Fabrinet (NYSE: FN), a provider of precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced an update on the impacts of flooding in Thailand.
Fabrinet today announced that as of approximately 11:00PM Saturday night, Bangkok time, flood waters had infiltrated the offices and manufacturing floorspace at its Chokchai campus in Pathum Thani, Thailand. The manufacturing buildings at Chokchai, known as buildings 1 and 2, remain filled with water to a level of approximately 3.5 feet. Prior to the factory infiltration, the company took precautionary measures, where possible, to move or protect production and test equipment, inventory and tooling. The company has not yet been able to make a full assessment of the damage but believes it is unlikely that production would recommence at Chokchai for the remainder of the current quarter.
The flooding has not breached the company's Pinehurst campus, located approximately 7 miles north of Chokchai. However, production at the Pinehurst campus buildings, known as buildings 3, 4 and 5, continues to be suspended due to the impacted local transportation and utilities that continue to affect both arterial and access roads to Fabrinet's factories and some employee residences.
Conditions with the continued flooding are evolving quickly, and the final extent of its impact cannot yet be determined.About Fabrinet Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, final assembly and test. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the People’s Republic of China and the United States. For more information visit: http://www.fabrinet.com. “Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of our statements that the flood waters have not directly breached our Pinehurst campus production facilities and our statements regarding the extent of the impact of continued flooding on operations at all facilities in Thailand. These forward-looking statements involve risks and uncertainties. Actual results could vary materially from these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the flooding situation in Thailand could continue for an extended period of time and could even worsen; we may be required to suspend operations at our Chokchai facilities beyond our second fiscal quarter and may be required to suspend operations at our Pinehurst facilities for an extended period of time; customers could scale back or cancel their orders in light of perceived or real production constraints; even if the flooding subsides, the extent of damage to Thai roads and infrastructure could continue to have a material impact on our logistics and supply chain; if the flooding continues for an extended period of time, the Thai government could order a state of emergency or take other emergency actions, which could constrain our operations in Thailand, and other important factors as described in our reports and documents filed from time to time with the Securities and Exchange Commission (SEC), including the factors described under the sections captioned “Risk Factors” in our annual report on Form 10-K, filed on August 31, 2011. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV