Sanmina Reports Second Quarter Fiscal 2014 Results

About Sanmina
Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and semiconductor systems, medical, multimedia, computing and storage, automotive and clean technology sectors. Sanmina has facilities strategically located in key regions throughout the world. More information regarding the company is available at www.sanmina.com.

Sanmina Safe Harbor Statement
Certain statements contained in this press release, including the Company's outlook for the third quarter and its expectations regarding revenue and profitability, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including changes to or a deterioration in the markets for the Company's customers' products; competition that could adversely impact the Company's pricing and therefore result in a reduction of revenues and margins;  dependence on a relatively small number of customers, the loss of or reduction in business from any of which could significantly reduce our revenue and net income; inability of customers to pay for the Company's products due to insolvency  or otherwise; any failure of the Company's Components, Products and Services business to meet expectations; and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission ("SEC").

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

 

Sanmina Corporation

Condensed Consolidated Balance Sheets

(In thousands)

(GAAP)





March 29,


September 28,





2014


2013












(Unaudited)



ASSETS












Current assets:






Cash and cash equivalents


$    390,622


$       402,875


Accounts receivable, net


953,347


944,816


Inventories


799,663


781,560


Prepaid expenses and other current assets


88,218


75,337



Total current assets


2,231,850


2,204,588








Property, plant and equipment, net


546,366


540,151

Other


241,995


251,109



Total assets


$ 3,020,211


$    2,995,848








LIABILITIES AND STOCKHOLDERS' EQUITY












Current liabilities:






Accounts payable


$    917,780


$       956,488


Accrued liabilities 


108,445


109,363


Accrued payroll and related benefits


113,986


118,572


Short-term debt


85,682


22,301



Total current liabilities


1,225,893


1,206,724








Long-term liabilities:






Long-term debt


557,241


562,512


Other


133,560


135,048



Total long-term liabilities


690,801


697,560








Stockholders' equity


1,103,517


1,091,564



Total liabilities and stockholders' equity


$ 3,020,211


$    2,995,848









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