News
ELKHART, IN -- CTS Corp. today announced second-quarter revenues of $165.9 million, up 5% increase from a year ago. related tax
expense and the reversal of certain reserves.
" We had a record number of design wins for electronic components in infrastructure applications, secured our first production award from Honda and added several new EMS customers," said Donald Schwanz, chairman and chief executive.
" We had a record number of design wins for electronic components in infrastructure applications, secured our first production award from Honda and added several new EMS customers," said Donald Schwanz, chairman and chief executive.
CTS maintaied prior full-year guidance of 6 to
8% sales growth.
For the quarter capital expenditures were $3.4 million, or 2% of sales, and free cash flow was $11.4 million. The full-year capital expenditures are expected to be $18 million to $20 million. Free cash flow was $20,000 in the first quarter, and $10.8 million in the second quarter last year.
The new Czech Republic facility of CTS began operations during the quarter. Production will be increased gradually throughout the year to meet business growth and better serve automotive OEMs in that region.
EMS sales were $94.2 million, up $2.4 million year-on-year and $11.3 million sequentially. Operating income from EMS operations were $2.5 million.
SAN JOSE -- Sanmina-SCI reported third-quarter revenue of $2.71 billion, up 1.5% sequentially but down 4.2% from a year ago.
A special committee of the company's board and an independent outside legal counsel are reviewing stock option administration policies and practices dating to Jan. 1, 1997. As such, the company did not provide detailed earnings financial information for the quarter.
A special committee of the company's board and an independent outside legal counsel are reviewing stock option administration policies and practices dating to Jan. 1, 1997. As such, the company did not provide detailed earnings financial information for the quarter.
NEENAH, WI -- Plexus Corp.'s net income was a record $25.1 million on a 27% gain in revenues for the period ended July 1. The EMS firm reported a record $397.4 million for the quarter. Sequential
growth in the third quarter was exceptional. Gross margins expanded 50 basis
points sequentially to 11.5% of revenues, and operating margins
rose 75 basis points to 6% of revenues.
The company will close its facility in Maldon, England, to reduce manufacturing capacity and relocate the programs to a facility in Kelso, Scotland, by the end of 2006 or early in 2007. About 77 employees will be laid off.
The company will close its facility in Maldon, England, to reduce manufacturing capacity and relocate the programs to a facility in Kelso, Scotland, by the end of 2006 or early in 2007. About 77 employees will be laid off.
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