Sanmina Revises Third Quarter Outlook
SAN JOSE, Calif., June 20 /PRNewswire/ --
Sanmina Corporation (Nasdaq: SANM), a leading electronics contract
manufacturer, announced today that its 2001 third quarter revenues and
earnings are being impacted by the continued slowdown in its end-markets. For
its fiscal third quarter, ending June 30, 2001, revenues are currently
expected to be in the range of $760 million to $775 million. Diluted earnings
per share on a GAAP basis before one-time charges are expected to be
approximately $0.10.
"Despite the current economic environment, we believe Sanmina is well
positioned to strengthen its leading market position in the electronics
manufacturing sector," continued Sola. "The company has a successful track
record in providing its customers with world class manufacturing on a cost
efficient basis, and we are committed to continuing this tradition. We also
believe that the downturn in the electronics industry will cause original
equipment manufacturers (OEMs) to become more focused on outsourcing as a
means of reducing costs and capital commitments. Accordingly, we are
aggressively pursuing outsourcing and divestiture opportunities. In
particular, we are nearing agreement in principle for the acquisition of an
advanced engineering and manufacturing facility from a leading communications
OEM. We expect to provide further details regarding this opportunity in the
next several days. In summary, we are staying focused on our growth strategy
and are working to balance our costs while continuing to invest in our
future," Sola concluded.
Outlook information regarding the fourth quarter will be included in the
company's third quarter earnings announcement on July 18, 2001.
The company will be holding a conference call regarding these
announcements on Wednesday, June 20, 2001 at 5:00 p.m. EDT (2:00 p.m. PDT).
The dial-in number for the call is 703-871-3086. Callers should dial in
10 minutes prior to commencement of the call. A telephone replay will be
available for 48 hours following the conference call. The phone call replay
access number is 703-925-2533, access code 5337576.
Company Profile
Founded in 1980, Sanmina Corporation (www.sanmina.com) provides a
cost-efficient, design and manufacturing solution to the world's leading
original equipment manufacturing (OEMs) in the communications, medical,
industrial instrumentation, and high-end computer sectors. Sanmina's complete
end-to-end solution includes design, engineering, circuit fabrication of bare
printed circuit boards, circuit board and backplane order fulfillment, and
end-of-life product services. OEMs benefit from this model by dealing with a
single-source supply-chain and global supply-base, which helps them achieve
cost efficiencies in material acquisition as well as flexibility to reduce
lead times.
Safe Harbor Statement
The foregoing, including the discussion regarding the company's future
prospects contain certain forward-looking statements that involve risks and
uncertainties, including uncertainties associated with economic conditions in
the electronics industry, particularly in the principal industry sectors
served by the company, changes in customer requirements and in the volume of
sales to principal customers, the ability of the company to assimilate
acquired business and to achieve the anticipated benefits of such
acquisitions, and competition and technological change. The company's actual
results of operations may differ significantly than those contemplated by such
forward-looking statements as a result of these and other factors, including
factors set forth in the company's 2000 Annual Report on Form 10-K filed with
the Securities Exchange Commission on December 18, 2000, and the company's
most recent quarterly 10-Q Report dated May 11, 2001.
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SOURCE Sanmina Corporation
-0- 06/20/2001
/CONTACT: Rick Ackel, EVP, Chief Financial Officer, or Paige Bombino,
Investor Relations, 408-964-3610, both of Sanmina Corporation/
/Web site: sanmina.com
(SANM)
CO: Sanmina Corporation |
