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Sanmina-SCI Closes Q4

SAN JOSE, Calif. — Sanmina-SCI Corporation (“Sanmina-SCI” or the “Company”) (Nasdaq: SANM), a leading global Electronics Manufacturing Services (EMS) company, today reported financial results for the fourth quarter and fiscal year ended October 2, 2010. Revenue for the fourth quarter was $1.69 billion, up 4 percent, compared to $1.63 billion in the prior quarter ended July 3, 2010 and up 25 percent, compared to $1.35 billion for the same period a year ago. Revenue for the fiscal year ended October 2, 2010 was $6.3 billion, up 22 percent compared to $5.2 billion for the year ended October 3, 2009.

GAAP Financial Results

GAAP net income in the fourth quarter was $31.4 million, a diluted earnings per share of $0.38, compared to a net income of $21.6 million, a diluted earnings per share of $0.26 in the prior quarter. GAAP net loss for the same period a year ago was $32.7 million, a diluted loss per share of $0.42. GAAP net income for the full year was $122.4 million, a diluted earnings per share of $1.48, compared to net loss of $137.8 million, a diluted loss per share of $1.67 in fiscal 2009.

Non-GAAP Financial Results(1)

Non-GAAP gross profit in the fourth quarter was $132.2 million, or 7.8 percent of revenue, down 10 basis points, compared to gross profit of $129 million, or 7.9 percent of revenue in the third quarter and up 70 basis points compared to $96.4 million, or 7.1 percent in the same period a year ago. Non-GAAP gross profit for the fiscal year 2010 was $492.4 million, or 7.8 percent of revenue, up 120 basis points, compared to gross profit of $339.9 million, or 6.6 percent for the fiscal year 2009.

Non-GAAP operating income in the fourth quarter was $68.9 million, or 4.1 percent of revenue, up 20 basis points, compared to $64.2 million, or 3.9 percent of revenue in the prior quarter and a 150 basis point improvement compared to $34.5 million, or 2.6 percent in the fourth quarter fiscal 2009. Non-GAAP operating income for fiscal 2010 was $237.9 million, or 3.8 percent of revenue, up 200 basis points, compared to $94.3 million, or 1.8 percent of revenue for fiscal 2009.

Non-GAAP net income in the fourth quarter was $37.8 million, a diluted earnings per share of $0.46, compared to a net income of $26.6 million and $0.32 diluted earnings per share in the prior quarter. Non-GAAP net income for the same period a year ago was $94 thousand, a diluted earnings per share of $0.00. Non-GAAP net income for the full year was $106.9 million, or $1.30 diluted earnings per share, compared to net loss of $42.5 million, a diluted loss per share of $0.52 in fiscal 2009.

{complink 4773|Sanmina-SCI Corp.}

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