufacturing, and supply chain capabilities throughout Europe as well as
 South America.  The acquisition is also another significant milestone in
 realizing our goal of delivering complete end-to-end solutions in all
 strategic geographies worldwide.
     "To further expand our technology roadmap and leadership position, during
 the quarter we strengthened our in-house capabilities in radio frequency (RF)
 and optical assembly and test processes across multiple plants.  In addition,
 we successfully enhanced our technology infrastructure designed to further
 streamline the supply-chain and communications with customers, suppliers, and
 employees.  Our objective is to maximize yields, improve efficiencies, and
 reduce overall costs.  We will continue to make the necessary strategic
 investments to better serve our customers and to extend our leadership
 position in the EMS industry," concluded Sola.
     As of March 31, 2001, the company has $1.3 billion in cash and
 investments.  The company has a current ratio of 4.3, working capital of
 $2.1 billion and shareholders' equity of $2.0 billion.
 
     Company Outlook
     Sanmina targets third quarter fiscal 2001 revenue in the $900 million to
 $1.0 billion range, and diluted earnings per share on a GAAP basis to be
 between $0.18 to $0.22.
 
     Company Conference Call
     Sanmina will be holding a conference call regarding this announcement on
 Wednesday, April 18, 2001 at 5:00 p.m. EDT (2:00 p.m. PDT).  The dial-in
 number for the call is 334-323-4040.   Callers should dial in 10 minutes prior
 to commencement of the call.
 
     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 manufacturers (OEMs) in the communications, medical,
 industrial instrumentation, and high-speed computer sectors.  Sanmina's
 complete end-to-end solution includes design, engineering, circuit fabrication
 of bare printed circuit boards, circuit board and backplane assembly,
 enclosures, cable assemblies, complete system integration and test, global
 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.  Sanmina has more than 23,000 employees,
 10 global technology solution centers, 65 manufacturing operations in
 13 countries, and more than 6.5 million square feet of manufacturing capacity.
 
     Safe Harbor Statement
     The foregoing, including the discussion regarding the company's future
 prospects contains 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 businesses 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 February 13, 2001.
 
                              Sanmina Corporation
       Consolidated Statements of Operations (Excluding One-time Charges)
                   (in thousands, except for per share data)
                                  (unaudited)
 
                                                     Q2
                                 Three Months Ending     Six Months Ending
                                 March 31,   April 1,   March 31,    April 1,
                                   2001       2000        2001         2000
 
     Sales                     $1,191,138   $948,358   $2,676,709   $1,785,713
     Cost of Sales                948,741    801,715    2,171,414    1,508,931
 
     Gross profit                 242,397    146,643      505,295      276,782
 
     Selling, general and
      administrative               57,229     47,714      133,438       94,310
     Amortization                   6,699      5,531       13,667       10,970
 
     Total operating expenses      63,928     53,245      147,105      105,280
 
     Income from Operations       178,469     93,398      358,190      171,502
 
     Other income, net              6,838     (1,219)      12,988       (6,561)
 
     Income before provision for
      income taxes                185,307     92,179      371,178      164,941
 
     Provision for income taxes    70,417     33,188      140,337       59,156
 
     Net income                  $114,890    $58,991     $230,841     $105,785
 
     Earnings per share
       Basic                        $0.36      $0.20        $0.73        $0.36
       Diluted                      $0.34      $0.18        $0.68        $0.34
 
     Shares used in computing per
      share amounts
       Basic                      318,879    302,447      317,730      296,036
       Diluted                    349,162    334,185      349,389      327,491
 
     Dilutive Interest Add Back     2,606      2,706        5,224        5,424
     Dilutive Shares Add Back      15,936     16,125       15,958       16,131
 
 
     CASH EPS - Supplemental Information:
     Income before taxes, goodwill
      amortization and write
      down of long-lived assets   $192,006   $97,710     $384,845     $175,910
     Provision for income taxes    $72,963   $35,179     $145,504      $63,090
     Income before goodwill
      amortization and write down
      of long-lived assets        $119,043   $62,531     $239,341     $112,820
       Amortization of goodwill,
        net of tax                  $4,153    $3,540       $8,500       $7,035
       Write down of long-lived
        assets, net of tax             $--       $--          $--          $--
     Net Income                   $114,890   $58,991     $230,841     $105,785
 
 
     CASH Earnings per share:
       Cash basic                    $0.37     $0.21        $0.75        $0.38
       Cash diluted                  $0.35     $0.20        $0.70        $0.36
 
     Shares used in computing per
      share amounts
       Cash basic shares           318,879   302,447      317,730      296,036
       Cash diluted shares         349,162   334,185      349,389      327,491
 
     Cash dilutive Interest Add
      Back                          $2,606    $2,706       $5,224       $5,424
     Cash dilutive Shares Add Back  15,936    16,125       15,958       16,131
 
 
                              Sanmina Corporation
                     Consolidated Statements of Operations
                   (in thousands, except for per share data)
                                  (unaudited)
 
                                                    Q2
                                Three Months Ending      Six Months Ending
                               March 31,    April 1,    March 31,    April 1,
                                 2001        2000        2001         2000
 
     Sales                    $1,191,138   $948,358   $2,676,709   $1,785,713
     Cost of Sales               997,863    801,715    2,220,536    1,508,931
 
     Gross profit                193,275    146,643      456,173      276,782
 
     Selling, general and
      administrative              68,071     47,714      144,280       94,310
     Amortization                  6,699      5,531       13,667       10,970
     Merger and restructuring
      costs                       24,948         --       24,948           --
 
     Total operating expenses     99,718     53,245      182,895      105,280
 
     Income from Operations       93,557     93,398      273,278      171,502
 
     Other income, net             6,838     (1,219)      12,988       (6,561)
 
     Net income before taxes and
      extraordinary event        100,395     92,179      286,266      164,941
 
     Provision for income taxes   38,150     33,188      108,070       59,156
 
     Net income                  $62,245    $58,991     $178,196     $105,785
 
     Earnings per share
       Basic EPS                   $0.20      $0.20        $0.56        $0.36
       Diluted EPS                 $0.19      $0.18        $0.52        $0.34
 
     Shares used in computing per
      share amounts
       Basic                     318,879    302,447      317,730      296,036
       Diluted                   349,015    334,185      349,389      327,491
 
     Dilutive Interest Add Back    2,577      2,706        5,228        5,424
     Dilutive Shares Add Back     15,789     16,125       15,958       16,131
 
     CASH EPS - Supplemental Information:
     Income before taxes, goodwill
      amortization and write down
      of long-lived assets      $107,094    $97,710     $299,933     $175,910
     Provision for income taxes  $40,696    $35,179     $113,230      $63,090
 
     Cash net income before
      goodwill amortization and
      write down of long-lived
      assets                     $66,398    $62,531     $186,703     $112,820
        Amortization of goodwill,
         net of tax               $4,153     $3,540       $8,507       $7,035
       Write down of long-lived
        assets, net of tax           $--        $--          $--          $--
     Net Income                  $62,245    $58,991     $178,196     $105,785
 
     CASH Earnings per share:
       Cash basic                  $0.21      $0.21        $0.59        $0.38
       Cash diluted                $0.20      $0.20        $0.55        $0.36
 
     Shares used in computing per
      share amounts
       Cash basic shares         318,879    302,447      317,730      296,036
       Cash diluted shares       349,162    334,185      349,389      327,491
 
     Cash dilutive Interest Add
      Back                        $2,606     $2,706       $5,228       $5,424
     Cash dilutive Shares Add
      Back                        15,936     16,125       15,958       16,131
 
                              Sanmina Corporation
                     Condensed Consolidated Balance Sheets
                                 (in thousands)
 
                                                     September 30,   March 31,
                                                          2000        2001
                                                      (unaudited)  (unaudited)
     ASSETS
 
     Current assets:
       Cash and short-term investments                 $1,263,550   $1,293,897
       Accounts receivable, net                           714,509      727,537
       Inventories                                        608,434      592,532
       Deferred income taxes                               87,187       88,068
       Prepaid and other                                   30,077       31,537
 
         Total current assets                           2,703,757    2,733,571
 
     Property, plant, and equipment, net                  700,718      743,029
     Goodwill and intangibles                             347,018      331,776
     Long-term investments                                 55,917       67,293
     Deposits and other                                    28,190       25,911
 
         Total assets                                  $3,835,600   $3,901,580
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                                  $541,268     $473,034
       Accrued liabilities and other                      248,872      163,967
 
         Total current liabilities                        790,140      637,001
 
     Long-term liabilities
       Convertible subordinate debentures               1,108,973    1,122,995
       Long-term debt and other                           177,694      170,324
 
         Total long-term liabilities                    1,286,667    1,293,319
 
 
     Stockholders' equity                               1,758,793    1,971,260
 
         Total liabilities and stockholders' equity    $3,835,600   $3,901,580
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                                       Fiscal Year
     FYE 9/30                                             FY'98
 
     Net Sales                                          2,171,427
 
     Cost of Sales                                      1,809,106
     Gross Profit                                         362,320
     Gross Profit %                                          16.7%
 
     S, G & A Expense                                     155,180
     % of Revenue                                             7.1%
     Operating Expenses                                    13,974
 
     Total OPEX                                           169,154
     % of Revenue                                             7.8%
 
     Operating Income                                     193,166
     Operating Margin                                         8.9%
 
     Net Int. Income (Exp.)                               (22,970)
 
     Pretax Income                                        170,196
     Pretax Margin                                            7.8%
 
     Income Taxes                                          61,453
     Effective Tax Rate                                      36.1%
 
     Net Income                                           108,744
     Net Margin                                               5.0%
 
     Basic Shares                                         253,184
     Basic EPS                                              $0.43
 
     Diluted Shares                                       286,368
     Diluted EPS                                            $0.39
     Cash EPS                                               $0.42
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                 Fiscal Year 99
 
     FYE 9/30                 Dec-98   Mar-99    Jun-99     Sep-99     FY'99
 
     Net Sales               603,379   627,723   658,484   730,992   2,620,578
 
     Cost of Sales           507,339   522,875   544,085   604,289   2,178,588
     Gross Profit             96,040   104,848   114,399   126,703     441,990
     Gross Profit %             15.9%     16.7%     17.4%     17.3%       16.9%
 
     S, G & A Expense         41,470    43,468    42,156    44,692     171,786
     % of Revenue                6.9%      6.9%      6.4%      6.1%        6.6%
     Operating Expenses        4,107     4,213     4,073     4,083      16,476
 
     Total OPEX               45,577    47,681    46,229    48,775     188,262
     % of Revenue                7.6%      7.6%      7.0%      6.7%        7.2%
 
     Operating Income         50,463    57,167    68,170    77,928     253,728
     Operating Margin            8.4%      9.1%     10.4%     10.7%        9.7%
 
     Net Int. Income (Exp.)   (8,966)   (6,955)   (6,578)   (5,168)    -27,667
 
     Pretax Income            41,497    50,212    61,592    72,760     226,061
     Pretax Margin               6.9%      8.0%      9.4%     10.0%        8.6%
 
     Income Taxes             15,350    18,820    22,488    25,523      82,181
     Effective Tax Rate         37.0%     37.5%     36.5%     35.1%       36.4%
 
     Net Income               26,147    31,392    39,104    47,237     143,880
     Net Margin                  4.3%      5.0%      5.9%      6.5%        5.5%
 
     Basic Shares            282,163   284,059   286,217   287,524     284,958
     Basic EPS                 $0.09     $0.11     $0.14     $0.16       $0.50
 
     Diluted Shares          296,366   300,563   301,172   303,715     300,328
     Diluted EPS               $0.09     $0.10     $0.13     $0.16       $0.48
     Cash EPS                  $0.10     $0.11     $0.14     $0.16       $0.51
 
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                            Fiscal Year 00
     FYE 9/30               Dec-99   Mar-00    Jun-00     Sep-00       FY'00
 
     Net Sales              837,355  948,358  1,086,182  1,367,207   4,239,102
 
     Cost of Sales          707,216  801,715    909,694  1,126,263   3,544,888
     Gross Profit           130,139  146,643    176,488    240,944     694,214
     Gross Profit %            15.5%   15.5%       16.2%      17.6%       16.4%
 
     S, G & A Expense        46,596   47,714     53,239     71,546     219,095
     % of Revenue               5.6%     5.0%       4.9%       5.2%        5.2%
     Operating Expenses       5,439    5,531      5,614      6,961      23,545
 
     Total OPEX              52,035   53,245     58,853     78,507     242,640
     % of Revenue               6.2%     5.6%       5.4%       5.7%        5.7%
 
     Operating Income        78,104   93,398    117,635    162,437     451,574
     Operating Margin           9.3%     9.8%      10.8%      11.9%       10.7%
 
     Net Int. Income (Exp.)  (5,342)  (1,219)     1,527      1,547      (3,487)
 
     Pretax Income           72,762   92,179    119,162    163,984     448,087
     Pretax Margin              8.7%     9.7%      11.0%      12.0%       10.6%
 
     Income Taxes            25,968   33,188     50,180     61,607     170,943
     Effective Tax Rate        35.7%    36.0%      42.1%      37.6%       38.1%
 
     Net Income              46,794   58,991     68,982    102,377     277,144
     Net Margin                 5.6%     6.2%       6.4%       7.5%        6.5%
 
     Basic Shares           289,625  302,447    312,892    314,330     304,824
     Basic EPS                $0.16    $0.20      $0.22      $0.33       $0.91
 
     Diluted Shares         305,008  334,185    345,458    348,668     337,350
     Diluted EPS              $0.15    $0.18      $0.21      $0.30       $0.85
     Cash EPS                 $0.17    $0.20      $0.22      $0.31       $0.90
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                                       Fiscal Year 01
     FYE 9/30                                 Dec-00      Mar-01     YTD '01
 
     Net Sales                              1,485,571   1,191,138   2,676,709
 
     Cost of Sales                          1,222,673     948,741   2,171,414
     Gross Profit                             262,898     242,397     505,295
     Gross Profit %                              17.7%       20.4%       18.9%
 
     S, G & A Expense                          76,209      57,229     133,438
     % of Revenue                                 5.1%        4.8%        5.0%
     Operating Expenses                         6,968       6,699      13,667
 
     Total OPEX                                83,177      63,928     147,105
     % of Revenue                                 5.6%        5.4%        5.5%
 
     Operating Income                         179,721     178,469     358,190
     Operating Margin                            12.1%       15.0%       13.4%
 
     Net Int. Income (Exp.)                     6,150       6,838      12,988
 
     Pretax Income                            185,871     185,307     371,178
     Pretax Margin                               12.5%       15.6%       13.9%
 
     Income Taxes                              69,920      70,417     140,337
     Effective Tax Rate                          37.6%       38.0%       37.8%
 
     Net Income                               115,951     114,890     230,841
     Net Margin                                   7.8%        9.6%        8.6%
 
     Basic Shares                             316,582     318,879     317,731
     Basic EPS                                  $0.37       $0.36       $0.73
 
     Diluted Shares                           349,617     349,162     349,389
     Diluted EPS                                $0.34       $0.34       $0.68
     Cash EPS                                   $0.35       $0.35       $0.70
 
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                                       Fiscal Year
     FYE 9/30                                             FY'98
 
     Net Sales                                          2,171,427
 
     Cost of Sales                                      1,809,106
     Gross Profit                                         362,320
     Gross Profit %                                          16.7%
 
      S,G&A Expense                                       155,181
       % of Revenue                                           7.1%
     Operating Expenses                                    13,974
       % of Revenue                                           0.6%
 
     One-time OPEX charges                                 74,047
       % of Revenue                                           3.4%
 
     Total OPEX                                           243,202
       % of Revenue                                          11.2%
 
     Operating Income                                     119,118
     Operating Margin                                         5.5%
 
     Net Int. Income (Exp.)                               (22,970)
 
     Pretax Income                                         96,148
     Pretax Margin                                            4.4%
 
     Income Taxes                                          56,964
     Effective Tax Rate                                      59.2%
 
     Income before extraordinary charge                    39,185
      Extraordinary charge                                     --
     Net Income                                            39,185
     Net Margin                                               1.8%
 
     Basic Shares                                         253,184
     Basic EPS                                              $0.15
 
     Diluted Shares                                       286,368
     Diluted EPS                                            $0.14
     Cash EPS                                               $0.17
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                                  Fiscal Year 99
     FYE 9/30                   Dec-98   Mar-99   Jun-99   Sep-99     FY'99
 
     Net Sales                  603,379  627,723  658,484  731,034  2,620,620
 
     Cost of Sales              514,830  522,875  544,085  604,331  2,186,121
     Gross Profit                88,549  104,848  114,399  126,703    434,499
     Gross Profit %                14.7%    16.7%    17.4%    17.3%      16.6%
 
      S,G&A Expense              43,829   43,468   42,156   44,692    174,145
       % of Revenue                 7.3%     6.9%     6.4%     6.1%       6.6%
     Operating Expenses           4,107    4,213    4,073    4,083     16,476
       % of Revenue                 0.7%     0.7%     0.6%     0.6%       0.6%
 
     One-time OPEX charges       33,754   13,085       --       --      46839
       % of Revenue                 5.6%     2.1%     0.0%     0.0%       1.8%
 
     Total OPEX                  81,690   60,766   46,229   48,775    237,460
       % of Revenue                13.5%     9.7%     7.0%     6.7%       9.1%
 
     Operating Income             6,859   44,082   68,170   77,928    197,039
     Operating Margin               1.1%     7.0%    10.4%    10.7%       7.5%
 
     Net Int. Income (Exp.)      (8,966)  (6,955)  (6,578)  (5,168)   -27,667
 
     Pretax Income               (2,107)  37,127   61,592   72,760    169,372
     Pretax Margin                 -0.3%     5.9%     9.4%    10.0%       6.5%
 
     Income Taxes                   (57)  16,699   22,488   25,523     64,653
     Effective Tax Rate             2.7%    45.0%    36.5%    35.1%      38.2%
 
     Income before extraordinary
      charge                     (2,050)  20,428   39,104   47,237    104,719
      Extraordinary charge           --       --       --       --         --
     Net Income                  (2,050)  20,428   39,104   47,237    104,719
     Net Margin                    -0.3%     3.3%     5.9%     6.5%       4.0%
 
     Basic Shares               282,163  284,059  286,217  287,524    284,958
     Basic EPS                   $(0.01)   $0.07    $0.14    $0.16      $0.37
 
     Diluted Shares             296,366  300,563  301,172  303,715    300,328
     Diluted EPS                 $(0.01)   $0.07    $0.13    $0.16      $0.35
     Cash EPS                     $0.04    $0.08    $0.14    $0.16      $0.41
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                              Fiscal Year 00
     FYE 9/30                Dec-99   Mar-00    Jun-00     Sep-00      FY'00
 
     Net Sales               837,355  948,358  1,086,182  1,367,207  4,239,102
 
     Cost of Sales           707,216  801,715    927,236  1,126,263  3,562,430
     Gross Profit            130,139  146,643    158,946    240,944    676,672
     Gross Profit %             15.5%    15.5%      14.6%      17.6%      16.0%
 
      S,G&A Expense           46,596   47,714     69,864     71,546    235,721
       % of Revenue              5.6%     5.0%       6.4%       5.2%       5.6%
     Operating Expenses        5,439    5,531      5,614      6,961     23,545
       % of Revenue              0.6%     0.6%       0.5%       0.5%       0.6%
 
     One-time OPEX charges        --       --     55,951         --     55,951
       % of Revenue              0.0%     0.0%       5.2%       0.0%       1.3%
 
     Total OPEX               52,035   53,246    131,429     78,507    315,217
       % of Revenue              6.2%     5.6%      12.1%       5.7%       7.4%
 
     Operating Income         78,104   93,398     27,517    162,437    361,456
     Operating Margin            9.3%     9.8%       2.5%      11.9%       8.5%
 
     Net Int. Income (Exp.)   (5,342)  (1,219)     1,527      1,547     (3,487)
 
     Pretax Income            72,762   92,178     29,044    163,984    357,968
     Pretax Margin               8.7%     9.7%       2.7%      12.0%       8.4%
 
     Income Taxes             25,968   33,188     22,153     61,607    142,916
     Effective Tax Rate         35.7%    36.0%      76.3%      37.6%      39.9%
 
     Income before
      extraordinary charge    46,794   58,990      6,891    102,377    215,052
      Extraordinary charge        --       --         --      4,959      4,959
     Net Income               46,794   58,990      6,891     97,418    210,093
     Net Margin                  5.6%     6.2%       0.6%       7.1%       5.0%
 
     Basic Shares            289,625  302,447    312,892    314,330    304,824
     Basic EPS                 $0.16    $0.20      $0.02      $0.31      $0.69
 
     Diluted Shares          305,008  334,185    329,337    348,668    337,350
     Diluted EPS               $0.15    $0.18      $0.02      $0.29      $0.65
     Cash EPS                  $0.17    $0.20      $0.03      $0.31      $0.73
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                                     Fiscal Year 01
     FYE 9/30                                   Dec-00      Mar-01     YTD '01
 
     Net Sales                              1,485,571   1,191,138   2,676,709
 
     Cost of Sales                          1,222,673     997,863   2,220,536
     Gross Profit                             262,898     193,275     456,173
     Gross Profit %                              17.7%       16.2%       17.0%
 
      S,G&A Expense                            76,209      68,071     144,280
       % of Revenue                               5.1%        5.7%        5.4%
     Operating Expenses                         6,968       6,699      13,667
       % of Revenue                               0.5%        0.6%        0.5%
 
     One-time OPEX charges                         --      24,948      24,948
       % of Revenue                               0.0%        2.1%        0.9%
 
     Total OPEX                                83,177      99,718     182,895
       % of Revenue                               5.6%        8.4%        6.8%
 
     Operating Income                         179,721      93,557     273,278
     Operating Margin                            12.1%        7.9%       10.2%
 
     Net Int. Income (Exp.)                     6,150       6,838      12,988
 
     Pretax Income                            185,871     100,395     286,266
     Pretax Margin                               12.5%        8.4%       10.7%
 
     Income Taxes                              69,920      38,150     108,070
     Effective Tax Rate                          37.6%       38.0%       37.8%
 
     Income before extraordinary charge       115,951      62,245     178,196
      Extraordinary charge                         --          --          --
     Net Income                               115,951      62,245     178,196
     Net Margin                                   7.8%        5.2%        6.7%
 
     Basic Shares                             316,582     318,879     317,730
     Basic EPS                                  $0.37       $0.20       $0.56
 
     Diluted Shares                           349,617     349,015     349,389
     Diluted EPS                                $0.34       $0.19       $0.52
     Cash EPS                                   $0.35       $0.20       $0.55
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                                         Sep-98
     ASSETS
          Cash & Invest.                                194,226
          A/R                                           303,183
          Inventories                                   227,556
          Other Current Assets                           71,276
     Total Current Assets                               796,241
 
          Net P,P,&E                                    576,110
          Other L/T Assets                              228,989
     Total Assets                                     1,601,339
 
     LIABILITIES
          Current Liabilities                           351,933
          Long Term Debt                                434,382
          Other Liabilities                              88,140
          Total Liabilities                             874,455
 
          Shareholders' Equity                          726,885
 
     Total Liabilities & Equity                       1,601,339
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                     Dec-98     Mar-99     Jun-99     Sep-99
     ASSETS
          Cash & Invest.             144,617    136,231    496,473    467,738
          A/R                        334,677    344,217    352,041    377,360
          Inventories                234,551    246,452    259,439    322,425
          Other Current Assets        68,484     63,951     69,681     62,874
     Total Current Assets            782,329    790,851  1,177,635  1,230,397
 
          Net P,P,&E                 563,039    563,287    567,861    590,702
          Other L/T Assets           271,411    275,826    277,965    303,732
     Total Assets                  1,616,779  1,629,964  2,023,460  2,124,831
 
     LIABILITIES
          Current Liabilities        358,667    370,677    380,856    465,520
          Long Term Debt             437,320    409,652    740,843    696,386
          Other Liabilities           88,269     86,333     86,879     76,469
          Total Liabilities          884,256    866,662  1,208,578  1,238,375
 
          Shareholders' Equity       732,523    763,302    814,882    886,456
 
     Total Liabilities & Equity    1,616,779  1,629,964  2,023,460  2,124,831
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                      Dec-99     Mar-00     Jun-00     Sep-00
     ASSETS
          Cash & Invest.              364,657    873,569    742,961  1,263,550
          A/R                         472,376    556,477    610,648    714,509
          Inventories                 381,364    431,898    512,587    608,434
          Other Current Assets         92,808     71,387     78,556    117,265
     Total Current Assets           1,311,206  1,933,330  1,944,753  2,703,757
 
          Net P,P,&E                  595,307    631,663    644,527    700,718
          Other L/T Assets            327,250    327,726    379,180    431,125
     Total Assets                   2,233,762  2,892,720  2,968,460  3,835,600
 
     LIABILITIES
          Current Liabilities         504,833    562,584    686,634    790,140
          Long Term Debt              715,722    708,027    707,307  1,200,764
          Other Liabilities            83,122     80,496      3,434     85,903
          Total Liabilities         1,303,677  1,351,106  1,397,374  2,076,807
 
          Shareholders' Equity        930,085  1,541,614  1,571,086  1,758,793
 
     Total Liabilities & Equity     2,233,762  2,892,720  2,968,460  3,835,600
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                                Dec-00            Mar-01
     ASSETS
          Cash & Invest.                       1,224,643         1,293,897
          A/R                                    823,226           727,536
          Inventories                            636,878           592,532
          Other Current Assets                   118,124           119,605
     Total Current Assets                      2,802,870         2,733,571
 
          Net P,P,&E                             728,088           743,029
          Other L/T Assets                       432,742           424,981
     Total Assets                              3,963,700         3,901,580
 
     LIABILITIES
          Current Liabilities                    789,958           637,001
          Long Term Debt                       1,204,454         1,213,175
          Other Liabilities                       86,858            80,144
          Total Liabilities                    2,081,270         1,930,320
 
          Shareholders' Equity                 1,882,430         1,971,260
 
     Total Liabilities & Equity                3,963,700         3,901,580
 
 

SOURCE Sanmina Corporation
    SAN JOSE, Calif., April 18 /PRNewswire/ --
 Sanmina Corporation (Nasdaq:   SANM), a leading supplier of integrated design
 and electronics manufacturing solutions, today reported financial results for
 the second quarter and six months ended March 31, 2001.  Results for prior
 periods have been restated to reflect the company's March 1, 2001 acquisition
 of Segerstrom & Svensson, a leading global supplier of integrated enclosure
 systems.  Earnings per share for the prior periods have been restated to
 reflect the company's two-for-one stock splits effective January 8, 2001 and
 March 22, 2000.
 
     Second quarter fiscal 2001 highlights include:
 
     -- REVENUES UP 26% VERSUS Q2 2000
     -- OPERATING INCOME ROSE 91% VERSUS Q2 2000, EXCLUDING ONE-TIME CHARGES
     -- DILUTED EARNINGS PER SHARE UP 82% TO $0.34 VERSUS Q2 2000, EXCLUDING
        ONE-TIME CHARGES
     -- COMPANY STRENGTHENS TECHNOLOGY LEADERSHIP IN RADIO FREQUENCY AND
        OPTICAL ASSEMBLY AND TEST PROCESSES WORLDWIDE
 
          Summary of Financial Results (*excluding one-time charges):
 
     (Thousands, except
      per share data)           Q2:01*       Q2:00      6MOS01*       6MOS00
 
     Revenues                 $1,191,138   $948,358   $2,676,709    $1,785,713
     Operating margin              15.0%       9.8%        13.4%          9.6%
     Operating income           $178,469    $93,398     $358,190      $171,502
     Net income                 $114,890    $58,991     $230,841      $105,785
     EPS - basic                   $0.36      $0.20        $0.73         $0.36
     EPS - diluted                 $0.34      $0.18        $0.68         $0.34
     Cash EPS - basic              $0.37      $0.21        $0.75         $0.38
     Cash EPS - diluted            $0.35      $0.20        $0.70         $0.36
 
     Summary of Financial Results (**including one-time charges):
 
     (Thousands, except
      per share data)             Q2:01**     Q2:00      6MOS01**     6MOS00
 
     Revenues                  $1,191,138   $948,358   $2,676,709   $1,785,713
     Operating margin                7.9%       9.8%        10.2%         9.6%
     Operating income             $93,557    $93,398     $273,278     $171,502
     Net income                   $62,245    $58,991     $178,196     $105,785
     EPS - basic                    $0.20      $0.20        $0.56        $0.36
     EPS - diluted                  $0.19      $0.18        $0.52        $0.34
     Cash EPS - basic               $0.21      $0.21        $0.59        $0.38
     Cash EPS - diluted             $0.20      $0.20        $0.55        $0.36
 
     Revenues for the second quarter of fiscal 2001 were up 26% to
 $1.19 billion compared to $948.36 million from the second quarter of fiscal
 2000.  Excluding charges related to merger costs and other one-time charges
 totaling approximately $85 million, Sanmina's operating margin for the second
 quarter this year increased to 15.0%, up from 9.8% in the same quarter last
 year.  Sanmina was able to achieve this operating margin improvement by
 focusing on mix, controlling costs, and by operational efficiencies.  As a
 result, operating income for the second quarter increased 91% to
 $178.5 million, up from $93.4 million last year.  Excluding one-time charges,
 net income for the second quarter was $114.9 million, or $0.34 diluted
 earnings per share, a 95% increase from $59.0 million, or $0.18 diluted
 earnings per share in the previous year.  Results for the periods have been
 restated to give effect to Sanmina's acquisition of Segerstrom and Svensson,
 which was completed on March 1, 2001.  Earnings per share for the prior
 periods have been restated to reflect the company's two-for-one stock splits
 effective January 8, 2001 and March 22, 2000.
 
     Company Expands Service Offering and Extends Technology Leadership
     "By remaining focused on reducing costs, improving efficiencies, and
 enhancing our services to meet our customers' needs for a complete end-to-end
 solution, we continued to achieve solid results," said Jure Sola, chairman and
 chief executive officer of Sanmina.
     "During the quarter we successfully accomplished several strategic
 initiatives designed to continuously improve our operations," continued Sola.
 "One of the most significant initiatives was the successful acquisition of
 Segerstrom & Svensson which will help us expand our engineering, enclosure
 manufacturing, and supply chain capabilities throughout Europe as well as
 South America.  The acquisition is also another significant milestone in
 realizing our goal of delivering complete end-to-end solutions in all
 strategic geographies worldwide.
     "To further expand our technology roadmap and leadership position, during
 the quarter we strengthened our in-house capabilities in radio frequency (RF)
 and optical assembly and test processes across multiple plants.  In addition,
 we successfully enhanced our technology infrastructure designed to further
 streamline the supply-chain and communications with customers, suppliers, and
 employees.  Our objective is to maximize yields, improve efficiencies, and
 reduce overall costs.  We will continue to make the necessary strategic
 investments to better serve our customers and to extend our leadership
 position in the EMS industry," concluded Sola.
     As of March 31, 2001, the company has $1.3 billion in cash and
 investments.  The company has a current ratio of 4.3, working capital of
 $2.1 billion and shareholders' equity of $2.0 billion.
 
     Company Outlook
     Sanmina targets third quarter fiscal 2001 revenue in the $900 million to
 $1.0 billion range, and diluted earnings per share on a GAAP basis to be
 between $0.18 to $0.22.
 
     Company Conference Call
     Sanmina will be holding a conference call regarding this announcement on
 Wednesday, April 18, 2001 at 5:00 p.m. EDT (2:00 p.m. PDT).  The dial-in
 number for the call is 334-323-4040.   Callers should dial in 10 minutes prior
 to commencement of the call.
 
     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 manufacturers (OEMs) in the communications, medical,
 industrial instrumentation, and high-speed computer sectors.  Sanmina's
 complete end-to-end solution includes design, engineering, circuit fabrication
 of bare printed circuit boards, circuit board and backplane assembly,
 enclosures, cable assemblies, complete system integration and test, global
 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.  Sanmina has more than 23,000 employees,
 10 global technology solution centers, 65 manufacturing operations in
 13 countries, and more than 6.5 million square feet of manufacturing capacity.
 
     Safe Harbor Statement
     The foregoing, including the discussion regarding the company's future
 prospects contains 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 businesses 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 February 13, 2001.
 
                              Sanmina Corporation
       Consolidated Statements of Operations (Excluding One-time Charges)
                   (in thousands, except for per share data)
                                  (unaudited)
 
                                                     Q2
                                 Three Months Ending     Six Months Ending
                                 March 31,   April 1,   March 31,    April 1,
                                   2001       2000        2001         2000
 
     Sales                     $1,191,138   $948,358   $2,676,709   $1,785,713
     Cost of Sales                948,741    801,715    2,171,414    1,508,931
 
     Gross profit                 242,397    146,643      505,295      276,782
 
     Selling, general and
      administrative               57,229     47,714      133,438       94,310
     Amortization                   6,699      5,531       13,667       10,970
 
     Total operating expenses      63,928     53,245      147,105      105,280
 
     Income from Operations       178,469     93,398      358,190      171,502
 
     Other income, net              6,838     (1,219)      12,988       (6,561)
 
     Income before provision for
      income taxes                185,307     92,179      371,178      164,941
 
     Provision for income taxes    70,417     33,188      140,337       59,156
 
     Net income                  $114,890    $58,991     $230,841     $105,785
 
     Earnings per share
       Basic                        $0.36      $0.20        $0.73        $0.36
       Diluted                      $0.34      $0.18        $0.68        $0.34
 
     Shares used in computing per
      share amounts
       Basic                      318,879    302,447      317,730      296,036
       Diluted                    349,162    334,185      349,389      327,491
 
     Dilutive Interest Add Back     2,606      2,706        5,224        5,424
     Dilutive Shares Add Back      15,936     16,125       15,958       16,131
 
 
     CASH EPS - Supplemental Information:
     Income before taxes, goodwill
      amortization and write
      down of long-lived assets   $192,006   $97,710     $384,845     $175,910
     Provision for income taxes    $72,963   $35,179     $145,504      $63,090
     Income before goodwill
      amortization and write down
      of long-lived assets        $119,043   $62,531     $239,341     $112,820
       Amortization of goodwill,
        net of tax                  $4,153    $3,540       $8,500       $7,035
       Write down of long-lived
        assets, net of tax             $--       $--          $--          $--
     Net Income                   $114,890   $58,991     $230,841     $105,785
 
 
     CASH Earnings per share:
       Cash basic                    $0.37     $0.21        $0.75        $0.38
       Cash diluted                  $0.35     $0.20        $0.70        $0.36
 
     Shares used in computing per
      share amounts
       Cash basic shares           318,879   302,447      317,730      296,036
       Cash diluted shares         349,162   334,185      349,389      327,491
 
     Cash dilutive Interest Add
      Back                          $2,606    $2,706       $5,224       $5,424
     Cash dilutive Shares Add Back  15,936    16,125       15,958       16,131
 
 
                              Sanmina Corporation
                     Consolidated Statements of Operations
                   (in thousands, except for per share data)
                                  (unaudited)
 
                                                    Q2
                                Three Months Ending      Six Months Ending
                               March 31,    April 1,    March 31,    April 1,
                                 2001        2000        2001         2000
 
     Sales                    $1,191,138   $948,358   $2,676,709   $1,785,713
     Cost of Sales               997,863    801,715    2,220,536    1,508,931
 
     Gross profit                193,275    146,643      456,173      276,782
 
     Selling, general and
      administrative              68,071     47,714      144,280       94,310
     Amortization                  6,699      5,531       13,667       10,970
     Merger and restructuring
      costs                       24,948         --       24,948           --
 
     Total operating expenses     99,718     53,245      182,895      105,280
 
     Income from Operations       93,557     93,398      273,278      171,502
 
     Other income, net             6,838     (1,219)      12,988       (6,561)
 
     Net income before taxes and
      extraordinary event        100,395     92,179      286,266      164,941
 
     Provision for income taxes   38,150     33,188      108,070       59,156
 
     Net income                  $62,245    $58,991     $178,196     $105,785
 
     Earnings per share
       Basic EPS                   $0.20      $0.20        $0.56        $0.36
       Diluted EPS                 $0.19      $0.18        $0.52        $0.34
 
     Shares used in computing per
      share amounts
       Basic                     318,879    302,447      317,730      296,036
       Diluted                   349,015    334,185      349,389      327,491
 
     Dilutive Interest Add Back    2,577      2,706        5,228        5,424
     Dilutive Shares Add Back     15,789     16,125       15,958       16,131
 
     CASH EPS - Supplemental Information:
     Income before taxes, goodwill
      amortization and write down
      of long-lived assets      $107,094    $97,710     $299,933     $175,910
     Provision for income taxes  $40,696    $35,179     $113,230      $63,090
 
     Cash net income before
      goodwill amortization and
      write down of long-lived
      assets                     $66,398    $62,531     $186,703     $112,820
        Amortization of goodwill,
         net of tax               $4,153     $3,540       $8,507       $7,035
       Write down of long-lived
        assets, net of tax           $--        $--          $--          $--
     Net Income                  $62,245    $58,991     $178,196     $105,785
 
     CASH Earnings per share:
       Cash basic                  $0.21      $0.21        $0.59        $0.38
       Cash diluted                $0.20      $0.20        $0.55        $0.36
 
     Shares used in computing per
      share amounts
       Cash basic shares         318,879    302,447      317,730      296,036
       Cash diluted shares       349,162    334,185      349,389      327,491
 
     Cash dilutive Interest Add
      Back                        $2,606     $2,706       $5,228       $5,424
     Cash dilutive Shares Add
      Back                        15,936     16,125       15,958       16,131
 
                              Sanmina Corporation
                     Condensed Consolidated Balance Sheets
                                 (in thousands)
 
                                                     September 30,   March 31,
                                                          2000        2001
                                                      (unaudited)  (unaudited)
     ASSETS
 
     Current assets:
       Cash and short-term investments                 $1,263,550   $1,293,897
       Accounts receivable, net                           714,509      727,537
       Inventories                                        608,434      592,532
       Deferred income taxes                               87,187       88,068
       Prepaid and other                                   30,077       31,537
 
         Total current assets                           2,703,757    2,733,571
 
     Property, plant, and equipment, net                  700,718      743,029
     Goodwill and intangibles                             347,018      331,776
     Long-term investments                                 55,917       67,293
     Deposits and other                                    28,190       25,911
 
         Total assets                                  $3,835,600   $3,901,580
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                                  $541,268     $473,034
       Accrued liabilities and other                      248,872      163,967
 
         Total current liabilities                        790,140      637,001
 
     Long-term liabilities
       Convertible subordinate debentures               1,108,973    1,122,995
       Long-term debt and other                           177,694      170,324
 
         Total long-term liabilities                    1,286,667    1,293,319
 
 
     Stockholders' equity                               1,758,793    1,971,260
 
         Total liabilities and stockholders' equity    $3,835,600   $3,901,580
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                                       Fiscal Year
     FYE 9/30                                             FY'98
 
     Net Sales                                          2,171,427
 
     Cost of Sales                                      1,809,106
     Gross Profit                                         362,320
     Gross Profit %                                          16.7%
 
     S, G & A Expense                                     155,180
     % of Revenue                                             7.1%
     Operating Expenses                                    13,974
 
     Total OPEX                                           169,154
     % of Revenue                                             7.8%
 
     Operating Income                                     193,166
     Operating Margin                                         8.9%
 
     Net Int. Income (Exp.)                               (22,970)
 
     Pretax Income                                        170,196
     Pretax Margin                                            7.8%
 
     Income Taxes                                          61,453
     Effective Tax Rate                                      36.1%
 
     Net Income                                           108,744
     Net Margin                                               5.0%
 
     Basic Shares                                         253,184
     Basic EPS                                              $0.43
 
     Diluted Shares                                       286,368
     Diluted EPS                                            $0.39
     Cash EPS                                               $0.42
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                 Fiscal Year 99
 
     FYE 9/30                 Dec-98   Mar-99    Jun-99     Sep-99     FY'99
 
     Net Sales               603,379   627,723   658,484   730,992   2,620,578
 
     Cost of Sales           507,339   522,875   544,085   604,289   2,178,588
     Gross Profit             96,040   104,848   114,399   126,703     441,990
     Gross Profit %             15.9%     16.7%     17.4%     17.3%       16.9%
 
     S, G & A Expense         41,470    43,468    42,156    44,692     171,786
     % of Revenue                6.9%      6.9%      6.4%      6.1%        6.6%
     Operating Expenses        4,107     4,213     4,073     4,083      16,476
 
     Total OPEX               45,577    47,681    46,229    48,775     188,262
     % of Revenue                7.6%      7.6%      7.0%      6.7%        7.2%
 
     Operating Income         50,463    57,167    68,170    77,928     253,728
     Operating Margin            8.4%      9.1%     10.4%     10.7%        9.7%
 
     Net Int. Income (Exp.)   (8,966)   (6,955)   (6,578)   (5,168)    -27,667
 
     Pretax Income            41,497    50,212    61,592    72,760     226,061
     Pretax Margin               6.9%      8.0%      9.4%     10.0%        8.6%
 
     Income Taxes             15,350    18,820    22,488    25,523      82,181
     Effective Tax Rate         37.0%     37.5%     36.5%     35.1%       36.4%
 
     Net Income               26,147    31,392    39,104    47,237     143,880
     Net Margin                  4.3%      5.0%      5.9%      6.5%        5.5%
 
     Basic Shares            282,163   284,059   286,217   287,524     284,958
     Basic EPS                 $0.09     $0.11     $0.14     $0.16       $0.50
 
     Diluted Shares          296,366   300,563   301,172   303,715     300,328
     Diluted EPS               $0.09     $0.10     $0.13     $0.16       $0.48
     Cash EPS                  $0.10     $0.11     $0.14     $0.16       $0.51
 
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                            Fiscal Year 00
     FYE 9/30               Dec-99   Mar-00    Jun-00     Sep-00       FY'00
 
     Net Sales              837,355  948,358  1,086,182  1,367,207   4,239,102
 
     Cost of Sales          707,216  801,715    909,694  1,126,263   3,544,888
     Gross Profit           130,139  146,643    176,488    240,944     694,214
     Gross Profit %            15.5%   15.5%       16.2%      17.6%       16.4%
 
     S, G & A Expense        46,596   47,714     53,239     71,546     219,095
     % of Revenue               5.6%     5.0%       4.9%       5.2%        5.2%
     Operating Expenses       5,439    5,531      5,614      6,961      23,545
 
     Total OPEX              52,035   53,245     58,853     78,507     242,640
     % of Revenue               6.2%     5.6%       5.4%       5.7%        5.7%
 
     Operating Income        78,104   93,398    117,635    162,437     451,574
     Operating Margin           9.3%     9.8%      10.8%      11.9%       10.7%
 
     Net Int. Income (Exp.)  (5,342)  (1,219)     1,527      1,547      (3,487)
 
     Pretax Income           72,762   92,179    119,162    163,984     448,087
     Pretax Margin              8.7%     9.7%      11.0%      12.0%       10.6%
 
     Income Taxes            25,968   33,188     50,180     61,607     170,943
     Effective Tax Rate        35.7%    36.0%      42.1%      37.6%       38.1%
 
     Net Income              46,794   58,991     68,982    102,377     277,144
     Net Margin                 5.6%     6.2%       6.4%       7.5%        6.5%
 
     Basic Shares           289,625  302,447    312,892    314,330     304,824
     Basic EPS                $0.16    $0.20      $0.22      $0.33       $0.91
 
     Diluted Shares         305,008  334,185    345,458    348,668     337,350
     Diluted EPS              $0.15    $0.18      $0.21      $0.30       $0.85
     Cash EPS                 $0.17    $0.20      $0.22      $0.31       $0.90
 
                                Sanmina Corporation
                   Restated historical P&L to include Segerstrom
                            (excluding one-time charges)
                     ($ in thousands, except per share amount)
                                    (unaudited)
 
                                                       Fiscal Year 01
     FYE 9/30                                 Dec-00      Mar-01     YTD '01
 
     Net Sales                              1,485,571   1,191,138   2,676,709
 
     Cost of Sales                          1,222,673     948,741   2,171,414
     Gross Profit                             262,898     242,397     505,295
     Gross Profit %                              17.7%       20.4%       18.9%
 
     S, G & A Expense                          76,209      57,229     133,438
     % of Revenue                                 5.1%        4.8%        5.0%
     Operating Expenses                         6,968       6,699      13,667
 
     Total OPEX                                83,177      63,928     147,105
     % of Revenue                                 5.6%        5.4%        5.5%
 
     Operating Income                         179,721     178,469     358,190
     Operating Margin                            12.1%       15.0%       13.4%
 
     Net Int. Income (Exp.)                     6,150       6,838      12,988
 
     Pretax Income                            185,871     185,307     371,178
     Pretax Margin                               12.5%       15.6%       13.9%
 
     Income Taxes                              69,920      70,417     140,337
     Effective Tax Rate                          37.6%       38.0%       37.8%
 
     Net Income                               115,951     114,890     230,841
     Net Margin                                   7.8%        9.6%        8.6%
 
     Basic Shares                             316,582     318,879     317,731
     Basic EPS                                  $0.37       $0.36       $0.73
 
     Diluted Shares                           349,617     349,162     349,389
     Diluted EPS                                $0.34       $0.34       $0.68
     Cash EPS                                   $0.35       $0.35       $0.70
 
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                                       Fiscal Year
     FYE 9/30                                             FY'98
 
     Net Sales                                          2,171,427
 
     Cost of Sales                                      1,809,106
     Gross Profit                                         362,320
     Gross Profit %                                          16.7%
 
      S,G&A Expense                                       155,181
       % of Revenue                                           7.1%
     Operating Expenses                                    13,974
       % of Revenue                                           0.6%
 
     One-time OPEX charges                                 74,047
       % of Revenue                                           3.4%
 
     Total OPEX                                           243,202
       % of Revenue                                          11.2%
 
     Operating Income                                     119,118
     Operating Margin                                         5.5%
 
     Net Int. Income (Exp.)                               (22,970)
 
     Pretax Income                                         96,148
     Pretax Margin                                            4.4%
 
     Income Taxes                                          56,964
     Effective Tax Rate                                      59.2%
 
     Income before extraordinary charge                    39,185
      Extraordinary charge                                     --
     Net Income                                            39,185
     Net Margin                                               1.8%
 
     Basic Shares                                         253,184
     Basic EPS                                              $0.15
 
     Diluted Shares                                       286,368
     Diluted EPS                                            $0.14
     Cash EPS                                               $0.17
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                                  Fiscal Year 99
     FYE 9/30                   Dec-98   Mar-99   Jun-99   Sep-99     FY'99
 
     Net Sales                  603,379  627,723  658,484  731,034  2,620,620
 
     Cost of Sales              514,830  522,875  544,085  604,331  2,186,121
     Gross Profit                88,549  104,848  114,399  126,703    434,499
     Gross Profit %                14.7%    16.7%    17.4%    17.3%      16.6%
 
      S,G&A Expense              43,829   43,468   42,156   44,692    174,145
       % of Revenue                 7.3%     6.9%     6.4%     6.1%       6.6%
     Operating Expenses           4,107    4,213    4,073    4,083     16,476
       % of Revenue                 0.7%     0.7%     0.6%     0.6%       0.6%
 
     One-time OPEX charges       33,754   13,085       --       --      46839
       % of Revenue                 5.6%     2.1%     0.0%     0.0%       1.8%
 
     Total OPEX                  81,690   60,766   46,229   48,775    237,460
       % of Revenue                13.5%     9.7%     7.0%     6.7%       9.1%
 
     Operating Income             6,859   44,082   68,170   77,928    197,039
     Operating Margin               1.1%     7.0%    10.4%    10.7%       7.5%
 
     Net Int. Income (Exp.)      (8,966)  (6,955)  (6,578)  (5,168)   -27,667
 
     Pretax Income               (2,107)  37,127   61,592   72,760    169,372
     Pretax Margin                 -0.3%     5.9%     9.4%    10.0%       6.5%
 
     Income Taxes                   (57)  16,699   22,488   25,523     64,653
     Effective Tax Rate             2.7%    45.0%    36.5%    35.1%      38.2%
 
     Income before extraordinary
      charge                     (2,050)  20,428   39,104   47,237    104,719
      Extraordinary charge           --       --       --       --         --
     Net Income                  (2,050)  20,428   39,104   47,237    104,719
     Net Margin                    -0.3%     3.3%     5.9%     6.5%       4.0%
 
     Basic Shares               282,163  284,059  286,217  287,524    284,958
     Basic EPS                   $(0.01)   $0.07    $0.14    $0.16      $0.37
 
     Diluted Shares             296,366  300,563  301,172  303,715    300,328
     Diluted EPS                 $(0.01)   $0.07    $0.13    $0.16      $0.35
     Cash EPS                     $0.04    $0.08    $0.14    $0.16      $0.41
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                              Fiscal Year 00
     FYE 9/30                Dec-99   Mar-00    Jun-00     Sep-00      FY'00
 
     Net Sales               837,355  948,358  1,086,182  1,367,207  4,239,102
 
     Cost of Sales           707,216  801,715    927,236  1,126,263  3,562,430
     Gross Profit            130,139  146,643    158,946    240,944    676,672
     Gross Profit %             15.5%    15.5%      14.6%      17.6%      16.0%
 
      S,G&A Expense           46,596   47,714     69,864     71,546    235,721
       % of Revenue              5.6%     5.0%       6.4%       5.2%       5.6%
     Operating Expenses        5,439    5,531      5,614      6,961     23,545
       % of Revenue              0.6%     0.6%       0.5%       0.5%       0.6%
 
     One-time OPEX charges        --       --     55,951         --     55,951
       % of Revenue              0.0%     0.0%       5.2%       0.0%       1.3%
 
     Total OPEX               52,035   53,246    131,429     78,507    315,217
       % of Revenue              6.2%     5.6%      12.1%       5.7%       7.4%
 
     Operating Income         78,104   93,398     27,517    162,437    361,456
     Operating Margin            9.3%     9.8%       2.5%      11.9%       8.5%
 
     Net Int. Income (Exp.)   (5,342)  (1,219)     1,527      1,547     (3,487)
 
     Pretax Income            72,762   92,178     29,044    163,984    357,968
     Pretax Margin               8.7%     9.7%       2.7%      12.0%       8.4%
 
     Income Taxes             25,968   33,188     22,153     61,607    142,916
     Effective Tax Rate         35.7%    36.0%      76.3%      37.6%      39.9%
 
     Income before
      extraordinary charge    46,794   58,990      6,891    102,377    215,052
      Extraordinary charge        --       --         --      4,959      4,959
     Net Income               46,794   58,990      6,891     97,418    210,093
     Net Margin                  5.6%     6.2%       0.6%       7.1%       5.0%
 
     Basic Shares            289,625  302,447    312,892    314,330    304,824
     Basic EPS                 $0.16    $0.20      $0.02      $0.31      $0.69
 
     Diluted Shares          305,008  334,185    329,337    348,668    337,350
     Diluted EPS               $0.15    $0.18      $0.02      $0.29      $0.65
     Cash EPS                  $0.17    $0.20      $0.03      $0.31      $0.73
 
                               Sanmina Corporation
                  Restated historical P&L to include Segerstrom
                             (with one-time charges)
                    ($ in thousands, except per share amount)
                                   (unaudited)
 
                                                     Fiscal Year 01
     FYE 9/30                                   Dec-00      Mar-01     YTD '01
 
     Net Sales                              1,485,571   1,191,138   2,676,709
 
     Cost of Sales                          1,222,673     997,863   2,220,536
     Gross Profit                             262,898     193,275     456,173
     Gross Profit %                              17.7%       16.2%       17.0%
 
      S,G&A Expense                            76,209      68,071     144,280
       % of Revenue                               5.1%        5.7%        5.4%
     Operating Expenses                         6,968       6,699      13,667
       % of Revenue                               0.5%        0.6%        0.5%
 
     One-time OPEX charges                         --      24,948      24,948
       % of Revenue                               0.0%        2.1%        0.9%
 
     Total OPEX                                83,177      99,718     182,895
       % of Revenue                               5.6%        8.4%        6.8%
 
     Operating Income                         179,721      93,557     273,278
     Operating Margin                            12.1%        7.9%       10.2%
 
     Net Int. Income (Exp.)                     6,150       6,838      12,988
 
     Pretax Income                            185,871     100,395     286,266
     Pretax Margin                               12.5%        8.4%       10.7%
 
     Income Taxes                              69,920      38,150     108,070
     Effective Tax Rate                          37.6%       38.0%       37.8%
 
     Income before extraordinary charge       115,951      62,245     178,196
      Extraordinary charge                         --          --          --
     Net Income                               115,951      62,245     178,196
     Net Margin                                   7.8%        5.2%        6.7%
 
     Basic Shares                             316,582     318,879     317,730
     Basic EPS                                  $0.37       $0.20       $0.56
 
     Diluted Shares                           349,617     349,015     349,389
     Diluted EPS                                $0.34       $0.19       $0.52
     Cash EPS                                   $0.35       $0.20       $0.55
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                                         Sep-98
     ASSETS
          Cash & Invest.                                194,226
          A/R                                           303,183
          Inventories                                   227,556
          Other Current Assets                           71,276
     Total Current Assets                               796,241
 
          Net P,P,&E                                    576,110
          Other L/T Assets                              228,989
     Total Assets                                     1,601,339
 
     LIABILITIES
          Current Liabilities                           351,933
          Long Term Debt                                434,382
          Other Liabilities                              88,140
          Total Liabilities                             874,455
 
          Shareholders' Equity                          726,885
 
     Total Liabilities & Equity                       1,601,339
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                     Dec-98     Mar-99     Jun-99     Sep-99
     ASSETS
          Cash & Invest.             144,617    136,231    496,473    467,738
          A/R                        334,677    344,217    352,041    377,360
          Inventories                234,551    246,452    259,439    322,425
          Other Current Assets        68,484     63,951     69,681     62,874
     Total Current Assets            782,329    790,851  1,177,635  1,230,397
 
          Net P,P,&E                 563,039    563,287    567,861    590,702
          Other L/T Assets           271,411    275,826    277,965    303,732
     Total Assets                  1,616,779  1,629,964  2,023,460  2,124,831
 
     LIABILITIES
          Current Liabilities        358,667    370,677    380,856    465,520
          Long Term Debt             437,320    409,652    740,843    696,386
          Other Liabilities           88,269     86,333     86,879     76,469
          Total Liabilities          884,256    866,662  1,208,578  1,238,375
 
          Shareholders' Equity       732,523    763,302    814,882    886,456
 
     Total Liabilities & Equity    1,616,779  1,629,964  2,023,460  2,124,831
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                      Dec-99     Mar-00     Jun-00     Sep-00
     ASSETS
          Cash & Invest.              364,657    873,569    742,961  1,263,550
          A/R                         472,376    556,477    610,648    714,509
          Inventories                 381,364    431,898    512,587    608,434
          Other Current Assets         92,808     71,387     78,556    117,265
     Total Current Assets           1,311,206  1,933,330  1,944,753  2,703,757
 
          Net P,P,&E                  595,307    631,663    644,527    700,718
          Other L/T Assets            327,250    327,726    379,180    431,125
     Total Assets                   2,233,762  2,892,720  2,968,460  3,835,600
 
     LIABILITIES
          Current Liabilities         504,833    562,584    686,634    790,140
          Long Term Debt              715,722    708,027    707,307  1,200,764
          Other Liabilities            83,122     80,496      3,434     85,903
          Total Liabilities         1,303,677  1,351,106  1,397,374  2,076,807
 
          Shareholders' Equity        930,085  1,541,614  1,571,086  1,758,793
 
     Total Liabilities & Equity     2,233,762  2,892,720  2,968,460  3,835,600
 
                            Sanmina Corporation
               Restated historical Balance Sheet to include Segerstrom
                                  ($ in thousands)
                                     (unaudited)
 
                                                Dec-00            Mar-01
     ASSETS
          Cash & Invest.                       1,224,643         1,293,897
          A/R                                    823,226           727,536
          Inventories                            636,878           592,532
          Other Current Assets                   118,124           119,605
     Total Current Assets                      2,802,870         2,733,571
 
          Net P,P,&E                             728,088           743,029
          Other L/T Assets                       432,742           424,981
     Total Assets                              3,963,700         3,901,580
 
     LIABILITIES
          Current Liabilities                    789,958           637,001
          Long Term Debt                       1,204,454         1,213,175
          Other Liabilities                       86,858            80,144
          Total Liabilities                    2,081,270         1,930,320
 
          Shareholders' Equity                 1,882,430         1,971,260
 
     Total Liabilities & Equity                3,963,700         3,901,580
 
 SOURCE  Sanmina Corporation