8-K

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 (Date of earliest event reported) December 18, 2002

SANMINA-SCI CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware	000-21272	77-0228183
(State or Other Jurisdiction of Incorporation)	(Commission File No.)	(IRS Employer Identification No.)

2700 NORTH FIRST STREET
SAN JOSE, CALIFORNIA 95134

(Address of Principal Executive Offices) (Zip Code)

(408) 964-3500

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

TABLE OF CONTENTS

	ITEM 5. OTHER EVENTS
	ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1
EXHIBIT 99.2
EXHIBIT 99.3

ITEM 5. OTHER EVENTS

     On December 18, 2002, Sanmina-SCI Corporation (“Sanmina-SCI”) announced the pricing of an offering of $750,000,000 of its 10.375% senior secured notes due January 15, 2010 (the “Notes”) in a private placement to qualified investors, as part of a refinancing transaction pursuant to which Sanmina-SCI would also enter into a $275 million senior secured credit facility (the “Credit Facility”). Sanmina-SCI’s press release relating to the pricing of the offering dated December 18, 2002, attached hereto as Exhibit 99.1, is incorporated by reference herein. On December 23, 2002, Sanmina-SCI announced the closing of the offering of the Notes and its entry into the Credit Facility. Sanmina-SCI’s press release relating to the closing of the refinancing transaction dated December 23, 2002, attached hereto as Exhibit 99.2, is incorporated by reference herein. In addition, the unaudited supplemental guarantors consolidating financial information, attached hereto as Exhibit 99.3, is incorporated by reference herein.

     Since September 28, 2002, we have repurchased, through unsolicited privately negotiated transactions, approximately $ 25.0 million aggregate principal amount of the 3% Convertible Subordinated Notes due 2007 of SCI Systems, Inc., one of our wholly-owned subsidiaries, $ 27.5 million aggregate principal amount of our 4 1/4% Convertible Subordinated Notes due 2004, and $ 227.1 million aggregate principal amount at maturity (having an accreted value of $ 111.5 million) of our Zero Coupon Convertible Subordinated Debentures due 2020.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

     (c)  Exhibits.

Exhibit No.	Description
Exhibit 99.1	Press Release issued by Sanmina-SCI on December 18, 2002
Exhibit 99.2	Press Release issued by Sanmina-SCI on December 23, 2002
Exhibit 99.3	Unaudited Supplemental Guarantors Consolidating Financial Information

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

SANMINA-SCI CORPORATION
By:	/s/ Rick R. Ackel
	Rick R. Ackel Executive Vice President and Chief Financial Officer

Date: December 23, 2002

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Press Release issued by Sanmina-SCI on December 18, 2002
Exhibit 99.2	Press Release issued by Sanmina-SCI on December 23, 2002
Exhibit 99.3	Unaudited Supplemental Guarantors Consolidating Financial Information

EX-99.1 3 f86697exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 CONTACTS: Rick Ackel EVP, Chief Financial Officer Paige Bombino Investor Relations (408) 964-3610 FOR IMMEDIATE RELEASE SANMINA-SCI ANNOUNCES PRICING OF $750 MILLION SENIOR SECURED NOTES OFFERING SAN JOSE, CALIFORNIA, (DECEMBER 18, 2002) -- Sanmina-SCI Corporation (Nasdaq: SANM) announced today that it has priced an offering of $750 million of its senior secured notes in a private placement to qualified investors. The notes will mature on January 15, 2010, and have a coupon of 10.375 percent annually. The issue price of the notes is 100 percent, with the first interest payment date of July 15, 2003. The notes are being offered as part of a refinancing transaction pursuant to which Sanmina-SCI will enter into a $275 million senior secured credit facility secured by the same collateral securing the notes. The financings are expected to close December 23, 2002. The net proceeds of the notes offering, in combination with the net proceeds from the proposed new senior secured credit facility, will be used to repay Sanmina-SCI's debt under its existing credit facility, to repay the outstanding balance under its receivables securitization facility, to refinance or restructure its other debt, and to fund further expansion of its business and working capital. This announcement is neither an offer to sell nor a solicitation to buy any of these securities. The securities will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws. EX-99.2 4 f86697exv99w2.txt EXHIBIT 99.2 Exhibit 99.2 CONTACTS: At Sanmina-SCI Rick Ackel EVP, Chief Financial Officer Paige Bombino Investor Relations 408-964-3610 FOR IMMEDIATE RELEASE SANMINA-SCI RAISES IN EXCESS OF $1.025 BILLION IN FINANCING SAN JOSE, CALIFORNIA, (DECEMBER 23, 2002) - Sanmina-SCI Corporation (Nasdaq: SANM) announced today that it has closed $1,025,000,000 in financing pursuant to an offering of $750 million of its senior secured notes in a private placement to qualified investors and a $275 million senior secured credit facility. This announcement is neither an offer to sell nor a solicitation to buy any of these securities. The securities will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws. ### EX-99.3 5 f86697exv99w3.txt EXHIBIT 99.3 Exhibit 99.3 UNAUDITED SUPPLEMENTAL GUARANTORS CONSOLIDATING FINANCIAL INFORMATION Sanmina-SCI Corporation ("Sanmina-SCI") has issued an aggregate principal amount of $750.0 million of 10.375% senior secured notes due January 15, 2010 (the "Notes"). The Notes are guaranteed by all of our United States subsidiaries. The following unaudited consolidating financial information presents: (1) A consolidating balance sheet as of September 28, 2002 and the related statements of operations and cash flows for the year ended September 28, 2002, of (a) Sanmina-SCI, the parent; (b) the guarantor subsidiaries; (c) the non-guarantor subsidiaries; and (d) Sanmina-SCI, the guarantor subsidiaries and the non-guarantor subsidiaries on a consolidated basis, and (2) Elimination entries necessary to consolidate Sanmina-SCI with the guarantor subsidiaries and the non-guarantor subsidiaries. Investments in subsidiaries are accounted for on the equity method. The principal elimination entries eliminate investments in subsidiaries, intercompany balances and intercompany sales. CONSOLIDATING BALANCE SHEET

GUARANTORS NON-GUARANTOR CONSOLIDATING CONSOLIDATED SANMINA-SCI SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL ----------- ------------ -------------- ------------- ------------ (IN THOUSANDS) ASSETS: Current assets: Cash and cash equivalents.......................... $ 454,998 $ 112,519 $ 497,017 $ -- $ 1,064,534 Short-term investments............................. 99,140 -- -- -- 99,140 Accounts receivable, net........................... 8,746 539,542 846,227 -- 1,394,515 Accounts receivable -- intercompany................ 221 973,401 725,742 (1,699,364) -- Inventories........................................ 147,405 324,442 651,169 -- 1,123,016 Deferred income taxes -- current................... 205,719 74,498 31,967 -- 312,184 Income taxes receivable............................ 26,024 -- 14,051 (6,484) 33,591 Prepaid expenses and other......................... 15,056 27,551 89,451 -- 132,058 ----------- ---------- ----------- ----------- ----------- Total current assets......................... 957,309 2,051,953 2,855,624 (1,705,848) 4,159,038 Property, plant and equipment, net................... 175,300 350,379 558,775 -- 1,084,454 Goodwill and intangibles............................. 127,909 1,132,473 888,445 -- 2,148,827 Intercompany accounts................................ 1,510,124 -- -- (1,510,124) -- Investment in subsidiaries........................... 2,124,910 1,169,023 -- (3,293,933) -- Long term investments................................ 68,633 5,322 -- -- 73,955 Deposits and other................................... 28,669 14,924 8,190 -- 51,783 Deferred income taxes -- noncurrent.................. 37,064 -- 50,190 (87,254) -- ----------- ---------- ----------- ----------- ----------- Total assets................................. $5,029,918 $4,724,074 $ 4,361,224 $(6,597,159) $ 7,518,057 =========== ========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Current portion of long-term debt.................. $ 27,080 $ 201,091 $ 37,728 $ -- $ 265,899 Accounts payable................................... 129,764 373,618 776,069 -- 1,279,451 Accounts Payable -- intercompany................... 12,237 1,354,503 1,501,527 (2,868,267) -- Accrued liabilities................................ 47,157 161,436 157,907 -- 366,500 Accrued payroll and related benefits............... 34,753 32,051 75,335 -- 142,139 Income taxes payable............................... -- 6,484 -- (6,484) -- ----------- ---------- ----------- ----------- ----------- Total current liabilities.................... 250,991 2,129,183 2,548,566 (2,874,751) 2,053,989 Long-term liabilities Long-term debt, net of current portion............. 1,355,186 567,383 52,762 -- 1,975,331 Intercompany accounts -- noncurrent................ -- 341,221 -- (341,221) -- Deferred income tax liability...................... -- 104,438 -- (87,254) 17,184 Other.............................................. 9,026 35,151 12,661 -- 56,838 ----------- ---------- ----------- ----------- ----------- Total long-term liabilities.................. 1,364,212 1,048,193 65,423 (428,475) 2,049,353 Stockholders' equity: Common stock....................................... 5,254 78,808 506,787 (585,595) 5,254 Treasury stock..................................... (190,261) -- -- -- (190,261) Additional paid-in capital......................... 5,675,401 577,375 3,671,145 (4,248,520) 5,675,401 Accumulated other comprehensive income (loss)...... (10,305) 10,498 (22,325) 11,827 (10,305) Retained earnings (deficit)........................ (2,065,374) 880,017 (2,408,372) 1,528,355 (2,065,374) ----------- ---------- ----------- ----------- ----------- Total stockholders' equity................... 3,414,715 1,546,698 1,747,235 (3,293,933) 3,414,715 ----------- ---------- ----------- ----------- ----------- Total liabilities and stockholders' equity... $5,029,918 $4,724,074 $ 4,361,224 $(6,597,159) $ 7,518,057 =========== ========== =========== =========== ===========

1 CONSOLIDATING STATEMENT OF OPERATIONS

GUARANTORS NON-GUARANTOR CONSOLIDATING CONSOLIDATED SANMINA-SCI SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL ----------- ------------ ------------- ------------- ------------ (IN THOUSANDS) Net sales............................................. $ 808,473 $ 3,990,654 $ 5,426,427 $(1,463,924) $ 8,761,630 Cost of sales......................................... 739,579 3,862,697 5,248,577 (1,463,924) 8,386,929 ----------- ----------- ----------- ----------- ----------- Gross profit.................................. 68,894 127,957 177,850 -- 374,701 Operating expenses: Selling, general and administrative................. 67,626 100,830 119,169 -- 287,625 Amortization of intangibles......................... -- 5,757 -- -- 5,757 Goodwill impairment and write down of intangible assets............................................ 31,524 267,476 2,371,000 -- 2,670,000 Merger and integration costs........................ -- 927 2,780 -- 3,707 Restructuring costs................................. 38,885 102,627 30,283 -- 171,795 ----------- ----------- ----------- ----------- ----------- Total operating expenses...................... 138,035 477,617 2,523,232 -- 3,138,884 Operating income (loss)............................... (69,141) (349,660) (2,345,382) -- (2,764,183) Interest income..................................... 19,579 2,706 3,007 -- 25,292 Interest expense.................................... (60,693) (27,464) (9,676) -- (97,833) Interest income (expense) -- intercompany........... 11,402 15,500 (26,902) -- -- Other Income (expense).............................. 18,186 4,018 (372) -- 21,832 ----------- ----------- ----------- ----------- ----------- Other Income (expense), net........................... (11,526) (5,240) (33,943) -- (50,709) ----------- ----------- ----------- ----------- ----------- Income (loss) before provision (benefit) for income taxes and equity in loss of subsidiaries............ (80,667) (354,900) (2,379,325) -- (2,814,892) Provision (benefit) for income taxes.................. (45,643) (56,459) (16,037) -- (118,139) Equity in loss of subsidiaries........................ (2,806,721) (2,246,690) -- 5,053,411 -- ----------- ----------- ----------- ----------- ----------- Net loss...................................... $(2,841,745) $(2,545,131) $(2,363,288) $ 5,053,411 $(2,696,753) =========== =========== =========== =========== ===========

2 CONSOLIDATING STATEMENT OF CASH FLOWS

GUARANTOR NON-GUARANTOR CONSOLIDATING CONSOLIDATED SANMINA-SCI SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL ----------- ------------ ------------- ------------- ------------ (IN THOUSANDS) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss.............................................. $(2,841,745) $(2,545,131) $(2,363,288) $5,053,411 $(2,696,753) Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and amortization..................... 45,694 104,648 99,230 -- 249,572 Restructuring costs............................... 29,591 58,938 11,056 -- 99,585 Provision (benefit) for doubtful accounts......... (9) (550) (862) -- (1,421) Deferred income taxes............................. 13,394 -- 14,288 -- 27,682 Tax benefit from disqualified dispositions........ 2,000 -- -- -- 2,000 (Gain) loss on disposal of property and equipment....................................... 4,669 1,379 3,274 -- 9,322 (Gain) loss from investment in 50% owned companies....................................... 4,512 -- -- -- 4,512 (Gain) loss from repurchase of convertible notes........................................... (54,493) -- -- -- (54,493) Write-off of cost method investments.............. 23,284 -- -- -- 23,284 Goodwill impairment and writedown of intangible assets.......................................... 31,524 267,476 2,371,000 -- 2,670,000 Equity in loss of subsidiaries.................... 2,806,721 2,246,690 -- (5,053,411) -- Other, net........................................ -- 4,752 -- -- 4,752 Changes in operating assets and liabilities: Accounts Receivable............................. 189,225 40,443 (114,921) -- 114,747 Account receivable securitization............... -- (211,013) -- -- (211,013) Inventories..................................... 158,879 233,560 384,747 -- 777,186 Prepaid expenses, deposits & other.............. 133,414 (52,711) (70,000) -- 10,703 Accounts payable and accrued liabilities........ (80,016) (218,317) 137,186 -- (161,147) Income tax accounts............................. (134,337) 101,151 (12,013) -- (45,199) ----------- ----------- ----------- ---------- ----------- Cash provided by operating activities......... 332,307 31,315 459,697 -- 823,319 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of short-term investments............... (488,652) -- -- -- (488,652) Proceeds from maturities of short-term investments..................................... 1,202,903 -- -- -- 1,202,903 Purchases of property, plant and equipment........ (19,599) (16,815) (56,577) -- (92,991) Cash paid for businesses acquired, net............ (108,683) (57,782) (153,476) -- (319,941) Proceeds from sale of assets...................... 1,684 2,289 -- -- 3,973 ----------- ----------- ----------- ---------- ----------- Cash provided by (used for) investing activities.................................. 587,653 (72,308) (210,053) -- 305,292 ----------- ----------- ----------- ---------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from notes and credit facilities, net.... 1,424,000 204,300 15,182 -- 1,643,482 Issuance (repurchase) of convertible notes........ (125,466) -- -- -- (125,466) Payments of long-term debt........................ (1,021,043) (991,092) (40,832) -- (2,052,967) Proceeds from sale of common stock, net of issuance costs.................................. 17,545 -- -- -- 17,545 Repurchase of common stock........................ (116,344) -- -- -- (116,344) Proceeds from (repayment of) intercompany debt.... (1,139,628) 909,028 230,600 -- -- ----------- ----------- ----------- ---------- ----------- Cash provided by (used for) financing activities.................................. (960,936) 122,236 204,950 -- (633,750) Effect of exchange rate changes..................... -- -- 2,024 -- 2,024 ----------- ----------- ----------- ---------- ----------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS...... (40,976) 81,243 456,618 -- 496,885 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD...... 495,973 31,276 40,400 -- 567,649 ----------- ----------- ----------- ---------- ----------- CASH AND CASH EQUIVALENTS AT END OF PERIOD............ $ 454,997 $ 112,519 $ 497,018 $ -- $ 1,064,534 =========== =========== =========== ========== ===========

3 -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    Exhibit 99.1

CONTACTS:

Rick Ackel
EVP, Chief Financial Officer
Paige Bombino
Investor Relations

(408) 964-3610

FOR IMMEDIATE RELEASE

  SANMINA-SCI ANNOUNCES PRICING OF $750 MILLION SENIOR SECURED NOTES OFFERING

SAN JOSE, CALIFORNIA, (DECEMBER 18, 2002) -- Sanmina-SCI Corporation (Nasdaq:
SANM) announced today that it has priced an offering of $750 million of its
senior secured notes in a private placement to qualified investors. The notes
will mature on January 15, 2010, and have a coupon of 10.375 percent annually.
The issue price of the notes is 100 percent, with the first interest payment
date of July 15, 2003. The notes are being offered as part of a refinancing
transaction pursuant to which Sanmina-SCI will enter into a $275 million senior
secured credit facility secured by the same collateral securing the notes. The
financings are expected to close December 23, 2002.

The net proceeds of the notes offering, in combination with the net proceeds
from the proposed new senior secured credit facility, will be used to repay
Sanmina-SCI's debt under its existing credit facility, to repay the outstanding
balance under its receivables securitization facility, to refinance or
restructure its other debt, and to fund further expansion of its business and
working capital.

This announcement is neither an offer to sell nor a solicitation to buy any of
these securities.

The securities will not be registered under the Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws, and unless so
registered, may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Securities Act and
applicable state laws.

EX-99.2

                                                                    Exhibit 99.2


CONTACTS:
At Sanmina-SCI
Rick Ackel
EVP, Chief Financial Officer

Paige Bombino
Investor Relations
408-964-3610


FOR IMMEDIATE RELEASE

             SANMINA-SCI RAISES IN EXCESS OF $1.025 BILLION IN FINANCING

     SAN JOSE, CALIFORNIA, (DECEMBER 23, 2002) - Sanmina-SCI Corporation
     (Nasdaq: SANM) announced today that it has closed $1,025,000,000 in
     financing pursuant to an offering of $750 million of its senior secured
     notes in a private placement to qualified investors and a $275 million
     senior secured credit facility.

     This announcement is neither an offer to sell nor a solicitation to buy any
     of these securities.

     The securities will not be registered under the Securities Act of 1933, as
     amended (the "Securities Act"), or any state securities laws, and unless so
     registered, may not be offered or sold in the United States except pursuant
     to an exemption from the registration requirements of the Securities Act
     and applicable state laws.

                                       ###

EX-99.3

                                                                    Exhibit 99.3

     UNAUDITED SUPPLEMENTAL GUARANTORS CONSOLIDATING FINANCIAL INFORMATION

     Sanmina-SCI Corporation ("Sanmina-SCI") has issued an aggregate principal
amount of $750.0 million of 10.375% senior secured notes due January 15, 2010
(the "Notes"). The Notes are guaranteed by all of our United States
subsidiaries.

     The following unaudited consolidating financial information presents:

          (1) A consolidating balance sheet as of September 28, 2002 and the
     related statements of operations and cash flows for the year ended
     September 28, 2002, of (a) Sanmina-SCI, the parent; (b) the guarantor
     subsidiaries; (c) the non-guarantor subsidiaries; and (d) Sanmina-SCI, the
     guarantor subsidiaries and the non-guarantor subsidiaries on a consolidated
     basis, and

          (2) Elimination entries necessary to consolidate Sanmina-SCI with the
     guarantor subsidiaries and the non-guarantor subsidiaries.

     Investments in subsidiaries are accounted for on the equity method. The
principal elimination entries eliminate investments in subsidiaries,
intercompany balances and intercompany sales.

                          CONSOLIDATING BALANCE SHEET

 
 
                                                                       GUARANTORS    NON-GUARANTOR    CONSOLIDATING   CONSOLIDATED
                                                        SANMINA-SCI   SUBSIDIARIES    SUBSIDIARIES    ELIMINATIONS       TOTAL
                                                        -----------   ------------   --------------   -------------   ------------
                                                                                      (IN THOUSANDS)
                                                                                                       
 ASSETS:
 Current assets:
   Cash and cash equivalents..........................  $  454,998     $  112,519     $   497,017      $        --    $ 1,064,534
   Short-term investments.............................      99,140             --              --               --         99,140
   Accounts receivable, net...........................       8,746        539,542         846,227               --      1,394,515
   Accounts receivable -- intercompany................         221        973,401         725,742       (1,699,364)            --
   Inventories........................................     147,405        324,442         651,169               --      1,123,016
   Deferred income taxes -- current...................     205,719         74,498          31,967               --        312,184
   Income taxes receivable............................      26,024             --          14,051           (6,484)        33,591
   Prepaid expenses and other.........................      15,056         27,551          89,451               --        132,058
                                                        -----------    ----------     -----------      -----------    -----------
         Total current assets.........................     957,309      2,051,953       2,855,624       (1,705,848)     4,159,038
 Property, plant and equipment, net...................     175,300        350,379         558,775               --      1,084,454
 Goodwill and intangibles.............................     127,909      1,132,473         888,445               --      2,148,827
 Intercompany accounts................................   1,510,124             --              --       (1,510,124)            --
 Investment in subsidiaries...........................   2,124,910      1,169,023              --       (3,293,933)            --
 Long term investments................................      68,633          5,322              --               --         73,955
 Deposits and other...................................      28,669         14,924           8,190               --         51,783
 Deferred income taxes -- noncurrent..................      37,064             --          50,190          (87,254)            --
                                                        -----------    ----------     -----------      -----------    -----------
         Total assets.................................  $5,029,918     $4,724,074     $ 4,361,224      $(6,597,159)   $ 7,518,057
                                                        ===========    ==========     ===========      ===========    ===========
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current liabilities:
   Current portion of long-term debt..................  $   27,080     $  201,091     $    37,728      $        --    $   265,899
   Accounts payable...................................     129,764        373,618         776,069               --      1,279,451
   Accounts Payable -- intercompany...................      12,237      1,354,503       1,501,527       (2,868,267)            --
   Accrued liabilities................................      47,157        161,436         157,907               --        366,500
   Accrued payroll and related benefits...............      34,753         32,051          75,335               --        142,139
   Income taxes payable...............................          --          6,484              --           (6,484)            --
                                                        -----------    ----------     -----------      -----------    -----------
         Total current liabilities....................     250,991      2,129,183       2,548,566       (2,874,751)     2,053,989
 Long-term liabilities
   Long-term debt, net of current portion.............   1,355,186        567,383          52,762               --      1,975,331
   Intercompany accounts -- noncurrent................          --        341,221              --         (341,221)            --
   Deferred income tax liability......................          --        104,438              --          (87,254)        17,184
   Other..............................................       9,026         35,151          12,661               --         56,838
                                                        -----------    ----------     -----------      -----------    -----------
         Total long-term liabilities..................   1,364,212      1,048,193          65,423         (428,475)     2,049,353
 Stockholders' equity:
   Common stock.......................................       5,254         78,808         506,787         (585,595)         5,254
   Treasury stock.....................................    (190,261)            --              --               --       (190,261)
   Additional paid-in capital.........................   5,675,401        577,375       3,671,145       (4,248,520)     5,675,401
   Accumulated other comprehensive income (loss)......     (10,305)        10,498         (22,325)          11,827        (10,305)
   Retained earnings (deficit)........................  (2,065,374)       880,017      (2,408,372)       1,528,355     (2,065,374)
                                                        -----------    ----------     -----------      -----------    -----------
         Total stockholders' equity...................   3,414,715      1,546,698       1,747,235       (3,293,933)     3,414,715
                                                        -----------    ----------     -----------      -----------    -----------
         Total liabilities and stockholders' equity...  $5,029,918     $4,724,074     $ 4,361,224      $(6,597,159)   $ 7,518,057
                                                        ===========    ==========     ===========      ===========    ===========
 



                                       1


                     CONSOLIDATING STATEMENT OF OPERATIONS




                                                                        GUARANTORS    NON-GUARANTOR   CONSOLIDATING   CONSOLIDATED
                                                        SANMINA-SCI   SUBSIDIARIES   SUBSIDIARIES    ELIMINATIONS       TOTAL
                                                        -----------   ------------   -------------   -------------   ------------
                                                                                     (IN THOUSANDS)
                                                                                                      
Net sales.............................................  $  808,473    $ 3,990,654     $ 5,426,427     $(1,463,924)   $ 8,761,630
Cost of sales.........................................     739,579      3,862,697       5,248,577      (1,463,924)     8,386,929
                                                        -----------   -----------     -----------     -----------    -----------
        Gross profit..................................      68,894        127,957         177,850              --        374,701
Operating expenses:
  Selling, general and administrative.................      67,626        100,830         119,169              --        287,625
  Amortization of intangibles.........................          --          5,757              --              --          5,757
  Goodwill impairment and write down of intangible
    assets............................................      31,524        267,476       2,371,000              --      2,670,000
  Merger and integration costs........................          --            927           2,780              --          3,707
  Restructuring costs.................................      38,885        102,627          30,283              --        171,795
                                                        -----------   -----------     -----------     -----------    -----------
        Total operating expenses......................     138,035        477,617       2,523,232              --      3,138,884
Operating income (loss)...............................     (69,141)      (349,660)     (2,345,382)             --     (2,764,183)
  Interest income.....................................      19,579          2,706           3,007              --         25,292
  Interest expense....................................     (60,693)       (27,464)         (9,676)             --        (97,833)
  Interest income (expense) -- intercompany...........      11,402         15,500         (26,902)             --             --
  Other Income (expense)..............................      18,186          4,018            (372)             --         21,832
                                                        -----------   -----------     -----------     -----------    -----------
Other Income (expense), net...........................     (11,526)        (5,240)        (33,943)             --        (50,709)
                                                        -----------   -----------     -----------     -----------    -----------
Income (loss) before provision (benefit) for income
  taxes and equity in loss of subsidiaries............     (80,667)      (354,900)     (2,379,325)             --     (2,814,892)
Provision (benefit) for income taxes..................     (45,643)       (56,459)        (16,037)             --       (118,139)
Equity in loss of subsidiaries........................  (2,806,721)    (2,246,690)             --       5,053,411             --
                                                        -----------   -----------     -----------     -----------    -----------
        Net loss......................................  $(2,841,745)  $(2,545,131)    $(2,363,288)    $ 5,053,411    $(2,696,753)
                                                        ===========   ===========     ===========     ===========    ===========



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                     CONSOLIDATING STATEMENT OF CASH FLOWS



                                                                       GUARANTOR     NON-GUARANTOR   CONSOLIDATING   CONSOLIDATED
                                                        SANMINA-SCI   SUBSIDIARIES   SUBSIDIARIES    ELIMINATIONS       TOTAL
                                                        -----------   ------------   -------------   -------------   ------------
                                                                                     (IN THOUSANDS)
                                                                                                      
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss..............................................  $(2,841,745)  $(2,545,131)    $(2,363,288)    $5,053,411     $(2,696,753)
Adjustments to reconcile net income (loss) to cash
  provided by operating activities:
    Depreciation and amortization.....................      45,694        104,648          99,230             --         249,572
    Restructuring costs...............................      29,591         58,938          11,056             --          99,585
    Provision (benefit) for doubtful accounts.........          (9)          (550)           (862)            --          (1,421)
    Deferred income taxes.............................      13,394             --          14,288             --          27,682
    Tax benefit from disqualified dispositions........       2,000             --              --             --           2,000
    (Gain) loss on disposal of property and
      equipment.......................................       4,669          1,379           3,274             --           9,322
    (Gain) loss from investment in 50% owned
      companies.......................................       4,512             --              --             --           4,512
    (Gain) loss from repurchase of convertible
      notes...........................................     (54,493)            --              --             --         (54,493)
    Write-off of cost method investments..............      23,284             --              --             --          23,284
    Goodwill impairment and writedown of intangible
      assets..........................................      31,524        267,476       2,371,000             --       2,670,000
    Equity in loss of subsidiaries....................   2,806,721      2,246,690              --     (5,053,411)             --
    Other, net........................................          --          4,752              --             --           4,752
    Changes in operating assets and liabilities:
      Accounts Receivable.............................     189,225         40,443        (114,921)            --         114,747
      Account receivable securitization...............          --       (211,013)             --             --        (211,013)
      Inventories.....................................     158,879        233,560         384,747             --         777,186
      Prepaid expenses, deposits & other..............     133,414        (52,711)        (70,000)            --          10,703
      Accounts payable and accrued liabilities........     (80,016)      (218,317)        137,186             --        (161,147)
      Income tax accounts.............................    (134,337)       101,151         (12,013)            --         (45,199)
                                                        -----------   -----------     -----------     ----------     -----------
        Cash provided by operating activities.........     332,307         31,315         459,697             --         823,319
CASH FLOWS FROM INVESTING ACTIVITIES
    Purchases of short-term investments...............    (488,652)            --              --             --        (488,652)
    Proceeds from maturities of short-term
      investments.....................................   1,202,903             --              --             --       1,202,903
    Purchases of property, plant and equipment........     (19,599)       (16,815)        (56,577)            --         (92,991)
    Cash paid for businesses acquired, net............    (108,683)       (57,782)       (153,476)            --        (319,941)
    Proceeds from sale of assets......................       1,684          2,289              --             --           3,973
                                                        -----------   -----------     -----------     ----------     -----------
        Cash provided by (used for) investing
          activities..................................     587,653        (72,308)       (210,053)            --         305,292
                                                        -----------   -----------     -----------     ----------     -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from notes and credit facilities, net....   1,424,000        204,300          15,182             --       1,643,482
    Issuance (repurchase) of convertible notes........    (125,466)            --              --             --        (125,466)
    Payments of long-term debt........................  (1,021,043)      (991,092)        (40,832)            --      (2,052,967)
    Proceeds from sale of common stock, net of
      issuance costs..................................      17,545             --              --             --          17,545
    Repurchase of common stock........................    (116,344)            --              --             --        (116,344)
    Proceeds from (repayment of) intercompany debt....  (1,139,628)       909,028         230,600             --              --
                                                        -----------   -----------     -----------     ----------     -----------
        Cash provided by (used for) financing
          activities..................................    (960,936)       122,236         204,950             --        (633,750)
  Effect of exchange rate changes.....................          --             --           2,024             --           2,024
                                                        -----------   -----------     -----------     ----------     -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS......     (40,976)        81,243         456,618             --         496,885
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD......     495,973         31,276          40,400             --         567,649
                                                        -----------   -----------     -----------     ----------     -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD............  $  454,997    $   112,519     $   497,018     $       --     $ 1,064,534
                                                        ===========   ===========     ===========     ==========     ===========



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