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PEMSTAR Reports Fiscal 2003 Second-Quarter Results
November 4, 2002 |Estimated reading time: 1 minute
Rochester, Minn. -- PEMSTAR Inc. has reported financial results for its fiscal 2003 second quarter.
The company's results, for both revenue and diluted net loss per share, are consistent with prior guidance.PEMSTAR reported net sales of $176.4 million for the fiscal 2003 second quarter ended September 30, 2002, compared to $173.4 million in the prior-year period. The company reported a net loss of $10 million, or 27 cents per diluted share, compared to net income of $3 million, or 8 cents per diluted share, for last year's fiscal second quarter. The impact of restructuring charges and reserves, primarily for accounts receivable and inventories, totaled approximately $3.9 million, or10 cents per share. Excluding these items, the loss per share was 17 cents, which is the First Call consensus estimate.
For the first six months of fiscal 2003, net sales were $329.5 million, compared to $340.6 million for the same period last year. PEMSTAR reported a net loss of $29.8 million, or 81 cents per diluted share, versus net income of $5.5 million, or 16 cents per share, for the prior-year six months.PEMSTAR Inc. provides a comprehensive range of engineering, product design, manufacturing and fulfillment services (Concept to Customer) to customers on a global basis through facilities strategically located in the United States, Mexico, Asia, Europe and South America. For more information, visit www.pemstar.com.