Sanmina-SCI Corporation, a leading global EMS company, today reported financial results for the fourth quarter and fiscal year ended October 3, 2009.

  Fourth Quarter Fiscal 2009 Highlights:

• Revenue of $1.35 billion, exceeded outlook of $1.2 to $1.3 billion;
• GAAP gross margin of 7%, 70 basis point sequential improvement;
• Non-GAAP gross margin of 7.1%, 70 basis point sequential improvement;
• Cash flow from operations was $45.8 million; and
• Ending cash balance of $899.2 million.

Revenue for the fourth quarter was $1.35 billion, up 12%, compared to $1.21 billion in the prior quarter ended June 27, 2009. Revenue for the fiscal year ended October 3, 2009 was $5.18 billion, compared to $7.20 billion for the year ended September 27, 2008.

GAAP Financial Results

GAAP net loss in the fourth quarter was $32.3 million, a diluted loss per share of $0.41, compared to a net loss of $41.1 million and a diluted loss per share of $0.51 in the prior quarter. GAAP net loss for the full year was $136.2 million, a diluted loss per share of $1.65, compared to net loss of $511.3 million, a diluted loss per share of $5.78 in fiscal 2008.

Non-GAAP Financial Results

Non-GAAP gross profit in the fourth quarter was $96.4 million, or 7.1% of revenue, up 70 basis points, compared to gross profit of $77.1 million, or 6.4% of revenue in the third quarter. Non-GAAP gross profit for the fiscal year 2009 was $339.9 million, or 6.6% of revenue, compared to gross profit of $531.2 million, or 7.4% for the fiscal year 2008.

Non-GAAP operating income was $34.5 million, or 2.6% of revenue, up 120 basis points, compared to $17.1 million, or 1.4% of revenue in the prior quarter. Non-GAAP operating income for fiscal 2009 was $94.3 million, or 1.8% of revenue, compared to $205.6 million, or 2.9% of revenue for fiscal 2008.

Non-GAAP net income in the fourth quarter was $94 thousand, a diluted earnings per share of $0.00, compared to a net loss of $10.9 million and $0.14 diluted loss per share in the prior quarter. Non-GAAP net loss for the full year was $42.5 million, $0.52 diluted loss per share, compared to net income of $69.6 million, a diluted earnings per share of $0.79 in fiscal 2008.

"I am pleased with Sanmina-SCI's progress despite a challenging economy and optimistic that the worst is now behind us. We delivered solid results for the quarter with 12% growth in revenue and 70 basis point improvement in gross margin over the prior quarter. We expect to further expand margins through our diversified end-markets, efficient manufacturing processes and increase in demand. Our new business strategy and lean cost structure offer distinct advantages to our customers that differentiate us from the competition and position us for future profitable growth," stated Jure Sola, Chairman and Chief Executive Officer.