0001193125-15-096961.txt : 20150318 0001193125-15-096961.hdr.sgml : 20150318 20150318161035 ACCESSION NUMBER: 0001193125-15-096961 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150318 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150318 DATE AS OF CHANGE: 20150318 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14063 FILM NUMBER: 15710148 BUSINESS ADDRESS: STREET 1: 10560 DR. MARTIN LUTHER KING JR. ST. N. CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 7275779749 MAIL ADDRESS: STREET 1: 10560 DR. MARTIN LUTHER KING JR. ST. N. CITY: ST PETERSBURG STATE: FL ZIP: 33716 8-K 1 d892263d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

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) March 18, 2015

 

 

Jabil Circuit, Inc.

 

(Exact name of registrant as specified in its charter)

 

Delaware

001-14063

38-1886260

(State or other jurisdiction

of incorporation)

 (Commission File Number)

(IRS Employer

Identification No.)

10560 Dr. Martin Luther King, Jr. Street North, St. Petersburg, Florida 33716

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (727) 577-9749

 

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

On March 18, 2015, Jabil Circuit, Inc. (the “Company”) issued a press release announcing its results of operations for the second fiscal quarter ended February 28, 2015. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

The following exhibit is furnished herewith:

 

Exhibit No.

   

Description

99.1    Press Release dated March 18, 2015.

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

JABIL CIRCUIT, INC.

(Registrant)

March 18, 2015 By: /s/ FORBES I.J. ALEXANDER
Forbes I.J. Alexander
Chief Financial Officer

 

3

EXHIBIT INDEX

 

Exhibit No.

   

Description

99.1    Press Release dated March 18, 2015.
 EX-99.1 2 d892263dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Jabil Posts Second Quarter Results

Operational Performance Drives Strong Results

St. Petersburg, FL – March 18, 2015...Today Jabil Circuit, Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its second quarter of fiscal year 2015. The company reported second quarter net revenue of $4.3 billion, a 20 percent increase from the second quarter of fiscal year 2014.

“I am extremely pleased with our strong operational performance during the quarter. We’re having a great year, as we remain focused on our key priorities. Priorities being growth of earnings, delivering innovative solutions to our customers, taking great care of our employees, and expanding our broad-based capabilities,” said Mark T. Mondello, Chief Executive Officer. “We continue to have success in diversifying our business, which I believe will increase our resiliency during this time of ever-increasing change in the markets we serve,” he added.

U.S. generally accepted accounting principles (U.S. GAAP) operating income for the second quarter was $124.9 million and U.S. GAAP net diluted earnings per share was $0.27. Core operating income (as defined below) was $166.0 million and core diluted earnings per share (as defined below) was $0.50.

Jabil’s two reporting segments delivered the following revenue results for the company’s second fiscal quarter:

 

  •   Electronics Manufacturing Services: $2.6 billion.

 

  •   Diversified Manufacturing Services: $1.7 billion.

(Definitions used: “U.S. GAAP” means U.S. generally accepted accounting principles. Jabil defines core operating income as U.S. GAAP operating income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition costs and certain purchase accounting adjustments, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges and goodwill impairment charges. Jabil defines core earnings as U.S. GAAP net income before amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition costs and certain purchase accounting adjustments, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core diluted earnings per share as core earnings divided by the weighted average number of outstanding diluted shares as determined under U.S. GAAP. Jabil calculates its core return on invested capital by annualizing its after-tax core operating income for its most recently ended quarter and dividing that by a two quarter average net invested capital base. Jabil reports core operating income, core earnings, core diluted and basic earnings per share and core return on invested capital to provide investors an additional method for assessing operating income, earnings, diluted earnings per share and return on invested capital from what it believes are its core manufacturing operations. See the accompanying reconciliation of Jabil’s core operating income to its U.S. GAAP operating income, its calculation of core earnings and core diluted earnings per share to its U.S. GAAP net income and U.S. GAAP earnings per share, its calculation of core return on invested capital and additional information in the supplemental information.)

Quarterly Results Q2 2015 Q2 2014

Net revenue

 $4.3 billion $3.6 billion

U.S. GAAP operating income

 $124.9 million $3.6 million

U.S. GAAP net income (loss)

 $52.0 million $(38.7) million

U.S. GAAP net diluted earnings (loss) per share

 $0.27 $(0.19)

U.S. GAAP return on invested capital

 12.1% 0.1%

Core operating income

 $166.0 million $60.4 million

Core earnings

 $98.3 million $20.3 million

Core diluted earnings per share

 $0.50 $0.10

Core return on invested capital

 17.6% 6.2%

Business Update

“I am pleased to say that we are squarely on track to deliver targeted revenue and earnings for the fiscal year, all while continuing to invest for future growth,” Mondello said. Management maintained its fiscal year 2015 revenue outlook of $17.5 - $18.5 billion and core earnings per share of $1.85 - $2.15.

Third quarter fiscal 2015 guidance:

 

•    Net revenue

 $4.35 billion to $4.55 billion

•    U.S. GAAP operating income

 $118 million to $154 million

•    U.S. GAAP net diluted earnings per share

 $0.29 to $0.44 per diluted share

•    Core operating income

 $145 million to $175 million

•    Core diluted earnings per share

 $0.43 to $0.55 per diluted share

•    Diversified Manufacturing Services

 Increase 42 percent year over year

•    Electronics Manufacturing Services

 Increase 7 percent year over year

(U.S. GAAP net diluted earnings per share for the third quarter of fiscal year 2015 are currently estimated to include $0.02 per share for amortization of intangibles, $0.07 per share for stock-based compensation expense and related charges and $0.02 to $0.05 per share for restructuring and related charges.)

FORWARD LOOKING STATEMENT: This news release contains forward-looking statements, including those regarding our anticipated financial results for our second quarter of fiscal year 2015; our performance during fiscal year 2015 and our related focus on key priorities; our resiliency during this time and the contribution of the diversification of our business to our resiliency; our continuing to invest for future growth; our currently expected fiscal year 2015 revenues and core earnings per share; and our currently expected third quarter of fiscal year 2015 net revenue (including that of our segments), core and U.S. GAAP operating income, core and U.S. GAAP diluted earnings per share results and the components thereof. The statements in this news release are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to: our determination as we finalize our financial results for our second quarter of fiscal year 2015 that our financial results and conditions differ from our current preliminary unaudited numbers set forth herein; fluctuations in our stock’s market price; fluctuations in operating results and cash flows; unexpected, adverse seasonal impacts on demand; changes in macroeconomic conditions, both in the U.S. and internationally; the occurrence of, success and expected financial results from, product ramps; our financial performance during and after the current economic conditions; our ability to maintain and improve costs, quality and delivery for our customers; risks and costs inherent in litigation; whether our realignment of our capacity will adversely affect our cost structure, ability to service customers and labor relations; our ability to take advantage of perceived benefits of offering customers vertically integrated services; changes in technology; competition; anticipated growth for us and our industry that may not occur; managing rapid growth; managing rapid declines in customer demand and other related customer challenges that may occur; our ability to successfully consummate acquisitions and divestitures; managing the integration of businesses we acquire; risks associated with international sales and operations; retaining key personnel; our dependence on a limited number of large customers; business and competitive factors generally affecting the electronic manufacturing services industry, our customers and our business; other factors that we may not have currently identified or quantified; and other risks, relevant factors and uncertainties identified in our Annual Report on Form 10-K for the fiscal year ended August 31, 2014, subsequent Reports on Forms 10-Q and 8-K and our other securities filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Supplemental Information: The financial results disclosed in this release include certain measures calculated and presented in accordance with U.S. GAAP. In addition to the U.S. GAAP financial measures, Jabil provides supplemental, non-U.S. GAAP financial measures to facilitate evaluation of Jabil’s core operating performance. The non-U.S. GAAP financial measures disclosed in this release exclude certain amounts that are included in the most directly comparable U.S. GAAP measures. The non-U.S. GAAP or core financial measures disclosed in this release do not have standard meanings and may vary from the non-U.S. GAAP financial measures used by other companies. Management believes core financial measures (which exclude the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition costs and certain purchase accounting adjustments, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges) are a useful measure that facilitates evaluating the past and future performance of Jabil’s ongoing operations on a comparable basis. Jabil reports core operating income, core return on invested capital, core earnings and core diluted and basic earnings per share to provide investors an additional method for assessing operating income, earnings and earnings per share from what it believes are its core manufacturing operations. Included in this release are Condensed Consolidated Statements of Operations as well as a reconciliation of the disclosed core financial measures to the most directly comparable U.S. GAAP financial measures.

Company Conference Call Information: Jabil will hold a conference call to discuss the second quarter of fiscal year 2015 earnings today at 4:30 p.m. ET live on the Internet at http://www.jabil.com. The call will be recorded and archived on the web at http://www.jabil.com. A taped replay of the conference call will also be available March 18, 2015 at approximately 7:30 p.m. ET through midnight on March 25, 2015. To access the replay, call (855) 859-2056 from within the United States, or (404) 537-3406 outside the United States. The pass code is: 96451660. An archived webcast of the conference call will be available at http://www.jabil.com/investors/.

About Jabil

Jabil is an electronic product solutions company providing comprehensive electronics design and manufacturing product management services to global electronics and technology companies. Offering complete product supply chain management from facilities in 24 countries, Jabil provides comprehensive, individualized-focused solutions to customers in a broad range of industries. Jabil common stock is traded on the New York Stock Exchange under the symbol, “JBL”. Further information is available on Jabil’s website: jabil.com.

Investor & Media Contact:

Beth Walters

Senior Vice President, Investor Relations & Communications

Jabil Circuit, Inc.

(727) 803-3511

beth_walters@jabil.com

JABIL CIRCUIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

     February 28,
2015
(Unaudited)		     August 31,
2014		  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 966,414      $ 1,000,249   

Accounts receivable, net

      1,269,171        1,208,516   

Inventories

      2,105,183        2,008,077   

Prepaid expenses and other current assets

      935,063        1,057,562   

Deferred income taxes

      66,351        64,944   

Assets of discontinued operations

      —        19,669   
  

 

 

    

 

 

  

Total current assets

   5,342,182      5,359,017   

Property, plant and equipment, net

   2,435,704      2,271,705   

Goodwill and intangible assets, net

   618,594      627,700   

Deferred income taxes

   85,026      92,702   

Other assets

   96,650      128,622   
  

 

 

    

 

 

  

Total assets

 $ 8,578,156    $ 8,479,746   
  

 

 

    

 

 

  

LIABILITIES AND EQUITY

Current liabilities:

Current installments of notes payable, long-term debt and capital lease obligations

 $ 11,258    $ 12,960   

Accounts payable

   3,087,905      3,060,814   

Accrued expenses

   1,325,792      1,235,106   

Deferred income taxes

   785      5,094   

Liabilities of discontinued operations

   —      7,123   
  

 

 

    

 

 

  

Total current liabilities

   4,425,740      4,321,097   

Notes payable, long-term debt and capital lease obligations, less current installments

   1,662,778      1,669,585   

Other liabilities

   73,597      79,471   

Income tax liabilities

   92,243      87,555   

Deferred income taxes

   59,829      61,670   
  

 

 

    

 

 

  

Total liabilities

   6,314,187      6,219,378   
  

 

 

    

 

 

  

Commitments and contingencies

Equity:

Jabil Circuit, Inc. stockholders’ equity:

Preferred stock

   —      —   

Common stock

   246      244   

Additional paid-in capital

   1,916,255      1,874,219   

Retained earnings

   1,340,972      1,245,772   

Accumulated other comprehensive (loss) income

   (578 )    86,962   

Treasury stock, at cost

   (1,012,330 )    (965,369 ) 
  

 

 

    

 

 

  

Total Jabil Circuit, Inc. stockholders’ equity

   2,244,565      2,241,828   

Noncontrolling interests

   19,404      18,540   
  

 

 

    

 

 

  

Total equity

   2,263,969      2,260,368   
  

 

 

    

 

 

  

Total liabilities and equity

 $ 8,578,156    $ 8,479,746   
  

 

 

    

 

 

  

JABIL CIRCUIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for per share data)

(Unaudited)

 

     Three months ended     Six months ended  
     February 28,
2015		     February 28,
2014		     February 28,
2015		     February 28,
2014		  

Net revenue

    $ 4,309,323      $ 3,577,315      $ 8,859,741      $ 7,920,026   

Cost of revenue

      3,941,504        3,364,165        8,108,935        7,372,625   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

   367,819      213,150      750,806      547,401   

Operating expenses:

Selling, general and administrative

   210,326      164,522      424,705      306,992   

Research and development

   6,501      6,604      12,506      15,658   

Amortization of intangibles

   5,783      6,180      11,373      12,501   

Restructuring and related charges

   20,358      32,203      32,616      53,206   
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

   124,851      3,641      269,606      159,044   

Interest and other, net

   31,797      33,367      63,630      67,141   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations before tax

   93,054      (29,726 )    205,976      91,903   

Income tax expense

   35,272      2,539      75,061      22,215   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from continuing operations, net of tax

   57,782      (32,265 )    130,915      69,688   
  

 

 

    

 

 

    

 

 

    

 

 

  

Discontinued operations:

(Loss) income from discontinued operations, net of tax

   (4,562 )    2,704      (3,709 )    18,816   

Loss on sale of discontinued operations, net of tax

   (947 )    (8,955 )    (2,557 )    (8,955 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Discontinued operations, net of tax

   (5,509 )    (6,251 )    (6,266 )    9,861   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

   52,273      (38,516 )    124,649      79,549   

Net income attributable to noncontrolling interests, net of tax

   321      151      535      294   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) attributable to Jabil Circuit, Inc.

 $ 51,952    $ (38,667 )  $ 124,114    $ 79,255   
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) per share attributable to the stockholders of Jabil

Circuit, Inc.:

Basic:

Income (loss) from continuing operations, net of tax

 $ 0.30    $ (0.16 )  $ 0.67    $ 0.34   
  

 

 

    

 

 

    

 

 

    

 

 

  

Discontinued operations, net of tax

 $ (0.03 )  $ (0.03 )  $ (0.03 )  $ 0.05   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

 $ 0.27    $ (0.19 )  $ 0.64    $ 0.39   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted:

Income (loss) from continuing operations, net of tax

 $ 0.29    $ (0.16 )  $ 0.67    $ 0.34   
  

 

 

    

 

 

    

 

 

    

 

 

  

Discontinued operations, net of tax

 $ (0.03 )  $ (0.03 )  $ (0.03 )  $ 0.05   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

 $ 0.27    $ (0.19 )  $ 0.63    $ 0.38   
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding:

Basic

   193,561      205,251      193,531      205,005   
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

   195,473      205,251      195,534      206,892   
  

 

 

    

 

 

    

 

 

    

 

 

  

JABIL CIRCUIT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

     Six months ended  
     February 28,
2015		     February 28,
2014		  

Cash flows from operating activities:

     

Net income

    $ 124,649      $ 79,549   

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation and amortization

      249,441        247,169   

Restructuring and related charges

      3,867        24,915   

Recognition of stock-based compensation expense and related charges

      32,982        (7,821 ) 

Deferred income taxes

      (1,370 )      (28,265 ) 

Loss on sale of property, plant and equipment

      12,185        3,574   

Other, net

      13,177        6,840   

Change in operating assets and liabilities, exclusive of net assets acquired:

     

Accounts receivable

      (97,859 )      187,030   

Inventories

      (112,993 )      342,794   

Prepaid expenses and other current assets

      105,311        215,376   

Other assets

      24,067        (22,448 ) 

Accounts payable, accrued expenses and other liabilities

      171,968        (914,097 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

   525,425      134,616   
  

 

 

    

 

 

  

Cash flows from investing activities:

Proceeds from sale of discontinued operations, net of cash

   9,663      —   

Acquisition of property, plant and equipment

   (468,207 )    (286,349 ) 

Cash paid for business and intangible asset acquisitions, net of cash acquired

   (11,897 )    —   

Proceeds from sale of property, plant and equipment

   4,629      12,945   

Other, net

   4,894      —   
  

 

 

    

 

 

  

Net cash used in investing activities

   (460,918 )    (273,404 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

Borrowings under debt agreements

   3,352,676      3,789,192   

Payments toward debt agreements

   (3,358,147 )    (3,860,319 ) 

Payments to acquire treasury stock

   (40,040 )    (64,051 ) 

Dividends paid to stockholders

   (32,078 )    (35,792 ) 

Treasury stock minimum tax withholding related to vesting of restricted stock

   (6,921 )    (32,845 ) 

Other, net

   9,061      4,908   
  

 

 

    

 

 

  

Net cash used in financing activities

   (75,449 )    (198,907 ) 
  

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

   (22,893 )    1,451   
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

   (33,835 )    (336,244 ) 

Cash and cash equivalents at beginning of period

   1,000,249      1,011,373   
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

 $ 966,414    $ 675,129   
  

 

 

    

 

 

  

JABIL CIRCUIT, INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

RECONCILIATION OF U.S. GAAP FINANCIAL RESULTS TO NON-U.S. GAAP MEASURES

(in thousands, except for per share data)

(Unaudited)

 

     Three months ended     Six months ended  
     February 28,      February 28,     February 28,      February 28,  
     2015      2014     2015      2014  

Operating income (U.S. GAAP)

    $ 124,851       $ 3,641      $ 269,606       $ 159,044   

Amortization of intangibles

      5,783         6,180        11,373         12,501   

Stock-based compensation expense and related charges

      14,968         14,652        33,011         (7,934 ) 

Restructuring and related charges

      20,358         32,203        32,616         53,206   

Distressed customer charges

      —         3,742        —         3,742   
  

 

 

     

 

 

    

 

 

     

 

 

  

Core operating income (Non-U.S. GAAP)

 $ 165,960    $ 60,418    $ 346,606    $ 220,559   
  

 

 

     

 

 

    

 

 

     

 

 

  

Net income (loss) attributable to Jabil Circuit, Inc. (U.S. GAAP)

 $ 51,952    $ (38,667 )  $ 124,114    $ 79,255   

Amortization of intangibles, net of tax

   5,781      8,250      11,365      9,423   

Stock-based compensation expense and related charges, net of tax

   14,827      14,192      32,527      (8,413 ) 

Restructuring and related charges, net of tax

   20,248      27,892      32,196      45,589   

Distressed customer charges, net of tax

   —      2,337      —      2,337   

Acquisition costs and certain purchase accounting adjustments, net of tax

   —      —      —      (9,064 ) 

Loss (income) from discontinued operations, net of tax

   4,562      (2,704 )    3,709      (18,816 ) 

Loss on sale of discontinued operations, net of tax

   947      8,955      2,557      8,955   
  

 

 

     

 

 

    

 

 

     

 

 

  

Core earnings (Non-U.S. GAAP)

 $ 98,317    $ 20,255    $ 206,468    $ 109,266   
  

 

 

     

 

 

    

 

 

     

 

 

  

Net earnings (loss) per share (U.S. GAAP):

Basic

 $ 0.27    $ (0.19 )  $ 0.64    $ 0.39   
  

 

 

     

 

 

    

 

 

     

 

 

  

Diluted

 $ 0.27    $ (0.19 )  $ 0.63    $ 0.38   
  

 

 

     

 

 

    

 

 

     

 

 

  

Core earnings per share (Non-U.S. GAAP):

Basic

 $ 0.51    $ 0.10    $ 1.07    $ 0.53   
  

 

 

     

 

 

    

 

 

     

 

 

  

Diluted

 $ 0.50    $ 0.10    $ 1.06    $ 0.53   
  

 

 

     

 

 

    

 

 

     

 

 

  

Weighted average shares outstanding used in the calculations of earnings per share (U.S. GAAP):

Basic

   193,561      205,251      193,531      205,005   
  

 

 

     

 

 

    

 

 

     

 

 

  

Diluted

   195,473      205,251      195,534      206,892   
  

 

 

     

 

 

    

 

 

     

 

 

  

Weighted average shares outstanding used in the calculations of earnings per share (Non-U.S. GAAP):

Basic

   193,561      205,251      193,531      205,005   
  

 

 

     

 

 

    

 

 

     

 

 

  

Diluted

   195,473      206,622      195,534      206,892   
  

 

 

     

 

 

    

 

 

     

 

 

  

JABIL CIRCUIT, INC. AND SUBSIDIARIES

SUPPLEMENTAL DATA

RECONCILIATION OF U.S. GAAP FINANCIAL RESULTS TO NON-U.S. GAAP MEASURES

(in thousands)

(Unaudited)

CALCULATION OF RETURN ON INVESTED CAPITAL

AND CORE RETURN ON INVESTED CAPITAL

The Company calculates: (1) its “Return on Invested Capital” by annualizing its “after-tax U.S. GAAP operating income” for its most recently-ended quarter and dividing that by a two quarter average of its “net invested capital asset base” and (2) its “Core Return on Invested Capital” by annualizing its “after-tax non-U.S. GAAP core operating income” for its most recently-ended quarter and dividing that by a two quarter “average net invested capital asset base.”

The Company calculates: (1) its “after-tax U.S. GAAP operating income” by subtracting a certain tax effect (the calculation of which is explained below) from its U.S. GAAP operating income and (2) its “after-tax non-U.S. GAAP core operating income” as its non-U.S. GAAP core operating income less a certain tax effect (the calculation of which is explained below). See elsewhere in this earnings release for a reconciliation of the Company’s non-U.S. GAAP core operating income to its U.S. GAAP operating income.

The Company calculates its “average net invested capital asset base” as the sum of the averages (the calculations of which are explained below) of its stockholders’ equity, current and non-current portions of its notes payable, long-term debt and capital lease obligations less the average (the calculation of which is explained below) of its cash and cash equivalents.

The following table reconciles (1) “Return on Invested Capital,” as calculated using “after-tax U.S. GAAP operating income” to (2) “Core Return on Invested Capital,” as calculated using “after-tax non-U.S. GAAP core operating income”:

 

     Three months ended  
     February 28,
2015		     February 28,
2014		  

Numerator:

     

Operating income (U.S. GAAP)

    $ 124,851      $ 3,641   

Tax effect(1)

      (35,178 )      (2,410 ) 
  

 

 

    

 

 

  

After-tax operating income

   89,673      1,231   
  x4      x4   
  

 

 

    

 

 

  

Annualized after-tax operating income

 $ 358,692    $ 4,924   
  

 

 

    

 

 

  

Core operating income (Non-U.S. GAAP)

 $ 165,960    $ 60,418   

Tax effect(2)

   (35,459 )    (7,016 ) 
  

 

 

    

 

 

  

After-tax operating income

   130,501      53,402   
  x4      x4   
  

 

 

    

 

 

  

Annualized after-tax core operating income

 $ 522,004    $ 213,608   
  

 

 

    

 

 

  

Denominator:

Average total Jabil Circuit, Inc. stockholders’ equity(3)

 $ 2,239,861    $ 2,343,125   

Average notes payable, long-term debt and capital lease obligations, less current installments(3)

   1,664,577      1,676,578   

Average current installments of notes payable, long-term debt and capital lease obligations(3)

   11,372      139,035   

Average cash and cash equivalents(3)

   (943,959 )    (722,176 ) 
  

 

 

    

 

 

  

Net invested capital asset base

 $ 2,971,851    $ 3,436,562   
  

 

 

    

 

 

  

Return on Invested Capital (U.S. GAAP)

   12.1 %    0.1 % 

Adjustments noted above

   5.5 %    6.1 % 

Core Return on Invested Capital (Non-U.S. GAAP)

   17.6 %    6.2 % 

 

 

(1) This amount is calculated by adding the amount of income taxes attributable to its operating income (U.S. GAAP) and its interest expense.
(2) This amount is calculated by adding the amount of income taxes attributable to its core operating income (Non-U.S. GAAP) and its interest expense.
(3) The average is based on the addition of the account balance at the end of the most recently-ended quarter to the account balance at the end of the prior quarter and dividing by two.
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