SAN JOSE, Calif., May 28 /PRNewswire/ -- International Manufacturing Services, Inc. (Nasdaq: IMSX) today reported results for the fourth quarter of fiscal 1998 which ended on May 2, 1998. Total revenues increased 91% to $87.2 million from $45.7 million in the fourth quarter of fiscal 1997. Net income for the fourth quarter of fiscal 1998 increased 218% to $3.1 million, or $.15 per share, compared to net income of $1.0 million, or $.07 per share, for the fourth quarter of fiscal 1997. Total revenue in fiscal 1998 increased 84% to $312.5 million from $169.7 million in fiscal 1997. Net income for the twelve months of fiscal 1998 was $11.1 million or $.60 per share, compared to a net loss for fiscal 1997 of $.6 million or a loss of $.18 per share.
"We are generally pleased with the financial results of fiscal 1998 and encouraged by our progress in expanding our customer base as evidenced by increased sales to Diamond Multimedia and Polycom," said Bob Behlman, IMS President and CEO.
International Manufacturing Services, Inc. provides advanced manufacturing services to original equipment manufacturers (OEMs) in a broad range of industries including telecommunication, data communication, computer and peripherals. IMS offers a full range of services including circuit and product design, prototype assembly, backplane assembly, box-build assembly and distribution services. IMS worldwide headquarters are located in its manufacturing facility in San Jose, CA, with additional facilities in Thailand, Hong Kong, and China. IMS employs 3,600 people worldwide.
Information regarding International Manufacturing Services, Inc. can be found on its web site at ims-us.com or to receive a facsimile of this or other press releases at no cost dial
800-758-5804 extension 125575.
INTERNATIONAL MANUFACTURING SERVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
April 30, April 30, April 30, April 30,
1998 1997 1998 1997
Revenues:
Affiliates $ 33,609 $ 22,334 $ 133,874 $ 89,149
Other 53,566 23,358 178,637 80,546
Total revenues 87,175 45,692 312,511 169,695
Cost of revenues 79,566 40,394 283,521 155,028
Gross profit 7,609 5,298 28,990 14,667
Selling, general
& administrative
expenses 3,316 2,738 12,605 8,041
Restructuring charge -- -- (179) 3,000
Total operating
expenses 3,316 2,738 12,426 11,041
Operating income 4,293 2,560 16,564 3,626
Interest expense, net 634 1,318 3,688 3,972
Income (loss) before
income taxes 3,659 1,242 12,876 (346)
Provision for
income taxes 512 253 1,808 253
Net income (loss) 3,147 989 11,068 (599)
Dividends on convertible
preferred stock -- 250 472 883
Net income (loss)
available for common
stockholders $ 3,147 $ 739 $ 10,596$ (1,482)
Basic net income
(loss) per share $ 0.17 $ 0.10 $ 0.81 $ (0.18)
Diluted net income
(loss) per share $ 0.15 $ 0.07 $ 0.60 $ (0.18)
Shares used to compute
basic net income
(loss) per share 18,382 7,328 13,091 8,325
Shares used to compute
diluted net income
(loss) per share 20,548 14,746 18,448 8,325
INTERNATIONAL MANUFACTURING SERVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
April 30, April 30,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 3,939 $ 2,828
Accounts receivable, net 45,289 16,320
Inventories 41,378 20,242
Other current assets 2,563 2,612
Total current assets 93,169 42,002
Property and equipment, net 29,026 13,936
Other assets 4,442 4,533
Total assets $ 126,637 $ 60,471
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 42,621 $ 22,928
Accrued liabilities 10,713 6,015
Bank borrowings 6,000 9,000
Current portion of long term debts 86 79
Total current liabilities 59,420 38,022
Long term debt 12,559 32,660
Deferred tax liabilities 1,964 156
Stockholders' equity (deficit):
Preferred Stock -- 6
Common Stock 18 7
Additional paid-in capital 65,253 12,793
Distributions in excess
of net book value (20,608) (20,608)
Retained earnings
(Accumulated deficit) 8,031 (2,565)
Total stockholders'
equity (deficit) 52,694 (10,367)
Total liabilities
and stockholders' equity $ 126,637 $ 60,471
SOURCE International Manufacturing Services, Inc.
/CONTACT: Nate Kawaye of International Manufacturing Services, Inc.,
408-953-1000/
/Web site: ims-us.com
(IMSX)
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