Online Presentation 11-1-11

8/3/2019 Online Presentation 11-1-11

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Fourt Quarter an Fisca Year En Resu ts

Quarter EndedOctober 1, 2011


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-

u oo

Revenue: $ 1.70B $1.65 - $1.70 B

Diluted earnings per share: $0.47 $0.40 - $0.44

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Financial Results

Unaudit ed

Q4'11 Q3'11 Q4'10 FY'11 FY'10

Twelve Month PeriodsThree Month Periods

($ in million s, except per share data)

GAAP:

$1,697 $1,674 $1,688 $6,602 $6,319

$18 $9 $31 $69 $122Net incomeRevenue

. . . . .

$1,697 $1,674 $1,687 $6,602 $6,319

$133 $134 $132 $513 $492

Non-GAAP(1)

:

Gross profit

Revenue

$62 $69 $63 $255 $255

$70 $65 $69 $258 $238

$25 $23 $25 $96 $104

Operating expense

Operating income

Other expense

$7 $7 $6 $26 $27

$39 $35 $38 $136 $107

$0.47 $0.42 $0.46 $1.64 $1.30

Taxes

Net income

Diluted earnings per share

(1)Non-GAAP financial results exclude charges or gains relating to: stock-based compensation expenses, restructuring costs (including employee severance and benefits costs and charges related to excess facilities and assets),acquisition and integration costs (consisting of costs associated with the acquisition and integration of acquired businesses into our operations), impairment charges for goodwill and intangible assets, amortization expenseand other infrequent or unusual items, to the extent material or which we consider to be of a non-operational nature in the applicable period . Please refer to Reconciliation of GAAP to Non-GAAP Measures in our Q4

earnings release available at www.sanmina-sci.com as well as at the conclusion of this presentation.

Numbers may not foot due to rounding. 4


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Non-GAAP P&L Metrics

Revenue GrossProfit/Margin

EBITDA represents non-GAAP operating income plus depreciationexpense to the extent not otherwise excluded.

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Non-GAAP P&L Metrics

Revenue Gross Profit / Margin

EBITDA represents non-GAAP operating income plus depreciationexpense to the extent not otherwise excluded.

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Summary Balance Sheet

1 0 /1 /2 0 1 1 7 /2 /2 0 1 1

$640 $583$1,014 $1,042

$891 $886Inventories

Cash and cash equivalents

Accounts receivable, net

$588 $563

$220 $243

$3,354 $3,317

Other assets

Property, plant and equipment, net

Total assets

$984 $958

$1,182 $1,152

$417 $457

Accounts payable

Long-term debt

Other liabilities

$771 $749

$3,354 $3,317

Total stockholders' equity

Total liabilities and stockholders' equity

Numbersmaynotfootduetorounding.

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Balance Sheet Metrics

Cash and Cash Equivalents Inventory $ / Turns

0

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1

The following forecast is for the first fiscal quarter ending December 31, 2011.These statements are forward-looking and actual results may differ materially.

Revenue: $1.5 - $1.6B

Non-GAAP EPS: 0.26 - 0.34

(1) The above identified outlook for the quarter ending December 31, 2011 is on a non-GAAP basis. The comparable GAAP earnings or loss per share amount is not accessible without unreasonable effort due toinherent difficulties in predicting certain expenses and gains affecting GAAP earnings or loss, such as the amount and timing of Sanmina-SCIs restructuring costs, as well as debt security repurchases, if any,that could result in gains or losses reported in GAAP earnings.

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Revenue Breakdown By End-Market

Q411 FY11

CommunicationsNetworks

$792 / 47%

Defense/Industrial/

Medical$399 / 24%

Enterprise


$3,135 / 48%

Defense/Industrial/

Medical$1,609 / 24%

Enterprise

Storage$242 / 14%

Multimedia$264 / 16%

ompu ngStorage

$913 / 14%Multimedia$945 / 14%


(Networking, Wireline & Wireless

Enterprise Computing& Storage

(High-end enterprise servers and

Defense/Industrial/Medical(Industrial equipment, aerospace and

defense, MRI and CT machines and

Multimedia(Gaming equipment, set-top boxes,

cinematography, point-of-salen ras ruc ure s orage c ean- ec sys ems, au omo ve e ec ron cs

Sequential 1.5% 2.8% 0.5% 12.6%FY11 / FY10 26.2% 14.9% 0.3% 17.7%

Numbersmaynotfootduetorounding.

FY11 Top 10 Customers 49.9% of Revenue10


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11FY2012 Strategy: Focused On The Key Business Groups To DriveGrowth And Margin Expansion Continuous Improvements

Logistics and

Direct OrderManufacturingOptical

Collaborative

Desi nand Interconnect Mechanical Products and

InterconnectSystems

Printed Circuits

Design

Fulfillmenterv cesomponen s

Engineeringys ems erv ces

& Backplanes)

MechanicalSanmina

(PrecisionMachining)

o aServices(Repair &

Logistics)

Optical

Components& RF/Micro-

VikingTechnology(Modules and

Defense &

SSD Solutions)

1

Systems

(Mission Critical

Products)

Newisys(Storage JDM /

ODM)

11BestInClassProducts&Services


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Reconciliation of GAAP vs. Non-GAAP

Quarter EndedOctober 1, 2011


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GAAP Condensed Consolidated Balance SheetOctober 1, October 2,

($ in thousands) 2011 2010

(Unaudited)

ASSETS

Cash and cash equivalents 640,288$ 592,812$

Accounts receivable, net 1,014,121 1,018,612Inventories 891,325 844,347

Prepaid expenses and other current assets 69,587 81,191

Assets held for sale 13,925 53,047

Total current assets 2,629,246 2,590,009

Property, plant and equipment, net 588,097 570,258

Other non-current assets 136,630 141,529

Total assets 3,353,973$ 3,301,796$

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable 984,014$ 923,038$

Accrued liabilities 109,478 140,371

Accrued payroll and related benefits 112,193 122,934

Short-term debt 60,200 65,000Total current liabilities 1,265,885 1,251,343

Long-term liabilities:

Long-term debt 1,182,308 1,240,666

Other 135 263 148 186

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Total long-term liabilities 1,317,571 1,388,852

Total stockholders' equity 770,517 661,601

Total liabilities and stockholders' equity 3,353,973$ 3,301,796$


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GAAP Condensed Consolidated Statement of Operations

Unaudi t ed($ in thousands, except per share data) October 1, October 2, October 1, October 2,

2011 2010 2011 2010

Net sales 1,696,702$ 1,687,768$ 6,602,411$ 6,318,691$

Cost of sales 1,562,830 1,556,057 6,092,060 5,835,701

we ve on s n eree on s n e

ross pro t 133,872 131,711 510,351 482,990

Operating expenses:

Selling, general and administrative 59,401 61,170 247,127 252,534

Research and development 5,925 3,597 20,802 13,004

Amortization of intangible assets 956 392 3,831 3,555

, , , ,

Asset impairment 365 - 450 1,100

Gain on sales of long-lived assets - (28) (3,465) (13,824)

Total operating expenses 80,371 73,548 298,354 278,191

Operating income 53,501 58,163 211,997 204,799

n eres ncome , ,

Interest expense (21,341) (27,668) (99,114) (108,144)

Other income (expense), net (3,717) 2,612 (15,206) 40,341

Interest and other, net (24,687) (24,346) (112,459) (65,557)

Income before income taxes 28,814 33,817 99,538 139,242

, , , ,

Net income 18,088$ 31,399$ 68,917$ 122,435$

Basic income per share 0.22$ 0.39$ 0.86$ 1.55$

Diluted income per share 0.22$ 0.38$ 0.83$ 1.48$

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Weighted-average shares used in computing

per share amounts:

Basic 80,713 79,683 80,345 79,195

Diluted 82,729 82,734 83,158 82,477


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Reconciliation of GAAP to Non-GAAP Measures (Cont inued)

Unaudi t ed

(1) For FY11, represents reversal of reserves previously established in connection with customer bankruptcy reorganization announcements.

For FY10, relates to revenue reversal and inventory and bad debt reserves associated with customer bankruptcies.

oc compensa on expense was as o ows:

October 1, July 2, October 2, October 1, October 2,2011 2011 2010 2011 2010

Cost of sales 905$ 1,773$ 859$ 4,730$ 5,452$

Twelve Months EndedThree Months Ended

Selling, general and administrative 3,072 4,209 1,899 13,070 9,809

Research and development 25 75 38 183 (94)

Stock compensation expense - total company 4,002$ 6,057$ 2,796$ 17,983$ 15,167$

(3) Represents a non-recurring contingency that the Company expects to resolve favorably in future periods.However there can be no assurance of the exact amount or timin of this recover .

(4)

(5) Represents cash received in connection with a litigation settlement.

Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed or repurchased prior to maturity.

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Online Presentation 11-1-11