SAN JOSE, Calif., March 17, 2011 /PRNewswire/ -- Sanmina-SCI
Corporation ("Sanmina-SCI" or the "Company") (Nasdaq: SANM), a
leading global Electronics Manufacturing Services (EMS) company,
today announced that Hari Pillai,
President and Chief Operating Officer will resign from the company
and continue in a consulting capacity on terms to be determined.
Effective immediately, all sales and operations will report
directly to Jure Sola, Chairman and
Chief Executive Officer.
"I would like to thank Hari for his hard work and dedication
during his 17 years of service to the company and wish him well in
his future endeavors," stated Jure
Sola.
Separately, the outlook for the second quarter, ending
April 2, 2011 may be impacted by,
amongst other things, a delay in defense market projects and
shipments due to Federal budget uncertainty, recently resolved
labor strike in India delaying
certain product shipments, and short-term softness in the optical
market near the end of the quarter. The company expects
revenue for the second quarter to be in the range of $1.56 to $1.60 billion and non-GAAP earnings per
share to be in the range of $0.28 to
$0.32, depending on performance in the last two weeks of the
quarter.
Sanmina-SCI provides second quarter outlook information only on
a non-GAAP basis due to the inherent uncertainties associated with
forecasting the timing and amount of acquisitions, restructuring,
impairment and other unusual and infrequent items.
Sanmina-SCI will hold an update conference call this morning,
March 17, 2011 at 8:30 am ET (5:30 am
PT). The access numbers are: domestic 877-273-6760 and
international: 706-634-6605. The conference will be broadcast live
over the Internet at www.sanmina-sci.com. A replay of this
conference call will be available for 48-hours. The access numbers
are: domestic 800-642-1687 and international: 706-645-9291, access
code: 52966035.
About Sanmina-SCI
Sanmina-SCI Corporation is a leading electronics contract
manufacturer serving the fastest-growing segments of the global
Electronics Manufacturing Services (EMS) market. Recognized as a
technology leader, Sanmina-SCI provides end-to-end manufacturing
solutions and delivers superior quality and support to OEMs
primarily in the communications, defense and aerospace, industrial
and medical instrumentation, multimedia, enterprise computing and
storage, clean-tech and automotive technology sectors. Sanmina-SCI
has facilities strategically located in key regions throughout the
world. More information regarding the company is available at
http://www.sanmina-sci.com.
Sanmina-SCI Safe Harbor Statement
The Company's outlook for future revenue and earnings per share
constitute forward-looking statements within the meaning of the
safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. Actual results could differ materially from those
projected in these statements as a result of a number of factors,
including a deterioration in the markets for the Company's
customers' products and a resulting decrease in the Company's
customers' ability to pay for the Company's products and which
therefore could reduce the Company's revenue; customer bankruptcy
filings, which could cause the Company to record charges to its
earnings; the sufficiency of the Company's cash position and other
sources of liquidity to operate and expand its business; impact of
the restrictions contained in the Company's credit agreements and
indentures upon the Company's ability to operate and expand its
business; competition negatively impacting the Company's revenues
and margins; any failure of the Company to effectively assimilate
acquired businesses and achieve the anticipated benefits of its
acquisitions; the need to adopt future restructuring plans as a
result of changes in the Company's business, which would increase
the Company's costs and decrease its net income; and the other
factors set forth in the Company's annual and quarterly reports
filed with the Securities Exchange Commission ("SEC").
The Company is under no obligation to (and expressly disclaims
any such obligation to) update or alter any of the forward-looking
statements made in this earnings release, the conference call or
the Investor Relations section of our website whether as a result
of new information, future events or otherwise, unless otherwise
required by law.
SANMF
SOURCE Sanmina-SCI Corporation