Sanmina Corporation is a leading integrated manufacturing solutions provider serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and semiconductor systems, medical, multimedia, computing and storage, automotive and clean technology sectors. Sanmina has facilities strategically located in key regions throughout the world. More information regarding the company is available at www.sanmina.com.
Sanmina Safe Harbor Statement
Certain statements contained in this press release, including the Company's outlook for the third quarter and its expectations regarding revenue and profitability, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including changes to or a deterioration in the markets for the Company's customers' products; competition that could adversely impact the Company's pricing and therefore result in a reduction of revenues and margins; dependence on a relatively small number of customers, the loss of or reduction in business from any of which could significantly reduce our revenue and net income; inability of customers to pay for the Company's products due to insolvency or otherwise; any failure of the Company's Components, Products and Services business to meet expectations; and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission ("SEC").
The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.
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Sanmina Corporation | ||||||
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Condensed Consolidated Balance Sheets | ||||||
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(In thousands) | ||||||
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(GAAP) | ||||||
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March 29, |
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September 28, |
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2014 |
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2013 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ 390,622 |
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$ 402,875 | |
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Accounts receivable, net |
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953,347 |
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944,816 | |
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Inventories |
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799,663 |
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781,560 | |
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Prepaid expenses and other current assets |
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88,218 |
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75,337 | |
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Total current assets |
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2,231,850 |
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2,204,588 |
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Property, plant and equipment, net |
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546,366 |
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540,151 | ||
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Other |
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241,995 |
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251,109 | ||
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Total assets |
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$ 3,020,211 |
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$ 2,995,848 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
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$ 917,780 |
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$ 956,488 | |
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Accrued liabilities |
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108,445 |
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109,363 | |
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Accrued payroll and related benefits |
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113,986 |
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118,572 | |
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Short-term debt |
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85,682 |
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22,301 | |
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Total current liabilities |
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1,225,893 |
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1,206,724 |
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Long-term liabilities: |
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Long-term debt |
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557,241 |
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562,512 | |
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Other |
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133,560 |
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135,048 | |
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Total long-term liabilities |
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690,801 |
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697,560 |
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Stockholders' equity |
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1,103,517 |
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1,091,564 | ||
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Total liabilities and stockholders' equity |
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$ 3,020,211 |
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$ 2,995,848 |
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