ST. PETERSBURG, FL – Jabil Circuit today reported flat fiscal first-quarter revenues of $3.4 billion, while preliminary GAAP operating income plunged 21% from last year to $77.7 million. 
 
For the period ended Nov. 30, GAAP net income fell 25% to $46.2 million. Operating income fell 17% to $101.2 million, or 3% of net revenue. The numbers, Jabil stressed, are preliminary, and subject to change, pending the company's review of potential goodwill for the quarter. 
 
During the quarter, cash flow used in operations was approximately $33 million. Annualized inventory turns remained constant at eight. Capital expenditures were approximately $115 million. At quarter's end, Jabil had $580 million in cash and short-term investments.
 
Jabil guided for second fiscal quarter net revenue of $2.8 billion to $3 billion, with an estimated core operating margin of 2.1%.
 
"We are taking a conservative position regarding demand for our second quarter,” said Jabil president and CEO Tim Main. “Although end-markets are weak, the opportunity to expand our market share in targeted areas is very good. We intend to capitalize on the present opportunities to ensure a more robust future when end-markets stabilize and the recovery cycle begins."