Sanmina Reports Third 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 fourth quarter and its expectations concerning growth in fiscal 2014, 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; 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)



June 28,

2014



September 28,

2013


(Unaudited)




ASSETS


Current assets:

     Cash and cash equivalents

$

552,013


$

402,875

     Accounts receivable, net


973,051



944,816

     Inventories


880,267



781,560

     Prepaid expenses and other current assets      


98,970



75,337

          Total current assets


2,504,301



2,204,588


Property, plant and equipment, net


564,219



540,151

Other


221,585



251,109

          Total assets

$

3,290,105


$

2,995,848


LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:

     Accounts payable

$

1,082,986


$

956,488

     Accrued liabilities


110,643



109,363

     Accrued payroll and related benefits


130,791



118,572

     Short-term debt


163,732



22,301

          Total current liabilities


1,488,152



1,206,724


Long-term liabilities:

     Long-term debt


536,722



562,512

     Other


133,091



135,048

          Total long-term liabilities


669,813



697,560


Stockholders' equity


1,132,140



1,091,564

          Total liabilities and stockholders' equity

$

3,290,105


$

2,995,848


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