The PR just for the SI record:
Jabil Circuit Posts Record Revenue
Earnings Per Share Increases 42 Percent
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Dec. 16, 1999--Jabil Circuit, Inc. (NYSE: JBL), electronics
manufacturing services provider, today reported record revenue for the first quarter of fiscal 2000, ended November 30,
1999. Revenue for the quarter increased 39 percent to $690 million compared to $495 million for the same period of
fiscal 1999.
Jabil's first quarter of fiscal 2000 net income increased 56 percent to $31.2 million, excluding a one-time
acquisition-related charge of $5.2 million, compared with $20 million and earnings per share increased 42 percent to
$0.34 per diluted share, compared to $0.24 for the first quarter of fiscal 1999.
Gross profit for fiscal 2000 first quarter increased 34 percent to $73.4 million or 10.6 percent of revenue compared to
$54.7 million or 11 percent of revenue for the corresponding quarter of fiscal 1999.
Operating income for the first fiscal quarter of 2000 increased 39 percent to $44.6 million or 6.5 percent of revenue
compared to $32 million or 6.5 percent of revenue for the first fiscal quarter of 1999.
Jabil Circuit President Timothy L. Main said, "We are pleased with the results for our fiscal first quarter and with our
positioning for an outstanding fiscal 2000. Our people continued to deliver strong operational performance during the
quarter as we executed a challenging growth plan and incorporated two new acquisitions into the Company."
Income Statement -- Sequential Trend Highlights
The following sequential results are presented in non-pooled format in order to reflect the actual growth of the company
during this time period. The results of operations and balance sheet statements attached with this press release contain
pooled results.
-- First quarter revenue grew by 29 percent over the prior quarter.
-- Operating income increased from $37.9 million, to $44.6 million
or 6.5 percent of revenue.
-- Net income after taxes was $31.2 million or 4.5 percent of
revenue, as compared to $26.2 million or 4.9 percent in the prior
sequential quarter.
-- Earnings per share for the quarter were $0.34 on an average
91,389,000 shares during the period, fully diluted. This excludes
the impact of an acquisition related charge of approximately $5
million, or $0.05 EPS.
Balance Sheet Review -- Sequential Trend Highlights
-- Accounts receivables increased by $90 million to $319 million in
the first quarter as compared to $228 million in the fourth
quarter. Calculated DSO was 42 days, while collection experience
was 38 days. This compares to DSO and collection experience of 38
days in the prior quarter.
-- Inventories increased by $108 million in the quarter to $299
million as compared to $191 million as of the end of August.
Calculated inventory turns were eight, compared to 10 turns in
the previous quarter. Inventory balances include approximately
$25 million in inventory relating to the GET/JGS acquisitions.
Overall inventory balances are somewhat higher as the company
prepares for significant growth in several segment areas in the
second fiscal quarter. On a forward basis, inventory turns are
approximately 10 as the company enters into the second quarter.
-- The Company's debt to capitalization ratio was 7 percent at the
end of the quarter.
-- For the quarter, average return on assets was 11.5 percent
(excluding one-time, acquisition-related charge.)
-- Fiscal first quarter average return on equity was 21 percent
(excluding one-time, acquisition-related charge.)
Business Update
Facilities
Guadalajara, Mexico operation has expanded and now has a second building on the campus bringing total square footage
to approximately 400,000 square feet.
In January the company will move into a new 170,000 sq. ft. facility in Boise, Idaho, replacing the smaller leased facility
on Hewlett Packard's campus in that location.
The company announced a new greenfield site in Hungary. The Company said it is in the final stages of site acquisition
and plan to bring this new operation on line in the early fall of 2000.
The Fiscal Year Ahead
Main commented, "We are gratified with the effort and overall results of our employees during this period of
unprecedented growth and challenge. We are concurrently ramping new customers and programs across all of our
facilities. We are very pleased to see continued strong organic growth and are pleased to have immediate contributions
from our two recent acquisitions. We are also encouraged by our diversified business model of over 30 meaningful
customers as we enter this fiscal year, giving the Company numerous opportunities for continued growth."
This release contains certain forward-looking statements, which are subject to a number of risks and uncertainties. Some
factors that could cause actual results to differ materially include: business conditions and growth in the contract
manufacturing industry and the general economy; variability of operating results; dependence on a limited number of
customers; limited availability of components; dependence on certain industries; variability of customer requirements;
and other risk factors described in the company's most recently filed SEC documents such as the Form 10-K, filed
11/12/99.
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
August 31, November 30,
1999 1999
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 125,949 $ 48,124
Short-term investments 27,176 --
Accounts receivable - Net 261,078 318,647
Inventories 217,840 299,477
Prepaid expenses and other
current assets 14,794 22,765
Deferred income taxes 13,896 13,500
Total current assets 660,733 702,513
Property, plant and equipment, net 353,522 396,295
Other assets 20,786 34,258
$ 1,035,041 $ 1,133,066
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current installments of
long term debt $ 9,610 $ 8,333
Short-term debt 21,501 1,588
Accounts payable 300,093 384,571
Accrued expenses 59,186 62,648
Income taxes payable 20,511 15,141
Total current liabilities 410,901 472,281
Long term debt, less current installments 34,712 33,333
Deferred income taxes 10,199 21,276
Deferred grant revenue 1,798 3,731
Total liabilities 457,610 530,621
Stockholders' equity
Common stock 87 87
Additional paid in capital 296,396 295,247
Retained earnings 281,166 307,654
Cumulative translation adjustment (218) (543)
Total stockholders' equity 577,431 602,445
$ 1,035,041 $ 1,133,066
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
(Unaudited)
Three months ended
November 30,
1998 1999
Net revenue $ 495,115 $ 689,822
Cost of revenue 440,420 616,435
Gross profit 54,695 73,387
Operating expenses:
Selling, general and administrative 20,825 27,051
Research and development 1,457 1,182
Amortization of intangibles 357 599
Acquisition-related charge -- 5,153
Operating income 32,056 39,402
Interest (income)/expense, net 1,600 (615)
Income before income taxes 30,456 40,017
Income tax expense 10,440 13,529
Net income $ 20,016 $ 26,488
Earnings per share:
Basic $ 0.25 $ 0.30
Diluted $ 0.24 $ 0.29
Common shares used in the
calculations of earnings
per share:
Basic 79,689 87,410
Diluted 82,778 91,389
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Pro-forma, excluding impact of acquisition-related charge
(In thousands, except for per share data)
(Unaudited)
Three months ended
November 30,
1998 1999
Net revenue $ 495,115 $ 689,822
Cost of revenue 440,420 616,435
Gross profit 54,695 73,387
Operating expenses:
Selling, general and administrative 20,825 27,051
Research and development 1,457 1,182
Amortization of intangibles 357 599
Acquisition-related charge -- --
Operating income 32,056 44,555
Interest (income)/expense, net 1,600 (615)
Income before income taxes 30,456 45,170
Income tax expense 10,440 14,003
Net income $ 20,016 $ 31,167
Earnings per share:
Basic $ 0.25 $ 0.36
Diluted $ 0.24 $ 0.34
Common shares used in the
calculations of earnings per share:
Basic 79,689 87,410
Diluted 82,778 91,389
JABIL CIRCUIT, INC. AND SUBSIDIARIES
PRO-FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
FISCAL YEAR ENDED AUGUST 31, 1999
Restated for Pooling
(In thousands, except for per share data)
(Unaudited)
Q1 Q2 Q3(a) Q4(a) FY99
Net revenue $ 495,115 $ 558,703 $ 582,238 $ 602,335 $ 2,238,391
Gross profit 54,695 60,102 63,821 66,970 245,588
Selling,
general and
administrative 20,825 22,452 22,586 25,836 91,699
Research and
development 1,457 1,432 1,387 1,587 5,863
Amortization of
intangibles 357 294 287 287 1,225
Operating income
(loss) 32,056 35,924 39,561 39,260 146,801
Interest
(income)/
expense, net 1,600 1,892 (26) (892) 2,574
Income (loss)
before income
taxes 30,456 34,032 39,587 40,152 144,227
Income tax
expense
(benefit) 10,440 11,778 13,933 14,081 50,232
Net income $ 20,016 $ 22,254 $ 25,654 $ 26,071 $ 93,995
Earnings per
share:
Basic $ 0.25 $ 0.28 $ 0.30 $ 0.30 $ 1.13
Diluted $ 0.24 $ 0.27 $ 0.28 $ 0.29 $ 1.08
Common shares
used in the
calculations
of earnings
per share:
Basic 79,689 79,972 86,565 87,281 83,377
Diluted 82,778 83,503 90,449 91,078 86,952
(a) Excludes approximately $0.04 and $0.06 non-recurring charges in Q3 and Q4, respectively, recorded by GET in
fiscal 1999.
Contact:
Jabil Circuit Inc., St. Petersburg
Beth Walters, VP, Communications, 727/577-9749
Fax: 727/579-8529
Email: Beth_Walters@jabil.com |
