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: April 25, 2007

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

     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):

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

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

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

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

TABLE OF CONTENTS

Press Release

     Item 2.02. Results of Operations and Financial Condition.

On April 25, 2007, Plexus Corp. announced results for the second quarter ended March 31, 2007. A copy of Plexus’ related press release is furnished to the Commission by attaching it as Exhibit 99.1 to this report.

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* * * * *

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 25, 2007	PLEXUS CORP. (Registrant)
	By:	/s/ F. Gordon Bitter
		F. Gordon Bitter
		Chief Financial Officer

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Plexus Announces Q2 Revenue of $360 Million and EPS of $0.22

Initiates Q3 Revenue Guidance of $365 — $375 Million and
Re-Sets Full Year Revenue Growth Target

NEENAH, WI, April 25, 2007 — Plexus Corp. (Nasdaq: PLXS) today announced results for its fiscal second quarter and provided forward-looking guidance for its fiscal third quarter and its full fiscal year 2007.

• Q2 ‘07 Results: Revenue for the fiscal 2^nd quarter ended March 31, 2007 was $360 million with diluted GAAP EPS of $0.22, including $0.02 per share of stock option expense.

• Q3 ‘07 Guidance: The Company established fiscal 3^rd quarter revenue guidance of $365 to $375 million with EPS, excluding any restructuring charges, in the range of $0.25 to $0.30, including approximately $0.03 per share of stock option expense.

• FY ‘07 Target: Plexus revised its full fiscal year revenue growth target to 6% to 8% over fiscal 2006.

Dean Foate, President and CEO, commented, “From a revenue perspective Q2 was better than we had anticipated with the Wireline/Networking and Medical sectors outperforming previous expectations. Looking forward we are expecting sequential growth in the back half of the year to be fueled primarily by the Wireline/Networking and Defense/Security/Aerospace sectors. Late in the second quarter we received follow-on purchase orders for a large defense program. We expect to deliver the bulk of these orders in Q4.”

Gordon Bitter, Chief Financial Officer, added, “Profitability in Q2 was substantially better than projected, as higher revenues and aggressively implemented cost controls helped achieve better than expected operating efficiencies. Unfortunately, we wrote down $5.9 million (pre-tax) of inventory purchased during the quarter due to financial concerns about a late-stage development customer.”

Foate concluded, “Plexus continues to be a solid execution engine for our customers. We are well positioned to service our target market sectors, and focused on delivering long-term value to our shareholders.”

Plexus provides non-GAAP supplemental information. These non-GAAP income statements exclude transactions that are not expected to have an effect on future operations. Such transactions include restructuring costs, as well as the establishment or reduction of the valuation allowance for deferred tax assets. These non-GAAP financial data are provided to facilitate meaningful period-to-period comparisons of underlying operational performance by eliminating infrequent or unusual charges. Similar non-GAAP financial measures are used for internal management assessments because such measures provide additional insight into ongoing financial performance. Please refer to the attached accompanying reconciliations of the GAAP net income and EPS to the non-GAAP supplemental data.

(continues)

SECTOR BREAKOUT
Plexus reports revenue based on the industry sector breakout set forth in the table below, which reflects the Company’s sales and marketing focus.

Industry	Q2 – Fiscal 2007	Q1 – Fiscal 2007
Wireline/Networking	45%	42%
Wireless Infrastructure	8%	9%
Medical	25%	27%
Industrial/Commercial	16%	16%
Defense/Security/Aerospace	6%	6%

FISCAL Q2 HIGHLIGHTS

• Top 10 customers comprised 59% of sales during the quarter, down 1 percentage point from the previous quarter.

• Juniper Networks Inc., with 19% of sales, and General Electric Corp., with 10% of sales, were the only customers representing 10% or more of revenues for the quarter.

• Cash flow provided by operations was approximately $11.0 million for the quarter.

• Capital expenditures for the quarter were $16.2 million.

• Cash Conversion Cycle:

Cash Conversion Cycle	Q2 – Fiscal 2007	Q1 – Fiscal 2007
Days in Accounts Receivable	49 Days	46 Days
Days in Inventory	68 Days	63 Days
Days in Accounts Payable	(54) Days	(51) Days
Annualized Cash Cycle	63 Days	58 Days

Conference Call/Webcast and Replay Information

What:	Plexus Corp.’s Fiscal Q2 Earnings Conference Call
When:	Thursday, April 26th at 8:30 a.m. Eastern Time
Where:	800-514-0843 or 973-935-8412 with conference ID: 8600895 http://www.videonewswire.com/PLXS/042607/index.html (requires Windows Media Player)
Replay:	The call will be archived until May 3, 2007 at noon Eastern Time http://www.videonewswire.com/PLXS/042607/index.html or via telephone replay at 877-519-4471 or 973-341-3080 PIN: 8600895

For further information, please contact:
Kristian Talvitie, Vice President – Marketing, Branding and Communications
920-969-6160 or kristian.talvitie@plexus.com

(continues)

About Plexus Corp. – The Product Realization Company
Plexus (www.plexus.com) is an award-winning participant in the Electronics Manufacturing Services (EMS) industry, providing product design, test, manufacturing, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace industries.

The Company’s unique Focused Factory manufacturing model and global supply chain solutions are strategically enhanced by value-added product design and engineering services. Plexus specializes in customer programs that require flexibility, scalability, technology and quality.

Plexus provides award-winning customer service to more than 100 branded product companies in North America, Europe and Asia.

Safe Harbor and Fair Disclosure Statement
The statements contained in this release which are guidance or 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), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties, including, but not limited to: the economic performance of the electronics, technology and defense industries; the risk of customer delays, changes or cancellations in both ongoing and new programs; the poor visibility of future orders in the defense industry; 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 our planned expansions in Asia; the adequacy of restructuring and similar charges as compared to actual expenses; possible unexpected costs and operating disruption in transitioning programs; the effect of general economic conditions and world events (such as terrorism and war in the Middle East); the impact of increased competition; and other risks detailed in the Company’s Securities and Exchange Commission filings.

(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,			April 1,			March 31,			April 1,
	2007			2006			2007			2006
Net sales	$	360,175		$	337,911		$	741,010		$	666,217
Cost of sales		328,533			300,870			669,713			597,901
Gross profit		31,642			37,041			71,297			68,316
Operating expenses:
Selling and administrative expenses		20,572			19,301			40,918			36,530
Restructuring costs		419			—			932			—
		20,991			19,301			41,850			36,530
Operating income		10,651			17,740			29,447			31,786
Other income (expense):
Interest expense		(761	)		(1,001	)		(1,686	)		(1,831	)
Interest income		2,153			1,453			4,464			2,573
Miscellaneous income (expense)		(82	)		345			(631	)		19
Income before income taxes		11,961			18,537			31,594			32,547
Income tax expense		1,803			—			6,319			253
Net income	$	10,158		$	18,537		$	25,275		$	32,294
Earnings per share:
Basic	$	0.22		$	0.42		$	0.55		$	0.73
Diluted	$	0.22		$	0.40		$	0.54		$	0.71
Weighted average shares outstanding:
Basic		46,296			44,633			46,269			44,265
Diluted		46,601			46,347			46,698			45,760

PLEXUS CORP.
NON-GAAP SUPPLEMENTAL INFORMATION
(in thousands, except per share data)
(unaudited)

	Three Months Ended				Six Months Ended
	March 31,		April 1,		March 31,		April 1,
	2007		2006		2007		2006
Net income — GAAP	$	10,158	$	18,537	$	25,275	$	32,294
Add income tax expense		1,803		—		6,319		253
Income before income taxes — GAAP		11,961		18,537		31,594		32,547
Add: Restructuring costs*		419		—		932		—
Income before income taxes and excluding restructuring costs — Non-GAAP		12,380		18,537		32,526		32,547
Income tax expense — Non-GAAP		1,866		—		6,505		253
Net income — Non-GAAP	$	10,514	$	18,537	$	26,021	$	32,294
Earnings per share — Non-GAAP:
Basic	$	0.23	$	0.42	$	0.56	$	0.73
Diluted	$	0.23	$	0.40	$	0.56	$	0.71
Weighted average shares outstanding:
Basic		46,296		44,633		46,269		44,265
Diluted		46,601		46,347		46,698		45,760

* Summary of restructuring costs

Restructuring costs:
Lease exit costs and other	$	—	$	—	$	—	$	—
Asset impairments		—		—		—		—
Severance costs		419		—		932		—
Total restructuring costs	$	419	$	—	$	932	$	—

PLEXUS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)

	March 31,		September 30,
	2007		2006
ASSETS
Current assets:
Cash and cash equivalents	$	132,706	$	164,912
Short-term investments		45,000		30,000
Accounts receivable		194,442		209,737
Inventories		244,129		224,342
Deferred income taxes		10,378		10,232
Prepaid expenses and other		7,477		6,226
Total current assets		634,132		645,449
Property, plant and equipment, net		149,907		134,437
Goodwill, net		7,783		7,400
Deferred income taxes		4,606		4,542
Other		11,440		9,634
Total assets	$	807,868	$	801,462
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of capital lease obligations	$	1,643	$	997
Accounts payable		192,744		215,332
Customer deposits		7,601		7,091
Accrued liabilities:
Salaries and wages		22,850		33,153
Other		30,022		29,808
Total current liabilities		254,860		286,381
Capital lease obligations		25,551		25,653
Other liabilities		9,434		7,861
Shareholders’ equity:
Common stock, $.01 par value, 200,000 shares authorized, 46,328 and 46,217 shares issued and outstanding, respectively		463		462
Additional paid-in-capital		322,762		312,785
Retained earnings		184,143		158,868
Accumulated other comprehensive income		10,655		9,452
Total shareholders’ equity		518,023		481,567
Total liabilities and shareholders’ equity	$	807,868	$	801,462

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