Sanmina Reports Third Quarter Fiscal 2015 Results

 

 

Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)












Three Months Ended


Nine Months Ended












June 27,


June 28,


June 27,


June 28,



2015


2014


2015


2014










Net sales

$ 1,539,271


$ 1,604,727


$ 4,737,963


$ 4,528,937

Cost of sales

1,418,709


1,477,814


4,375,792


4,172,272


Gross profit

120,562


126,913


362,171


356,665










Operating expenses:









Selling, general and administrative

59,736


63,029


176,177


184,543


Research and development

8,339


7,829


23,967


24,563


Amortization of intangible assets

314


425


1,164


1,373


Restructuring costs 

7,711


2,302


12,451


8,571


Asset impairments

-


-


1,954


-


Gain on sales of long-lived assets

(2,821)


-


(3,957)


(530)


     Total operating expenses

73,279


73,585


211,756


218,520










Operating income

47,283


53,328


150,415


138,145











Interest income

273


210


827


1,190


Interest expense 

(6,017)


(8,439)


(18,651)


(23,394)


Other expense, net

(1,248)


(6,101)


(3,141)


(4,597)

Interest and other, net

(6,992)


(14,330)


(20,965)


(26,801)










Income before income taxes

40,291


38,998


129,450


111,344










Provision for income taxes 

15,816


18,277


67,571


46,682










Net income

$      24,475


$      20,721


$      61,879


$      64,662




















Basic income per share

$          0.30


$          0.25


$          0.75


$          0.78


Diluted income per share

$          0.29


$          0.24


$          0.72


$          0.75











Weighted-average shares used in computing  per share amounts:









  Basic

81,700


82,467


82,357


82,988


  Diluted

85,493


86,235


86,308


86,597


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