Reading time ( words)
Singapore — Flextronics has announced results for the quarter and year ended March 31, 2003.
Net sales totaled $3.1 billion and $13.4 billion for the quarter and fiscal year ended March 31, 2003, respectively. This represents a 2 percent increase in sales for fiscal 2003. For the quarter ended March 31, 2003, diluted earnings per share on a GAAP basis increased to 4 cents from 1 cent in the quarter ended March 31, 2002. For the fiscal year ended March 31, 2003, the company's GAAP net loss was reduced to 16 cents per diluted share from 31 cents per diluted share in the fiscal year ended March 31, 2002.
During the fiscal year, the company generated $608 million of cash flow from operations and ended the quarter with an industry-leading cash conversion cycle of 26 days. At the end of the quarter, the company had $424 million in cash. Total debt was reduced by $6 million during the quarter, leverage remained at 20 percent and liquidity increased to more than $1.3 billion at quarter end. During the quarter, the company renewed and increased its revolving line-of-credit from $800 million to $880 million.
Flextronics is the leading electronics manufacturing services (EMS) provider focused on delivering operational services to technology companies. For more information, visit www.flextronics.com.