Flextronics International Announces 92% Revenue Growth
SAN JOSE, Calif., April 23 /PRNewswire/ -- Flextronics International Ltd. (Nasdaq: FLEXF - news), a global full-service supplier
of innovative design, engineering and manufacturing solutions, today announced its 1998 fiscal year and fourth quarter results for
the period ending March 31, 1998.
Net sales for the fourth quarter were $331.1 million, up from $295.0 million the prior quarter and up 92% from $172.2 million, in the
quarter ended March 31, 1997. Net income before one time charges was $10.9 million, or $0.53 per share on 20.8 million fully
diluted shares outstanding, compared to $7.5 million, or $0.43 per share on 17.5 million shares outstanding, in the same period a
year ago. In addition, the Company incurred one-time charges associated with acquisitions and consolidation of UK operations that
occurred during the quarter, amounting to $10.1 million net of taxes.
For fiscal year 1998, Flextronics had record revenues of $1.1 billion, an increase of 74% over the prior fiscal year. Net income
before one time charges was $33.8 million, an increase of 63%, and fully diluted earnings per share was $1.77, an improvement of
49%.
''It has been a very exciting year for Flextronics,'' said Michael Marks, Chairman and CEO of Flextronics.
''We are in a period of rapid growth. Over the past year we expanded our global service offering and increased worldwide
capacity, in terms of space and people, to meet our multinational customers requirements for the next few years.''
What a relief, eh?
Marantz |
