Sanmina-SCI Corp. (San Jose, CA), an electronics manufacturing services (EMS) company, has reported financial results for its first quarter ended Dec. 27, 2003. The company also announced that it will begin searching for a new chief financial officer.

For the first quarter, Sanmina-SCI reported revenues of $2.97 billion, up 9%, from $2.73 billion in the fourth quarter, and up 17% from the first quarter last year.

The company reported adjusted pro forma net income of $26.2 million, or $0.05 adjusted pro forma diluted earnings per share, compared to $14.0 million, or $0.03 per share in Q4, and $6.8 million, or $0.01 per share, for the same period last year. Cash provided by operations was approximately $110 million for the first quarter.

Sanmina-SCI also reported $1.2 billion in cash and short-term investments. At quarter-end, the company reported a current ratio of 1.9, working capital of $2.1 billion and shareholders' equity of $3.3 billion.

Jure Sola, chairman and chief executive officer of Sanmina-SCI, said, "Clearly we are seeing a positive trend across all of our end-markets, orders have been increasing more steadily, and our customers are talking with a more positive and upbeat tone...This quarter, we made further progress in our original design manufacturer (ODM) strategy, adding two design wins for server products with existing original equipment manufacturer (OEM) customers."

The company also announced that its chief financial officer, Rick R. Ackel, will be leaving the company to pursue other opportunities. Ackel has served as CFO since July 2000. Sanmina-SCI will begin a search for a new CFO and in the interim Sanmina-SCI's controller, Mark Lustig, will serve as acting CFO.

www.sanmina-sci.com

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