Sanmina Reports First Quarter Fiscal 2014 Results

 

Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)












Three Months Ended




Dec. 28,


Sept. 28,


Dec. 29,




2013


2013


2012

GAAP Operating Income


$      39,520


$      44,688


$      31,462


GAAP operating margin


2.7%


3.0%


2.1%

Adjustments








Stock compensation expense (1)


4,275


4,148


4,666


Amortization of intangible assets


474


474


474


Distressed customer charges (2)


673


768


5,091


Restructuring, acquisition and integration costs


3,704


4,647


3,947


Gain on sales of long-lived assets


-


-


(4,218)


Asset impairments


-


1,000


-

Non-GAAP Operating Income


$      48,646


$      55,725


$      41,422


Non-GAAP operating margin


3.4%


3.7%


2.8%

















GAAP Net Income


$      23,101


$      38,801


$           621









Adjustments:








Operating income adjustments (see above)


9,126


11,037


9,960


Loss on dedesignation of interest rate swap (3)


-


-


14,903


Litigation settlements (4)


-


(2,421)


-


Nonrecurring tax items


3,259


(7,537)


(1,245)

Non-GAAP Net Income


$      35,486


$      39,880


$      24,239

















GAAP Net Income Per Share:








Basic


$          0.28


$          0.46


$          0.01


Diluted


$          0.26


$          0.44


$          0.01









Non-GAAP Net Income Per Share:








Basic


$          0.42


$          0.48


$          0.30


Diluted


$          0.41


$          0.46


$          0.29









Weighted-average shares used in computing per share amounts:








Basic


83,766


83,790


81,920


Diluted


87,259


87,201


84,011

















(1)

Stock compensation expense was as follows: 


















Three Months Ended




Dec. 28,


Sept. 28,


Dec. 29,




2013


2013


2012






Cost of sales


$        1,202


$        1,362


$        1,340


Selling, general and administrative


3,071


2,767


3,295


Research and development


2


19


31


  Total


$        4,275


$        4,148


$        4,666









(2)

Relates to inventory and bad debt reserves / recoveries associated with distressed customers.









(3)

Represents a non-cash loss resulting from dedesignation of an interest rate swap.









(4)

Represents cash received in connection with a litigation settlement.


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