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Sanmina-SCI Reports Q2

SAN JOSE, Calif. — Sanmina-SCI Corporation (“Sanmina-SCI” or the “Company”) (NASDAQ GS: SANM) a leading global Electronics Manufacturing Services (EMS) company, today reported financial results for the second quarter ended April 2, 2011.

Revenue for the second quarter was up 2.7 percent to $1.57 billion, compared to $1.53 billion for the same period of fiscal 2010. GAAP operating income in the second quarter was $45 million or 2.8 percent of revenue, compared to $45 million or 3.0 percent in the second quarter fiscal 2010. GAAP net income in the second quarter was $13 million, a diluted earnings per share of $0.16, compared to $10 million, a diluted earnings per share of $0.12 for the same period of fiscal 2010.

Non-GAAP operating income in the second quarter was $53 million or 3.4 percent of revenue, compared to $56 million or 3.7 percent in the second quarter fiscal 2010. Non-GAAP net income in the second quarter was $25 million, a diluted earnings per share of $0.30, compared to $24 million, a diluted earnings per share of $0.29 for the same period a year ago.

Cash and cash equivalents increased $106 million over the prior quarter to $655 million. The Company reduced inventory for the third quarter in a row. Cash cycle days were 55 days.

“We are disappointed in our revenue and margin performance for the second quarter fiscal year 2011. Softness was broad based, with a significant impact coming from weakness in the communications market and the delay in defense spending. We believe demand is improving and the second half of fiscal 2011 will be stronger than the first half,” stated Jure Sola, Chairman and Chief Executive Officer.

“We are confident we have the right strategy in place and that our focus on market diversification, operational excellence and investments in technology and services will drive growth and margin expansion,” concluded Sola.

Read the full press release.

Sanmina-SCI

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