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 January 1, 2005
or
o 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-SCI Corporation
(Exact name of registrant as specified in its charter)
|
Delaware |
77-0228183 |
|
(State or other
jurisdiction of |
(I.R.S. Employer |
|
2700 N. First St., San Jose, CA |
95134 |
|
(Address of principal executive offices) |
(Zip Code) |
(408) 964-3500
(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. Yes x No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in rule 12b-2 of the Exchange Act). Yes x No o
As of February 7, 2005, there were 523,418,909 shares outstanding of the issuer’s common stock, $0.01 par value per share.
SANMINA-SCI
CORPORATION
INDEX
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Page |
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PART I FINANCIAL INFORMATION |
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Item 1. |
Interim Financial Statements |
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3 |
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4 |
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5 |
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6 |
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Management’s
Discussion and Analysis of Financial Condition |
25 |
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51 |
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53 |
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54 |
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54 |
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54 |
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55 |
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2
SANMINA-SCI
CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
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January 1, |
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October 2, |
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(Unaudited) |
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(In thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,063,380 |
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$ |
1,116,149 |
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Short-term investments |
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19,042 |
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12,518 |
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Accounts receivable, net |
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1,802,862 |
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1,668,973 |
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Inventories |
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1,003,112 |
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1,064,518 |
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Deferred income taxes |
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306,674 |
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303,965 |
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Prepaid expenses and other |
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108,860 |
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96,523 |
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Total current assets |
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4,303,930 |
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4,262,646 |
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Property, plant and equipment, net |
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801,498 |
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782,642 |
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Goodwill |
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2,292,122 |
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2,254,979 |
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Other assets |
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228,298 |
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246,369 |
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Total assets |
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$ |
7,625,848 |
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$ |
7,546,636 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
615,794 |
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$ |
609,746 |
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Accounts payable |
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1,624,599 |
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1,630,833 |
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Accrued liabilities |
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408,404 |
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381,123 |
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Accrued payroll and related benefits |
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164,767 |
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164,357 |
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Total current liabilities |
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2,813,564 |
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2,786,059 |
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Long-term liabilities: |
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Long-term debt, net of current portion |
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1,290,060 |
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1,311,377 |
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Other |
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120,410 |
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94,489 |
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Total long-term liabilities |
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1,410,470 |
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1,405,866 |
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Stockholders’ equity: |
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Common stock |
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5,426 |
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5,420 |
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Treasury stock |
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(188,633 |
) |
(188,607 |
) |
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Additional paid-in capital |
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5,724,165 |
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5,719,137 |
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Other comprehensive income |
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50,419 |
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32,690 |
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Accumulated deficit |
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(2,189,563 |
) |
(2,213,929 |
) |
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Total stockholders’ equity |
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3,401,814 |
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3,354,711 |
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Total liabilities and stockholders’ equity |
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$ |
7,625,848 |
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$ |
7,546,636 |
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See accompanying notes.
3
SANMINA-SCI
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended |
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January 1, |
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December 27, |
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(In thousands, |
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(Unaudited) |
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Net sales |
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$ |
3,252,706 |
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$ |
2,970,281 |
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Cost of sales |
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3,075,739 |
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2,829,090 |
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Gross profit |
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176,967 |
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141,191 |
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Operating expenses: |
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Selling, general and administrative |
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87,309 |
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77,046 |
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Research and development |
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7,490 |
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6,899 |
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Amortization of intangibles |
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2,030 |
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2,120 |
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Integration costs |
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114 |
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1,731 |
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Restructuring costs |
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20,425 |
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7,206 |
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Total operating expenses |
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117,368 |
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95,002 |
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Operating income |
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59,599 |
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46,189 |
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Interest income |
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12,054 |
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3,438 |
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Interest expense |
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(38,603 |
) |
(28,205 |
) |
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Other income (expense) |
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270 |
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(2,648 |
) |
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Other income (expense), net |
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(26,279 |
) |
(27,415 |
) |
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Income before provision for income taxes |
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33,320 |
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18,774 |
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Provision for income taxes |
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8,954 |
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3,005 |
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Net income |
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$ |
24,366 |
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$ |
15,769 |
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Earnings per share: |
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Basic |
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$ |
0.05 |
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$ |
0.03 |
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Diluted |
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$ |
0.05 |
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$ |
0.03 |
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Shares used in computing per share amounts: |
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Basic |
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519,205 |
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513,379 |
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Diluted |
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525,008 |
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526,357 |
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See accompanying notes.
4
SANMINA-SCI
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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Three Months Ended |
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January 1, |
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December 27, |
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(In thousands) |
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(Unaudited) |
& | ||||||