-----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, QgdZNU+bptix2sPrB+C+d+EcEJeL1CpzxyzVxqq6HMpufD9IOdXEuQ5TqCcoPgO3 rb+/Hf4miFSXUTEIh+KN2A== 0000891618-96-002767.txt : 19961118 0000891618-96-002767.hdr.sgml : 19961118 ACCESSION NUMBER: 0000891618-96-002767 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLEXTRONICS INTERNATIONAL LTD CENTRAL INDEX KEY: 0000866374 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-23354 FILM NUMBER: 96663927 BUSINESS ADDRESS: STREET 1: BLK 514 CHAI CHEE LANE #04-13 STREET 2: BODEK INDUSTRIAL ESTATE REPUBLIC OF SING CITY: SINGAPORE 1646 STATE: U0 BUSINESS PHONE: 0654495255 FORMER COMPANY: FORMER CONFORMED NAME: FLEX HOLDINGS PTE LTD DATE OF NAME CHANGE: 19940201 10-Q 1 FORM 10-Q FOR THE PERIOD ENDED SEPT. 30, 1996 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 0-23354 FLEXTRONICS INTERNATIONAL LTD. (Exact name of registrant as specified in its charter) Singapore Not Applicable (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification no.) Blk 514, Chai Chee Lane #04-13 Singapore 469029 (Address of principal executive offices) (Zip Code) (65) 449 5255 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO --- --- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Outstanding at Ordinary Shares September 30, 1996 - --------------- ------------------ S$0.01 par value 13,324,759 2 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES INDEX PART 1. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets - September 30, 1996 and March 31, 1996............................................. 3 Condensed Consolidated Statements of Income - Three months ended September 30, 1996 and 1995.......................... 4 Condensed Consolidated Statements of Income - Six months ended September 30, 1996 and 1995.......................... 5 Condensed Consolidated Statements of Cash Flow - Six months ended September 30, 1996 and 1995.......................... 6 Notes to Condensed Consolidated Financial Statements.......... 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.............. 8-11 PART II. OTHER INFORMATION Items 1, 2 and 3.......................................................... 12 Item 4 : Submission of Matters to a Vote of Security Holders.............. 12 Item 5 ........................................................... 13 Item 6 ........................................................... 13 Signatures ........................................................... 14 2. 3 PART 1 - FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, MARCH 31, 1996 1996* ------------------- ---------------- (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) ASSETS Current assets Cash $ 14,228 $ 6,546 Accounts receivable, net 72,216 78,114 Inventories - Note B 49,955 52,637 Other current assets 4,783 4,087 ------------------- ------------------- Total current assets 141,182 141,384 ------------------- ------------------- Property and equipment At cost 104,859 98,998 Accumulated depreciation (36,158) (37,896) ------------------- ------------------- Net property and equipment 68,701 61,102 ------------------- ------------------- Other non-current assets 10,008 12,102 ------------------- ------------------- TOTAL ASSETS $ 219,891 $ 214,588 =================== =================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank borrowings $ 17,989 $ 14,379 Current portion of capital lease and long-term debt 20,565 20,934 Accounts payable 52,817 64,625 Other current liabilities 17,445 13,770 ------------------- ------------------- Total current liabilities 108,816 113,708 ------------------- ------------------- Long-term debt, less current portion 17,685 17,554 Obligations under capital leases and deferred income taxes 10,380 11,376 Notes payable to shareholders 380 686 Minority Interest 485 485 Shareholders' equity Ordinary shares, S$0.01 par value: Authorized - 100,000,000 shares at March 31, 1996 and September 30, 1996 Issued and outstanding - 13,213,289 shares at March 31, 1996 and 13,324,759 shares at September 30, 1996 86 85 Additional paid-in capital 94,283 93,634 Accumulated deficit (12,224) (22,940) ------------------ ------------------ Total shareholders' equity 82,145 70,779 ------------------- ------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 219,891 $ 214,588 =================== ===================
* The balance sheet at March 31, 1996 has been derived from audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See notes to condensed consolidated financial statements. 3. 4 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
THREE MONTHS ENDED SEPTEMBER 30, 1996 1995 ------------------- ------------------- (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Net sales $ 122,470 $ 104,816 Costs and expenses: Cost of sales 108,207 94,558 Selling, general and administrative expenses 6,568 4,861 Goodwill & intangibles amortisation 288 264 Interest expense and other, net 947 289 ------------------ ------------------ 116,010 99,972 Income before income taxes 6,460 4,844 Provision for income taxes 946 906 ------------------ ------------------ Net income after income taxes 5,514 3,938 ================== ================== Earnings per share: Net income per share $ 0.39 $ 0.30 ================== ================== Weighted average ordinary shares and equivalents 14,320 13,343 ================== ==================
See notes to condensed consolidated financial statements. 4. 5 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
SIX MONTHS ENDED SEPTEMBER 30, 1996 1995 ------------------- ------------------ (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Net sales $ 240,739 $ 190,830 Costs and expenses: Cost of sales 214,350 173,465 Selling, general and administrative expenses 12,179 8,266 Goodwill & intangibles amortisation 575 519 Interest expense and other, net 1,372 769 ------------------ ------------------ 228,476 183,019 Income before income taxes 12,263 7,811 Provision for income taxes 1,795 1,188 ------------------ ------------------ Net income after income taxes 10,468 6,623 ================== ================== Earnings per share: Net income per share $ 0.73 $ 0.51 ================== ================== Weighted average ordinary shares and equivalents 14,305 12,907 ================== ==================
See notes to condensed consolidated financial statements. 5. 6 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
SIX MONTHS ENDED SEPTEMBER 30, 1996 1995 ------------------- ----------------- (IN THOUSANDS) Net cash provided by (used for) operating activities $ 17,880 $ (15,235) Investing activities: Purchase of property and equipment (12,511) (12,578) Proceeds from sale of property and equipment 70 59 Payment for business acquired, net of cash acquired 0 (3,116) ------------------- ------------------ Net cash used for investing activities (12,441) (15,635) =================== ================== Financing activities: Borrowing from banks 3,553 6,678 Source (repayment) of capital lease obligations (2,518) 456 Source (repyament) of long-term debt (517) (211) Repayment of loan from related party 1,381 0 Net proceeds from issuance of share capital 650 23,890 Payment of secondary public offering expenses and 0 (797) nCHIP financing expenses Repayment of notes payable (306) (19) ------------------ ------------------ Net cash provided by financing activities 2,243 29,997 ================== ================== Net increase in cash 7,682 (873) Cash, beginning of period 6,546 4,751 ------------------- ------------------ Cash, end of period $ 14,228 $ 3,878 =================== ==================
See notes to condensed consolidated financial statements. 6. 7 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) SEPTEMBER 30, 1996 NOTE A - BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six month period ended September 30, 1996 are not necessarily indicative of the results that may be expected for the year ended March 31, 1997. For further information, refer to the consolidated financial statements and footnotes thereto included in Flextronics International Ltd.'s annual report on Form 10-K for the year ended March 31, 1996. NOTE B - INVENTORIES The components of inventory consist of the following:
September 30 March 31 1996 1996 ---- ---- (In thousands) Raw materials $ 42,403 $ 42,202 Work-in-process 11,394 14,049 Finished goods 1,551 962 -------- -------- $ 55,348 $ 57,213 Less: Allowance for obsolescence (5,393) (4,576) -------- -------- $ 49,955 $ 52,637 ======== ========
NOTE C - ACQUISITION The Company has announced an agreement to acquire Fine Line Printed Circuit Design, Inc. ("FLPCD"), a circuit board layout and prototype operations in San Jose, California. The Company will issue to FLPCD shareholders for value at approximately US$5.7 million Ordinary Shares of the Company. The Company anticipates the combination of FLPCD capabilities with the Company's other design and prototype capabilities at nCHIP, Westford, Massachussetts and Singapore. 7. 8 ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains projections and other forward-looking statements regarding future events and the future financial performance of the Company that involve a number of risks and uncertainties. While this outlook represents the Company's current judgment on the future direction of the business, such risks and uncertainties could cause actual events or results to differ materially from any future performance suggested herein. Certain of the factors that could cause actual events or results to differ are highlighted herein. We also refer you to the documents the Company files from time to time with the Securities and Exchange Commission, specifically the Company's Annual Report on Form 10-K filed in June 1996 and fiscal year 1997 Form 10-Qs. This document, as well as the Company's Form 10-K, Form 10-Qs and any Form 8-Ks contain and identify important factors that could cause the Company's actual results to differ materially from those contained in this report on Form 10-Q. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. RESULTS OF OPERATIONS NET SALES Net sales for the three months ended September 30, 1996 increased 16.8% to $122.5 million from $104.8 million for the three months ended September 30, 1995. Net sales for the six months ended September 30, 1996 increased 26.2% to $240.7 million from $190.8 million for the six months ended September 30, 1995. The increase for the six months was primarily due to sales to new customers in the computer and communications industries such as Microsoft, US Robotics and Advanced Fiber Communications and the inclusion of sales of Astron Group Limited ("Astron") after its acquisition in February 1996. GROSS PROFIT Gross profit is affected by, among other things, product mix, component costs, product life cycles, unit volumes, startup of new manufacturing facilities, expansion of existing manufacturing facilities and new product introductions. Gross profit margin increased to 11.6% for the three months ended September 30, 1996 as compared to 9.8% for the three months ended September 30, 1995. The gross margin increased to 11.0% for the six months ended September 30, 1996 as compared to 9.1% for the six months ended September 30, 1995. The increase in gross profit margin for the second quarter and six months ended September 30,1996 was mainly due to higher sales during this period resulting in better labor and overhead expense absorption and the inclusion of Astron's printed circuit board business which has historically had a higher gross profit margin due to lower materials costs than the Company's. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses for the three months ended September 30, 1996 increased to $6.6 million from $4.9 million for the three months ended September 30, 1995 and increased as a percentage of net sales to 5.4% for the three months ended September 30, 1996 from 4.6% for the three months ended September 30, 1995. For the six months ended September 30, 1996 selling, general and administrative expenses increased to $12.2 million from $8.3 million in the six months ended September 30, 1995 and increased as a percentage of net sales from 4.3% to 5.1%. The increase was principally due to the inclusion of Astron's selling and general administrative expenses after its acquisition in February 1996, costs associated with increased corporate salaries and bonuses and increased sales and marketing expenses. 8. 9 INTEREST EXPENSE AND OTHER, NET Interest expense and other, net increased to $947,000 for the three months ended September 30, 1996 from $289,000 for the three months ended September 30, 1995. Interest expense and other, net increased to $1,372,000 for the six months ended September 30, 1996 from $769,000 for the six months ended September 30, 1995. Interest expense and other, net increased mainly due to indebtedness incurred in order to finance the Astron acquisition. PROVISION FOR INCOME TAXES The Company is structured as a holding company with several operating subsidiaries. The Company conducts its operations in Asia through its manufacturing and marketing subsidiaries incorporated in Singapore, Malaysia, Hong Kong and China, and each of these subsidiaries is subject to taxation in the country in which it has been formed. The Company's manufacturing subsidiaries have been granted certain tax relief in each of these countries, resulting in lower taxes than would otherwise be the case under ordinary tax rates. The Company's consolidated effective tax rate for any given period is calculated by dividing the aggregate taxes incurred by each of the operating subsidiaries and the holding company by the Company's consolidated pretax income. Losses incurred by any subsidiary or by the holding company are not deductible by the other entities in the calculation of their respective local taxes. The Company's consolidated effective tax rate was 14.6% for the three months ended September 30, 1996 and 14.6% for the six months ended September 30, 1996. Variations in the Company's consolidated effective tax rates are primarily attributable to the differences in the relative amount of the holding company's interest expense compared to the amount of pretax income in the respective periods. The Company's Singapore subsidiary was granted an investment allowance incentive in respect of approved fixed capital expenditures subject to certain conditions. These allowances have been fully utilized to reduce its taxable income since fiscal 1991. If the Singapore subsidiary sells, leases or disposes of assets in respect of which investment allowances have been granted before July 31, 1997 the amount of income previously exempted from Singapore tax will then become taxable at the standard corporate tax rate of 26%. The Company's Malaysian manufacturing subsidiary has obtained a five-year pioneer certificate from the relevant authority which provides a tax exemption on manufacturing income from certain products in Johore, Malaysia. To date, this incentive has had a limited impact on the Company due to the relatively short history of its Malaysian operations and its tax allowances and losses carry forward. The Company's facility in Shekou, China is located in a "Special Economic Zone" and is an approved "Product Export Enterprise" which qualifies for a special corporate income tax rate of 10%. This special tax rate is subject to the Company exporting more than 70% of its total value of products manufactured in China, and the Company's status as a Product Export Enterprise is reviewed annually by the Chinese government authorities. The Company's investments in its plants in Xixiang and Doumen, China fall under the "Foreign Investment Scheme" which entitles the Company to apply for a five year tax incentive. The Company has obtained the incentive for the Doumen plant in December 1995 and the Xixiang plant in October 1996. With the approval, the Company's tax rates on income from these facilities during the incentive period will be 0% in years 1 and 2 and 7 1/2 % in years 3 through 5, commencing in the first profitable year. In fiscal 1993, the Company transferred its offshore marketing and distribution functions to a newly formed marketing subsidiary located in Labuan, Malaysia, where the tax rate is de minimis. In February 1996, the Company transferred Astron's sales and marketing business to a newly formed subsidiary in Mauritius, where the tax rate is at 0%. The Company has structured its operations in Asia in a manner designed to maximize income in countries where tax incentives have been extended to encourage foreign investment or where income tax rates are low. If tax incentives are not renewed upon expiration, if the tax rates applicable to the Company are rescinded or changed, or if tax authorities were to challenge successfully the manner in which profits are recognized among the Company's subsidiaries, the Company's taxes would increase and its results of operations and cash flow would be 9. 10 adversely affected. Substantially all of the products manufactured by the Company's Asian subsidiaries are sold to U.S. based customers. While the Company believes that profits from its Asian operations are not sufficiently connected to the U.S. to give rise to U.S. federal or state income taxation, there can be no assurance that U.S. tax authorities will not challenge the Company's position or, if such challenge is made, that the Company will prevail in any such disagreement. If the Company's Asian profits became subject to U.S. income taxes, the Company's taxes could increase and its results of operations and cash flow could be adversely affected. The expansion by the Company of its operations in the U.S. may increase its effective tax rate. There are no Singapore exchange controls or other restrictions on the export or import of capital. The remittance of dividends or other payments by the Company to non-resident shareholders is therefore not subject to any restriction. Singapore does not currently have a double tax treaty with the United States of America. However, under the current Singapore tax rules, there is no Singapore withholding tax on payments of dividends or other distributions by the Company to its non-resident shareholders. VARIABILITY OF RESULTS The Company has experienced, and expects to continue to experience, significant periodic and quarterly fluctuations in the Company's results of operations. These factors include, among other things, timing of orders, volume of orders relative to the Company's capacity, customers' announcement and introduction of new products or new generations of products, evolutions in the life cycles of customers' products, timing of expenditures in anticipation of future orders, effectiveness in managing manufacturing processes, changes in cost and availability of labor and components, mix of orders filled, and changes or anticipated changes in economic conditions. In addition, the Company's operating results are adversely affected by seasonality (principally in Malaysia and China during each fourth fiscal quarter due to local holiday seasons). The market segments served by the Company are also subject to economic cycles and have in the past experienced, and are likely in the future to experience, recessionary periods. A recessionary period affecting the industry segments served by the Company could have a material adverse effect on the Company's results of operations. Results of operations in any period should not be considered indicative of the results to be expected for any future period, and fluctuations in operating results may also result in fluctuations in the price of the Company's Ordinary Shares. In future periods the Company's revenue or results of operations may be below the expectations of public market analysts and investors. In such event, the price of the Company's Ordinary Shares would likely be materially adversely affected. LIQUIDITY AND CAPITAL RESOURCES The Company has funded its operations from the proceeds of public offerings of equity securities, cash generated from operations, bank debt and lease financing of capital equipment. The Company has a total of $50 million in credit facilities from several banks. Cash provided by operating activities was $17.9 million for the six months ended September 30, 1996. Cash used for operating activities was $15.2 million for the six months ended September 30, 1995. Cash provided by operating activities for the six months ended September 30, 1996 was comprised primarily of net income, depreciation, and decrease in accounts receivable. Cash used for operating activities in the prior period was primarily due to increase in inventory and decrease in accounts payable. Accounts receivable, net of allowance for doubtful accounts decreased to $72.2 million at September 30, 1996 from $78.1 million at March 31, 1996. The decrease in accounts receivable was mainly due to better collection of accounts receivable during the quarter ending September 30,1996. Inventories decreased to $50.0 million at September 30, 1996 from $52.6 million at March 31, 1996. Net cash used for investing activities during the six months ended September 30, 1996 was $12.4 million which consisted primarily of expenditures for the construction in progress in the new campus in Doumen, China, machinery and equipment in the San Jose, California and Xixiang, China facilities and for the purchases of 10. 11 land in Mexico and San Jose, California. Net cash provided by financing activities was $2.2 million for the six months ended September 30, 1996 and $30.0 million for the six months ended September 30, 1995. Cash provided by financing activities consisted primarily of borrowings from banks ,net proceeds from the issuance of share capital and repayment of loan received from the related party of Astron. Bank borrowings increased from $14.4 million at March 31, 1996 to $18.0 million at September 30, 1996 as the Company has utilized its bank lines to help finance the growth of its business. The Company ended the September 1996 quarter with cash of $14.2 million. 11. 12 PART II - OTHER INFORMATION Items 1 through 3. Not applicable. Item 4. Submission of Matters to a Vote of Security Holders The Company held its Annual General meeting of shareholders on August 15, 1996, at which the following matters were acted upon: Matter Voted Upon Votes Cast Reelection as directors of: (a) Robert R.B. Dykes For: 9,080,368 Authority withheld from the director: 23,057 (b) Michael E. Marks For: 9,081,768 Authority withheld from the director: 21,657 (c) Andrew W. Russell For: 9,081,368 Authority withheld from the director: 22,057 (d) Stephen J.L. Rees For: 9,029,265 Against: 54,555 Abstain: 19,605 Bernard J. Lacroute, Tsui Sung Lam, Michael Moritz and Richard L. Sharp continued their terms of office as directors after the Annual General meeting of shareholders. Adoption of audited accounts of the For: 9,094,160 Company for the fiscal year ended March Against: 1,382 31, 1996 together with the reports Abstain: 7,883 thereon. Reappointment of Ernst & Young LLP as the For: 9,093,017 Company's independent auditors for the Against: 5,819 fiscal year ending March 31, 1996. Abstain: 4,589 Amendment to the Company's 1993 Share For: 8,282,079 Option Plan relating to the increase in Against: 690,531 the maximum number of the Company's Abstain: 79,454 shares authorized for issuance. Broker non-votes: 51,361 Authorization of the Company's directors For: 6,161,357 to allot and issue or grant options in Against: 1,165,938 respect of the Company's shares or allot Abstain: 83,079 and issue such shares pursuant to the Broker non-votes: 1,693,051 exercise of options granted. Item 5. Not applicable. 12. 13 Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits: (11.1) Statement re: computation of earnings per share. (11.2) Statement re: computation of earnings per share. (27.1) Financial Data Schedule (b) Reports on Form 8-K : The Company did not file any reports on Form 8-K during the three months ended September 30, 1996. 13. 14 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 thereto duly authorized. FLEXTRONICS INTERNATIONAL LTD. (Registrant) Date November 14, 1996 /s/ Michael E. Marks ----------------------------------------- Michael E. Marks, Chief Executive Officer Date November 14, 1996 /s/ Goh Chan Peng ----------------------------------------- Goh Chan Peng, Chief Financial Officer 14. 15 EXHIBIT INDEX Exhibit Number Document Description 11.1 Statement re : computation of earnings per share 11.2 Statement re : computation of earnings per share 27.1 Financial Data Schedule 15. EX-11.1 2 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11.1 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (Unaudited)
Three Months Ended September 30, ---------------------- 1996 1995 ------- ------- (In thousands, except per share amounts) Shares issued and outstanding(1) 13,314 12,454 Common Stock Equivalent Stock Options(2) 1,006 889 ------- ------- 14,320 13,343 ======= ======= Net income $ 5,514 $ 3,938 ======= ======= Earnings per share: Net income $ 0.39 $ 0.30 ======= =======
(1) Shares issued and outstanding - based on the weighted average method. (2) Stock options - based on the treasury stock method using average market price. EX-11.2 3 STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11.2 FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
Six Months Ended September 30, ----------------------- 1996 1995 ------- ------- (In thousands, except per share amounts) Shares issued and outstanding(1) 13,293 12,089 Common Stock Equivalent Stock Options(2) 1,012 818 ------- ------- 14,305 12,907 ======= ======= Net income $10,468 $ 6,623 ======= ======= Earnings per share: ------- ------- Net income $ 0.73 $ 0.51 ======= =======
(1) Shares issued and outstanding - based on the weighted average method. (2) Stock options - based on the treasury stock method using average market price. EX-27.1 4 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS MAR-31-1997 JUL-01-1996 SEP-30-1996 14,228 0 75,928 3,712 49,955 4,783 104,859 36,158 219,891 108,816 27,189 0 0 94,369 (12,224) 219,891 122,470 122,470 108,207 108,207 6,856 608 947 6,460 946 5,514 0 0 0 5,514 0 .39
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