International Manufacturing Services, Inc. Announces Third Quarter
Financial Results
PR Newswire - February 24, 1998 16:05
IMSX %CPR %ERN V%PRN P%PRN
SAN JOSE, Calif., Feb. 24 /PRNewswire/ -- International Manufacturing
Services, Inc. (Nasdaq: IMSX) today reported results for the third quarter of
fiscal 1998 which ended on January 31, 1998. Total revenues increased
118% to $85.2 million from $39.0 million in the third quarter of fiscal 1997.
Net income for the third quarter of fiscal 1998 increased 136% to
$3.3 million, or $.16 per share, compared to net income of $1.4 million, or
$.10 per share, for the third quarter of fiscal 1997.
Total revenue for the first nine months of fiscal 1998 increased 82% to
$225.3 million from $124.0 million for the first nine months of fiscal 1997.
Net income for the first nine months of fiscal 1998 was $7.9 million or
$.45 per share, compared to a net loss for the first nine months of fiscal
1997 of $1.6 million or a loss of $.28 per share.
"We are pleased with the financial results of this quarter and the
continuing strong relationships with our customers," said Bob Behlman, IMS
President and CEO. "During the quarter we received the Outstanding Supplier
Award from Maxtor Corporation for 1997 as well as an Outstanding Supplier
Award from Bay Networks for demonstrated excellence in flexibility, service
and quality."
International Manufacturing Services, Inc. provides a broad range of
advanced, integrated electronics manufacturing services to electronics
original equipment manufacturers primarily in the computer peripherals, data
communications and telecommunications markets. The Company's services include
product design, prototyping and printed circuit board and final system
assembly.
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 BALANCE SHEETS
(In thousands)
UNAUDITED
January 31, April 30,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $5,161 $2,828
Accounts receivable, net 34,230 16,320
Accounts receivable from affiliates -- --
Inventories 38,248 20,242
Other current assets 3,105 2,612
Total current assets 80,744 42,002
Property and equipment, net 20,263 13,936
Other assets 3,560 4,533
Total assets $104,567 $60,471
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $31,594 $22,928
Accounts payable to affiliates -- --
Accrued liabilities 8,803 5,484
Income tax payable 1,830 531
Bank borrowings -- 9,000
Current portion of long term debts 84 79
Total current liabilities 42,311 38,022
Long term debt 12,587 32,660
Deferred tax liabilities 156 156
Stockholders' equity:
Preferred Stock -- 6
Common Stock 18 7
Additional paid-in capital 65,219 12,793
Distributions in excess
of net book value (20,608) (20,608)
Retained earnings 4,884 (2,565)
Total stockholders' equity 49,513 (10,367)
Total liabilities and
stockholders' equity $104,567 $60,471
INTERNATIONAL MANUFACTURING SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(UNAUDITED)
Three Months Ended Nine Months Ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
1998 1997 1998 1997
Revenues:
Affiliates $36,037 $18,806 $100,265 $65,791
Other 49,198 20,222 125,071 58,212
Total revenues 85,235 39,028 225,336 124,003
Cost of
revenues 77,599 34,841 203,955 114,634
Gross profit 7,636 4,187 21,381 9,369
Selling, general
& administrative
expenses 3,243 1,870 9,110 5,303
Restructuring charge -- -- -- 3,000
Total operating
expenses 3,243 1,870 9,110 8,303
Operating income 4,393 2,317 12,271 1,066
Interest expense,
net 552 915 3,054 2,654
Income before
income taxes 3,841 1,402 9,217 (1,588)
Provision for
income taxes 538 -- 1,296 --
Net income 3,303 1,402 7,921 (1,588)
Dividends on
convertible
preferred stock -- 250 472 633
Basic net income (loss)
available for common
stockholders $3,303 $1,152 $7,449 $(2,221)
Basic net income
(loss) per share $0.18 $0.16 $0.66 $(0.28)
Diluted net income
(loss) per share $0.16 $0.10 $0.45 $(0.28)
Shares used to
compute basic net
income (loss)
per share 18,328 7,028 11,368 7,805
Shares used to
compute diluted
net income
(loss) per share 20,860 14,029 17,678 7,805
SOURCE International Manufacturing Services, Inc.
/CONTACT: Nathan Kawaye CFO of International Manufacturing Services,
Inc., 408-953-1000/
/Web site: ims-us.com
(IMSX) |
