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 20, 2016

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         54957
(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 20, 2016, Plexus Corp. announced results for the fiscal second quarter ended April 2, 2016. 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 the related slides, as supporting materials, is attached as Exhibit 99.2 to this report.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits:

99.1	Press release issued by Plexus Corp., dated April 20, 2016.
99.2	Slide presentation for the fiscal 2016 second quarter quarterly update conference call issued by Plexus Corp., dated April 21, 2016.

* * * * *

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 20, 2016	PLEXUS CORP.
	(Registrant)
	By: /s/ Patrick J. Jermain
	Patrick J. Jermain
	Senior Vice President and Chief Financial Officer

EX-99.1

Plexus Announces Fiscal Second Quarter 2016 Financial Results

• Fiscal second quarter 2016 revenue of $619 million

• GAAP diluted EPS of $0.50, non-GAAP diluted EPS of $0.55, excluding $0.05 per share of restructuring charges

• Initiates fiscal third quarter 2016 revenue guidance of $640 - $670 million with non-GAAP diluted EPS of $0.73 to $0.81, excluding any restructuring or other charges

NEENAH, WI – April 20, 2016 - Plexus (NASDAQ: PLXS) today announced financial results for its fiscal second quarter ended April 2, 2016, and guidance for its fiscal third quarter ending July 2, 2016.

		Three Months Ended
		Apr 2, 2016			Apr 2, 2016	Jul 2, 2016
		Q2F16 Results			Q2F16 Guidance	Q3F16 Guidance
Summary GAAP Items
Revenue (in millions)			$619		$600 to $630	$640 to $670
Operating margin		3.8		%
Diluted EPS			$0.50
Summary Non-GAAP Items (1)
Non-GAAP operating margin (2)		4.1		%	3.6% to 4.0%	4.7% to 5.0%
Non-GAAP diluted EPS (2)(3)			$0.55		$0.47 to $0.55	$0.73 to $0.81
Return on invested capital (ROIC)		11.6		%
Economic Return		0.6		%
(1)	Refer to Non-GAAP Supplemental Information Tables 1 and 2 for a reconciliation to GAAP measures.
(2)	Excludes restructuring charges of $1.9 million for the three months ended April 2, 2016.
(3)	Includes stock-based compensation expense of $0.11 for Q2F16 results and $0.11 for Q3F16 guidance.

Additional Fiscal Second Quarter 2016 Information

• Won 38 programs during the quarter representing approximately $174 million in annualized revenue when fully ramped into production

• Trailing four quarter wins total approximately $667 million in annualized revenue

• Purchased $7.3 million of our shares at an average price of $34.88 per share

Dean Foate, Chairman, President and CEO, commented, “Our fiscal second quarter revenue result was largely in-line with our guidance. Non-GAAP diluted EPS was at the top end of our guidance range as a consequence of achieving many of our cost reduction and productivity improvements ahead of plan. The greatly improved operational performance in our fiscal second quarter sets up our expectation that we will return to our target operating margin range of 4.7% to 5.0% in our fiscal third quarter; one quarter ahead of earlier expectations. With fiscal third quarter revenue anticipated to be in the range of $640 to $670 million, we expect non-GAAP diluted EPS in the range of $0.73 to $0.81, before any restructuring charges.”

Patrick Jermain, Senior Vice President and CFO, commented, “We continue to see improvement in our working capital. During the fiscal second quarter, our cash cycle improved 5 days sequentially and exceeded our expectations at 66 days. Our improved cash cycle and management of our capital spending drove free cash flow of $65 million during the quarter, which exceeded our guidance. As a result of projected revenue growth and continued progress on our productivity improvements, we expect to sustain our target operating margin range as we exit fiscal 2016. Lastly, we believe that our stronger margin performance in combination with disciplined invested capital management sets a trajectory for improved ROIC performance.”

Quarterly Comparison	Three Months Ended
	Apr 2, 2016			Jan 2, 2016			Apr 4, 2015
(in thousands, except EPS)	Q2F16			Q1F16			Q2F15
Revenue		$618,660			$616,664			$651,285
Gross profit		$53,272			$50,059			$59,777
Operating profit		$23,346			$21,524			$29,452
Net income		$16,787			$14,448			$23,594
Diluted EPS		$0.50			$0.42			$0.69
Adjusted net income*		$18,704			$15,955			$23,594
Non-GAAP diluted EPS*		$0.55			$0.47			$0.69
Gross margin	8.6		%	8.1		%	9.2		%
Operating margin	3.8		%	3.5		%	4.5		%
Adjusted operating margin*	4.1		%	3.7		%	4.5		%
ROIC*	11.6		%	10.8		%	14.5		%
Economic Return*	0.6		%	-0.2		%	3.5		%
*Refer to Non-GAAP Supplemental Information Tables 1 and 2 for a reconciliation to GAAP measures

Plexus provides non-GAAP supplemental information, such as ROIC, Economic Return, and free cash flow, because such measures are used for internal management goals and decision making, and because they provide additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted net income and adjusted operating margin, to provide a better understanding of core performance for purposes of period-to-period comparisons. For a full reconciliation of non-GAAP measures to comparable GAAP measures, please refer to the attached 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 global market sector focused business development strategy. The Company measures operational performance and allocates resources on a geographic segment basis. Please refer to the attached supplemental information for a breakout of revenue by reportable geographic segments. Top 10 customers comprised 58% of revenue during the quarter, down two percentage points from the prior quarter.

Market Sector ($ in millions)	Three Months Ended
	Apr 2, 2016 Q2F16				Jan 2, 2016 Q1F16				Apr 4, 2015 Q2F15
Networking/Communications	$	157	25	%	$	157	25	%	$	210	32	%
Healthcare/Life Sciences	190		31	%	191		31	%	191		29	%
Industrial/Commercial	169		27	%	173		28	%	160		25	%
Defense/Security/Aerospace	103		17	%	96		16	%	90		14	%
Total Revenue	$	619			$	617			$	651

Fiscal Second Quarter 2016 Supplemental Information

ROIC for the fiscal second quarter of 2016 was 11.6%. The Company defines ROIC as tax-effected annualized operating profit, before special items, divided by average invested capital over a three-quarter period for the second quarter. Invested capital is defined as equity plus debt, less cash and cash equivalents. The Company’s weighted average cost of capital was 11.0%. ROIC for the second quarter less the Company’s weighted average cost of capital results in an economic return of 0.6%.

Fiscal second quarter cash cycle was 66 days. The Company delivered $70.0 million in cash from operations and used $5.0 million for capital investments during the quarter, resulting in positive free cash flow of $65.0 million.

Cash Conversion Cycle	Three Months Ended
	Apr 2, 2016 Q2F16	Jan 2, 2016 Q1F16	Apr 4, 2015 Q2F15
Days in Accounts Receivable	48	53	48
Days in Inventory	91	88	86
Days in Accounts Payable	(62)	(59)	(63)
Days in Cash Deposits	(11)	(11)	(12)
Annualized Cash Cycle*	66	71	59
*We calculate cash cycle as the sum of days in accounts receivable and days in inventory, less days in accounts payable and days in cash deposits.

Conference Call and Webcast Information:

What:	Plexus Fiscal Second Quarter 2016 Earnings Conference Call and Webcast
When:	Thursday, April 21, 2016 at 8:30 a.m. Eastern Time
Where:	Participants are encouraged to join the live webcast at the investor relations section of the Plexus website, www.plexus.com or directly at: http://edge.media-server.com/m/p/287yxk62 Conference call at +1.888.771.4371 with passcode: 42104018
Replay:	The webcast will be archived on the Plexus website and available via telephone replay at +1.888.843.7419 or +1.630.652.3042 with passcode: 42104018

Investor and Media Contact

Susan Hanson

+1.920.751.5491

susan.hanson@plexus.com

About Plexus – 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 lack of visibility of future orders, particularly in view of changing economic conditions; 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, programs or services, 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; the effect of start-up costs of new programs and facilities; possible unexpected costs and operating disruption in transitioning programs, including as a result of a facility closure; 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; our ability to manage successfully and execute a complex business model characterized by high product mix, low volumes and demanding quality, regulatory, and other requirements; the ability to realize anticipated savings from restructuring or similar actions, as well as the adequacy of related charges as compared to actual expenses; increasing regulatory and compliance requirements; the potential effects of regional results on our taxes and ability to use deferred tax assets and net operating losses; risks related to information technology systems and data security; 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; raw materials and component cost fluctuations; the potential effect of fluctuations in the value of the currencies in which we transact business; the potential effect of world or local events or other events outside our control (such as changes in energy 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 2015 Form 10-K).

PLEXUS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended				Six Months Ended
	Apr 2,		Apr 4,		Apr 2,		Apr 4,
	2016		2015		2016		2015
Net sales		$618,660		$651,285		$1,235,324		$1,315,975
Cost of sales	565,388		591,508		1,131,993		1,194,784
Gross profit	53,272		59,777		103,331		121,191
Selling and administrative expenses	28,009		30,325		55,037		61,266
Restructuring charges	1,917		—		3,424		1,691
Operating income	23,346		29,452		44,870		58,234
Other income (expense):
Interest expense	(3,674)		(3,383)		(7,208)		(7,160)
Interest income	1,015		788		1,947		1,686
Miscellaneous	(1,128)		(60)		(2,748)		78
Income before income taxes	19,559		26,797		36,861		52,838
Income tax expense	2,772		3,203		5,626		6,165
Net income		$16,787		$23,594		$31,235		$46,673
Earnings per share:
Basic		$0.50		$0.70		$0.94		$1.39
Diluted		$0.50		$0.69		$0.92		$1.36
Weighted average shares outstanding:
Basic	33,319		33,606		33,368		33,604
Diluted	33,834		34,342		33,957		34,391

PLEXUS
NON-GAAP SUPPLEMENTAL INFORMATION TABLE 1
(in thousands, except per share data)
(unaudited)
	Three Months Ended
	Apr 2,			Jan 2,			Apr 4,
	2016			2016			2015
Operating profit, as reported	$	23,346		$	21,524		$	29,452
Operating margin, as reported	3.8		%	3.5		%	4.5		%
Non-GAAP adjustments:
Restructuring costs*	1,917			1,507			—
Operating profit, as adjusted	$	25,263		$	23,031		$	29,452
Operating margin, as adjusted	4.1		%	3.7		%	4.5		%
Net income, as reported	$	16,787		$	14,448		$	23,594
Non-GAAP adjustments:
Restructuring costs*	1,917			1,507			—
Net income, as adjusted	$	18,704		$	15,955		$	23,594
Diluted earnings per share, as reported	$	0.50		$	0.42		$	0.69
Non-GAAP adjustments:
Restructuring costs	0.05			0.05			—
Diluted earnings per share, as adjusted	$	0.55		$	0.47		$	0.69
*Summary of restructuring costs
Employee termination and severance costs	$	1,656		$	1,394		$	—
Other exit costs	261			113			—
Total restructuring costs	$	1,917		$	1,507		$	—

PLEXUS
NON-GAAP SUPPLEMENTAL INFORMATION Table 2
(in thousands)
(unaudited)
ROIC and Economic Return Calculations	Six Months Ended				Three Months Ended				Six Months Ended
	Apr 2,				Jan 2,				Apr 4,
	2016				2016				2015
Operating profit		$	44,870			$	21,524			$	58,234
Restructuring charges		3,424				1,507				1,691
Adjusted operating profit		$	48,294			$	23,031			$	59,925
	x	2			x	4			x	2
Annualized operating profit		$	96,588			$	92,124			$	119,850
Tax rate	x	11		%	x	12		%	x	10		%
Tax impact		10,625				11,055				11,985
Operating profit (tax effected)		$	85,963			$	81,069			$	107,865
Average invested capital	÷	$	743,112		÷	$	753,078		÷	$	745,441
ROIC		11.6		%		10.8		%		14.5		%
Weighted average cost of capital		11.0		%		11.0		%		11.0		%
Economic return		0.6		%		-0.2		%		3.5		%

	Three Months Ended
Average Invested Capital	Apr 2,		Jan 2,		Oct 3,		Jul 4,		Apr 4,		Jan 3,		Sep 27,
Calculations	2016		2016		2015		2015		2015		2015		2014
Equity		$871,111		$850,794		$842,272		$835,063		$808,468		$792,298		$781,133
Plus:
Debt - current	2,300		2,864		3,513		4,281		4,774		4,793		4,368
Debt – non-current	259,565		259,289		259,257		259,284		260,025		260,990		262,046
Less:
Cash and cash equivalents	(409,796)		(354,728)		(357,106)		(354,830)		(356,296)		(239,685)		(346,591)
		$723,180		$758,219		$747,936		$743,798		$716,971		$818,396		$700,956

Free Cash Flow Calculation

The Company defines free cash flow as cash flow provided by operations less capital expenditures. For the three months ended April 2, 2016 cash flow provided by operations was $70.0 million, less capital expenditures of $5.0 million, resulting in free cash flow of $65.0 million. For the six months ended April 2, 2016 cash flow provided by operations was $91.3 million, less capital expenditures of $16.8 million, resulting in free cash flow of $74.5 million.

PLEXUS
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
	Apr 2,	Oct 3,
	2016	2015
ASSETS
Current assets:
Cash and cash equivalents	$409,796	$357,106
Accounts receivable	325,392	384,680
Inventories	563,291	569,371
Deferred income taxes	10,522	10,686
Prepaid expenses and other	27,095	22,882
Total current assets	1,336,096	1,344,725
Property, plant and equipment, net	307,227	317,351
Deferred income taxes	3,591	3,635
Other	36,610	36,677
Total non-current assets	347,428	357,663
Total assets	$1,683,524	$1,702,388
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$2,300	$3,513
Accounts payable	383,092	400,710
Customer deposits	70,620	81,359
Accrued salaries and wages	31,252	49,270
Other accrued liabilities	41,890	44,446
Total current liabilities	529,154	579,298
Long-term debt and capital lease obligations, net of current portion	259,565	259,257
Deferred income taxes	9,664	9,664
Other liabilities	14,030	11,897
Total non-current liabilities	283,259	280,818
Total liabilities	812,413	860,116
Shareholders’ equity:
Common stock, $.01 par value, 200,000 shares authorized,
50,757 and 50,554 shares issued, respectively,
and 33,267 and 33,500 shares outstanding, respectively	508	506
Additional paid-in-capital	502,625	497,488
Common stock held in treasury, at cost, 17,490 and 17,054, respectively	(525,706)	(509,968)
Retained earnings	891,952	860,717
Accumulated other comprehensive income (loss)	1,732	(6,471)
Total shareholders’ equity	871,111	842,272
Total liabilities and shareholders’ equity	$1,683,524	$1,702,388

PLEXUS
REVENUE BY REPORTABLE GEOGRAPHIC SEGMENTS
(in thousands)
(unaudited)
	Three Months Ended
	Apr 2,	Jan 2,	Apr 4,
	2016	2016	2015
Americas	$330,240	$305,097	$328,753
Asia-Pacific	270,544	299,346	319,156
Europe, Middle East, and Africa	43,703	42,087	35,773
Elimination of inter-segment sales	(25,827)	(29,866)	(32,397)
Total Revenue	$618,660	$616,664	$651,285

EX-99.2

FISCAL SECOND QUARTER 2016 FINANCIAL RESULTS April 21, 2016

SAFE HARBOR & FAIR DISCLOSURE STATEMENT 2 Any statements made during our call today and information included in the supporting material that is 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 factors that could cause actual results to differ materially from those discussed, please refer to the Company’s periodic SEC filings, particularly the risk factors in our Form 10-K filing for the fiscal year ended October 3, 2015, and the Safe Harbor and Fair Disclosure statement in yesterday’s press release. Plexus provides non-GAAP supplemental information, such as ROIC, Economic Return, and free cash flow, because those measures are used for internal management goals and decision making, and because they provide additional insight into financial performance. In addition, management uses these and other non-GAAP measures, such as adjusted net income and adjusted operating margin, to provide a better understanding of core performance for purposes of period-to-period comparisons. For a full reconciliation of non-GAAP supplemental information please refer to yesterday’s press release and our periodic SEC filings.

FISCAL SECOND QUARTER RESULTS 3 Q2F16 Guidance Jan 20, 2016 Q2F16 Apr 2, 2016 Q1F16 Jan 2, 2016 Q2F16 vs. Q1F16 Revenue ($ millions) $600 to $630 $619 $617 Flat Non-GAAP Diluted EPS excluding restructuring $0.47 to $0.55 $0.55 $0.47 + 17% GAAP Diluted EPS $0.50 $0.42 + 19% ROIC 11.6% 10.8% + 80 bps • Revenue in-line with guidance • Modest strength in N/C more than offset slight weakness in I/C • Non-GAAP diluted EPS at high-end of guidance range • Achieved several cost reduction and productivity improvement goals ahead of plan

FISCAL THIRD QUARTER 4 Q3F16 Guidance Revenue $640 to $670 million Non-GAAP Diluted EPS $0.73 to $0.81 • Includes $0.11 stock-based compensation expense • Excludes restructuring costs Mid-point of revenue guidance suggests 6% sequential increase • New programs ramps more than offset program disengagement headwinds Mid-point of EPS guidance suggests $0.22 or 40% sequential improvement • Operating margin performance returns to target range of 4.7% to 5.0% • Cost reduction and productivity improvement initiatives one quarter ahead of plan

CAUSE FOR OPTIMISM Fiscal second quarter—significant improvement • Cost reductions and productivity improvements ahead of plan • Strong free cash flow of $65 million • Underlying revenue growth masked by proactive program disengagements • New program wins above goal Fiscal third quarter • Operating margin performance in target range of 4.7% to 5.0% • Continuing productivity opportunities lead to confidence in sustained performance • Return to sequential revenue growth despite program disengagement headwind • Record level of new business opportunities in the funnel Exiting fiscal 2016 • Revenue growth momentum • Operating margins in our target range—sustainable • Improved invested capital management • Improved ROIC performance • Strong free cash flow of approximately $100 million 5

CONGRATULATIONS TODD! 6 Todd will assume role of President and CEO • Effective October 2, 2016 • Seasoned leader that knows Plexus and our industry well • Strong relationships with our customers Dean retiring at fiscal year-end 2016 • Served in the role for 14 years • Plexus is in a good position with a great management team and optimistic outlook for future success Dean to serve as Executive Chairman through fiscal year 2017 • Assist Todd and the management team to ensure a smooth transition • Anticipate appointment as non-executive Chairman of the Board at fiscal year-end 2017

PERFORMANCE BY SECTOR 7 Q2F16 Apr 2, 2016 Q1F16 Jan 2, 2016 Q2F16 vs. Q1F16 Q3F16 Expectations (percentage points) Networking/ Communications $157 25% $157 25% Flat Down low single Healthcare/ Life Sciences $190 31% $191 31% - 1% Up mid single Industrial/ Commercial $169 27% $173 28% - 2% Up high teens Defense/ Security/ Aerospace $103 17% $96 16% + 8% Flat Total Revenue $619 100% $617 100% Flat Revenue in millions

MANUFACTURING WINS BY REGION 8 • $174M in annualized manufacturing revenue when fully ramped (38 programs) • Strength in APAC region, consistent quarterly results in EMEA $60M $88M $26M Q2F16 AMER APAC EMEA Wins Momentum = TFQ Wins / TFQ Revenue

MANUFACTURING WINS BY SECTOR • Continued robust wins in Industrial/Commercial • Sector wins momentum supports healthy portfolio $22M $30M $107M $15M Q2F16 N/C HC/LS I/C D/S/A 9

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 % o f T FQ S al es N ew W in s ($ m ill io ns ) TFQ Wins TFQ Wins % of TFQ Sales New Wins MANUFACTURING WINS MOMENTUM Trailing Four Quarters (TFQ) for Manufacturing Wins Goal 25% TFQ $667M Quarterly Target approximately $160M 10

MANUFACTURING FUNNEL • Manufacturing funnel at a record high of $2.5B • HC/LS and I/C funnels particularly strong • Supports the delivery of a healthier portfolio 11

KEY OPERATIONS METRICS Operating Margin Target Range: 4.7 to 5.0% *represents mid-point of guidance 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 450 500 550 600 650 700 Q1F13 Q2F13 Q3F13 Q4F13 Q1F14 Q2F14 Q3F14 Q4F14 Q1F15 Q2F15 Q3F15 Q4F15 Q1F16 Q2F16 Q3F16* R ev en ue $ M Revenue Operating Margin 12

4.7% - 5.0% (Goal = 5.0%) 4.7% - 5.0% (Goal = 5.0%) 0.5% 0.2% 4.1% 0.6% - 0.9% 0.2% 0.1% 3.7% 0.1% (0.4%) (0.3%) Q1F16 Operating Margin Results Livingston Restructuring Benefits Cost Reductions & Productivity Improvements GDL Ramp Completion Seasonal Costs Q2F16 Operating Margin Results Cost Reductions & Productivity Improvements Q3F16 Operating Margin Guidance Fremont Restructuring Benefits EMEA Growth Growth Investments Target Operating Margin Range OPERATING MARGIN Q2F16 Q3F16 Projections Results Projections Future 13

FISCAL SECOND QUARTER INCOME STATEMENT 14 Q2F16 Comments Revenue $619 million Above mid-point of guidance range from stronger revenue in the Networking/Communications sector Gross margin 8.6% Above guidance range by 20 bps from planned cost reductions and improved productivity Selling & administrative expenses $28.0 million High end of guidance range; 4.5% of revenue. Operating margin excluding restructuring charges 4.1% Above guidance range by 10 bps from improved gross margin GAAP Diluted EPS $0.50 Includes $1.9 million of restructuring charges Non-GAAP Diluted EPS $0.55 Top end of guidance range

FISCAL SECOND QUARTER BALANCE SHEET AND CASH FLOWS 15 Q2F16 Comments Return on invested capital 11.6% 60 bps above fiscal 2016 WACC of 11% Share repurchases $7.3 million ~ 209,000 at an average price of $34.88 per share Free cash flow $65.0 million Cash from operations: $70.0 million Capital expenditures: $5.0 million Cash cycle days 66 days 2 days better than our guidance range of 68 to 72 days

WORKING CAPITAL TRENDS 16 Q1F14 Q2F14 Q3F14 Q4F14 Q1F15 Q2F15 Q3F15 Q4F15 Q1F16 Q2F16 Inventory Days 83 84 84 80 82 86 88 85 88 91 A/R Days 51 49 48 44 52 48 48 53 53 48 A/P Days 64 63 67 60 53 63 62 60 59 62 Customer Deposit Days 8 8 8 8 9 12 12 12 11 11 Net Cash Cycle Days 62 62 57 56 72 59 62 66 71 66

FISCAL THIRD QUARTER 2016 GUIDANCE 17 Guidance Revenue $640 to $670 million Non-GAAP diluted EPS $0.73 to $0.81 Gross margin 9.2% to 9.5% SG&A $29 to $30 million Operating margin * 4.7% to 5.0% Depreciation ~ $12 million Q3 tax rate * F16 tax rate * 8% to 10% 10% to 12% Cash cycle days 63 to 67 days F16 capital expenditures $40 to $45 million * Before restructuring charges, which are anticipated to be $1.5 to $2.5 million during Q3F16

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