Solectron announces Q3 - sales up 3%
Jun 29, 2007
Solectron Corporation (NYSE:SLR) reported sales of $2.99 billion in the third quarter of fiscal 2007, an increase of 3 percent over second quarter fiscal 2007 revenues of $2.90 billion, and an increase of 10 percent over third quarter fiscal 2006 revenues of $2.70 billion.
The company reported GAAP profit after tax from continuing operations of $12.2 million, or $0.01 per share, in the third quarter of fiscal 2007, compared with a GAAP profit after tax from continuing operations of $15.6 million, or $0.02 per share, in the second quarter of fiscal 2007. In the third quarter of fiscal 2006, Solectron reported a GAAP profit after tax from continuing operations of $42.4 million, or $0.05 per share.
Non-GAAP profit after tax from continuing operations was $50.2 million, or $0.06 per share, in the third quarter of fiscal 2007, compared with non-GAAP profit after tax from continuing operations of $41.0 million, or $0.05 per share, for the second quarter of fiscal 2007. In the third quarter of fiscal 2006, Solectron reported non-GAAP profit after tax from continuing operations of $38.9 million, or $0.04 per share. Non-GAAP financial results do not include restructuring costs, impairment charges, amortization of intangibles, or stock-based compensation expenses. Please refer to "Non-GAAP Information" below for further information.
Recent Announcement of Acquisition
On June 4, 2007 Solectron Corporation and Flextronics International Ltd. ("Flextronics") (NASDAQ:FLEX - News) announced that the two companies have entered into a definitive agreement for Flextronics to acquire Solectron. The merger agreement has been filed with the SEC. The transaction is expected to close in the fourth calendar quarter of 2007.
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