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Solectron Fourth Quarter Results to Reflect Discontinued Operations
September 23, 2003 |Estimated reading time: 1 minute
Milpitas, Calif. — Solectron Corp. announces that its fiscal fourth-quarter results will include discontinued operations.
On previous earnings conference calls, Solectron said it intends to divest certain operations not central to the company's future strategy. In the fourth quarter, several of these operations met the criteria required by Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, to be reported as discontinued operations. As a result, each line item within Solectron's GAAP financial statements will exclude amounts related to discontinued operations and the company will report these amounts as "discontinued operations" for all periods presented. This presentation ensures that each line item within the company's statements of operations reflects amounts related only to the company's continuing operations and those operations forwhich the company has not yet met the SFAS No. 144 criteria for discontinued operations.
The company also affirmed its guidance, which includes discontinued operations, for fourth-quarter sales of $2.6 billion to $3 billion and a pro forma loss per share of 6 to 2 cents.
Solectron will report earnings after the close of market September 25.
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.