-----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, FKoQmWnRbqK1USRw+nGTqrWyaLih1JklKEjZ5R54+7LE4Wz9rjwR0U6wUVvNZ49W 3OfpiJnGvyl0Igt3qKCzAg== 0000950144-99-004452.txt : 19990415 0000950144-99-004452.hdr.sgml : 19990415 ACCESSION NUMBER: 0000950144-99-004452 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990228 FILED AS OF DATE: 19990414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JABIL CIRCUIT INC CENTRAL INDEX KEY: 0000898293 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 381886260 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-14063 FILM NUMBER: 99593326 BUSINESS ADDRESS: STREET 1: 10800 ROOSEVELT BLVD CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 8135779749 MAIL ADDRESS: STREET 1: 10800 ROOSEVELT BLVD CITY: ST PETERSBURG STATE: FL ZIP: 33716 10-Q 1 JABIL CIRCUIT, INC. FORM 10-Q 1 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 February 28, 1999. 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: 0-21308 JABIL CIRCUIT, INC. (Exact name of registrant as specified in its charter) DELAWARE 38-1886260 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 10800 Roosevelt Blvd. St. Petersburg, FL 33716 (Address of principal executive offices, including zip code) Registrant's Telephone No., including area code: (727) 577-9749 -------------------------------- 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 ----- ----- As of March 16, 1999, there were 81,914,058 shares of the Registrant's -------------- ---------- Common Stock outstanding. 2 JABIL CIRCUIT, INC. AND SUBSIDIARIES INDEX
PART I. FINANCIAL INFORMATION - ----------------------------- Item 1. Financial Statements Consolidated Balance Sheets at August 31, 1998 and February 28, 1999....................................................... 3 Consolidated Statements of Earnings for the three months and six months ended February 28, 1998 and 1999............................................. 4 Consolidated Statements of Cash Flows for the six months ended February 28, 1998 and 1999............................................................ 5 Notes to Consolidated Financial Statements.................................................. 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations............................................... 10 PART II. OTHER INFORMATION - --------------------------- Item 4. Submission of Matters to a Vote of Security Holders......................................... 14 Item 6. Exhibits and Reports on Form 8-K............................................................ 15 Signatures.................................................................................. 15
2 3 PART I. FINANCIAL INFORMATION JABIL CIRCUIT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
August 31, February 28, 1998 1999 ---------- ------------ (Unaudited) ASSETS Current assets Cash $ 23,139 $ 18,088 Accounts receivable - Net 126,276 209,092 Inventories 123,097 156,546 Prepaid expenses and other current assets 1,772 6,077 Deferred income taxes 16,095 14,515 --------- --------- Total current assets 290,379 404,318 Property, plant and equipment, net 224,680 283,823 Other assets 11,644 10,789 --------- --------- $ 526,703 $ 698,930 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current installments of long term debt $ 8,333 $ 8,333 Accounts payable 132,601 212,870 Accrued expenses 40,460 41,669 Income taxes payable 5,325 10,496 --------- --------- Total current liabilities 186,719 273,368 Long term debt, less current installments 81,667 121,667 Deferred income taxes 7,724 8,488 Deferred grant revenue 2,227 2,208 --------- --------- Total liabilities 278,337 405,731 --------- --------- Stockholders' equity Common stock 75 75 Additional paid-in capital 71,542 75,472 Retained earnings 176,749 217,652 --------- --------- Total stockholders' equity 248,366 293,199 $ 526,703 $ 698,930 ========= =========
See Accompanying Notes to Consolidated Financial Statements 3 4 JABIL CIRCUIT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (IN THOUSANDS, EXCEPT FOR PER SHARE DATA) (UNAUDITED)
Three months ended Six months ended February 28, February 28, ------------------------ ------------------------ 1998 1999 1998 1999 --------- --------- --------- --------- Net revenue $ 330,688 $ 493,363 $ 650,200 $ 941,304 Cost of revenue 286,628 437,850 564,795 835,216 --------- --------- --------- --------- Gross profit 44,060 55,513 85,405 106,088 Operating expenses: Selling, general and administrative 12,858 19,588 23,935 37,906 Research and development 879 989 1,791 2,055 --------- --------- --------- --------- Operating income 30,323 34,936 59,679 66,127 Interest expense, net 1,134 1,670 1,847 3,190 --------- --------- --------- --------- Income before income taxes 29,189 33,266 57,832 62,937 Income taxes 9,050 11,650 18,622 22,035 --------- --------- --------- --------- Net income $ 20,139 $ 21,616 $ 39,210 $ 40,902 ========= ========= ========= ========= Earnings per share: Basic $ 0.27 $ 0.29 $ 0.53 $ 0.55 ========= ========= ========= ========= Diluted $ 0.26 $ 0.28 $ 0.51 $ 0.52 ========= ========= ========= ========= Common shares used in the calculations of earnings per share: Basic 74,160 74,848 74,100 74,707 ========= ========= ========= ========= Diluted 77,128 78,379 77,240 78,016 ========= ========= ========= =========
See Accompanying Notes to Consolidated Financial Statements 4 5 JABIL CIRCUIT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
Six months ended February 28, ----------------------- 1998 1999 -------- -------- Cash flows from operating activities: Net income $ 39,210 $ 40,903 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,303 28,051 Recognition of grant revenue (406) (415) Deferred income taxes 706 2,344 Loss on sale of property 115 917 Changes in operating assets and liabilities: Accounts receivable (2,558) (82,816) Inventories 6,073 (33,449) Prepaid expenses and other current assets (278) (4,305) Other assets 9 198 Accounts payable and accrued expenses 11,539 87,306 -------- -------- Net cash provided by operating activities 69,713 38,734 -------- -------- Cash flows from investing activities: Acquisition of property, plant and equipment (58,420) (87,646) Proceeds from sale of property and equipment 63 193 -------- -------- Net cash used in investing activities (58,357) (87,453) -------- -------- Cash flows from financing activities: Increase in note payable to bank -- 40,000 Payments of long-term debt (2,475) -- Net proceeds from issuance of common stock 1,342 3,273 Proceeds from Scottish grant -- 395 -------- -------- Net cash provided (used) by financing activities (1,133) 43,668 -------- -------- Net increase (decrease) in cash 10,223 (5,051) Cash at beginning of period 45,457 23,139 -------- -------- Cash at end of period $ 55,680 $ 18,088 ======== ========
See Accompanying Notes to Consolidated Financial Statements 5 6 JABIL CIRCUIT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying consolidated financial statements of Jabil Circuit, Inc. and subsidiaries ("the Company") are unaudited and have been prepared based upon prescribed guidance of the Securities and Exchange Commission ("SEC"). As such, they do not include all disclosures required by generally accepted accounting principles, and should be read in conjunction with the annual audited consolidated financial statements as of and for the year ended August 31, 1998 contained in the Company's 1998 annual report on Form 10-K. In the opinion of management, the accompanying consolidated financial statements include all adjustments, consisting of normal and recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented when read in conjunction with the annual audited consolidated financial statements and related notes thereto. The results of operations for the three and six-month periods ended February 28, 1999 are not necessarily indicative of the results that should be expected for a full fiscal year. REVENUE RECOGNITION The Company typically recognizes revenue at the time of product shipment. Such revenue is recognized net of estimated product returns and warranty costs. At February 28, 1999 such estimated amounts for returns and warranties are not considered material. In connection with the August 3, 1998 acquisition of the net assets of Hewlett-Packard Company ("HP") laser printer operations, the Company entered into an agreement with HP to produce laser printer component products. During the first year of the agreement, the Company receives compensation for available capacity, as well as compensation for the raw material content of actual units produced. The available capacity compensation is recorded on a units produced basis. 6 7 EARNINGS PER SHARE
In thousands Three months ended Six months ended February 28, February 28, 1998 1999 1998 1999 ---------------------------------------------- Numerator: Net income $20,139 $21,616 $39,210 $40,902 Denominator: Denominator for basic EPS-weighted-average shares 74,160 74,848 74,100 74,707 Effect of dilutive securities: Employee stock options 2,968 3,531 3,140 3,309 ---------------------------------------------- Denominator for diluted EPS- adjusted weighted-average shares 77,128 78,379 77,240 78,016 ============================================== Basic EPS $ 0.27 $ 0.29 $ 0.53 $ 0.55 ============================================== Diluted EPS $ 0.26 $ 0.28 $ 0.51 $ 0.52 ==============================================
For the three-month and six-month periods ended February 28, 1999, options to purchase 0 and 144,000, respectively, shares of common stock were outstanding during the period but were not included in the computation of diluted earnings per share because the options' exercise prices were greater than the average market price of the common shares, and therefore, the effect would be anti-dilutive. For the three-month and six-month periods ended February 28, 1998, 80,000 such options existed. STOCK SPLIT All share and per share information presented herein and in the Company's Consolidated Financial Statements has been retroactively restated to reflect a two-for-one stock split of the Company's Common Stock, par value $.001 per share ("Common Stock"), on February 18, 1999, paid in the form of a stock dividend, to holders of record on February 5, 1999. COMMITMENTS AND CONTINGENCIES On March 2, 1999, the Company received correspondence from legal counsel for the Lemelson Medical, Education & Research Foundation Limited Partnership ("Lemelson") advising that it had been named as a defendant, along with 87 other 7 8 companies engaged in the electronics and other industries, in a patent infringement lawsuit filed by Lemelson in the U.S. District Court for the District of Arizona on February 26, 1999. The defendants include suppliers, customers, and competitors of ours. The complaint alleges that the Company and the other defendants are each infringing as many as 18 patents held by Lemelson relating to the defendants' manufacturing processes and products. The Company is currently reviewing the complaint and has not yet determined how it will respond. The complaint seeks to enjoin the defendants from further alleged acts of infringement, an unspecified amount of damages to compensate Lemelson for alleged past infringement, together with interest and costs, such damages to be trebled due to alleged willful infringement, reasonable attorney's fees, and such other relief that the court may award. The correspondence from Lemelson's legal counsel, however, advised the Company that Lemelson is offering to license the patents alleged to be infringed. Based on management's understanding of the terms that Lemelson has made available to certain licensees, the Company believes that obtaining a license from Lemelson under the same or similar terms would not have a material adverse effect on results of operations or financial condition. The Company has not yet determined, however, whether to seek to obtain such a license, and cannot be assured that it will be offered the same or similar terms or that the ultimate resolution of this matter will not have a material adverse effect on the Company's consolidated financial statements. The Company is party to certain other lawsuits in the ordinary course of business. Management does not believe that these proceedings, individually or in aggregate, are material or that any adverse outcomes of these lawsuits will have a material adverse effect on the Company's consolidated financial statements. SUBSEQUENT EVENT On March 10, 1999, the Company completed an equity offering of 12,075,000 shares of its Common Stock (including 1,575,000 shares that were issued to cover the underwriters' over-allotments). The Company sold 6,900,000 shares and certain Company stockholders sold 5,175,000 shares at $30 per share. Net proceeds to the Company were approximately $199 million. The net proceeds of the offering of shares sold by the Company will be used for repayment of debt under the Company's credit facility, for capital expenditures and for general corporate purposes, including working capital and possible acquisitions. NEW ACCOUNTING PRONOUNCEMENTS Effective September 1, 1998, the Company adopted Statement of Financial Accounting Standards No. 130, Reporting Comprehensive Income. Statement 130 establishes standards for reporting comprehensive income. The Statement defines comprehensive income as the change in equity of an enterprise except those resulting 8 9 from shareholder transactions. During the six months ended February 28, 1999, changes in stockholders' equity consisted of net income and the exercise of stock options. Accordingly, comprehensive income as defined by Statement 130 was equal to net income as shown in the accompanying unaudited Consolidated Statement of Earnings. In June 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 131, Disclosures About Segments of an Enterprise and Related Information. Statement 131 establishes standards for related disclosures about the products and services, geographic areas, and major customers of an enterprise. The Company will be required to adopt this Statement in its 1999 annual consolidated financial statements. As this Statement addresses reporting and disclosure issues only, there will be no impact on earnings from its adoption. Statement 133 - Accounting for Derivative Instruments and Hedging Activities. Statement 133 establishes methods of accounting for derivative financial instruments and hedging activities related to those instruments as well as other hedging activities. The Company is currently evaluating this Statement and has yet to form an opinion on whether its adoption will have any significant impact on the Company's consolidated financial statements. The Company will be required to implement Statement 133 for its fiscal year ending August 31, 2000. Statement of Position 98-5 Reporting on the Costs of Start Up Activities. SOP 98-5 establishes standards on the financial reporting of start-up costs and organization costs. SOP 98-5 requires costs of start-up activities and organization costs to be expensed as incurred. The SOP is effective for financial statements for fiscal years beginning after December 15, 1998. As the Company has historically made a practice of expensing costs related to both the establishment of greenfield manufacturing facilities and the set-up of production lines as such costs are incurred, it does not anticipate that the adoption of SOP 98-5 will have any material impact on its consolidated financial statements. NOTE 2. BALANCE SHEET DETAIL The components of inventories consist of the following:
In thousands August 31, February 28, 1998 1999 ---- ---- (Unaudited) Finished goods 5,823 6,582 Work-in-process 15,955 17,486 Raw materials 101,319 132,478 ------- ------- 123,097 156,546 ======= =======
9 10 JABIL CIRCUIT, INC. AND SUBSIDIARIES This Management's Discussion and Analysis of Financial Condition and Results of Operations contains certain forward-looking statements within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Factors that could cause actual events or results to differ materially from those referenced in such forward-looking statements include those described in the section herein entitled "Factors Affecting Future Results" and in the Company's other filings with the Securities and Exchange Commission. The words "believe," "expect," "intend," "anticipate," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual events and results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on any forward-looking statements. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company's net revenue for the second quarter and first six months of fiscal 1999 increased 49% and 45% to $494 million and $941 million, respectively, from $331 million and $650 million in the second quarter and first six months of fiscal 1998. These increases from the previous fiscal year were primarily due to increased production of communications products as well as incremental revenue due to the recent acquisition of certain manufacturing and related assets comprising the "Formatter Manufacturing Organization" business unit of Hewlett-Packard Company ("HP acquisition"). Foreign source revenue represented 31% of net revenue for the second quarter and first six months of fiscal 1999 compared to 31% and 33% for the same periods of fiscal 1998. The decrease in foreign source revenue in the six-month period as compared to the prior year was attributable to increased production at the Company's domestic locations in addition to the incremental revenue due to the HP acquisition. Gross margin decreased to 11.3% in the second quarter of fiscal 1999 from 13.3% for the same period of fiscal 1998 reflecting a higher content of material-based revenue from the HP acquisition and underutilization of assets in certain international factories. Gross margin decreased to 11.3% in the first six months of fiscal 1999 from 13.1% for the same period of fiscal 1998 reflecting a higher content of material-based revenue from the HP acquisition and underutilization of assets in certain international factories offset in part by a one-time recovery of costs associated with defective materials from a supplier. Selling, general and administrative expenses in the second quarter of fiscal 1999 increased to 4.0% of net revenue compared to 3.9% in the prior fiscal year, while increasing in absolute dollars from $12.9 million in the second quarter of fiscal 1998 to $19.6 million in the second quarter of fiscal 1999. Selling, general and administrative expenses in the first six months of fiscal 1999 increased to 4.0% of net revenue compared to 3.7% in the prior fiscal year, while increasing in absolute dollars from $23.9 million in fiscal 1998 to $37.9 million in fiscal 1999. 10 11 The dollar increases were primarily due to increased staffing and related departmental expenses at all the Company's locations, increased information systems staff to support the expansion of the Company's business, and staffing at the acquired HP sites. Research and development expenses decreased to 0.2% of net revenue for the second quarter and first six months of fiscal 1999 as compared to 0.3% for the same periods of fiscal 1998. In absolute dollars, the expenses increased approximately $0.1 and $0.3 million, respectively, versus the same periods of fiscal 1998 due to the expansion of circuit design activities. Interest expense increased approximately $0.5 and $1.3 million, respectively, in the second quarter and first six months of fiscal 1999 to $1.7 and $3.2 million as a result of increased borrowings to support the HP acquisition and increased working capital requirements. The Company's effective tax rate increased to 35.0% in the second quarter and first six months of fiscal 1999 from 31.0% and 32.2% in the second quarter and first six months of fiscal 1998. The fiscal 1999 tax rate is higher primarily due to increased levels of domestic income as compared to the same period of fiscal 1998. BUSINESS FACTORS Due to the nature of turnkey manufacturing and the Company's relatively small number of customers, the Company's quarterly operating results are affected by the level and timing of orders, the level of capacity utilization of its manufacturing facilities and associated fixed costs, fluctuations in material costs, and by the mix of material costs versus manufacturing costs. Similarly, operating results are affected by price competition, level of experience in manufacturing a particular product, degree of automation used in the assembly process, efficiencies achieved by the Company in managing inventories and fixed assets, timing of expenditures in anticipation of increased sales, customer product delivery requirements, and shortages of components or labor. In the past, some of the Company's customers have terminated their manufacturing arrangement with the Company, and other customers have significantly reduced or delayed the volume of manufacturing services ordered from the Company. Any such termination of a manufacturing relationship or change, reduction or delay in orders could have an adverse affect on the Company's results of operations. LIQUIDITY AND CAPITAL RESOURCES At February 28, 1999, the Company's principal sources of liquidity consisted of cash and available borrowings under the Company's credit facilities. The Company and its subsidiaries have committed line of credit facilities in place with a syndicate of banks that provide up to $225 million of working capital borrowing capacity. As of February 28, 1998, the Company was utilizing $80 million of its revolving credit facility. 11 12 The Company generated $38.7 million of cash in operating activities for the six months ended February 28, 1999. The generation of cash was primarily due to net income of $40.9 million, depreciation and amortization of $28.1 million, an increase of $87.3 million in accounts payable and accrued expenses, offset by an increase in accounts receivable of $82.8 million, an increase in inventories of $33.4 million, and an increase in prepaid expenses and other current assets of $4.3 million. Net cash used in investing activities of $87.5 million for the six months ended February 28, 1999 was a result of the Company's capital expenditures for equipment worldwide in order to support increased activities as well as building and land activity for the Boise, Guadalajara and St. Petersburg facilities. On March 10, 1999, the Company completed an equity offering of 12,075,000 shares of its Common Stock (including 1,575,000 shares that were issued to cover the underwriters' over-allotments). The Company sold 6,900,000 shares and certain Company stockholders sold 5,175,000 shares at $30 per share. Net proceeds to the Company were approximately $199 million. The net proceeds of the offering of shares sold by the Company will be used for repayment of debt under the Company's credit facility, for capital expenditures and for general corporate purposes, including working capital and possible acquisitions. The Company believes that cash on-hand, funds provided by operations and available borrowings under the credit facility will be sufficient to satisfy its currently anticipated working capital and capital expenditure requirements for the next twelve months. "YEAR 2000" READINESS The Company is aware of and is addressing the Year 2000 issue. The Year 2000 issue creates risks for the Company from unforeseen problems in its own computer systems and from third parties with whom the Company deals. Failure of the Company's and/or third parties computer systems, manufacturing equipment and control systems could have a material adverse effect on the Company's results from operations. The Company is actively taking steps to ensure that its global information technology infrastructure and business system applications, manufacturing equipment and systems will be Year 2000 compliant while seeking adequate assurances from third parties with whom the Company conducts business, that any such systems shall be Year 2000 compliant. A global team, overseen by a corporate officer, has been formed and has implemented a proactive multi-phase approach, which includes assessing the scope of work, prioritizing, certifying compliance, and testing compliance. As of the end of fiscal 1998 the Company was substantially complete in its compliance certification process of its global information technology infrastructure. Most of the Company's global business systems are currently being replaced by a Year 2000 compliant application; for the majority of factories this process is expected to be complete by January 1, 2000. As a 12 13 contingency, however, legacy systems have been upgraded to be Year 2000 compliant and are in the process of being tested. As of the end of fiscal 1998, manufacturing and test equipment and local plant business systems had been identified and prioritized in terms of Year 2000 compliance. As of February 28, 1999, 90% of all equipment and systems had been certified as assessed for compliance. It is anticipated that the remaining 10% will be assessed by the end of the first calendar quarter of 1999, at which time compliance testing and verification will commence. The Company is also in the process of assessing its suppliers. The initial phase of the assessment has been completed as of the end of calendar 1998. Early in calendar 1999, the Company anticipates validating its suppliers' representations where deemed appropriate, and will develop sourcing contingency plans in areas where the Company assesses that supplier readiness is insufficient. The Company estimates the total cost to complete its remediation to be approximately $3.8 million. The Company is unable to fully determine the effect of failure of its own systems or those of third parties with which it does business, but any significant failures could have an material adverse effect on the Company's financial position, results of operations and cash flows. 13 14 JABIL CIRCUIT, INC. AND SUBSIDIARIES PART II - OTHER INFORMATION ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. At the Company's Annual Meeting of Shareholders, held on January 28, 1999, the following proposals were voted upon by the shareholders as indicated below: 1. To elect the board of directors
Number of Shares ---------------- For Withheld --- -------- William D. Morean 33,020,504 157,789 Thomas A. Sansone 33,019,104 159,189 Ronald J. Rapp 33,019,904 158,389 Lawrence J. Murphy 32,905,604 272,689 Mel S. Lavitt 33,061,794 116,499 Steven A. Raymund 33,066,124 112,169 Frank A. Newman 33,058,088 120,205
2. To approve an amendment to the Jabil Circuit, Inc. 1992 Stock Option Plan
For Against Abstain --- ------- ------- 24,025,115 9,122,786 30,392
3. To approve an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of Common Stock from 60,000,000 to 120,000,000
For Against Abstain --- ------- ------- 31,872,125 1,278,657 27,511
4. To ratify the selection of KPMG LLP as independent auditors for the Company
For Against Abstain --- ------- ------- 32,953,402 158,250 66,641
14 15 ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 27. Financial Data Schedule. (b) Reports on Form 8-K There were no reports on Form 8-K filed by the Registrant during the quarter ended February 28, 1999. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Jabil Circuit, Inc. Registrant Date: April 14, 1999 By: /s/ Timothy L. Main -------------- ------------------- Timothy L. Main President Date: April 14, 1999 By: /s/ Chris A. Lewis -------------- ------------------ Chris A. Lewis Chief Financial Officer 15 EX-27 2 FINANCIAL DATA SCHEDULE (FOR SEC USE ONLY)
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED STATEMENT OF INCOME FILED AS PART OF THE QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1,000 6-MOS AUG-31-1999 FEB-28-1999 18,088 0 212,188 3,096 156,546 404,318 401,882 118,059 698,930 273,369 0 0 0 75 293,124 698,930 941,304 941,304 835,216 875,177 0 0 3,190 62,937 22,035 40,902 0 0 0 40,902 0.55 0.52
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