Sanmina Reports Third Quarter Fiscal 2014 Results

 

Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)



Three Months Ended


Nine Months Ended


June 28,


June 29,


June 28,


June 29,


2014


2013


2014


2013


GAAP Operating Income


$ 53,328


$  35,681


$ 138,145


$ 112,941


GAAP operating margin


3.3%


2.4%


3.1%


2.6%

Adjustments










Stock compensation expense (1)


4,238


4,368


13,270


13,376


Amortization of intangible assets


1,074


474


2,799


1,422


Distressed customer charges (2)


-


-


383


5,412


Restructuring, acquisition and integration costs


2,302


9,391


8,571


20,263


Contingency item that may be recovered (3)


-


-


124


-


Gain on sales of long-lived assets


-


(176)


(530)


(23,361)


Asset impairments


-


-


-


1,100

Non-GAAP Operating Income


$ 60,942


$   49,738


$ 162,762


$131,153


Non-GAAP operating margin


3.8%


3.3%


3.6%


3.0%



GAAP Net Income


$20,721


$  18,738


$   64,662


$  40,550


Adjustments:










Operating income adjustments (see above)


7,614


14,057


24,617


18,212


Loss on repurchases of debt (4)


8,192


-


8,192


1,401


Loss on dedesignation of interest rate swap (5)


-


-


-


14,903


Litigation settlements (6)


(1,310)


-


(1,571)


-


Nonrecurring tax items


10,074


1,186


23,156


8,439

Non-GAAP Net Income


$ 45,291


$   33,981


$  119,056


$   83,505



GAAP Net Income Per Share:










Basic


$      0.25


$        0.23


$        0.78


$       0.49


Diluted


$      0.24


$        0.22


$        0.75


$       0.48


Non-GAAP Net Income Per Share:










Basic


$      0.55


$        0.41


$        1.43


$       1.01


Diluted


$      0.53


$        0.40


$        1.37


$       0.98


Weighted-average shares used in computing per share amounts:










Basic


82,467


83,082


82,988


82,515


Diluted


86,235


85,602


86,597


84,819



(1)

Stock compensation expense was as follows: 








Three Months Ended


Nine Months Ended


June 28,


June 29,


June 28,


June 29,


2014


2013


2014


2013



Cost of sales


$   1,298


$      1,471


$      3,864


$     4,102


Selling, general and administrative


2,916


2,876


9,369


9,175


Research and development


24


21


37


99


  Total


$   4,238


$      4,368


$    13,270


$   13,376


(2)

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


(3)

Represents a non-recurring contingency that the Company may resolve favorably in future periods.  However, there can be no assurance of the exact amount or timing of this recovery.


(4)

Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed or repurchased prior to maturity.


(5)

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



(6)

Represents cash received in connection with a litigation settlement.


« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
Aldec

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Simon Davidmann: A re-energized Imperas Tutorial at DAC
More Editorial  
Jobs
DDR 3-4-5 Developer with VIP for EDA Careers at San Jose, CA
Senior Front-End RTL Design AE for EDA Careers at San Jose, CA
LVS for PDK Design Engineer SILICON VALLEY for EDA Careers at San Jose, CA
LVS PEX DESIGN ENGINEERS SILICON VALLEY for EDA Careers at San Jose, CA
Upcoming Events
11th International Conference on Verification and Evaluation of Computer and Communication Systems at 1455 DeMaisonneuve W. EV05.139 Montreal Quebec Canada - Aug 24 - 25, 2017
DVCon India 2017, Sept 14 - 15, 2017 at The Leela Palace Bengalore India - Sep 14 - 15, 2017
SMTA International 2017 at Rosemont IL - Sep 17 - 21, 2017
S2C: FPGA Base prototyping- Download white paper



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy