Sanmina Reports Second Quarter Fiscal 2015 Results

 














Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)
















Three Months Ended


Six Months Ended




March 28,


Dec. 27,


March 29,


March 28,


March 29,




2015


2014


2014


2015


2014













GAAP Operating Income


$      49,652


$      53,480


$      45,297


$    103,132


$      84,817


GAAP operating margin


3.3%


3.2%


3.1%


3.2%


2.9%

Adjustments












Stock compensation expense (1)


5,488


5,717


4,757


11,205


9,032


Amortization of intangible assets


885


1,035


1,251


1,920


1,725


Distressed customer charges (2)


-


3,102


(290)


3,102


383


Restructuring costs


1,740


3,000


2,565


4,740


6,269


Contingency item (3)


-


-


124


-


124


Gain on sales of long-lived assets


(1,196)


-


(530)


(1,196)


(530)


Asset impairments


-


1,954


-


1,954


-

Non-GAAP Operating Income


$      56,569


$      68,288


$      53,174


$    124,857


$    101,820


Non-GAAP operating margin


3.7%


4.1%


3.6%


3.9%


3.5%

























GAAP Net Income


$      14,748


$      22,656


$      20,840


$      37,404


$      43,941













Adjustments:












Operating income adjustments (see above)


6,917


14,808


7,877


21,725


17,003


Loss on repurchases of debt (4)


-


2,913


-


2,913


-


Litigation settlements (5)


-


(273)


(261)


(273)


(261)


Deferred and non-recurring tax adjustments


21,698


13,028


9,823


34,726


13,082

Non-GAAP Net Income


$      43,363


$      53,132


$      38,279


$      96,495


$      73,765

























GAAP Net Income Per Share:












Basic


$          0.18


$          0.27


$          0.25


$          0.45


$          0.53


Diluted


$          0.17


$          0.26


$          0.24


$          0.43


$          0.51













Non-GAAP Net Income Per Share:












Basic


$          0.52


$          0.64


$          0.46


$          1.17


$          0.89


Diluted


$          0.50


$          0.61


$          0.44


$          1.11


$          0.85













Weighted-average shares used in computing per share amounts:












Basic


82,977


82,548


82,728


82,762


83,247


Diluted


86,897


86,682


86,144


86,797


86,723

























(1)

Stock compensation expense was as follows: 






















Three Months Ended


Six Months Ended




March 28,


Dec. 27,


March 29,


March 28,


March 29,




2015


2014


2014


2015


2014














Cost of sales


$        1,491


$        1,576


$        1,364


$        3,067


$        2,566


Selling, general and administrative


3,959


4,103


3,382


8,062


6,453


Research and development


38


38


11


76


13


  Total


$        5,488


$        5,717


$        4,757


$      11,205


$        9,032













(2)

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













(3)

Represents a non-recurring contingency that the Company ultimately resolved favorably in Q4 FY14.













(4)

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













(5)

Represents cash received in connection with certain litigation settlements.
















Schedule I

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