News
The EMS provider assembles thin-film diode LCD modules for Seiko.
In a statement, Isomu Koike, president of Seiko Epson's Philippine plant, said, "This is the first time we have embarked on a close cooperation with another company and I believe that this partnership with IMI will be lasting and fruitful."
Based on server revenues, IBM remained the top vendor, with sales up 10.8% to $3.5 billion, good for a market share of 30.7%. Dell's revenue rose 20.1% to $1.1 billion, making it fastest growing OEM among top-tier vendors.
H-P led the way in shipments, with 463,489 units. Sun Microsystems showed the highest growth rate, with shipments up 38.4%, to 90,487 units.
Following a scheduled mid-quarter conference call, Flextronics CFO Bob Dykes said, "Growth continues very strongly and our business is looking very solid."
Flextronics reiterated July guidance for Q2 earnings of 15 to 18 cents per share before items.
In recent weeks several analysts had expresssed concern over rising inventories, particularly among makers of telecom and communications gear. On the call, chief executive Michael Marks pooh-poohed the negative sentiment, saying "concerns about inventories were way overblown in our industry."
Later, to a news service, Dykes said, "The September and December quarters are strong ones for us and therefore inventories will rise along with that."
For the quarter ended June 27, total net earnings grew 135%, also to $2.5 million.
The results include net sales of $11.9 million from the company's Pittsburgh operation, acquired in February.
For the year, net sales rose 28% to $131.5 million. Net earnings from continuing operations rose 110% to $7 million. Total net earnings grew 205% to $6.9 million. The net loss from discontinued operations was $102,000.
Gross margins improved to 23.1%, up from 20.3% in 2003, the result of product mix, operating productivity gains and higher sales volume.
Selling and administrative expenses declined one point, to 14% of sales.
The company has debt of $37.7 million, up from $7.1 million last year, and cash and cash equivalents of $793,000, versus $4 million in 2003.
LaBarge guided for fiscal 2005 first-quarter net sales to increase at least 36%, to $41 million to $42 million and fiscal 2005 sales and earnings to increase 25%.
Prunier, 43, was senior director for the company's medical products business. He also held management posts at Plexus, SCI Systems and other smaller manufacturers.
He replaces acting chief financial officer Mark Lustig, the company controller who had been serving as interim CFO since Rick Ackel quit the position in January.
White, who has 20 years of experience in technology manufacturing, was senior vice president and CFO of Asyst Technologies, a provider of integrated automation tools for semiconductor and flat-panel display manufacturing. Previously, he was president and chief executive of Candescent Technologies, a developer of field emission display technology.
He also held positions at Zehntel Inc., Burroughs Corp. (now Unisys Corp.) and Digital Equipment Corp.
White has a bachelor's in physics from Brigham Young University and an MBA in finance and operations analysis from the University of Washington.
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