8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

Amendment No. 1

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 25, 2003

SOLECTRON CORPORATION

(Exact name of registrant as specified in charter)

Delaware	1-11098	94-2447045
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

777 Gibraltar Drive, Milpitas, California	95035
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (408) 957-8500

Not Applicable

(Former name or former address, if changed since last report.)

TABLE OF CONTENTS

	ITEM 7. Financial Statements and Exhibits
	ITEM 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

ITEM 7. Financial Statements and Exhibits

     (c)  Exhibits

     The exhibit listed below and in the accompanying Exhibit Index are furnished as part of this Current Report on Form 8-K/A.

Exhibit No.	Exhibit Description
99.1	Revised statements of operations from Solectron’s press release dated September 25, 2003 relating to the Company’s results of operations for the fiscal year ended August 31, 2003.

ITEM 12. Results of Operations and Financial Condition

     On September 25, 2003, Solectron Corporation announced the Company’s results of operations for its fiscal year ended August 31, 2003. This Form 8-K/A is being furnished to revise the statements of operations in that announcement.

     In the first revision, sales and cost of sales were adjusted downward by $35.9 million resulting in no gross profit impact.

     The second revision appropriately classifies $292.5 million between the “goodwill impairment” and “restructuring and impairment costs” line items within its statement of operations for the twelve-month period ended August 31, 2003. This revision reduces “goodwill impairment” and increases “restructuring and impairment costs” each by $292.5 million. These specific line items are the only affected information and operating loss is not affected as both line items are within operating expenses.

     The attached exhibit includes the revised statements of operations. This information will be reflected appropriately in our Annual Report on Form 10-K for fiscal 2003. This Form 8-K/A and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed to be incorporated by reference into any of Solectron Corporation’s filings with the SEC under the Securities Act of 1933.

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 thereunto duly authorized.

Date: November 14, 2003	Solectron Corporation
	/s/ Warren J. Ligan
	Warren J. Ligan
	Corporate Vice President and
	Chief Accounting Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Revised statements of operations from Solectron’s press release dated September 25, 2003 relating to the Company’s results of operations for the fiscal year ended August 31, 2003.

EX-99.1 3 f94185a1exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 SOLECTRON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (U.S. DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) UNAUDITED

THREE MONTHS ENDED TWELVE MONTHS ENDED AUGUST 31 AUGUST 31 --------------------------- ----------------------------- 2003 2002 2003 2002 ----------- ----------- ------------ ------------ Net sales $ 2,778.0(1) $ 2,928.1 $ 11,014.0(1) $ 11,571.2 Cost of sales 2,622.2(1) 2,876.6 10,432.0(1) 11,014.7 ----------- ----------- ------------ ------------ Gross profit 155.8 51.5 582.0 556.5 Operating expenses: Selling, general and administrative 145.1 185.2 631.5 744.9 Research and development 16.8 11.3 69.1 59.7 Restructuring and impairment costs 123.9 245.7 641.3(2) 807.1 Goodwill impairment 14.7 2,500.0 1,639.2(2) 2,500.0 ----------- ----------- ------------ ------------ Operating loss (144.7) (2,890.7) (2,399.1) (3,555.2) Interest income 6.0 14.4 31.2 69.3 Interest expense (47.2) (66.4) (210.3) (241.6) Other expense-net 8.0 27.1 54.3 106.4 ----------- ----------- ------------ ------------ Operating loss from continuing operations before income taxes (177.9) (2,915.6) (2,523.9) (3,621.1) Income tax expense (benefit) (2.6) (258.9) 581.0 (483.0) ----------- ----------- ------------ ------------ Net loss from continuing operations $ (175.3) $ (2,656.7) $ (3,104.9) $ (3,138.1) Discontinued operations: Income (loss) from discontinued operations (1.2) 14.5 (293.8) 43.7 Income tax expense 2.6 5.1 63.3 15.8 ----------- ----------- ------------ ------------ Income (loss) on discontinued operations (3.8) 9.4 (357.1) 27.9 ----------- ----------- ------------ ------------ Net loss $ (179.1) $ (2,647.3) $ (3,462.0) $ (3,110.2) =========== =========== ============ ============ Basic and diluted net loss per share: Continuing operations $ (0.21) $ (3.22) $ (3.75) $ (4.02) Discontinued operations (0.01) 0.01 (0.43) 0.04 ----------- ----------- ------------ ------------ Basic and diluted net loss per share $ (0.22) $ (3.21) $ (4.18) $ (3.98) =========== =========== ============ ============ Shares used to compute basic and diluted net loss per share 829.6 824.6 827.7 780.9

(1) Net sales was reported as $2,813.9 and $11,049.9, respectively, for the three and twelve months ended August 31, 2003. Cost of sales was reported as $2,658.1 and $10,467.9, respectively for the three and twelve months ended August 31, 2003. These original amounts were reported in our earnings release dated September 25, 2003. (2) "Restructuring and impairment costs" were reported as $348.8 and "Goodwill impairment" was reported as $1,931.7 in our earnings release dated September 25, 2003. The combined total of "Restructuring and impairment costs" and Goodwill impairment" was $2,280.5 and did not change as a result of this revision. -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    Exhibit 99.1



                     SOLECTRON CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF OPERATIONS
               (U.S. DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
                                   UNAUDITED



                                                        THREE MONTHS ENDED             TWELVE MONTHS ENDED
                                                             AUGUST 31                      AUGUST 31
                                                   ---------------------------    -----------------------------
                                                       2003          2002            2003             2002
                                                   -----------     -----------    ------------     ------------
                                                                                       
Net sales                                          $   2,778.0(1)  $   2,928.1    $   11,014.0(1)  $   11,571.2
Cost of sales                                          2,622.2(1)      2,876.6        10,432.0(1)      11,014.7
                                                   -----------     -----------    ------------     ------------

Gross profit                                             155.8            51.5           582.0            556.5
Operating expenses:
  Selling, general and administrative                    145.1           185.2           631.5            744.9
  Research and development                                16.8            11.3            69.1             59.7
  Restructuring and impairment costs                     123.9           245.7           641.3(2)         807.1
  Goodwill impairment                                     14.7         2,500.0         1,639.2(2)       2,500.0
                                                   -----------     -----------    ------------     ------------

      Operating loss                                    (144.7)       (2,890.7)       (2,399.1)        (3,555.2)

Interest income                                            6.0            14.4            31.2             69.3
Interest expense                                         (47.2)          (66.4)         (210.3)          (241.6)
Other expense-net                                          8.0            27.1            54.3            106.4
                                                   -----------     -----------    ------------     ------------

Operating loss from continuing
 operations before income taxes                         (177.9)       (2,915.6)       (2,523.9)        (3,621.1)
Income tax expense (benefit)                              (2.6)         (258.9)          581.0           (483.0)
                                                   -----------     -----------    ------------     ------------

     Net loss from continuing operations           $    (175.3)    $  (2,656.7)   $   (3,104.9)    $   (3,138.1)

Discontinued operations:
Income (loss) from discontinued operations                (1.2)           14.5          (293.8)            43.7
Income tax expense                                         2.6             5.1            63.3             15.8
                                                   -----------     -----------    ------------     ------------
     Income (loss) on discontinued operations             (3.8)            9.4          (357.1)            27.9
                                                   -----------     -----------    ------------     ------------

     Net loss                                      $    (179.1)    $  (2,647.3)   $   (3,462.0)    $   (3,110.2)
                                                   ===========     ===========    ============     ============

Basic and diluted net loss per share:
   Continuing operations                           $     (0.21)    $     (3.22)   $      (3.75)    $      (4.02)
   Discontinued operations                               (0.01)           0.01           (0.43)            0.04
                                                   -----------     -----------    ------------     ------------
   Basic and diluted net loss per share            $     (0.22)    $     (3.21)   $      (4.18)    $      (3.98)
                                                   ===========     ===========    ============     ============

Shares used to compute basic and diluted
 net loss per share                                      829.6           824.6           827.7            780.9


(1)   Net sales was reported as $2,813.9 and $11,049.9, respectively, for the
      three and twelve months ended August 31, 2003. Cost of sales was reported
      as $2,658.1 and $10,467.9, respectively for the three and twelve months
      ended August 31, 2003. These original amounts were reported in our
      earnings release dated September 25, 2003.

(2)   "Restructuring and impairment costs" were reported as $348.8 and "Goodwill
      impairment" was reported as $1,931.7 in our earnings release dated
      September 25, 2003. The combined total of "Restructuring and impairment
      costs" and Goodwill impairment" was $2,280.5 and did not change as a
      result of this revision.