-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BzNbS7r3lwBCrD3F4aSYYwoulqCrApMxjx3nNLxSIaGmT8HfbmdANvPpg6pt0tTD sRuamZDcl1luM+n8FTTfEA== 0000950137-04-003014.txt : 20040421 0000950137-04-003014.hdr.sgml : 20040421 20040421164207 ACCESSION NUMBER: 0000950137-04-003014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040421 ITEM INFORMATION: FILED AS OF DATE: 20040421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLEXUS CORP CENTRAL INDEX KEY: 0000785786 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 391344447 STATE OF INCORPORATION: WI FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14824 FILM NUMBER: 04745907 BUSINESS ADDRESS: STREET 1: 55 JEWELERS PARK DR CITY: NEENAH STATE: WI ZIP: 54957-0156 BUSINESS PHONE: 9207223451 MAIL ADDRESS: STREET 1: PLEXUS CORP STREET 2: 55 JEWELERS PARK DR CITY: NEENAH STATE: WI ZIP: 54957-0156 8-K 1 c84703e8vk.txt CURRENT REPORT FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 ----------------------- Date of Report: April 21, 2004 PLEXUS CORP. ----------------------------------------------------- (Exact name of registrant as specified in its charter) Wisconsin 000-14824 39-1344447 - ---------------------------- ----------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number Identification No.) 55 Jewelers Park Drive, Neenah, Wisconsin 54957-0156 - ----------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (920) 722-3451 Item 12. Results of Operations and Financial Condition. On April 21, 2004, Plexus Corp. announced its results for the second quarter of fiscal 2004, ended March 31, 2004. A copy of Plexus' related press release is furnished to the Commission by attaching it as Exhibit 99.1 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 21, 2004 /s/ F. Gordon Bitter ------------------------------------ F. Gordon Bitter Chief Financial Officer 2 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- Exhibit 99.1 Press Release 3 EX-99.1 3 c84703exv99w1.txt PRESS RELEASE CONFERENCE CALL TOMORROW, THURSDAY APRIL 22 AT 8:30 AM ET Dial in: 888-489-9486 with conference ID: Plexus Webcast: www.videonewswire.com/PLXS/042204 (PLEXUS LOGO) FOR IMMEDIATE RELEASE PLEXUS ANNOUNCES FISCAL Q2 REVENUE OF $254 MILLION AND EPS OF $0.08 INCREASES TARGET FOR FY04 REVENUE GROWTH TO 25% TO 30% INITIATES Q3 REVENUE GUIDANCE OF $255 TO $265 MILLION WITH EPS OF $0.08 TO $0.10 NEENAH, WI, April 21, 2004 -- Plexus Corp. (Nasdaq: PLXS) today announced revenue for its second quarter of fiscal 2004 increased 33% to $254.3 million compared to $190.8 million in the comparable prior year period. Net income for the second fiscal quarter was $3.5 million, equivalent to $0.08 earnings per diluted share. There was a net loss in the prior year second fiscal quarter of ($5.0) million or ($0.12) per diluted share. Dean Foate, President and Chief Executive Officer of Plexus, commented, "This is our fourth consecutive quarter of revenue growth and EPS improvement, excluding restructuring charges. Due to our increasingly effective sales and marketing efforts and improving end-market conditions, we are now targeting 25% to 30% year-over-year revenue growth for fiscal 2004, up from the previously stated target of 15% to 20%. We are growing in all of our regional markets, especially in Asia, where we recently announced the purchase of an additional facility in Penang, Malaysia to support our global customer base." "However," continued Foate, "this better than anticipated growth brings with it certain execution challenges. Our inventories have grown by 22% in the quarter and our margin expansion has temporarily slowed from expectations as we integrate new program wins. We expect improvements on both fronts in the coming quarters as we move customer programs to optimized material supply chain strategies and improve productivity in our Focus Factories where we have added nearly 1,000 new employees so far this year." "Considering these factors," added Foate, "we are initiating revenue guidance for the fiscal third quarter of $255 to $265 million and EPS of $0.08 to $0.10." Gordon Bitter, Chief Financial Officer, commented, "Manufacturing inefficiencies associated with rapid growth limited gross margin expansion to 8.3% compared to 8.2% in the prior quarter. We expect continued margin improvement in the coming quarters as we complete program transitions, the training of new employees, as well as other initiatives. However, this will be partially offset by start-up expenses for the new Asian facility in the 3rd and 4th quarters of fiscal 2004." "SG&A expense was lower than expected in the second quarter," Bitter continued, "mainly due to recoveries of previously written-off accounts receivable and lower spending for outside consultants. We expect SG&A to increase modestly in the latter half of 2004, reflecting additional investment in Sales and Marketing and elsewhere in the organization to drive growth into 2005." "Turning to the balance sheet, cash and short-term investments remained at the first quarter level of about $59 million, but we used approximately $15 million of our $100 million credit facility to finance higher working capital. We anticipate positive cash flow from reductions in inventory plus improvements in margins in the third quarter," Bitter concluded. (more) FISCAL Q2 HIGHLIGHTS o Sales by industry were: INDUSTRY Q2 - FISCAL 2004 Q1 - FISCAL 2004 ------------------------------- --------------------- --------------------- Networking/Datacom 42% 39% ------------------------------- --------------------- --------------------- Medical 29% 33% ------------------------------- --------------------- --------------------- Industrial/Commercial 15% 12% ------------------------------- --------------------- --------------------- Computing 10% 11% ------------------------------- --------------------- --------------------- Transportation/Other 4% 5% ------------------------------- --------------------- --------------------- o Top 10 customers comprised 55% of sales during the quarter, compared to 60% in the previous quarter. o Juniper Networks, with 13% of sales, was the only customer representing more than 10% of sales for the quarter. o Cash flow used in operations was approximately $16.6 million for the quarter. o Days sales outstanding in accounts receivable increased to 49 days compared to 45 days in the first quarter of fiscal 2004. o Inventory increased sequentially from the first quarter by approximately $35.1 million to $198.0 million, while annualized turns decreased to 5.2 turns this quarter from 5.8 turns in the first quarter of fiscal 2004. CONFERENCE CALL/WEBCAST AND REPLAY INFORMATION WHEN: Thursday, April 22, 2004 at 8:30 a.m. Eastern DIAL IN: 888-489-9486 with conference ID PLEXUS WEBCAST: www.videonewswire.com/PLXS/042204 (requires Windows Media Player) REPLAY: 800-633-8284 with passcode: 21189823 or www.videonewswire.com/PLXS/042204 The call will be archived until midnight on April 29, 2004. NOTE: If you experience problems with the webcast, please email webcastsupport@tfprn.com. ABOUT PLEXUS CORP. -- THE PRODUCT REALIZATION COMPANY Plexus (www.plexus.com) is a contract manufacturer of electronics products providing product design, test, manufacturing, fulfillment and aftermarket solutions to branded product companies in the networking, datacommunications, medical, industrial, commercial, defense and computer industries. The Company's unique Focus Factory manufacturing model and global supply chain solutions, strategically enhanced by value-added product design and engineering services, are developed to optimize lowest total cost, scalability and responsiveness for programs requiring flexibility, technology and quality. Plexus provides award-winning customer service to more than 150 branded product companies in North America, Europe and Asia. SAFE HARBOR AND FAIR DISCLOSURE STATEMENT The statements contained in this release which are not historical facts (such as statements in the future tense and statements including "believe," "expect," "intend," "anticipate", "target" and similar terms and concepts) are forward-looking statements that involve risks and uncertainties, including, but not limited to: the economic performance of the electronics and technology industries; the risk of customer delays, changes or cancellations in both on-going and new programs; the Company's ability to secure new customers and maintain its current customer base; material cost fluctuations and the adequate availability of components and related parts for production; the effect of changes in average selling prices; the effect of start-up costs of new programs and facilities, including closing conditions and other preparations relating to the new Malyasia facility; the effect of general economic conditions and world events (such as terrorism); the impact of increased competition; and other risks detailed in the Company's Securities and Exchange Commission filings. FOR FURTHER INFORMATION, PLEASE CONTACT: Kristian Talvitie, Director of Strategic Marketing and Communications 920-969-6160 or email at kristian.talvitie@plexus.com (financial tables follow) PLEXUS CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
Three Months Ended Six Months Ended March 31, March 31, ------------------------ ------------------------ 2004 2003 2004 2003 --------- --------- --------- --------- Net sales $ 254,272 $ 190,773 $ 492,735 $ 396,152 Cost of sales 233,091 181,150 451,927 370,989 --------- --------- --------- --------- Gross profit 21,181 9,623 40,808 25,163 Operating expenses: Selling and administrative expenses 16,422 16,815 32,778 33,570 Restructuring and impairment costs - - - 31,840 --------- --------- --------- --------- 16,422 16,815 32,778 65,410 --------- --------- --------- --------- Operating income (loss) 4,759 (7,192) 8,030 (40,247) Other income (expense): Interest expense (730) (712) (1,393) (1,590) Miscellaneous 310 678 826 1,301 --------- --------- --------- --------- Income (loss) before income taxes and cumulative effect of change in accounting for goodwill 4,339 (7,226) 7,463 (40,536) Income tax expense (benefit) 868 (2,182) 1,493 (14,660) --------- --------- --------- --------- Income (loss) before cumulative effect of change in accounting for goodwill 3,471 (5,044) 5,970 (25,876) Cumulative effect of change in accounting for goodwill, net of income tax benefit of $4,755 - - - (23,482) --------- --------- --------- --------- Net income (loss) $ 3,471 $ (5,044) $ 5,970 $ (49,358) ========= ========= ========= ========= Earnings per share: Basic Income (loss) before cumulative effect of change in accounting for goodwill $ 0.08 $ (0.12) $ 0.14 $ (0.61) Cumulative effect of change in accounting for goodwill - - - (0.56) --------- --------- --------- --------- Net income (loss) $ 0.08 $ (0.12) $ 0.14 $ (1.17) ========= ========= ========= ========= Diluted Income (loss) before cumulative effect of change in accounting for goodwill $ 0.08 $ (0.12) $ 0.14 $ (0.61) Cumulative effect of change in accounting for goodwill - - - (0.56) --------- --------- --------- --------- Net income (loss) $ 0.08 $ (0.12) $ 0.14 $ (1.17) ========= ========= ========= ========= Weighted average shares outstanding: Basic 42,962 42,260 42,806 42,164 ========= ========= ========= ========= Diluted 44,157 42,260 43,969 42,164 ========= ========= ========= =========
(more) PLEXUS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited)
March 31, September 30, 2004 2003 ---------- ------------- ASSETS Current assets: Cash and cash equivalents $ 51,386 $ 58,993 Short-term investments 8,079 19,701 Accounts receivable 137,246 111,125 Inventories 198,010 136,515 Deferred income taxes 16,780 23,723 Prepaid expenses and other 7,625 8,326 -------- -------- Total current assets 419,126 358,383 Property, plant and equipment, net 126,357 131,510 Goodwill, net 34,543 32,269 Deferred income taxes 23,306 24,921 Other 6,710 5,971 -------- -------- Total assets $610,042 $553,054 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt and capital lease obligations $ 1,639 $ 958 Accounts payable 111,685 91,445 Customer deposits 15,873 14,779 Accrued liabilities: Salaries and wages 23,693 17,133 Other 21,033 23,753 -------- -------- Total current liabilities 173,923 148,068 Long-term debt and capital lease obligations, net of current obligation 38,542 23,502 Other liabilities 8,938 10,468 Shareholders' equity: Common stock, $.01 par value, 200,000 shares authorized, 43,039 and 42,607 shares issued and outstanding, respectively 430 426 Additional paid-in-capital 266,288 261,214 Retained earnings 108,810 102,840 Accumulated other comprehensive income 13,111 6,536 -------- -------- Total shareholders' equity 388,639 371,016 -------- -------- Total liabilities and shareholders' equity $610,042 $553,054 ======== ========
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