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Molex Reports Q2

LISLE, Ill. — Molex Incorporated (NASDAQ: MOLX and MOLXA), a global electronic components company, today reported results for its fiscal 2011 second quarter ended December 31, 2010.

Revenue for the December 2010 quarter of $901.5 million exceeded the high end of the guidance provided on October 26, 2010, increased 24% from the December 2009 quarter and was incrementally higher than the September 2010 quarter. Revenue in local currencies increased 22% compared with the prior year but decreased 2% compared with the September 2010 quarter. Orders for the quarter were $872 million, an increase of 12% from the prior year quarter and in line with the September 2010 quarter.

Net income for the December 2010 quarter was $78.3 million or $0.45 per share, exceeding the high end of guidance, compared with net income of $13.8 million, or $0.08 per share, for the December 2009 quarter and $75.1 million, or $0.43 per share, for the September 2010 quarter. Net income for the current quarter was impacted by legal costs related to unauthorized activities in Japan of $2.7 million ($1.7 million after-tax or $0.01 per share). In the December 2009 quarter, net income included restructuring costs of $25.6 million ($22.2 million after-tax or $0.13 per share) and costs from unauthorized activities in Japan of $8.5 million ($5.4 million after-tax or $0.03 per share). In the September 2010 quarter, net income included legal costs related to unauthorized activities in Japan of $5.5 million ($3.5 million after-tax or $0.02 per share). The effective tax rate for the current quarter was 30.3%.

“Fiscal 2011 is off to a strong start with successive quarters of revenue and earnings per share records,” commented Martin P. Slark, Molex’s Chief Executive Officer. “We expect our expanded and more diversified customer base, coupled with our robust new product pipeline, to position us for a strong second half to our fiscal year. In addition to these organic growth opportunities, in January we announced the purchase of Luxtera’s active optical cable business which will give us a more complete offering in our high speed cable business and offer us considerable growth potential both now and for next generation technology. With our new, low cost platform, a strong balance sheet, our extensive presence in Asia and significant growth opportunities in the expanding global electronics market, we believe we are well positioned for the future.”

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