News
Plexus Corp. (Neenah, WI) has announced that revenue for its first quarter of fiscal 2004 increased 16% to $238.5 million compared to $205.4 million in Q1 2003. Net income for the quarter was $2.5 million, or $0.06 earnings per diluted share. Excluding restructuring costs and the partial write-off of goodwill, Plexus reported a loss of ($0.9) million or ($0.02) per diluted share in the first fiscal quarter of 2003.
Dean Foate, president and chief executive officer of Plexus, said, "This is our third consecutive quarter of revenue growth and EPS improvement. The 10% sequential revenue growth in our fiscal first quarter was a result of two distinct elements. First, we experienced strengthening end-market demand, particularly in our Networking/Datacom and Medical sectors. Additionally, we are making clear progress on our commitment to build our sales and marketing into a world-class organization."
"Based on our current outlook," continued Foate, "we are expecting the revenue and earnings momentum to continue into Q2 with sales in the range of $245 to $255 million and EPS in the $0.07 to $0.09 range. Second quarter earnings will be moderated by higher SG&A expense to support the ERP system installation in our Chicago facility and by other outside professional services. Looking at the full year, we are now increasingly comfortable with our 15% to 20% revenue growth target."
Gordon Bitter, chief financial officer, said, "Improved revenues in Q1 resulted in gross margins of 8.2% for the quarter compared to 7.4% in the fourth quarter of fiscal 2003. SG&A increased during the quarter reflecting increased expenses for compensation and healthcare benefits, but declined modestly as a percent of revenue. We had a 20% effective tax rate in the first quarter due to our expanding operations in Asia, where we benefit from tax holidays."
"Cash and short-term investments at the end of the first quarter were approximately $60 million as we used approximately $19 million during the quarter, primarily to finance increased inventories to support growth. Debt remains low and the $100 million credit facility that was established early in the first quarter provides additional financial resources," Bitter said.
Copyright 2004, UP Media Group. All rights reserved.
Thinky Corp. (Kennesaw, GA) has announced that it is marketing the AR-250 all-in-one mixer/disperser/de-aerator in the U.S. By rotating the materials container while revolving it on a set radius, a continuous centrifugal force (400 G or more) is produced which mixes and simultaneously forces out the existent bubbles in the materials.
The mixer provides urethane/silicon degassing in minutes, disperses silver/copper/solder paste in seconds—even in frozen conditions, and mixes adhesive and sealant with no air bubble in minutes. The equipment is useful for manufacturers who use precision electronics technologies.
Using the multi-centrifugal motion principle, the model mixes ingredients and compounds in seconds to minutes with no damage of material due to its non-contact mixing structure. The machine can mix viscous material, such as clay, in 7 minutes and reduces or eliminates the use of a solvent/emulsifier.
Other models, ranging in capacity from 50 ml 100g to 3L 5kg are available. The ARV-200 and ARV-10000 (13L 16kg) are capable of complete high-speed removal of bubbles in sizes as small as sub-microns.
Copyright 2004, UP Media Group. All rights reserved.
Electronics manufacturing services provider (EMS) Flextronics (Singapore) is in discussions with Nortel Networks relating to a proposed relationship, whereby Nortel Networks would divest nearly all of its remaining optical, wireless and enterprise manufacturing operations and related supply chain activities to Flextronics.
If discussions are successful, Nortel Networks' Systems Houses activities in Montreal and Calgary, Canada; Campinas, Brazil; Monkstown, Northern Ireland; and Chateaudun, France would be transferred to Flextronics.
Flextronics expects to consolidate and provide full-service supply chain offerings including printed circuit board assembly and fabrication, along with logistics and repair services supported from industrial parks on at least four different continents.
The successful completion of these arrangements would result in Flextronics undertaking and managing in excess of $2 billion of Nortel Networks annual cost of sales. Flextronics anticipates that it would pay Nortel Networks in excess of $500 million in cash over a nine-month period for certain assets.
Copyright 2004, UP Media Group. All rights reserved.
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