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Politics : Formerly About Applied Materials

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To: StanX Long who wrote (64187)	6/4/2002 2:49:03 AM
From: StanX Long	Read Replies (1) of 70976

Flextronics Cuts 1st-Qtr Profit Forecast; Shares Drop (Update5) By Samantha Zee quote.bloomberg.com Singapore, June 4 (Bloomberg) -- Flextronics International Ltd., the second-largest maker of electronics for other companies' brands, cut its fiscal first-quarter profit forecast on the cost of shifting manufacturing to China and other lower-cost countries. Its shares dropped 14 percent. Profit in the period ending this month will be 5 cents to 8 cents a share on sales of about $3 billion, Chief Executive Michael Marks said on a conference call. Flextronics in April forecast profit of 10 cents to 13 cents on sales of about $3.3 billion. ``Business conditions are tough. We won't earn what we expected this quarter or next,'' Marks said. ``We're not waiting for an upturn in the economy, even though everyone is talking about a broad-based recovery. We have decided to focus on reducing our costs.'' Details of job cuts made during the current quarter will be released when Flextronics provides its first-quarter earnings in July. The company spent the past six quarters cutting staff, closing plants in high-cost manufacturing areas and shifting to new sites, particularly in Asia, where the company added operations in China.

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