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Milpitas, Calif. — Solectron Corp. has reported sales of $2.9 billion in the second quarter of fiscal 2004, up 7.1 percent from $2.7 billion in the first quarter, and up 22.4 percent from $2.4 billion in the second quarter of last year.
The company reported a GAAP net loss from continuing operations in the second quarter of $90 million, or 11 cents per diluted share, compared with a GAAP net loss from continuing operations of $104 million, or 13 cents per diluted share, in the year-earlier quarter. Excluding $74 million in restructuring and impairment charges, Solectron had a pro forma net loss from continuing operations of $16 million, or 2 cents per diluted share, in the second quarter of fiscal 2004.
During the quarter, Solectron continued to execute its previously announced plan to divest seven businesses not central to its business strategy. The company completed the sale of Dy 4 Systems and signed a definitive agreement to sell SMART Modular Technologies. The company also continued to improve its balance sheet and strengthen its liquidity through the successful sale of $450 million of convertible securities. The company ended the quarter with a strong cash position of $1.8 billion.
Solectron Corp. provides a full range of global manufacturing and integrated supply chain management services to the world's premier high-tech electronics companies. For more information, visit www.solectron.com.