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Solectron Ends 2003 With Higher Sequential Revenues, Stronger Balance Sheet
September 29, 2003 |Estimated reading time: 1 minute
Milpitas, Calif. — Solectron Corp. reports GAAP fiscal fourth-quarter sales of $2.8 billion.
Fourth-quarter total company sales were $3 billion, which is at the upper end of the company's guidance for sales of $2.6 billion to $3 billion. This compares with $2.8 billion in the third quarter of fiscal 2003 and $3.1 billion in the fourth quarter of fiscal 2002. (Solectron defines total company sales as sales including continuing and discontinued operations.)
The company reported a net loss in the fourth quarter of $179 million, or 22 cents per diluted share, compared with a GAAP net loss of $2.6 billion, or $3.21 per diluted share, in the year-earlier quarter. Excluding $146 million in restructuring and impairment charges, Solectron had a pro forma net loss of $34 million, or 4 cents per diluted share, in the fourth quarter of 2003. The company's guidance was for a pro forma net loss of 6 to 2 cents per share.
The company also made progress towards selling assets that are not central to its strategy.
Total company revenues for 2003 were $11.7 billion, compared with $12.3 billion in fiscal 2002. The company reported a GAAP net loss of $3.5 billion, or $4.18 per diluted share, compared with a GAAP net loss of $3.1 billion, or $3.98 per diluted share, in fiscal 2002.
Solectron Corp. provides a full range of global manufacturing and supply-chain management services to the world's premier high-tech electronics companies. For more information, visit www.solectron.com.