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Sanmina-SCI's CEO Discusses F1Q2012 Results - Earnings Call Transcript

We refer you to our quarterly and annual report filed with the Securities and Exchange Commission. These documents contain and identify important factors that could cause the actual results to differ materially from our projections or forward-looking statements.

You’ll note in our press release and slides issued today, that we have provided you with the statements of operation for the three months ended December 31, 2011 on a GAAP basis, as well as certain non-GAAP financial information. A reconciliation between the GAAP and non-GAAP financial information is also provided in the press release and slides posted on our website. In general, our non-GAAP information excludes restructuring costs, acquisition and integration costs, non-cash stock-based compensation expense, amortization expense and other infrequent or unusual items to the extent material.

Any comments we make on this call as they relate to the income statement measures will be directed at our non-GAAP financial results. Accordingly, unless otherwise stated in this conference call, when we refer to our gross profit, gross margin, operating income, operating margin, net income and earnings per share, we are referring to our non-GAAP information.

I would now like to turn the call over to Jure Sola, Chairman and Chief Executive Officer.

Jure Sola

Thanks Paige. Good afternoon ladies and gentlemen. Welcome. Thank you for all of you being here today with us. On today’s call I have our CFO, Bob Eulau.

Bob Eulau

Hi everyone

Jure Sola

The agenda today we have is that Bob will review our financial results for the first quarter of fiscal year 2012. Then I will follow-up with additional comments relative to Sanmina-SCI’s results and future goals. Then Bob and I will open for questions-and-answers.

And now I would like to turn this over to Bob. Bob.

Bob Eulau

Thanks Jure. It’s a pleasure for me to be joining you on today’s call. Please turn to slide three. Overall the first quarter was challenging, but not significantly different from what we had expected. Revenue of $1.5 billion was down 11% on a sequential basis and down 10% from the first quarter last year. This was at the low end of our guidance of $1.5 billion to $1.6 billion.

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