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Jabil Posts Record Q1

ST. PETERSBURG, Fla. — Jabil Circuit, Inc. (NYSE: JBL), reported its preliminary, unaudited financial results for the first quarter of fiscal year 2011, ended November 30, 2010. “We believe our results for the first quarter represent an excellent start to fiscal 2011,” said Timothy L. Main, President and CEO of Jabil. “Revenue growth was accompanied by margin improvement and a passionate dedication to customer service across our business segments.”

(Definitions used: “GAAP” means U.S. generally accepted accounting principles. Jabil defines core operating income as GAAP operating income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and impairment charges, goodwill impairment charges, certain distressed customer charges and loss on disposal of subsidiary. Jabil defines core earnings as GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and impairment charges, goodwill impairment charges, certain distressed customer charges, loss on disposal of subsidiary, certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core earnings per share as core earnings divided by the weighted average number of outstanding shares determined under GAAP. Jabil reports core operating income, core earnings and core earnings per share to provide investors an additional method for assessing operating income, earnings and earnings per share from what it believes are its core manufacturing operations. See the accompanying reconciliation of Jabil's core operating income to its GAAP operating income and Jabil's core earnings and core earnings per share to its GAAP net income and GAAP earnings per share and additional information in the supplemental information.)

First Quarter 2011 Net revenue for the first quarter of fiscal 2011 was $4.1 billion compared to $3.1 billion for the same period of fiscal 2010.

GAAP results:
GAAP operating income for the first quarter of fiscal 2011 was $156.0 million compared to $66.3 million for the same period of fiscal 2010.

GAAP net income for the first quarter of fiscal 2011 was $106.7 million compared to $28.3 million for the same period of fiscal 2010.

GAAP diluted earnings per share for the first quarter of fiscal 2011 was $0.49 compared to $0.13 for the same period of fiscal 2010.

Core results:
Core operating income for the first quarter of fiscal 2011 was $181.9 million or 4.5 percent of net revenue compared to $106.5 million or 3.4 percent of net revenue for the same period of fiscal 2010.

Core earnings for the first quarter of fiscal 2011 were $132.1 million compared to $68.3 million for the same period of fiscal 2010.

Core diluted earnings per share for the first quarter of fiscal 2011 was $0.61 compared to $0.32 for the same period of fiscal 2010. Sequential First Quarter Fiscal 2011

Operational Highlights
• GAAP operating income increased 51.5 percent.
• GAAP earnings increased $0.22 per fully diluted share.
• Core operating income increased 15.9 percent.
• Core earnings increased $0.09 per fully diluted share.

Balance Sheet and Cash Flow Highlights
• Cash flow used in operations for the quarter was $82.7 million.
• Sales cycle was 16 days for the first quarter of fiscal 2011.
• Annualized inventory turns were seven for the first quarter of fiscal 2011.
• Capital expenditures for the first quarter of fiscal 2011 were $101.3 million.
• Depreciation for the first quarter of fiscal 2011 was $69.0 million.
• Cash and cash equivalent balances were $630.2 million at the end of the first quarter of fiscal 2011.
• Core return on invested capital was 28.1 percent for the first quarter of fiscal 2011.
• A $0.07 dividend was paid on December 1, 2010.

{complink 2862|Jabil Circuit Inc.}

1 comment on “Jabil Posts Record Q1

  1. hwong
    December 31, 2010

    This looks like good news for the semiconductor industry and positive news for the holistic economy. Jabil is one of Cisco's largest contract manufacturer. Perhaps we can infer that Cisco and the rest of the networking companies will be doing well this next upcoming quarter

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