Fabrinet Announces Fourth Quarter And Fiscal Year 2013 Financial Results

Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for the fourth quarter and fiscal year ended June 28, 2013.

Fabrinet reported total revenue of $159.9 million for the fourth quarter of fiscal 2013, an increase of 12.0% compared to total revenue of $142.8 million for the comparable period in fiscal 2012. GAAP net income for the fourth quarter of fiscal 2013 was $15.1 million, or $0.43 per diluted share, compared to GAAP net income of $7.5 million, or $0.22 per diluted share, in the fourth quarter of fiscal 2012. Non-GAAP net income in the fourth quarter of fiscal 2013 was $12.4 million, or $0.35 per diluted share, an increase of 16.1% compared to non-GAAP net income of $10.7 million, or $0.31 per diluted share, in the same period a year ago.

For fiscal year 2013, Fabrinet reported total revenue of $641.5 million, an increase of 13.6% compared to total revenue of $564.7 million for fiscal year 2012. GAAP net income for fiscal 2013 was $69.0 million, or $1.98 per diluted share, compared to a GAAP net loss of $(56.5) million, or $(1.64) per diluted share, in fiscal 2012. Non-GAAP net income in fiscal 2013 was $50.5 million, or $1.44 per diluted share, an increase of 16.4% compared to non-GAAP net income of $43.4 million, or $1.25 per diluted share, in fiscal 2012.

Tom Mitchell, Chief Executive Officer of Fabrinet, said, "I am pleased to end the fiscal year on a positive note, with our fourth quarter results demonstrating sequential increases in revenue, margins and earnings per share. As we enter fiscal 2014, I am confident that our healthy pipeline of new business, strong customer relationships and intense focus on quality and total customer satisfaction, will deliver another year of profitable growth.”

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