8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

_______________________

Date of Report (Date of earliest event reported): April 16, 2014

PLEXUS CORP.
______________________________________________________________________________
(Exact name of registrant as specified in its charter)

Wisconsin         001-1442339-1344447(State or other jurisdiction             (Commission             (I.R.S. Employer
of incorporation)                File Number)             Identification No.)

One Plexus Way, Neenah, WI         54956
(Address of principal executive offices)         (Zip Code)

Registrant’s telephone number, including area code:(920) 969-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]        Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02    Results of Operations and Financial Condition.

On April 16, 2014, Plexus Corp. announced results for the fiscal second quarter ended March 29, 2014. A copy of Plexus’ related press release is furnished to the Commission by attaching it as Exhibit 99.1 to this report, and a copy of related slides, as supporting materials, is attached as Exhibit 99.2 to this report.

* * * * *

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 16, 2014		PLEXUS CORP.
		(Registrant)
	By:	/s/ Ginger M. Jones
		Ginger M. Jones
		Chief Financial Officer

EX-99.1

EXHIBIT 99.1

April 16, 2014

Plexus Corp. Reports Second Quarter Results

• Fiscal second quarter revenue of $558 million, diluted EPS of $0.53

• Non-GAAP diluted EPS of $0.60, excluding $0.18 per share of restructuring and impairment charges and $0.11 per share of discrete tax benefit

• Initiates Q3 fiscal 2014 revenue guidance of $600 - $630 million

NEENAH, WI – April 16, 2014 - Plexus Corp. (NASDAQ: PLXS) today announced financial results for its fiscal second quarter ended March 29, 2014.

	Three Months Ended
	March 29,			December 28,			March 30,
	2014			2013			2013
(US$ in thousands, except EPS)	Q2 F14			Q1 F14			Q2 F13
Revenue		$557,616			$533,905			$557,824
Gross profit		$52,835			$51,502			$52,021
Operating profit		$19,000			$21,761			$23,188
Net income		$18,516			$17,663			$17,975
Earnings per share (diluted)		$0.53			$0.51			$0.52
Non-GAAP net income, before special items*		$20,831			$21,268			$17,975
Non-GAAP earnings per share (diluted), before special items*		$0.60			$0.61			$0.52
Gross margin	9.5		%	9.6		%	9.3		%
Operating margin	3.4		%	4.1		%	4.2		%
Return on invested capital (“ROIC”)**	14.1		%	14.5		%	12.7		%
*Special items for the fiscal second quarter of 2014 consisted of restructuring and impairment charges of $6.0
million and a discrete tax benefit of $3.7 million ($0.18 per share and $0.11 per share, respectively).
Special items for the fiscal first quarter of 2014 consisted of restructuring charges of $3.6 million, $0.10 per share.
**ROIC excludes special items, such as restructuring charges and discrete tax benefits.

Q2 Fiscal 2014 Results (quarter ended March 29, 2014):

• Revenue: $558 million, relative to our guidance of $535 to $565 million

• Diluted EPS: $0.53, including $0.10 per share of stock-based compensation expense

• Non-GAAP diluted EPS: $0.60 (including $0.10 per share of stock-based compensation expense and excluding $0.07 per share of net special items), relative to our guidance of $0.57 to $0.63

• ROIC: 14.1%

Q3 Fiscal 2014 Guidance    

• Revenue: $600 to $630 million

• Diluted EPS: $0.69 to $0.74, excluding any restructuring charges and including approximately $0.10 per share of stock-based compensation expense

Dean Foate, Chairman, President and CEO, commented, “Fiscal second quarter revenues were $558 million, above the midpoint of our guidance range and an increase of approximately 4% from the prior quarter, with diluted EPS of $0.53. Non-GAAP diluted EPS before special items was $0.60, at the midpoint of our guidance range. Return on invested capital before special items was 14.1% or 310 basis points above our weighted average cost of capital of 11%.”

Mr. Foate continued, “During the quarter, we won 41 new programs in our Manufacturing Solutions group. We anticipate these wins will generate approximately $159 million in annualized revenue when fully ramped into production. The wins performance this quarter results in trailing four quarter wins of approximately $731 million in annualized revenue, or approximately 33% of our trailing four quarter revenue.”

Ginger Jones, Senior Vice President and CFO, commented, “Financial performance for the fiscal second quarter was consistent with our expectations. Gross margin was 9.5%, selling and administrative expenses were $27.8 million, GAAP operating margin was 3.4%, and non-GAAP operating margin was 4.5%. Non-GAAP operating margin for the fiscal second quarter excludes after-tax restructuring and impairment charges of $6.0 million primarily related to the previously announced manufacturing facility transition from Juarez, Mexico to Guadalajara, Mexico. Non-GAAP diluted EPS of $0.60 for the fiscal second quarter excludes these restructuring charges as well as a $3.7 million benefit from discrete tax items. The discrete tax items related primarily to the release of reserves from the closure of federal and state tax audits during the quarter.”

Ms. Jones concluded, “During the fiscal second quarter, we purchased $7.6 million of our shares at an average price of $41.18 per share. The shares were purchased under the $30 million stock repurchase program authorized by the Plexus Board of Directors on August 19, 2013. Fiscal second quarter cash cycle days, including customer deposits, were 62 days and at the midpoint of our expectations. We generated $16.0 million in cash flow from operations during the quarter, which was offset by capital investment (primarily in Guadalajara, Mexico) of $8.8 million, resulting in free cash flow of $7.2 million during the quarter.”

Mr. Foate concluded, “We are establishing fiscal third quarter 2014 revenue guidance of $600 to 630 million. At that level of revenue we anticipate diluted EPS of $0.69 to $0.74, excluding any special charges and including approximately $0.10 per share of stock-based compensation expense. Our guidance suggests that our fiscal year revenue outlook has modestly strengthened.”

Plexus provides non-GAAP supplemental information such as earnings and margin excluding special items, ROIC and free cash flow. We present information net of special items because that data better identifies ongoing Company results by eliminating those unusual items for purposes of period-to-period comparisons. ROIC and free cash flow are used for internal management assessments because they provide additional insight into ongoing financial performance. In addition, we provide non-GAAP measures because we believe they offer insight into the metrics that are driving management decisions as well as management’s performance under the tests that it sets for itself. Please refer to the attached reconciliations of non-GAAP supplemental data.

Market Sector Breakout

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company’s focus on its global business and market development sector strategy.

Market Sector ($ in millions)	Q2 F14				Q1 F14				Q2 F13
Networking/Communications		$162	29	%		$163	31	%		$213	38	%
Healthcare/Life Sciences		$167	30	%		$165	31	%		$129	23	%
Industrial/Commercial		$145	26	%		$136	25	%		$140	25	%
Defense/Security/Aerospace		$84	15	%		$70	13	%		$76	14	%
Total Revenue		$558				$534				$558

Fiscal Q2 Supplemental Information

• ROIC for the fiscal second quarter was 14.1%. The Company defines ROIC as tax-effected annualized operating income before special items divided by average invested capital over a rolling three-quarter period for the second quarter and a rolling two-quarter period for the first quarter. Invested capital is defined as equity plus debt, less cash and cash equivalents. The Company estimates weighted average cost of capital for fiscal 2014 to be 11%.

• Cash flow provided by operations was approximately $16.0 million for the quarter. Capital expenditures for the quarter were $8.8 million. Free cash flow for the quarter was approximately $7.2 million. The Company defines free cash flow as cash flow provided by (or used in) operations less capital expenditures.

• Top 10 customers comprised 54% of revenue during the quarter, up two percentage points from the previous quarter.

• Cash Conversion Cycle:

Cash Conversion Cycle	Q2 F14	Q1 F14	Q2 F13
Days in Accounts Receivable	49	51	55
Days in Inventory	84	83	87
Days in Accounts Payable	(63)	(64)	(61)
Days in Cash Deposits	(8)	(8)	(17)
Annualized Cash Cycle	62	62	64

Conference Call/Webcast and Replay Information:

What:	Plexus Corp.’s Fiscal Q2 Earnings Conference Call and Webcast
When:	Thursday, April 17 at 8:30 a.m. Eastern Time
Where:	We encourage participants to access the live webcast at the investor relations section of Plexus’ website, www.plexus.com or you can access it at: http://edge.media-server.com/m/p/ad4z7vxv/lan/en Those without internet access can listen to the call at 1-800-708-4540 with confirmation: 36644363.
Replay:	The webcast will be archived at the Company’s website or via telephone replay at 1-888-843-7419 or (630) 652-3042 with Passcode: 3664 4363#
Contact:	Kristie Johnson, 920-725-7224, kristie.johnson@plexus.com

For further information, please contact:

Ginger Jones, Senior VP and Chief Financial Officer

920-751-5487 or ginger.jones@plexus.com

About Plexus Corp. – The Product Realization Company

Plexus (www.plexus.com) delivers optimized Product Realization solutions through a unique Product Realization Value Stream service model. This customer-focused services model seamlessly integrates innovative product conceptualization, design, commercialization, manufacturing, fulfillment and sustaining services to deliver comprehensive end-to-end solutions for customers in the America, European and Asia-Pacific regions.

Plexus is the industry leader in servicing mid-to-low volume, higher complexity customer programs characterized by unique flexibility, technology, quality and regulatory requirements. Award-winning customer service is provided to over 140 branded product companies in the Networking/Communications, Healthcare/Life Sciences, Industrial/Commercial and Defense/Security/Aerospace market sectors.

Safe Harbor and Fair Disclosure Statement

The statements contained in this press release that are guidance or which are not historical facts (such as statements in the future tense and statements including believe, expect, intend, plan, anticipate, goal, target and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, but are not limited to: the risk of customer delays, changes, cancellations or forecast inaccuracies in both ongoing and new programs; the poor visibility of future orders, particularly in view of changing economic conditions; the adequacy of restructuring and similar charges as compared to actual expenses; the economic performance of the industries, sectors and customers we serve; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods; our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the particular risks relative to new or recent customers or programs, which risks include customer and other delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreements, and the lack of a track record of order volume and timing; the risks of concentration of work for certain customers; our ability to manage successfully a complex business model characterized by high customer and product mix, low volumes and demanding quality, regulatory, and other requirements; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; the effects of shortages and delays in obtaining components as a result of economic cycles or natural disasters; the risks associated with excess and obsolete inventory, including the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by the customer, resulting in an inventory write-off; the weakness of areas of the global economy; the effect of changes in the pricing and margins of products; the effect of start-up costs of new programs and facilities, such as our new facilities in China, Romania and the United States, our announced plans to open a new facility in Mexico and our other recent, planned and potential future expansions, closures or replacements; increasing regulatory and compliance requirements; possible unexpected costs and operating disruption in transitioning programs; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the potential effects of regional results on our taxes and ability to use deferred tax assets; the potential effect of world or local events or other events outside our control (such as drug cartel-related violence in Mexico, changes in oil prices, terrorism and weather events); the impact of increased competition; and other risks detailed in our Securities and Exchange Commission filings (particularly in "Risk Factors" in our fiscal 2013 Form 10-K).

PLEXUS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended				Six Months Ended
	March 29,		March 30,		March 29,		March 30,
	2014		2013		2014		2013
Net sales		$557,616		$557,824		$1,091,521		$1,088,356
Cost of sales	504,781		505,803		987,184		985,173
Gross profit	52,835		52,021		104,337		103,183
Operating expenses:
Selling and administrative expenses	27,790		28,833		53,926		58,511
Restructuring and impairment charges	6,045		-		9,650		-
Operating income	19,000		23,188		40,761		44,672
Other income (expense):
Interest expense	(3,082)		(3,640)		(5,896)		(7,360)
Interest income	683		383		1,322		780
Miscellaneous	671		-		911		(475)
Income before income taxes	17,272		19,931		37,098		37,617
Income tax expense	(1,244)		1,956		919		3,026
Net income		$18,516		$17,975		$36,179		$34,591
Earnings per share:
Basic		$0.55		$0.52		$1.07		$1.01
Diluted		$0.53		$0.52		$1.04		$1.00
Weighted average shares outstanding:
Basic	33,868		34,286		33,799		34,253
Diluted	34,703		34,694		34,698		34,673

PLEXUS CORP.
NON-GAAP SUPPLEMENTAL INFORMATION
(in thousands, except per share data)
(unaudited)
	Three Months Ended
	March 29,			December 28,			March 30,
	2014			2013			2013
Operating profit, as reported		$19,000			$21,761			$23,188
Operating margin, as reported	3.4		%	4.1		%	4.2		%
Non-GAAP adjustments:
Restructuring and impairment charges*	6,045			3,605			-
Operating profit, as adjusted		$25,045			$25,366			$23,188
Operating margin, as adjusted	4.5		%	4.8		%	4.2		%
Net income, as reported		$18,516			$17,663			$17,975
Non-GAAP adjustments:
Restructuring and impairment charges*	6,045			3,605			-
Discrete tax benefit, net	(3,730)			-			-
Net income, as adjusted		$20,831			$21,268			$17,975
Diluted earnings per share, as reported		$0.53			$0.51			$0.52
Non-GAAP adjustments:
Restructuring and impairment charges	0.18			0.10			-
Discrete tax benefit, net	(0.110)			-			-
Diluted earnings per share, as adjusted		$0.60			$0.61			$0.52
*Summary of Restructuring and Impairment Charges
Severance Costs		$2,245			$401			$0
Fixed Asset Impairment	3,160			-			-
Other Exit Costs	640			3,204			-
Total Restructuring and Impairment Charges		$6,045			$3,605			$0

PLEXUS CORP.
NON-GAAP SUPPLEMENTAL INFORMATION
(in thousands, except per share data)
(unaudited)
ROIC Calculation	Six Months Ended				Three Months Ended				Six Months Ended
	March 29,				December 28,				March 30,
	2014				2013				2013
Operating income			$40,761				$21,761				$44,672
Restructuring and impairment charges			$9,650			3,605				-
Adjusted operating income			$50,411				$25,366				$44,672
	x	2			x	4			x	2
Annualized operating income		100,822				101,464				89,344
Tax rate	x	9		%	x	9		%	x	8		%
Tax impact		9,074				9,132				7,148
Operating income (tax effected)			$91,748				$92,332				$82,196
Average invested capital			$650,061				$638,697				$645,402
ROIC		14.1		%		14.5		%		12.7		%

	March 29, 2014		December 28, 2013		September 28, 2013
Equity		$736,493		$722,021		$699,301
Plus:
Debt - current	3,901		3,796		3,574
Debt - non-current	256,090		256,949		257,773
Less:
Cash and cash equivalents	(323,695)		(324,156)		(341,865)
		$672,789		$658,610		$618,783
Fiscal 2014 second quarter average invested capital (March 29, 2014, December 28, 2013 and September 28, 2013) was $650,061.
Fiscal 2014 first quarter average invested capital (December 28, 2013 and September 28, 2013) was $638,697.

Free Cash Flow Calculation

The Company defines free cash flow as cash flow provided by (or used in) operations less capital expenditures. For the three months ended March 29, 2014, cash flow provided by operations was approximately $16 million less capital expenditures of approximately $8.8 million, resulting in free cash flow of approximately $7.2 million.

PLEXUS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

	March 29,		September 28,
	2014		2013
ASSETS
Current assets:
Cash and cash equivalents		$323,695		$341,865
Accounts receivable	301,374		305,350
Inventories	462,209		404,020
Deferred income taxes	3,891		3,917
Prepaid expenses and other	25,360		23,870
Total current assets	1,116,529		1,079,022
Property, plant and equipment, net	333,315		325,061
Deferred income taxes	2,477		2,510
Other	42,421		41,091
Total assets		$1,494,742		$1,447,684
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations		$3,901		$3,574
Accounts payable	348,205		313,404
Customer deposits	43,866		69,295
Accrued liabilities:
Salaries and wages	37,017		42,553
Other	53,592		42,550
Total current liabilities	486,581		471,376
Long-term debt and capital lease obligations, net of current portion	256,090		257,773
Deferred income taxes	2,128		2,128
Other liabilities	13,450		17,106
Total non-current liabilities	271,668		277,007
Shareholders’ equity:
Common stock, $.01 par value, 200,000 shares authorized,
53,670 and 49,176 shares issued, respectively,
and 37,726 and 33,600 shares outstanding, respectively	537		492
Additional paid-in-capital	464,510		449,368
Common stock held in treasury, at cost, 15,944 and 15,576, respectively	(464,525)		(449,968)
Retained earnings	715,351		679,172
Accumulated other comprehensive income	20,620		20,237
Total shareholders’ equity	736,493		699,301
Total liabilities and shareholders’ equity		$1,494,742		$1,447,684

EX-99.2

FISCAL SECOND QUARTER 2014 FINANCIAL RESULTS April 17, 2014

SAFE HARBOR & FAIR DISCLOSURE STATEMENT 2 Any statements made during our call today that are not historical in nature, such as statements in the future tense and statements that include "believe," "expect," "intend," "plan," "anticipate," and similar terms and concepts, are forward-looking statements. Forward- looking statements are not guarantees since there are inherent difficulties in predicting future results, and actual results could differ materially from those expressed or implied in the forward-looking statements. For a list of major factors that could cause actual results to differ materially from those projected, please refer to the Company’s periodic SEC filings, particularly the risk factors in our Form 10-K filing for the fiscal year ended September 28, 2013, and the Safe Harbor and Fair Disclosure statement in yesterday’s press release. Plexus provides non-GAAP supplemental information such as earnings or margin excluding special items, ROIC and free cash flow. We present information excluding special items because it provides a better indication of core performance for purposes of period-to-period comparisons. ROIC and free cash flow are used for internal management assessments because they provide additional insight into ongoing financial performance. In addition, we provide non- GAAP measures because we believe they offer insight into the metrics that are driving management decisions as well as management’s performance under the tests that it sets for itself. For a full reconciliation of non-GAAP supplemental information please refer to yesterday’s press release and our periodic SEC filings.

FISCAL SECOND QUARTER 2014 3 Q2F14 Guidance Q2F14 Mar 29, 2014 Q1F14 Dec 28, 2013 Q2F14 vs. Q1F14 Revenue ($ millions) $535 to $565 $558 $534 + 4% Diluted EPS excluding special items $0.57 to $0.63 $0.60 $0.61 - 2% ROIC excluding special items 14.1% 14.5% - 40 bps • Revenue above mid-point of guidance range, up 4% from prior quarter • Non-GAAP diluted EPS at mid-point of guidance range ‒ Excludes $0.07 net special items Results vs. Guidance & Prior Quarter

A FEW FISCAL SECOND QUARTER HIGHLIGHTS • Overall revenue consistent with guidance; sector performance was mixed • Manufacturing Solutions new business wins: $159M • Engineering Solutions new program wins exceptionally strong: $26M • Fox Cities, WI transformation/consolidation: All 3 facilities complete • New Guadalajara, MX facility construction remains on track • Announced Juarez, MX facility would be closed by calendar year-end ‒ Programs will move to Guadalajara facility • Versus prior year Q2: Revenue flat, Operating margin up 30 bps (non-GAAP) ‒ Replaced approximately $92 million Juniper revenue (prior year Q2) • Modest improvement in full year revenue outlook 4

PERFORMANCE BY SECTOR 5 Q2F14 Mar 29, 2014 Q1F14 Dec 28, 2013 Q2F14 vs. Q1F14 Q3F14 Expectations (percentage points) Networking/ Communications $162 29% $163 31% flat Up 20% plus Healthcare/ Life Sciences $167 30% $165 31% 1% Up low-to-mid single Industrial/ Commercial $145 26% $136 25% 7% Up high single Defense/ Security/ Aerospace $84 15% $70 13% 20% Up mid single Total Revenue $558 100% $534 100% 4% Revenue in millions Comments refer to fiscal quarters • N/C better than expected in Q2 as demand improved. New programs drive growth in Q3 • HC/LS in-line in Q2. Mixed performance delivers modest growth in Q3 • I/C up, but below expectations for Q2; Modest strengthening, program ramps drive growth in Q3 • D/S/A up strong, but below expectations for Q2; mixed performance delivers modest growth in Q3

FISCAL SECOND QUARTER MANUFACTURING WINS 6 $72 $42 $35 $10 Manufacturing Wins by Sector ($Ms) Networking/Communications Healthcare/Life Sciences Industrial/Commercial Defense/Security/Aerospace $49 $24 $86 Manufacturing Wins by Region ($Ms) AMER EMEA APAC $159M in annualized revenue when fully ramped; 41 programs • Current target: $150M • Dollar value of wins in EMEA & APAC represent a significant percentage of quarterly revenues

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 % o f TFQ S al e s TFQ Wins TFQ Wins % of TFQ Sales Qtrly Wins MANUFACTURING WINS TREND Goal Quarterly target approximately $150M TFQ $731M N ew W in s $ M 7 TFQ Wins Remains Strong

FISCAL THIRD QUARTER GUIDANCE 8 Q3F14 Guidance Revenue $600 to $630 million Diluted EPS $0.69 to $0.74 • Excludes anticipated restructuring charges of $400,000 to $500,000 • Includes $0.10 stock based compensation expense • Revenue range mid-point suggests 10% sequential growth Q2F14 to Q3F14 - Sequential growth anticipated in all four sectors • EPS guidance excludes anticipated restructuring charge associated with the Juarez, MX closure and program transitions to Guadalajara, MX

FISCAL SECOND QUARTER INCOME STATEMENT HIGHLIGHTS 9 Q2F14 Mar 29, 2014 Q1F14 Dec 28, 2013 Q2F14 vs. Q1F14 Change Revenue $558 $534 + 4% Gross margin 9.5% 9.6% - 10 bps Selling & administrative expenses $27.8 $26.1 + 7% Operating margin excluding special items 4.5% 4.8% - 30 bps Diluted earnings per share $0.53 $0.51 + 4% Diluted earnings per share excluding special items $0.60 $0.61 - 2% Dollars in millions, except earnings per share • Gross margin and SG&A in-line with expectations • Recorded $6.0M restructuring charges ($0.18 of diluted EPS) primarily related to the previously announced facility closure in Juarez, MX and transition of programs to Guadalajara, MX • Recorded $3.7M discrete tax benefit ($0.11 of diluted EPS)

F14 Operations Initiatives • Supply Chain productivity • Manufacturing productivity • Facility simplifications • Improved sector mix Q2 margin reduction anticipated based on structural costs (merit increases and payroll taxes) MARGIN TREND 3.8% 4.0% 4.2% 4.4% 4.6% 4.8% 5.0% 450 500 550 600 Q1F13 Q2F14 Q3F13 Q4F13 Q1F14 Q2F14 R e ve n u e $ M Revenue vs. Operating Margin Revenue Operating Margin 10

BALANCE SHEET AND CASH FLOWS 11 Q2F14 Comments Return on invested capital 14.1% Above WACC of 11% but remains below enduring goal of WACC + 500 bps (16%) Share repurchases $7.6 million Average price of $41.18 per share Cash cycle days 62 days In-line with expectations and same as Q1F14 Free cash flow $7.2 million

Q1F11 Q2F11 Q3F11 Q4F11 Q1F12 Q2F12 Q3F12 Q4F12 Q1F13 Q2F13 Q3F13 Q4F13 Q1F14 Q2F14 Inventory Days 93 89 88 85 87 87 81 78 92 87 78 72 83 84 A/R Days 52 45 49 48 46 47 47 49 50 55 54 49 51 49 A/P Days 62 58 56 57 57 62 59 58 61 61 54 56 64 63 Customer Deposit Days 5 5 6 6 6 6 6 6 7 17 19 12 8 8 Net Cash Cycle Days 78 71 75 70 70 66 63 63 74 64 59 53 62 62 CASH CYCLE TREND • Q2F14 shows continued long-term progress • Expect cash cycle in high 50 day range exiting F14 12 - 10 20 30 40 50 60 70 80 90 100 Day s Net Cash Cycle Days Inventory Days A/R Days A/P Days Customer Deposit Days

FISCAL THIRD QUARTER 2014 GUIDANCE 13 Guidance Revenue $600 to $630 million Estimated restructuring charges $400,000 - $500,000 Diluted Earnings per share excluding restructuring $0.69 to $0.74 Gross margin 9.4 to 9.6% SG&A $29 to $30 million Operating margin 4.6 to 4.8% Depreciation and amortization $12.5 million Tax rate 8 - 10% Cash cycle days 62 to 64 days F14 estimated capital expenditures $75 million

WRAP-UP 14 Near-term focus items: 1. Continue “new wins” at or our above target to deliver modest growth in F14 and to carry growth momentum in F15 2. Continue to build revenue momentum into our new Oradea facility 3. Flawlessly transition business from Juarez to our new facility in Guadalajara, Mexico 4. Continued progress on operating improvements and initiatives to deliver operating margin in-line with our 5% target 5. Exceptional customer service: Operational Excellence, Value Stream Solutions

QUESTIONS