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Molex Reports Q1

LISLE, Ill. — Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic components company, today reported results for its fiscal 2011 first quarter ended September 30, 2010.

Three Months Ended Sept. 30, Jun. 30, Sept. 30,
USD millions, except per share data 2010 2010 2009
Net revenue…………………………………………………………….. $ 897.7 $ 847.3 $ 674.0
Net income (loss)……………………………………………………… 75.1 39.8 (15.1)
Earnings (loss) per share…………………………………………… 0.43 0.23 (0.09)

Revenue for the September 2010 quarter of $897.7 million exceeded the high end of the guidance provided on August 3, 2010 and increased 6% from the June 2010 quarter and 33% from the September 2009 quarter. The increase in local currency was 5% compared with the June 2010 quarter and 32% compared with the prior year. Orders for the quarter were $868.4 million, a decrease of 5% from the June 2010 quarter but an increase of 20% from the prior year quarter.

Net income for the September 2010 quarter was $75.1 million or $0.43 per share, compared with net income of $39.8 million or $0.23 per share, for the June 2010 quarter. Net income for the current quarter was impacted by investigative and legal costs related to unauthorized activities in Japan of $5.5 million ($3.5 million after-tax or $0.02 per share). In the June 2010 quarter, net income included a pretax restructuring charge of $26.5 million ($24.7 million after-tax or $0.14 per share) and investigative and legal costs related to unauthorized activities in Japan of $4.8 million ($3.0 million after-tax or $0.02 per share). The effective tax rate for the current quarter was 32.2%, which included a charge of $2.3 million or $0.01 per share for the reversal of estimated tax benefits resulting from the expiration of employee stock options and vesting of restricted stock at amounts less than recorded book value.

“Revenue and earnings per share reached all-time record levels in the September quarter and customer demand continued to be strong,” commented Martin P. Slark, Molex’s Chief Executive Officer. “Our growth has been further supported by new product launches and by our Focus Account program that continues to expand and diversify our customer base, bringing us new opportunities for growth. We have now exceeded pre-recession revenue and order levels and are seeing the benefits of our new cost structure. In view of the record revenue and profits along with a more efficient organization resulting from the restructuring, we are increasing our dividend by 14.8% effective with the payment in January, 2011.”

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