EX-99.2 3 a06-3807_1ex99d2.htm EXHIBIT 99

EXHIBIT 99.2

 

Revised Release Financials

 

SANMINA-SCI CORPORATION

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(GAAP)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

December 31, 2005

 

January 1, 2005

 

 

 

 

 

 

 

Net sales

 

$

2,861,797

 

$

3,252,706

 

Cost of sales

 

2,692,117

 

3,075,739

 

Gross profit

 

169,680

 

176,967

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Selling, general and administrative

 

88,535

 

87,309

 

Research and development

 

8,917

 

7,490

 

Amortization of intangible assets

 

2,233

 

2,030

 

Integration costs

 

175

 

114

 

Restructuring costs

 

35,628

 

20,425

 

Total operating expenses

 

135,488

 

117,368

 

 

 

 

 

 

 

Operating income

 

34,192

 

59,599

 

 

 

 

 

 

 

Interest Income

 

5,925

 

3,507

 

Interest expense

 

(34,248

)

(30,056

)

Other expense, net

 

1,054

 

270

 

Interest and other expense, net

 

(27,269

)

(26,279

)

 

 

 

 

 

 

Income before income taxes and cumulative effect of accounting change

 

6,923

 

33,320

 

 

 

 

 

 

 

Provision for (benefit from) income taxes(1)

 

(12,957

)

8,954

 

 

 

 

 

 

 

Income before cumulative effect of accounting change

 

19,880

 

24,366

 

 

 

 

 

 

 

Cumulative effect of accounting change, net of tax (2)

 

4,752

 

 

 

 

 

 

 

 

Net income

 

$

24,632

 

$

24,366

 

 

 

 

 

 

 

Income per share before cumulative effect of accounting change:

 

 

 

 

 

Basic

 

$

0.04

 

$

0.05

 

Diluted

 

$

0.04

 

$

0.05

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

Basic

 

$

0.05

 

$

0.05

 

Diluted

 

$

0.05

 

$

0.05

 

 

 

 

 

 

 

Weighted average shares used in computing per share amounts:

 

 

 

 

 

Basic

 

524,311

 

519,205

 

Diluted

 

524,703

 

525,008

 

 


(1)     Included a one-time favorable income tax adjustment of $64.0 million relating to previously-accrued income taxes that were reversed as a result of a settlement reached with the U.S. Internal Revenue Service.  The settlement was in relation to certain U.S. tax audits.  Notification of approval of the settlement by the Congressional Joint Committee on Taxation was received following the filing of the Company’s Annual Report on Form 10-K for fiscal 2005.  Of the $64 million adjustment, $27.9 million was recorded as an income tax benefit to earnings.  The remaining $36.1 million was recorded as an adjustment for pre-merger tax items with SCI Systems.

(2)     Impact of adoption of SFAS 123R “Shared-Based Payment”.

 



 

SANMINA-SCI CORPORATION

Condensed Consolidated Balance Sheets

(In thousands)

(GAAP)

 

 

 

December 31, 2005

 

October 1, 2005

 

 

 

(Unaudited)

 

(Derived from

 

 

 

 

 

audited financials)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

1,011,098

 

$

1,068,053

 

Short-term investments

 

28,178

 

57,281

 

Accounts receivable, net

 

1,612,325

 

1,477,401

 

Inventories

 

1,122,773

 

1,015,035

 

Deferred income taxes

 

39,107

 

42,767

 

Prepaid expenses and other current assets

 

104,142

 

86,620

 

Total current assets

 

3,917,623

 

3,747,157

 

 

 

 

 

 

 

Property, plant and equipment, net

 

606,895

 

662,101

 

Goodwill

 

1,654,126

 

1,689,198

 

Other intangible assets, net

 

33,658

 

35,907

 

Other non-current assets

 

80,363

 

81,874

 

Restricted cash

 

25,538

 

25,538

 

Total assets

 

$

6,318,203

 

$

6,241,775

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of long-term debt

 

$

1,259

 

$

1,439

 

Accounts payable

 

1,636,397

 

1,559,172

 

Accrued liabilities

 

353,322

 

366,920

 

Accrued payroll and related benefits

 

141,141

 

146,687

 

Total current liabilities

 

2,132,119

 

2,074,218

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

Long-term debt, net of current portion

 

1,635,847

 

1,644,666

 

Other

 

152,774

 

143,873

 

Total long-term liabilities

 

1,788,621

 

1,788,539

 

Stockholders’ equity:

 

 

 

 

 

Preferred stock

 

 

 

Common stock

 

5,475

 

5,457

 

Treasury stock

 

(188,200

)

(188,519

)

Additional paid-in capital

 

5,749,864

 

5,745,125

 

Accumulated other comprehensive income

 

25,623

 

36,886

 

Accumulated deficit

 

(3,195,299

)

(3,219,931

)

Total stockholders’ equity

 

2,397,463

 

2,379,018

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

6,318,203

 

$

6,241,775