Exhibit 99.01

Flextronics contacts:
Thomas J. Smach
Senior Vice President of Finance
+1.408.576.7722
investor_relations@flextronics.com

Renee Brotherton
Director of Corporate Marketing
+1.408.576.7189
renee.brotherton@flextronics.com

FLEXTRONICS ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS;
APPOINTS LIP-BU TAN TO BOARD OF DIRECTORS

Singapore, April 24, 2003 – Flextronics (NASDAQ: FLEX), a global provider of operational services focused on delivering design, engineering, manufacturing and logistic solutions to technology companies, today announced results for the quarter and year ended March 31, 2003, as follows:

($ in millions, except EPS)(1)	Quarter Ended				Fiscal Year Ended
	March 31,		March 31,		March 31,			March 31,
	2003		2002		2003			2002
Net sales	$	3,059.6	$	3,296.3	$	13,378.7		$	13,104.8
Proforma operating income	$	50.0	$	92.8	$	272.1		$	436.3
GAAP operating income (loss)	$	43.1	$	31.0	$	(54.5	)	$	(150.7	)
Proforma net income	$	25.4	$	61.4	$	161.6		$	310.0
GAAP net income (loss)	$	19.5	$	5.7	$	(83.5	)	$	(153.7	)
Diluted proforma EPS	$	0.05	$	0.12	$	0.31		$	0.61
Diluted GAAP EPS	$	0.04	$	0.01	$	(0.16	)	$	(0.31	)

(1) Proforma results exclude intangibles amortization and unusual charges. See Schedule 1 for a reconciliation of proforma results to GAAP results.

Net sales totaled $3.1 billion and $13.4 billion for the quarter and fiscal year ended March 31, 2003, respectively. This represents a 2% increase in sales for fiscal 2003. For the quarter ended March 31, 2003, diluted earnings per share on a GAAP basis increased to 4 cents from 1 cent in the quarter ended March 31, 2002. For the fiscal year ended March 31, 2003, the Company’s GAAP net loss was reduced to 16 cents per diluted share from 31 cents per diluted share in the fiscal year ended March 31, 2002.

During the fiscal year, the Company generated $608 million of cash flow from operations and ended the quarter with an industry leading cash conversion cycle of 26 days. At the end of the quarter, the Company had $424 million in cash. Total debt was reduced by $6 million during the quarter, leverage remained at 20% and liquidity increased to more than $1.3 billion at quarter end. During the quarter, the Company renewed and increased its revolving line-of-credit from $800 million to $880 million.

“The March quarter operating results were in line with our expectations and reflected general end-market demand slow down, coupled with the seasonality of consumer related demand” said Michael E. Marks, Chief Executive Officer of Flextronics. “I continue to believe that our business is pretty stable as we continue to win new customers and new programs offsetting demand weaknesses. We remain profitable on a proforma operating basis and are generating cash, while making excellent progress on several initiatives, including our ODM (Original Design Manufacturing) strategy and expanding our non-consumer related client base. These two initiatives should contribute to stronger and more seasonally stable operating results going forward.” Mr. Marks added: “I believe that Flextronics is well positioned to serve its customers with world class capabilities in manufacturing, combined with an expansive global footprint, and a broad service offering which includes design services, manufacturing, and logistics management.”

In terms of earnings guidance, the Company indicated that sales in the June 2003 quarter should be in the range of $3.0 to $3.3 billion and proforma diluted earnings per share would be in the range of 5 to 8 cents (which excludes amortization of intangibles of approximately one cent). For the full fiscal year ending March 2004, the Company is targeting earnings per share growth in the range of 20% on a revenue base of approximately $14 billion.

Finally, the Company announced today the appointment of Lip-Bu Tan to the Board of Directors, effective April 3rd, replacing departing director, Tommie Goh, who had joined the board as part of the Company’s acquisition of JIT Holdings. Lip-Bu Tan is the Founder and Chairman of Walden International, which manages over $1.8 billion in venture capital funds. Mr. Tan has been active in the venture capital industry for the past two decades, and has been a lead investor and/or a board member in more than 50 companies. He has pioneered the U.S. venture capital concept in Asia, and promotes early-stage technology investing in the Asia-Pacific region. The Company believes that Mr. Tan will add significantly to the strength of its board.

A conference call hosted by Flextronics’ management will be held today at 1:30 p.m. PST to further discuss the financial results of the Company and its future outlook. This call will be broadcast via the Internet and may be accessed by logging on to the Company’s website at www.flextronics.com. Additional information in the form of a slide presentation and Chairman’s Letter that summarizes and discusses the quarterly results may also be found on the site. A replay of the broadcast will remain available on the Company’s website after the call.

Minimum requirements to listen to the broadcast are Microsoft Windows Media Player software (free download at http://www.microsoft.com/windows/windowsmedia/download/default.asp) and at least a 28.8 Kbps bandwidth connection to the Internet.

About Flextronics
Headquartered in Singapore, Flextronics is the leading Electronics Manufacturing Services (EMS) provider focused on delivering operational services to technology companies. With fiscal year 2003 revenues of $13.4 billion and approximately 95,000 employees, Flextronics is a major global operating company with design, engineering, manufacturing and logistics operations in 29 countries and five continents. This global presence allows for manufacturing excellence through a network of facilities situated in key markets and geographies that in turn provide its customers with the resources, technology and capacity to optimize their operations. Flextronics’ ability to provide end-to-end operational services that include innovative product design, test solutions, manufacturing, IT expertise and logistics has established the Company as the leading EMS provider. For more information, please visit www.flextronics.com.

# # #

This news release, the Chairman’s Letter to the Shareholders and the earnings slide presentation contain forward-looking statements within the meaning of federal securities laws and are subject to the safe harbor under those laws. These forward-looking statements include statements related to our future growth, trends in our industry, end market demand, expansion of and changes in our client base, our ODM initiative, the impact of severe acute respiratory syndrome (“SARs”) on our operations in Asia and our anticipated operating results, financial position and profitability. These forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. These risks include the challenges of effectively managing our operations, particularly during uncertain economic conditions, the need for future restructurings, integrating acquired companies, responding to changes in economic trends and to fluctuations in demand for customers’ products and changes in customers’ orders, our dependence on a small number of large customers, our dependence on industries affected by rapid technological change, competition in our industry and the other risks described under “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Certain Factors Affecting Future Operating Results” in our most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q and current reports on Form 8-K, filed with the SEC. The forward-looking statements in this news release, the Chairman’s Letter to the Shareholders and the earnings slide presentation, are based on current expectations, and Flextronics assumes no obligation to update these forward-looking statements.

SCHEDULE 1

FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

		Fourth Quarter Ended March 31, 2003							Fourth Quarter Ended March 31, 2002
				Proforma							Proforma
		Proforma(1)		Adjustments			GAAP		Proforma(1)		Adjustments			GAAP
Net sales		$	3,059,565				$	3,059,565	$	3,296,292				$	3,296,292
Cost of sales			2,893,527					2,893,527		3,083,536					3,083,536
Unusual charges			—					—		—		24,943			24,943
	Gross profit		166,038					166,038		212,756		(24,943	)		187,813
Selling, general and administrative			116,087					116,087		119,941					119,941
Intangibles amortization			—		6,832			6,832		—		3,504			3,504
Unusual charges			—					—		—		33,388			33,388
	Operating income		49,951		(6,832	)		43,119		92,815		(61,835	)		30,980
Interest and other expense, net			22,024					22,024		24,557					24,557
	Income before income taxes		27,927		(6,832	)		21,095		68,258		(61,835	)		6,423
Provision for income taxes			2,576		(1,007	)		1,569		6,866		(6,183	)		683
	Net income	$	25,351	$	(5,825	)	$	19,526	$	61,392	$	(55,652	)	$	5,740
Earnings per share:
	Basic	$	0.05				$	0.04	$	0.12				$	0.01
	Diluted	$	0.05				$	0.04	$	0.12				$	0.01
Shares used in computing per share amounts:
	Basic		519,266					519,266		510,559					510,559
	Diluted		531,118					531,118		526,797					526,797

(1) Proforma results exclude intangibles amortization and unusual charges.

SCHEDULE 1, Continued

FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)
(Unaudited)

		Fiscal Year Ended March 31, 2003								Fiscal Year Ended March 31, 2002
				Proforma								Proforma
		Proforma(1)		Adjustments			GAAP			Proforma(1)		Adjustments			GAAP
Net sales		$	13,378,699				$	13,378,699		$	13,104,847				$	13,104,847
Cost of sales			12,650,402					12,650,402			12,224,969					12,224,969
Unusual charges			—		266,244			266,244			—		464,391			464,391
	Gross profit		728,297		(266,244	)		462,053			879,878		(464,391	)		415,487
Selling, general and administrative			456,199					456,199			443,586					443,586
Intangibles amortization			—		22,146			22,146			—		12,615			12,615
Unusual charges			—		38,167			38,167			—		110,035			110,035
	Operating income (loss)		272,098		(326,557	)		(54,459	)		436,292		(587,041	)		(150,749	)
Interest and other expense, net			92,780					92,780			91,853					91,853
	Income (loss) before income taxes		179,318		(326,557	)		(147,239	)		344,439		(587,041	)		(242,602	)
Provision for (benefit from) income taxes			17,715		(81,501	)		(63,786	)		34,444		(123,298	)		(88,854	)
	Net income (loss)	$	161,603	$	(245,056	)	$	(83,453	)	$	309,995	$	(463,743	)	$	(153,748	)
Earnings (loss) per share:
	Basic	$	0.31				$	(0.16	)	$	0.63				$	(0.31	)
	Diluted	$	0.31				$	(0.16	)	$	0.61				$	(0.31	)
Shares used in computing per share amounts:
	Basic		517,198					517,198			489,553					489,553
	Diluted		526,738					517,198			510,627					489,553

(1) Proforma results exclude intangibles amortization and unusual charges.

SCHEDULE 2

FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

			March 31,		March 31,
			2003		2002
ASSETS
CURRENT ASSETS:
		Cash and cash equivalents	$	424,020	$	745,124
		Accounts receivable, net		1,417,086		1,866,576
		Inventories, net		1,141,559		1,292,230
		Deferred income taxes		42,568		51,954
		Other current assets		466,942		597,303
		Total current assets		3,492,175		4,553,187
Property, plant and equipment, net				1,965,729		2,032,495
Deferred income taxes				454,473		312,996
Goodwill and other intangibles, net				2,192,910		1,538,148
Other assets				341,664		207,873
		Total assets	$	8,446,951	$	8,644,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
		Bank borrowings and current portion of long-term debt	$	52,484	$	282,478
		Current portion of capital lease obligations		7,622		16,557
		Accounts payable		1,601,923		1,962,630
		Other current liabilities		910,718		896,639
		Total current liabilities		2,572,747		3,158,304
Long-term debt and capital lease obligations, net of current portion				1,049,853		863,293
Other liabilities				282,331		167,606
Shareholders’ equity				4,542,020		4,455,496
	Total liabilities and shareholders’ equity		$	8,446,951	$	8,644,699