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.


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