-----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, LWQJ+kkhbJssRY9EcP6SKRWcgGXQhplEdcth8w6+6BcCX1+2OakMxApH6GZ64prk dxI40Vv7G87t576N//XZOw== 0000891618-96-001577.txt : 19960808 0000891618-96-001577.hdr.sgml : 19960808 ACCESSION NUMBER: 0000891618-96-001577 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960729 FILED AS OF DATE: 19960807 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: SANMINA CORP/DE CENTRAL INDEX KEY: 0000897723 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 770228193 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21272 FILM NUMBER: 96605042 BUSINESS ADDRESS: STREET 1: 355 EAST TRIMBLE ROAD CITY: SAN JOSE STATE: CA ZIP: 95131 BUSINESS PHONE: 4084358444 MAIL ADDRESS: STREET 1: 355 EAST TRIMBLE ROAD CITY: SAN JOSE STATE: CA ZIP: 95131 FORMER COMPANY: FORMER CONFORMED NAME: SANMINA HOLDINGS INC DATE OF NAME CHANGE: 19930223 10-Q 1 FORM 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------------- FORM 10-Q (Mark One) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 29, 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: 0-21272 Sanmina Corporation (Exact name of registrant as specified in its charter) DELAWARE 77-0228183 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 355 EAST TRIMBLE ROAD, SAN JOSE, CA 95131 (Address of principal executive offices) (Zip Code) 408/435-8444 (Registrant's telephone number, including area code) 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. [X] Yes [ ] No Number of shares outstanding of the issuer's common stock, $0.01 par value, as of July 26, 1996: 16,787,683. 1 2 SANMINA CORPORATION INDEX PART I. FINANCIAL INFORMATION Item 1. Interim Financial Statements Condensed Consolidated Statements of Operations 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Interim Condensed Consolidated Financial Statements 6 - 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 10 PART II. OTHER INFORMATION Item 1. Legal Proceedings 11 Item 6. Exhibits and Reports on Form 8-K 12 - 14 Signatures 15 2 3 SANMINA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS IN THOUSANDS, EXCEPT PER SHARE DATA (UNAUDITED)
Three Months Ended Nine Months Ended ---------------------- --------------------- June 29, July 1, June 29, July 1, 1996 1995 1996 1995 ---------------------- --------------------- Net sales $ 71,182 $ 44,589 $186,574 $118,681 Cost of sales 54,158 34,298 141,744 91,358 ---------------------- --------------------- Gross profit 17,024 10,291 44,830 27,323 ---------------------- --------------------- Operating expenses Selling, general and administrative 4,462 3,090 11,838 8,527 Amortization of goodwill 501 49 1,221 49 ---------------------- --------------------- Total operating expenses 4,963 3,139 13,059 8,576 ---------------------- --------------------- Income from operations 12,061 7,152 31,771 18,747 Interest income (expense), net (46) 304 71 719 ---------------------- --------------------- Income before provision for income taxes 12,015 7,456 31,842 19,466 Provision for income taxes 4,563 2,908 12,098 7,712 ---------------------- --------------------- NET INCOME $ 7,452 $ 4,548 $ 19,744 $ 11,754 ====================== ===================== Earnings per share: Primary $ 0.42 $ 0.27 $ 1.13 $ 0.70 Fully Diluted $ 0.40 $ 0.27 $ 1.07 $ 0.70 Shares used in computing per share amounts: Primary 17,730 16,906 17,472 16,710 Fully Diluted 20,790 16,949 20,584 16,756
See accompanying notes 3 4 SANMINA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS IN THOUSANDS
June 29, September 30, 1996 1995 ----------- ------------- ASSETS (UNAUDITED) Current assets: Cash and cash equivalents $ 37,617 $ 107,290 Short-term investments 71,157 6,817 Accounts receivable, net 32,222 23,847 Inventories 34,888 19,477 Deferred income taxes 4,400 4,400 Prepaid expenses and other 598 692 --------- --------- Total current assets 180,882 162,523 Property, plant and equipment, net 33,098 18,799 Deposits and other 11,052 6,784 --------- --------- $ 225,032 $ 188,106 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 27,501 $ 21,921 Accrued liabilities 13,469 7,968 Income taxes payable 4,536 3,730 --------- --------- Total current liabilities 45,506 33,619 --------- --------- Long-term liabilities: Convertible subordinated notes 86,250 86,250 Other liabilities 598 1,056 --------- --------- Total long-term liabilities 86,848 87,306 --------- --------- Stockholders' equity: Common stock 168 82 Additional paid-in capital 58,914 53,217 Unrealized loss on investments (30) -- Retained earnings 33,626 13,882 --------- --------- Total stockholders' equity 92,678 67,181 --------- --------- $ 225,032 $ 188,106 ========= =========
See accompanying notes 4 5 SANMINA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS IN THOUSANDS (UNAUDITED)
Nine Months Ended ------------------------ June 29, July 1, 1996 1995 --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 19,744 $ 11,754 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 5,778 3,063 Loss on disposal of assets 25 -- Changes in operating assets and liabilities, net of acquisitions: Accounts receivable (4,572) (1,778) Inventories (11,734) (1,735) Prepaid expenses, deposits and other 458 181 Accounts payable and accrued liabilities 4,894 6,027 Income tax accounts 3,715 1,293 --------- --------- Cash provided by operating activities 18,308 18,805 --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities (purchases) of short-term investments (64,370) 4,371 Purchases of property and equipment (18,211) (5,354) Purchase of certain assets of Comptronix San Jose division, net of liabilities assumed -- (6,241) Purchase of Assembly Solutions, Inc. net of cash acquired -- (2,820) Purchase of Golden Eagle Systems, Inc. net of cash acquired (5,287) -- Proceeds from sale of equipment and leasehold improvements -- 565 --------- --------- Cash used for investing activities (87,868) (9,479) --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Payment on line of credit (1,529) -- Repayment of long-term obligations (367) (2,328) Proceeds from sale of common stock 1,783 1,174 --------- --------- Cash used for financing activities (113) (1,154) --------- --------- Increase (decrease) in cash and cash equivalents (69,673) 8,172 Cash and cash equivalents at beginning of period 107,290 14,680 --------- --------- Cash and cash equivalents at end of period $ 37,617 $ 22,852 ========= =========
See accompanying notes 5 6 SANMINA CORPORATION NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1 - Basis of Presentation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules or regulations. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, necessary for a fair presentation. The results of operations for the three or nine months ended June 29, 1996 are not necessarily indicative of the results that may be expected for the entire year ending September 30, 1996. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto for the year ended September 30, 1995 included in the Company's Annual Report to Shareholders. Note 2 - Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary in Texas (see Note 6). All intercompany accounts and transactions have been eliminated. Note 3 - Inventories The components of inventories are as follows (in thousands):
June 29, September 30, 1996 1995 ---- ---- Raw materials $15,111 $ 7,692 Work-in-process 11,416 8,206 Finished goods 8,361 3,579 ------- ------- $34,888 $19,477 ======= =======
Note 4 - Earnings per Share Primary earnings per share is computed using the weighted average number of shares of common and dilutive common stock equivalent shares from stock options (using the treasury stock method). Fully diluted earnings per share includes the dilutive effect from the assumed conversion of the Company's outstanding convertible subordinated notes. Note 5 - Stock Split In March 1996, the Company effected a two-for-one stock split payable in the form of a dividend. Accordingly, all share and per share data have been adjusted to retroactively reflect the stock split. Note 6 - Acquisition On January 2, 1996, the Company acquired all of the outstanding stock of Golden Eagle Systems, Inc. ("GES"), a manufacturer of custom electronic wire harnesses and cable assemblies, located in Carrollton, Texas. The total purchase price of the acquisition was approximately $10.1 million (including costs associated with the transaction), which included a cash payment of $6.1 million and the issuance of 6 7 153,290 shares (post-split) of the Company's common stock. The Company may also be required to pay management bonuses of up to $4 million, based upon the earnings of GES during the two-year period of January 1, 1996 through December 31, 1997. The acquisition has been accounted for using the purchase method of accounting, and accordingly, the results of operations of GES since January 2, 1996 have been included in the accompanying condensed consolidated statements of operations. The excess of purchase price over the estimated fair value of the net acquired assets of approximately $5.7 million has been recorded as goodwill to be amortized on a straight line basis over five years. Goodwill is included in deposits and other in the accompanying balance sheets. Comparative pro forma information has not been presented as the results of operations for GES are not material to the Company's financial statements. Note 7 - 1996 Supplemental Stock Plan In March 1996, the Company's board of directors approved a 1996 Supplemental Stock Option Plan (the "Supplemental Plan") and reserved 250,000 shares for issuance there under. The Supplemental Plan permits only the grant of nonstatutory options and provides that options must have an exercise price at least equal to the fair market value of the Company's Common Stock on the date of grant. Options under the Supplemental Plan may be granted to employees and consultants, except that executive officers and directors may not be granted options under the Supplemental Plan. 7 8 SANMINA CORPORATION Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Sanmina Corporation ("Sanmina" or "the Company") was incorporated in Delaware in 1989 and is a leading independent provider of a full spectrum of customized integrated electronics manufacturing services to a diversified base of leading original equipment manufacturers ("OEMs") in the electronics industry. Services include the manufacture of complex printed circuit board assemblies using surface mount ("SMT") and pin-through hole ("PTH") interconnection technologies, the manufacture of custom-designed backplane assemblies and subassemblies, the manufacture of complex, multi-layered printed circuit boards, the manufacture of custom cable and wire harness assemblies, and the testing and the assembly of electronic sub-systems and systems. The Company provides additional turnkey manufacturing services that include procurement and materials management, as well as consultation on board design and manufacturing. The Company declared a two-for-one stock split payable in the form of a stock dividend to stockholders of record on February 12, 1996. The stock dividend was paid to holders on March 11, 1996. Sanmina's operating results are affected by a number of factors, including the mix of orders, the volume of orders as it relates to the Company's capacity, efficiencies achieved by the Company in managing operations, the timing of orders from major customers and price competition. Historically, the Company's business consisted primarily of printed circuit board fabrication and, to a lesser extent, backplane assemblies. In recognition of the higher level of manufacturing services increasingly required by OEMs in the electronics industry, in 1991 the Company began to transition its business from being primarily a supplier of printed circuit boards, to manufacturing more complex, higher value-added backplane assemblies and subassemblies. With the addition of SMT and PTH assembly and system assembly services in fiscal 1994, the Company further strengthened its assembly services and continued to increase its total value-added assembly revenue. In fiscal 1995, the Company continued to strengthen its assembly services with the acquisition of a state-of-the-art SMT and PTH electronics manufacturing services facility in San Jose, California and the acquisition of Assembly Solutions, Inc. ("ASI"), a regional electronic manufacturing services company located in Manchester, New Hampshire. These acquisitions provided the Company with the capability to offer turnkey electronic manufacturing services on the West Coast, in Texas and on the East Coast. In January 1996, Sanmina completed the acquisition of Golden Eagle Systems, Inc. ("GES"). As a manufacturer of custom designed electronic wire harnesses and cable assemblies, GES further strengthens Sanmina's service offering by allowing the Company to provide a greater portion of the value of the subsystems and systems the Company manufactures for its customers. The Company believes that its future sales growth will depend upon increased demand from existing customers for their current and future generations of products, further geographic expansion of Sanmina's operations to accommodate customer manufacturing requirements and successful marketing to new customers. The Company has no firm long-term volume commitments from its customers and over the last few years has experienced reduced lead-time in customer orders. In addition, customer orders can be canceled and volume levels can be changed or delayed. The timely replacement of canceled, delayed or reduced orders with new business cannot be assured. There can be no assurance that any of the Company's current customers will continue to use the Company's manufacturing services. The loss of one 8 9 or more of the Company's principal customers, or reductions in sales to any of such customers, could have an adverse impact on the Company's results of operations. The electronics industry is subject to rapid technological change, product obsolescence and price competition and is also affected by changes in general economic conditions. The factors affecting the electronics industry in general, or the industry sectors or major customers served by the Company in particular, could have a material adverse effect on the Company's results of operations. This report contains forward-looking statements within the meaning of Section 72A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company's future results from operations could vary significantly as a result of the factors described herein. RESULTS OF OPERATIONS The following table sets forth, for the three and nine months ended June 29, 1996 and July 1, 1995, certain items as a percentage of net sales. The table and the discussion below should be read in connection with the condensed consolidated financial statements and the notes thereto which appear elsewhere in this report.
Three Months Ended Nine Months Ended 6/29/96 7/01/95 6/29/96 7/01/95 ------- ------- ------- ------- Net sales 100.0% 100.0% 100.0% 100.0% Cost of sales 76.1 76.9 76.0 77.0 Gross profit 23.9 23.1 24.0 23.0 Selling, general and administrative 6.3 7.0 6.3 7.2 Amortization .7 .1 .7 -- Operating income 16.9 16.0 17.0 15.8 Interest income -- .7 .1 .6 Income before income taxes 16.9 16.7 17.1 16.4 Provision for income taxes 6.4 6.5 6.5 6.5 Net income 10.5 10.2 10.6 9.9
Sales for the third quarter ended June 29, 1996 increased by 60% to $71.2 million from $44.6 million in the corresponding quarter of the prior year. Sales for the nine months ended June 29, 1996 increased by 57% to $186.6 million from $118.7 million in the same period of the prior year. This increase in net sales is due primarily to increased orders from existing customers, the addition of new customers and growth in the Company's assembly business. The overall increase in net sales reflects the continuing trend toward outsourcing within the electronics industry. Contributing to the increase in sales were revenues obtained as a result of the GES acquisition in January 1996. For the third quarter of fiscal 1996, and the nine months ended June 29, 1996, approximately 92% and 91%, respectively, of the Company's net sales represented electronic assembly business revenue with the remaining portion representing printed circuit board fabrication revenue. Gross margin increased from 23.1% in the third quarter of fiscal 1995 to 23.9% in the third quarter of the current year. Gross margin increased from 23.0% for the first nine months of fiscal 1995 to 24.0% for the first nine months of the current year. The increase in gross margin for the third quarter and the first nine months of 1996 is a result of better absorption of fixed costs due to higher sales and normal changes in product and customer mix. The Company expects gross margins to continue to fluctuate based on product mix and customer mix. In absolute dollars, operating expenses increased from $3.1 million in the third quarter of 1995 to $5.0 million in the third quarter of fiscal 1996. However, as a percentage of sales, operating expenses decreased from 7.1% in the third quarter of 1995, to 7.0% in the third quarter of the current year. For the nine months, operating expenses in absolute dollars increased from $8.6 million in fiscal 1995 to $13.1 million in fiscal 1996 and operating expenses as a percentage of sales decreased from 7.2% for the first 9 10 nine months of fiscal 1995 to 7.0% for the first nine months of fiscal 1996. The majority of the dollar increase in operating expenses was in selling, general and administrative expenses. This increase was primarily the result of increased expenditures to support higher sales volume. Contributing to the increase in operating expenses for fiscal year 1996 is the amortization of goodwill incurred in the ASI and GES acquisitions. The Company incurred $49,000 in amortization expense for the third quarter and the first nine months of the prior year, compared with $501,000 for the third quarter and $1.2 million for the first nine months of fiscal 1996. The Company anticipates that operating expenses will increase in absolute dollars during the next few quarters due to projected additions to the sales force and other administrative expenditures to support higher sales volume. However, operating expenses as a percentage of sales are anticipated to remain constant or decrease depending upon sales volume. For the third quarter of fiscal 1996 the Company reported net interest expense of $46,000 compared to net interest income of $304,000 for the corresponding quarter of last year. For the nine months of fiscal 1996, interest income decreased to $71,000 from $719,000 for the same period in the prior year. The decrease in net interest income during the current quarter and for the nine month period was a result of interest expense on the $86.3 million of convertible subordinated notes issued by the Company in August 1995, and lower interest rates on investments in fiscal 1996 compared to the same period last year. The Company's effective tax rates for the third quarter and first nine months of fiscal 1996 decreased to 38% from 40% for the corresponding periods of the prior year. This decrease primarily reflects an increase in tax benefits resulting from certain foreign sales and use of available tax credits. LIQUIDITY AND CAPITAL RESOURCES Cash generated from operations for the nine months ending June 29, 1996 was $18.3 million. In January 1996, the Company completed the acquisition of GES, for which it paid approximately $5.3 million in cash (net of cash acquired) and issued 153,290 shares of the Company's common stock. Additionally, the Company purchased $18.2 million in equipment and leasehold improvements in the first nine months of fiscal year 1996. Working capital increased to $135.4 million as of June 29, 1996, compared to $128.9 million at September 30, 1995. The Company anticipates that its working capital requirements will increase in order to support the anticipated higher volume of business. The Company expects to make additional capital expenditures relating to facility and equipment enhancements in existing facilities. The Company has and will continue to evaluate potential acquisition opportunities. The Company's future needs for financial resources include increases in working capital to support anticipated sales growth and investment in manufacturing and assembly facilities and equipment. The Company currently has no pending agreements, commitments or understandings regarding any specific acquisition. The Company believes that existing cash resources and cash generated from operations will be sufficient to satisfy its working capital requirements through at least the end of the current fiscal year. 10 11 SANMINA CORPORATION PART II. OTHER INFORMATION Item 1: Legal Proceedings The Company is not currently a party to any material pending legal proceedings. 11 12 Item 6: Exhibits and Reports on Form 8-K a) Exhibits Exhibit Number Description ------ ----------- 3.2(1) Restated Certificate of Incorporation of Registrant. 3.3(1) Bylaws of Registrant, as amended. 4.1(1) Stockholder Agreement dated as of July 13, 1989. 4.2(1) Specimen Stock Certificate. 10.4(1) Form of Indemnification Agreement. 10.2(1a) Amended 1990 Incentive Stock Plan. 10.3(1) 1993 Employee Stock Purchase Plan. 10.4(a)(1) Transfer Agreement dated as of May 12, 1989 between Sanmina Holdings Inc. and Milan Mandaric. 10.4(b)(1) Transfer Agreement dated as of May 12, 1989 between Sanmina Holdings Inc. and Jure Sola. 10.4(c)(1) Transfer Agreement dated as of May 12, 1989 between Sanmina Holdings Inc. and Richard L. LaPonzina. 10.5(1) Acquisition Agreement dated as of May 12, 1989 among Sanmina Holdings Inc. Sanmina Acquisitions Corp., Sanmina Corporation and Management Stockholders. 10.6(a)(1) Services Agreement dated as of July 13, 1989 between Sanmina Corporation and Milan Mandaric. 10.6(b)(1) Services Agreement dated as of July 13, 1989 between Sanmina Corporation and Jure Sola 10.9(g)(1) Security Agreement dated as of July 19, 1989 among Sanmina Holdings Inc., Sanmina Corporation and Chemical Bank. 10.9(h)(1) Interest Rate Swap Agreement dated as of August 16, 1989 between Chemical Bank and Sanmina Corporation. 10.9(k)(2) Amended and Restated Credit Agreement dated as of August 18, 1993 among Sanmina Corporation, Chemical Bank and other lenders. 10.9(1)(2) Revolving Credit Note, $12,000,000.00, Chemical Bank. 10.10(1) Lease for premises at 2109 O'Toole Avenue, Suites A-E, San Jose, California (Portion of Plant I) 10.11(1) Lease for premises at 2101 O'Toole Avenue, San Jose, California (Portion of Plant I). 10.12(1) Lease for premises at 2539 Scott Boulevard, Santa Clara, California (Plant III). 10.14(1) Lease for premises at 2060-2068 Bering Drive, San Jose, California (Plant II). 10.15(1) Lease for premises at 4220 Business Center Drive, Fremont, California (Plant V). 10.16(1) Lease for premises at McCarthy Boulevard, Milpitas, California (Plant VI). 10.17(1) Lease for premises at 2121 O'Toole Avenue, San Jose, California (Corporate Headquarters). 10.18(a)(1) Escrow Agreement among Registrant, Milan Mandaric, Jure Sola and Sanwa Bank as Escrow Agent. 10.19(2) Lease for premises at 1250 American Parkway, Richardson, Texas (Plant VII). 10.20(2) Lease for premises at 6453 Kaiser Drive, Fremont California (Plant VIII). 10.21(3) Asset Purchase Agreement dated September 28, 1994 between Registrant and Comptronix Corporation. 10.22(4) Lease for premises at 355 Trimble Road, San Jose, California. 10.23(5) Stock Purchase Agreement dated May 31, 1995 between Registrant, Assembly Solutions, Inc., and the principal stockholders of Assembly Solutions, Inc. 10.24(6) Indenture dated August 15, 1995 between Registrant and Norwest Bank Minnesota, N.A. as Trustee. 10.25(7) Agreement and Plan of Reorganization among Registrant, Golden Eagle Systems, Inc. and Sanmina Acquisition Subsidiary, Inc. 12 13 b) Reports on Form 8-K None 13 14 (1) Incorporated by reference to the like-numbered exhibits previously filed with Registrant's Registration Statement on Form S-1, No. 33-70700 filed with the Securities and Exchange Commission on February 19, 1993. (1a) Incorporated by reference to the like-numbered exhibit previously filed with Registrant's Report on Form 10-Q for the period ended December 31, 1994. (2) Incorporated by reference to the like-numbered exhibits previously filed with Registrant's Registration Statement on Form S-1, No. 33-70700 filed with the Securities and Exchange Commission on October 22, 1993. (3) Incorporated by reference to exhibit no. 2 previously filed with Registrant's Report on Form 8-K filed with the Securities and Exchange Commission on October 28, 1994. (4) Incorporated by reference to the like-numbered exhibit previously filed with Registrant's Report on Form 10-K filed with Securities and Exchange Commission on December 29, 1994. (5) Incorporated by reference to the like-numbered exhibit previously filed with Registrant's Report on Form 10-Q filed with the SEC on July 31, 1995. (6) Incorporated by reference to the like-numbered exhibit previously filed with Registrant's Report on Form 10-K on December 29, 1995. (7) Incorporated by reference to the like-numbered exhibit previously filed with Registrant's Report on Form 10-Q filed with the SEC on May 9, 1996. 14 15 SANMINA CORPORATION 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. Sanmina Corporation (Registrant) Date: August 7, 1996 By: __________________________ By: __________________________ Randy Furr Rick Neely President and Vice President and Chief Operating Officer Chief Financial Officer 15 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 U.S. DOLLARS 9-MOS SEP-30-1996 JUN-29-1996 1 37,617 71,157 32,222 1,251 34,888 180,882 55,520 22,422 225,032 45,506 86,848 0 0 168 92,510 225,032 186,574 186,574 141,744 141,744 13,059 225 (71) 31,842 12,098 19,744 0 0 0 19,744 $1.13 $1.07 INTEREST EXPENSE IS NET OF INTEREST INCOME; THE NET AMOUNT IS A INTEREST INCOME
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