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Solectron Reports Improved Fourth Quarter Results
October 1, 2004 |Estimated reading time: 1 minute
Milpitas, Calif. — Solectron Corp., a provider of electronics manufacturing and integrated supply chain services, reported sales of $3.01 billion in the fourth quarter of fiscal 2004, up 23.4 percent from $2.44 billion in the fourth quarter of last year. Sales in the third quarter of 2004 were $3.04 billion.
The company reported a GAAP net loss from continuing operations in the fourth quarter of $45 million, or 5 cents per share, compared with a GAAP net loss from continuing operations of $163 million, or 20 cents per share, in the year-earlier quarter. Non-GAAP net income from continuing operations was $41 million, or 4 cents per share on a fully diluted basis, in the fourth quarter of fiscal 2004.
"Our strong performance in the fourth quarter, including non-GAAP net income of $41 million and positive operating cash flow of approximately $124 million, capped a turnaround year for Solectron," said Mike Cannon, president and chief executive officer. "We improved our financial metrics throughout the year, and we enter fiscal 2005 a much stronger company."
During the quarter, the company completed the sale of Force Computers and its interest in U.S. Robotics. The company also announced an agreement to sell its microtechnology business, which is expected to be completed in the first quarter of fiscal 2005. With that, Solectron will have completed its divestiture plans announced a year ago.