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Celestica Posts Q4 Results

OTTAWA — Revenue for the quarter was $1.88 billion, compared to $1.66 billion in the fourth quarter of 2009. GAAP net earnings were $25.6 million, or $0.11 per share, compared to GAAP net earnings of $31.1 million, or $0.13 per share, for the same period last year. GAAP net earnings for the fourth quarter of 2010 included a $0.16 per share (pre-tax) charge for the following items: quarterly stock-based compensation, amortization of intangible assets (excluding computer software) and restructuring charges. This charge was higher than the estimate of between $0.05 to $0.12 per share provided on October 28th, 2010, primarily due to higher than expected restructuring and a mark-to-market adjustment for stock-based compensation costs. GAAP net earnings for the fourth quarter of 2010 also included a $0.03 per share (pre-tax) charge primarily for impairment of long-lived assets.

Adjusted net earnings for the quarter were $58.3 million, or $0.26 per share, compared to $49.5 million, or $0.21 per share, for the same period last year. The term adjusted net earnings is a non-GAAP measure defined as net earnings before stock-based compensation, amortization of intangible assets (excluding computer software), restructuring and other charges, and gains or losses related to the repurchase of shares or debt, net of tax adjustments and significant deferred tax write-offs or recoveries. Detailed GAAP financial statements and supplementary information related to adjusted net earnings and other non-GAAP measures appear at the end of this press release.

For fiscal year 2010, revenue was $6.5 billion, compared to $6.1 billion for fiscal year 2009. GAAP net earnings for 2010 were $80.8 million, or $0.35 per share, compared to $55.0 million, or $0.24 per share, for 2009. Adjusted net earnings for 2010 were $196.0 million, or $0.85 per share, compared to $158.5 million, or $0.69 per share, for 2009.

Fourth Quarter Results Compared to Guidance

The company's revenue of $1.88 billion and adjusted net earnings of $0.26 per share for the fourth quarter of 2010 were at the high end of the company's published guidance, announced on October 28, 2010, of revenue of $1.70 billion to $1.85 billion and adjusted net earnings per share of $0.20 to $0.26.

“Celestica reported very strong financial results in the fourth quarter, highlighted by 21 per cent sequential revenue growth and the highest returns on invested capital since the company went public in 1998,” said Craig Muhlhauser, President and Chief Executive Officer, Celestica. “Our focus continues to be on delivering value for our customers and building momentum for profitable growth in our target markets.

“The company begins 2011 well positioned to meet the complex supply chain requirements of our customers, with the opportunity to deliver continued revenue growth and steadily improving returns to our shareholders.”

{complink 987|Celestica Inc.}

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