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Technology Stocks : Jabil Circuit (JBL) -- Ignore unavailable to you. Want to Upgrade?

To: Clouseau who wrote (6234)	9/22/2003 3:52:55 PM
From: OldAIMGuy	Respond to of 6317

Hi Dave, In the past currency changes haven't affected JBL's bottom line to a great degree. The majority of JBL's revenues are generated here in the U.S. Manufacturing goes to the source of least resistance in terms of lead time, cost, etc. In some cases that means domestic manufacture and other times over-seas. Best regards, Tom

To: Clouseau who wrote (6234)	9/22/2003 9:34:46 PM
From: seacruzer	Read Replies (1) \| Respond to of 6317

In the past, JBL had almost no currency exposure as all sales and nearly all materials purchases were dollar denominated (even as substantial sales and manufacturing were international)... the only element of foreign currency was local wages and misc. expenses. I believe the Philips acquisition may carry some Euro exposure in both revenue and materials expense. Historically, they have hedged these exposures for a de facto zero exposure; today it may not be hedged on the Euro portion of 20% of the business (8% overall?). I believe the Yen exposure is zero, although the recent 100MM/year NEC acquisition could have some impact. (100MM/5,000MM= 2%) So, I guess a worst case exposure of 8% on the Euro and 2% on the Yen. Then again, guesses are guesses. Regards, Cruzer