SCI record earnings, $.38 vs. $.30
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Wednesday August 2, 4:05 pm Eastern Time
Press Release
SOURCE: SCI Systems, Inc.
SCI Systems Announces Record Fiscal Fourth Quarter Results
HUNTSVILLE, Ala., Aug. 2 /PRNewswire/ -- SCI Systems, Inc. (NYSE: SCI - news) announced today record consolidated operating results for the fourth quarter and fiscal year ended June 30, 2000.
Sales for the fourth quarter were $2.306 billion, 28% higher than the $1.802 million in the same period a year earlier. Net income was $57.0 million in the quarter, a 33% increase over the $42.8 million in the same quarter of fiscal 1999. Basic earnings per share for the quarter were $.39 and diluted earnings per share were $.38, compared with $.32 and $.30 per share a year earlier, respectively, an increase of 27% on diluted earnings per share. Diluted earnings per share excluding the after-tax effect of goodwill amortization, referred to as ``Cash EPS'', were $.42 per share compared with $.32 a year earlier.
Sales for the fiscal year were $8.343 billion compared with $6.711 billion in the last fiscal year. Net income was $196.7 million for this period compared with $137.8 million in fiscal 1999, a 43% increase. Basic and diluted earnings per share were $1.36 and $1.34 per share, respectively, compared with $1.11 and $1.00 per share a year earlier, an increase of 34% on diluted earnings per share. Diluted earnings per share excluding the after- tax effect of goodwill amortization were $1.45 per share compared with $1.03 a year earlier.
``Continued shift in business mix favoring communications end markets contributed to the improved operating margins and earnings per share in the fourth quarter,'' according to Gene Sapp, the Company's Chairman and Chief Executive Officer. He further stated ``communications products represented approximately 25% of fourth quarter sales, a previously declared goal of the Company's product diversification strategy.''
Bookings for the year of $9.632 billion were also a record, reflecting business strength across a broad range of end markets, and giving rise to a backlog of $4.358 billion, the highest level ever. Mr. Sapp said, ``SCI's current mix of business, backlog and prospects for new business put the Company in a strong position for continued growth.''
About SCI Systems, Inc.
SCI Systems, Inc. is a world-class provider of Manufacturing and Supply Chain Services. SCI delivers supply chain solutions through its global reach, dedication to quality, efficiency, and total commitment to customer service. The company continues to pioneer new and innovative end-to-end services through its commitment to being the leading e-enabled EMS services provider. SCI is dedicated to being ``The e-EMS Company(TM)'' in providing manufacturing and related services for the new millennium. SCI is publicly traded on the New York Stock Exchange under the symbol ``SCI''. The company, headquartered in Huntsville, Alabama, operates 37 facilities located in 17 countries. SCI employs more than 31,000 people.
Certain statements contained in this release may contain forward-looking information with respect to plans, projections or future performance of the Company. By their nature, forward-looking statements involve certain risks and uncertainties including, but not limited to, product and market acceptance risks, the impact of competitive pricing, product development, commercialization and technological difficulties and other risks detailed in the Company's filings with the Securities and Exchange Commission. |
