NEENAH, WI -- Plexus reported fiscal second-quarter net income of $5 million, down 77% from last year, on a 14% drop in net sales.

Plexus, the world's 10th largest EMS firm, said revenue for the period ended April 4 was $389 million, at the midpoint of previous guidance. Sales were down 15% sequentially, the company said, with all sectors declining.

The company took $8 million in restructuring expenses and non-cash goodwill impairment charges during the quarter.

Plexus president and CEO Dean Foate said, "While our fiscal second quarter was as challenging as expected, we have cause for cautious optimism. During our monthly forecast cycle in April we experienced a modest uptick in our full-year fiscal 2009 forecast for the first time in eight months."

Plexus guided for fiscal third-quarter revenue of $355 million and $385 million.

During the past year, Plexus has reduced its North American manufacturing operations' headcount by 17% and its administrative personnel headcount by about 10%, Foate said. The firm anticipates no further restructuring, he said.

• Prev
• Next