Printer Friendly

SOLECTRON CORPORATION REPORTS SECOND QUARTER SALES AND EARNINGS

 SOLECTRON CORPORATION REPORTS SECOND QUARTER
 SALES AND EARNINGS
 MILPITAS, Calif., March 19 /PRNewswire/ - Solectron Corporation (NASDAQ: SLTN), the nation's second largest independent provider of integrated manufacturing services to electronic original equipment manufacturers (OEMs) announced sales and earnings for the three and six-month periods ended Feb. 28, 1992.
 Solectron Corp. reported net sales of $94 million for the second quarter of fiscal year 1992 ended Feb. 28, 1992. This represented an increase of 85 percent when compared with net sales of $50.7 million for the comparable quarter of fiscal 1991. On a year-to-date basis, net sales of $199.5 million represented a 91 percent increase when compared with $104.3 million of net sales for the comparable period a year ago.
 Income before income taxes for the three-month period ended Feb. 28, 1992 also increased 94 percent to $6.4 million from $3.3 million for the comparable quarter of fiscal 1991. To date, income before income taxes of $13.5 million increased 109 percent from the comparable period a year ago.
 Net income for the second quarter was $3.4 million, an increase of 87
percent from last year's second quarter net income of $1.8 million. Net income for the six-month period was $7.2 million, an increase of 100 percent when compared with $3.6 million of net income for fiscal year 1991's first half.
 Earnings per share for the second quarter ended Feb. 28, 1992 were $0.40, an increase of 43 percent from $0.28 for the comparable quarter one year ago.


On a year-to-date basis, earnings per share of $0.91 increased 62 percent
when compared with $0.56 for last year's comparable period. Solectron's secondary public equity offering of 1,725,000 shares was effected on Oct. 22, 1991. Therefore, EPS in the 1991 first half reflects lower weighted outstanding shares.
 The company's year-to-date operating margin is 7.1 percent and its return on equity stands at 18.9 percent.
 Dr. Winston H. Chen, chairman and co-chief executive officer, and Dr. Koichi (Ko) Nishimura, president and co-chief executive officer, jointly issued the following statement. "We are pleased with these sound results despite the persistence of generally weak economic conditions. We continue to maintain a cautious posture for the near-term."
 Solectron Corp. founded in 1977, has total assets of $172.4 million at Feb. 28, 1992.
 Solectron emphasizes high quality, customized manufacturing, providing surface mount and turnkey assembly. Solectron received the 1991 Malcolm Baldrige National Quality Award and has accumulated a total of 42 quality and superior service awards, from it's customers such as Apple Computer, Applied Materials, Conner Peripherals,
Exabyte, Hewlett Packard, IBM and Sun Microsystems. Solectron's new headquarters are at 777 Gibraltar Drive, Milpitas, California 95131.
 SOLECTRON CORPORATION
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 Feb. 28 Aug. 31,
 1992 1991
 (Unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 8,140 $ 5,801
 Short-term investments 32,595 2,294
 Accounts receivable, net 46,941 40,635
 Inventories 51,250 52,093
 Prepaid expenses and other
 current assets 6,256 6,147
 Total current assets 145,182 106,970
 Net property and equipment 26,610 27,582
 Other assets 565 565
 Total assets $ 172,357 $ 135,117
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Short-term debt $ 1,753 $ 554
 Current portion of long-term debt
 and capital lease obligations 7,629 5,639
 Accounts payable 35,312 49,833
 Accrued employee compensation 8,218 8,701
 Accrued expenses 4,430 5,641
 Other current liabilities 2,246 1,289
 Total current liabilities 59,588 71,657
 Long-term debt and capital lease
 obligations 14,252 12,479
 Other long-term liabilities 3,313 3,835
 Total liabilities 77,153 87,971
 Shareholders' equity:
 Common stock 61,841 20,984
 Retained earnings 33,363 26,162
 Total shareholders' equity 95,204 47,146
 Total liabilities and shareholders'
 equity $ 172,357 $ 135,117
 SOLECTRON CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands except per share data)
 (Unaudited)
 Quarter Ended Year-To-Date Ended
 Feb. 28, 1992 Feb. 28, 1992
 1992 1991 1992 1991
 Net sales $ 93,982 $ 50,685 $199,504 $104,272
 Cost of sales 80,962 43,361 172,613 89,375
 Gross profit 13,020 7,324 26,891 14,897
 Operating expenses:
 Selling, general &
 administrative 5,695 3,497 11,290 7,293
 Research & development 656 386 1,353 772
 Operating Income 6,669 3,441 14,248 6,832
 Interest income 371 258 538 476
 Interest expense (688) (433) (1,308) (867)
 Income before income taxes 6,352 3,266 13,478 6,441
 Income tax expense 2,917 1,437 6,277 2,834
 Net income $ 3,435 $ 1,829 $ 7,201 $ 3,607
 Net income per share $ 0.40 $ 0.28 $ 0.91 $ 0.56
 Shares used in computation 8,517 6,487 7,957 6,432
 -0- 3/19/92
 /CONTACT: Susan Wang of Solectron, 408-956-6571/
 (SLTN) CO: Solectron Corporation ST: California IN: CPR SU: ERN


RM -- SJ004 -- 9826 03/19/92 16:12 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 19, 1992
Words:829
Previous Article:HOLNAM INC. REPORTS ANNUAL MEETING DATE SET
Next Article:CHASE MORTGAGE SERIES 1992C CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
SOLECTRON REPORTS THIRD QUARTER SALES AND EARNINGS
SOLECTRON REPORTS RECORD FOURTH QUARTER, FISCAL YEAR SALES, EARNINGS; ANNOUNCES PROMOTION OF NISHIMURA
SOLECTRON REPORTS PRELIMINARY SECOND QUARTER SALES AND EARNINGS
SOLECTRON REPORTS RECORD THIRD QUARTER SALES AND EARNINGS
SOLECTRON REPORTS FIRST QUARTER 1996 NET INCOME UP 50% AND SALES UP 36%
SOLECTRON CORPORATION APPOINTS SHINJI AYAO AS PRESIDENT, SOLECTRON JAPAN, INC.
SOLECTRON CORPORATION REPORTS THIRD QUARTER SALES AND EARNINGS
Solectron Celebrates its 20th Anniversary
DCR Reaffirms Solectron Ratings
Solectron and C-MAC to Combine in $2.7 Billion Stock Transaction.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters