Sanmina Reports Second Quarter Fiscal 2015 Results

 










Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)












Three Months Ended


Six Months Ended












March 28,


March 29,


March 28,


March 29,



2015


2014


2015


2014










Net sales

$ 1,527,530


$ 1,476,712


$ 3,198,692


$ 2,924,210

Cost of sales

1,412,267


1,357,745


2,957,083


2,694,458


Gross profit

115,263


118,967


241,609


229,752










Operating expenses:









Selling, general and administrative

57,023


62,332


116,441


121,514


Research and development

7,559


8,829


15,628


16,734


Amortization of intangible assets

425


474


850


948


Restructuring costs 

1,740


2,565


4,740


6,269


Asset impairments

-


-


1,954


-


Gain on sales of long-lived assets

(1,136)


(530)


(1,136)


(530)


     Total operating expenses

65,611


73,670


138,477


144,935










Operating income

49,652


45,297


103,132


84,817











Interest income

265


174


554


980


Interest expense 

(6,197)


(7,482)


(12,634)


(14,955)


Other income (expense), net

(365)


626


(1,893)


1,504

Interest and other, net

(6,297)


(6,682)


(13,973)


(12,471)










Income before income taxes

43,355


38,615


89,159


72,346










Provision for income taxes 

28,607


17,775


51,755


28,405










Net income

$      14,748


$      20,840


$      37,404


$      43,941




















Basic income per share

$          0.18


$          0.25


$          0.45


$          0.53


Diluted income per share

$          0.17


$          0.24


$          0.43


$          0.51











Weighted-average shares used in computing 









per share amounts:









  Basic

82,977


82,728


82,762


83,247


  Diluted

86,897


86,144


86,797


86,723











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