Sanmina Reports Third Quarter Fiscal 2015 Results

 

 


Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)














Three Months Ended


Nine Months Ended




June 27,


June 28,


June 27,


June 28,




2015


2014


2015


2014











GAAP Operating Income


$      47,283


$     53,328


$   150,415


$   138,145


GAAP operating margin


3.1%


3.3%


3.2%


3.1%

Adjustments










Stock compensation expense (1)


4,273


4,238


15,478


13,270


Amortization of intangible assets


774


1,074


2,694


2,799


Distressed customer charges (2)


1,700


-


4,802


383


Restructuring costs


7,711


2,302


12,451


8,571


Contingency item (3)


-


-


-


124


Gain on sales of long-lived assets


(2,552)


-


(3,748)


(530)


Asset impairments


-


-


1,954


-

Non-GAAP Operating Income


$      59,189


$     60,942


$   184,046


$   162,762


Non-GAAP operating margin


3.8%


3.8%


3.9%


3.6%





















GAAP Net Income


$      24,475


$     20,721


$     61,879


$     64,662











Adjustments:










Operating income adjustments (see above)


11,906


7,614


33,631


24,617


Loss on extinguishment of debt (4)


847


8,192


3,760


8,192


Litigation settlements (5)


-


(1,310)


(273)


(1,571)


Deferred and non-recurring tax adjustments


7,860


10,074


42,586


23,156

Non-GAAP Net Income


$      45,088


$       45,291


$   141,583


$   119,056





















GAAP Net Income Per Share:










Basic


$          0.30


$         0.25


$         0.75


$         0.78


Diluted


$          0.29


$         0.24


$         0.72


$         0.75











Non-GAAP Net Income Per Share:










Basic


$          0.55


$         0.55


$         1.72


$         1.43


Diluted


$          0.53


$         0.53


$         1.64


$         1.37











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













(1)

Stock compensation expense was as follows: 






Three Months Ended


Nine Months Ended




June 27,


June 28,


June 27,


June 28,




2015


2014


2015


2014








Cost of sales


$          1,412


$         1,298


$       4,479


$        3,864


Selling, general and administrative


2,810


2,916


10,872


9,369


Research and development


51


24


127


37


  Total


$          4,273


$         4,238


$     15,478


$      13,270



(2)

Relates to inventory and bad debt reserves 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, repurchased or otherwise extinguished prior to maturity.



(5)

Represents cash received in connection with certain litigation settlements.

Schedule I

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