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SOLECTRON REPORTS RECORD FOURTH QUARTER, FISCAL YEAR SALES, EARNINGS; ANNOUNCES PROMOTION OF NISHIMURA

SOLECTRON REPORTS RECORD FOURTH QUARTER, FISCAL YEAR SALES, EARNINGS;
 ANNOUNCES PROMOTION OF NISHIMURA
 MILPITAS, Calif., Sept. 17 /PRNewswire/ -- Solectron Corp. (NYSE: SLR) a leading independent provider of integrated manufacturing services to electronic original equipment manufacturers, announced record sales and earnings for the three- and 12-months periods ended Aug. 31, 1992.
 Solectron Corp. reported net sales of $112.6 million for the fourth quarter ended Aug. 31, 1992. This represented an increase of 34 percent when compared with net sales of $84.2 million for the comparable quarter of fiscal 1991.


For fiscal 1992, net sales of $406.9 million represented a 53 percent increase over net sales of $265.4 million in fiscal 1991.
 Net income for the fiscal 1992 fourth quarter was $4.1 million, an increase of 32 percent from last year's fourth quarter net income of $3.1 million. For fiscal 1992, net income was $14.5 million an increase of 57 percent when compared with $9.2 million of net income for fiscal year 1991.
 Earnings per share for the fourth quarter ended Aug. 31, 1992, were $0.24, compared with $0.23 for the quarter one year ago. For fiscal 1992, earnings per share of $0.88 increased 26 percent when compared with $0.70 for the prior fiscal year. The 1992 periods reflect higher weighted outstanding shares.
 The company's fiscal 1992 operating margin was 6.7 percent and its return on equity was 19.1 percent.
 Dr. Winston H. Chen, chairman and Dr. Koichi (Ko) Nishimura, president and chief executive officer, jointly issued the following statement: "We are very pleased with these record results attained in an industry wide environment of slow growth and intense downward price and margin pressures. We have accomplished a great deal and the opportunities ahead of us continue to expand. We look forward to an exciting and challenging year in 1993."
 Solectron Corp. founded in 1977, had total assets of $308.7 million at Aug. 31, 1992.
 Solectron's manufacturing services primarily involve the assembly of electronics systems and subsystems using surface mount technology (SMT), pin-through-hole (PTH) interconnection and flexible circuit technologies. The company also provides design, prototype, materials management, software manufacturing, packaging, remanufacturing and test services. Solectron received the 1991 Malcolm Baldrige National Quality Award, and has accumulated a total of 43 quality and superior service awards from customers such as Apple Computer, Applied Materials, Conner Peripherals, Exabyte, Hewlett Packard, IBM and Sun Microsystems. The company's worldwide headquarters are located at 777 Gibraltar Drive, Milpitas, CA 95035.
 Consolidated statements of income and balance sheets follow.
 SOLECTRON CORP.
 Consolidated Balance Sheets
 (In thousands)
 Aug. 31, Aug. 31,
 1992 1991
 ASSETS
 Current assets:
 Cash and cash equivalents $ 88,506 $ 5,801
 Short-term investments 65,302 2,294
 Accounts receivable, net 48,467 40,635
 Inventories 62,361 52,093
 Prepaid expenses and other
 current assets 6,728 6,147
 Total current assets 271,364 106,970
 Net property and equipment 30,796 27,582
 Other assets 6,577 565
 Total assets $ 308,737 $ 135,117
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term debt $ 6,802 $ 6,193
 and capital lease obligations
 Accounts payable 50,631 49,833
 Accrued employee compensation 9,649 8,701
 Accrued expenses 1,479 5,641
 Other current liabilities 3,549 1,289
 Total current liabilities 72,110 71,657
 Long-term debt and capital lease
 obligations 130,933 12,479
 Other long-term liabilities 1,449 3,835
 Total liabilities 204,492 87,971
 Shareholders' equity:
 Common stock 63,595 20,984
 Retained earnings 40,650 26,162
 Total shareholders' equity 104,245 47,146
 Total liabilities and shareholders'
 equity $ 308,737 $ 135,117
 SOLECTRON CORP.
 Consolidated Statements of Income
 (In thousands except per share data)
 Quarter Ended Fiscal Year Ended
 Aug. 31, Aug. 31,
 1992 1991 1992 1991
 Net sales $112,628 $ 84,170 $406,883 $265,363
 Cost of sales 98,282 71,446 352,827 227,452
 Gross profit 14,346 12,724 54,056 37,911
 Operating expenses:
 Selling, general &
 administrative 6,372 4,580 23,772 16,365
 Research & development 1,116 585 3,131 1,743
 Charges related to faci-
 lities & fixed assets - 1,900 - 1,900
 Operating Income 6,858 5,659 27,153 17,903
 Interest income 1,237 101 2,377 718
 Interest expense (2,652) (554) (5,386) (2,179)
 Income before income taxes 5,443 5,206 24,144 16,442
 Income tax expense 1,366 2,117 9,656 7,213
 Net income $ 4,077 $ 3,089 $ 14,488 $ 9,229
 Net income per share $ 0.24 $ 0.23 $ 0.88 $ 0.70
 Shares used in computation 17,160 13,312 16,550 13,144
 SOLECTRON CORP. ANNOUNCES PROMOTION OF DR. KOICHI NISHIMURA
 Solectron Corp. (NYSE: SLR) a leading independent provider of integrated manufacturing services to electronic original equipment manufacturers announced, the promotion of Dr. Koichi Nishimura to chief executive officer.
 Nishimura retains the title of president. He has been president of Solectron since September 1990, held the position of chief operating officer from November 1988 to December 1991, and has shared the position of co-CEO since December 1991 with Dr. Winston Chen, who will continue to serve as chairman of the board. Nishimura's promotion will allow Dr. Chen to focus on the strategic direction of the company and interface with government and industrial leaders.
 Under Nishimura's leadership, Solectron has emerged as a key worldwide contract manufacturer. Over the past year, Nishimura directed Solectron's pending acquisition of manufacturing facilities in Charlotte, N.C., and Bordeaux, France, from IBM Corp. (Aug. 18, 1992, press release). The board of directors believes Nishimura has demonstrated excellent leadership and has a clear vision for Solectron. The board shares this vision and is confident of Ko's ability to lead the company to new levels of excellence.
 Solectron's manufacturing services primarily involve the assembly of electronics systems and subsystems using surface mount technology (SMT), pin-through-hole (PTH) interconnection and flexible circuit technologies. The company also provides design, prototype, materials management, software manufacturing, packaging, remanufacturing and test services. Solectron received the 1991 Malcolm Baldrige National Quality Award, and has accumulated a total of 43 quality and superior service awards from customers such as Apple Computer, Applied Materials, Conner Peripherals, Exabyte, Hewlett-Packard, IBM and Sun Microsystems. The company's worldwide headquarters are located at 777 Gibraltar Drive in Milpitas, CA 95035.
 -0- 9/17/92
 /CONTACT: Leonard Zanoni of Solectron, 408-956-6577/
 (SLR) CO: Solectron Corp. ST: California IN: CPR SU: ERN PER


RM -- SJ005 -- 0809 09/17/92 16:11 EDT
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