SAN JOSE, Calif. -- Sanmina-SCI Corporation ("Sanmina-SCI" or the "Company") (NASDAQ GS: SANM), a leading global integrated manufacturing services company, today reported financial results for the second fiscal quarter ended March 31, 2012.
Second quarter fiscal 2012 summaryRevenue of $1.46 billion
GAAP operating margin 2.1 percent
GAAP diluted loss per share of $0.02
Non-GAAP(1) operating margin of 3.1 percent
Non-GAAP diluted earnings per share of $0.27
Revenue for the second quarter was $1.46 billion, compared to $1.50 billion in the prior quarter and $1.57 billion for the same period of fiscal 2011.
GAAP operating income in the second quarter was $30.2 million or 2.1 percent of revenue, compared to $44.6 million or 2.8 percent of revenue for the same period ended April 2, 2011. GAAP net loss in the second quarter was $1.4 million, compared to GAAP net income of $13.1 million for the same period a year ago. GAAP diluted loss per share for the quarter of $0.02, compared to GAAP diluted earnings per share of $0.16 in the second quarter fiscal 2011.
Non-GAAP operating income in the second quarter was $44.8 million or 3.1 percent of revenue, compared to $53.3 million or 3.4 percent of revenue in the second quarter fiscal 2011. Non-GAAP net income in the second quarter was $22.5 million, compared to $24.9 million in the same period a year ago. Non-GAAP diluted earnings per share were $0.27, compared to $0.30 for the same period a year ago.
Cash and cash equivalents for the quarter ended March 31, 2012 were $464.4 million. Cash flow from operations was $60.0 million. Inventory turns were 6.1x. "As we expected, our second quarter continued to be challenged by relatively flat demand across most of our markets and a decline in the multimedia segment," stated Jure Sola, Chairman and Chief Executive Officer.
"We were able to take advantage of this slower demand period by generating $60 million of cash from operations and redeeming $150 million of long-term debt in the quarter, with an additional $100 million redeemed on April 9th. Our net interest expense savings is expected to be approximately $20 million on an annual basis."
"Based on our outlook for the third quarter and feedback from our customers, we remain encouraged that we should see improvements in the second half of the calendar year," concluded Sola.
Third quarter fiscal 2012 outlook
The following forecast is for the third fiscal quarter ending June 30, 2012. These statements are forward-looking and actual results may differ materially.
Revenue between $1.475 billion to $1.525 billion
Non-GAAP diluted earnings per share between $0.26 to $0.32
Sanmina-SCI Corp. (Nasdaq: SANM)