SLR reports .21. Here are some raw numbers. Cash way up, as expected. But so are receivables and inventories. Have to wait for the CC to get details, but I don't think that Mr. Market will like it, unless they have a good spin. We'll have to wait and hear. I hope their spin is strong and credible, and that shortages aren't plaguing them still.
SOLECTRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
May 26, May 28, May 26, May 28,
2000 1999 2000 1999
Net sales $3,592.3 $2,366.0 $9,227.6 $6,729.5
Cost of sales 3,290.2 2,130.9 8,377.5 6,077.9
Gross profit 302.1 235.1 850.1 651.6
Operating expenses:
Selling, general
& administrative 107.2 90.5 308.5 257.1
Research & development 15.7 11.8 44.7 32.5
Acquisition & restructuring
costs 7.0 -- 32.0 --
Operating income 172.2 132.8 464.9 362.0
Interest income 24.0 10.6 67.4 23.4
Interest expense (15.5) (11.0) (37.7) (26.0)
Income before income
taxes and cumulative effect of
change in accounting principle 180.7 132.4 494.6 359.4
Income taxes 57.8 42.4 158.3 115.0
Income before cumulative
effect of change in
accounting principle 122.9 90.0 336.3 244.4
Cumulative effect of change
in accounting principle for
start-up costs, net of $1.6
income tax benefit -- -- (3.5) --
Net income $122.9 $90.0 $332.8 $244.4
Basic net income per share:
Income before cumulative
effect of change in
accounting principle $0.21 $0.16 $0.57 $0.46
Cumulative effect of change
in accounting principle -- -- (0.01) --
Net income per share $0.21 $0.16 $0.56 $0.46
Diluted net income per share:
Income before cumulative
effect of change in $0.20 $0.16 $0.55 $0.44
accounting principle
Cumulative effect of change
in accounting principle -- -- (0.01) --
Net income per share $0.20 $0.16 $0.54 $0.44
Shares used in computation:
Basic 597.8 550.3 594.1 530.7
Diluted 620.1 574.0 618.9 570.0
SOLECTRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
May 26, August 27,
2000 1999
ASSETS
Current assets:
Cash, cash equivalents and
short-term investments $3,419.9 $1,881.6
Accounts receivable, net 1,839.6 1,237.9
Inventories 2,522.5 1,170.1
Prepaid expenses and other current assets 233.6 120.9
Total current assets 8,015.6 4,410.5
Net property and equipment 833.1 705.6
Other assets 305.9 203.2
Total assets $9,154.6 $5,319.3
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $39.5 $21.4
Accounts payable 1,826.1 1,013.7
Accrued employee compensation 117.5 97.5
Accrued expenses 119.7 44.0
Other current liabilities 172.0 70.4
Total current liabilities 2,274.8 1,247.0
Long-term debt 3,295.8 922.6
Other long-term liabilities 15.2 9.2
Total liabilities 5,585.8 2,178.8
Stockholders' equity:
Common stock 0.6 0.3
Additional paid-in capital 2,195.6 2,057.6
Retained earnings 1,493.3 1,171.1
Accumulated other comprehensive losses (120.7) (88.5)
Total stockholders' equity 3,568.8 3,140.5
Total liabilities and stockholders' equity $9,154.6 $5,319.3
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