NEENAH, WI -- Plexus Corp. reported fourth-quarter sales rose 18% to $322.2 million and net income of $10.5 million, reversing a net loss of $37 million last year.

For the fiscal year ended Oct. 1, the EMS firm showed a net loss of $12.4 million on revenues of $1.23 billion. Last year, Plexus reported and a net loss of $31.6 million on revenues of $1.04 billion.
President and CEO Dean Foate said, "We anticipate revenue growth of 15% to 18% for fiscal 2006 as a result of continued growth from many of our current customers, as well as from winning new programs and customers."

For its fiscal first quarter, Plexus expects revenue of $315 million to $325 million and earnings per share of $0.22 to $0.25, excluding one-time charges.

Pro-forma return on capital employed rose to 9.5% from 5.4% last year.

For the quarter, cash flow from operations was up $46.5 million. By industry, wireline/networking was 37% of sales, medical 33%, industrial/commercial 16%, wireless infrastructure 9% and defense/security/aerospace 5%. Operating margin rose 90 basis points to 3.4%.

Plexus' top 10 customers comprised 61% of sales during the quarter, up 1 point sequentially. Juniper Networks (18% of sales) and General Electric (14%) were largest customers.

Plexus is holding 56 days worth of inventory , flat with the previous quarter, while accounts receivable was reduced by 3 days to 47.

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