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Plexus CEO Discusses F4Q2010 Results - Earnings Call Transcript

The company provides non-GAAP supplemental information. For example, our call today may refer to earnings or earnings per share, EPS, excluding restructuring costs or other unusual items. Non-GAAP financial data is provided to facilitate meaningful period-to-period comparisons of underlying operational performance by eliminating infrequent or unusual charges. Similar non-GAAP financial measures including return on invested capital are used for internal management assessments because such measures provide additional insight into ongoing financial performance. For a full reconciliation of non-GAAP supplemental information, please refer to yesterday’s press release and our periodic SEC filings.

Joining me this morning are Dean Foate, President and Chief Executive Officer; Ginger Jones, Vice President and Chief Financial Officer; Todd Kelsey, Senior Vice President of Global Customer Services; and Michael Buseman, Senior Vice President of Global Manufacturing Operations.

Let me now turn the call over to Dean Foate. Dean?

Dean Foate

Thank you, Angelo, and good morning everyone. Last night we reported results for our fourth fiscal quarter of 2010. Revenues were $556 million, up 3.6% sequentially with EPS of $0.65. Both revenue and earnings exceeded the higher end of our guidance range. We are pleased to deliver a strong quarter bringing a close to a really wonderful year.

Fiscal 2010 was an excellent year for Plexus with organic revenue growth of 25%, driving full year revenue above $2 billion, a significant and exciting milestone for the company. We grew revenues in all of our market sectors with the lone exception being our smallest sector, Defense, Security, and Aerospace.

We grew revenues in all regions, the Americas, EMEA, and Asia-Pacific. The APAC region experienced exceptional growth, and in combination with your facility in Mexico shifted the company’s revenue mix in favor of low-cost regions for the first time. Our engineering solutions group contributed meaningfully to our financial performance, delivering highly valued solutions to our customers and exciting new products into manufacturing.

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