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Fabrinet Announces Second Quarter 2013 Financial Results

2013年02月05日 AM06:40
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BANGKOK

Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for the second quarter of fiscal 2013 ended December 28, 2012.

Fabrinet reported total revenue of $167.4 million for the second quarter of fiscal 2013, an increase of 73.3% compared to total revenue of $96.6 million for the comparable period in fiscal 2012. GAAP net income for the second quarter of fiscal 2013 was $16.7 million, or $0.48 per diluted share, compared to GAAP net loss of ($33.3) million, or ($0.97) per diluted share, in the second quarter of fiscal 2012. Non-GAAP net income in the second quarter of fiscal 2013 was $13.8 million, or $0.39 per diluted share, an increase of more than 100% compared to non-GAAP net income of $6.2 million, or $0.18 per diluted share, in the same period a year ago.

Tom Mitchell, Chief Executive Officer of Fabrinet, said, “Despite what remains a challenging macro environment, I am pleased with the results that we delivered in the second quarter of fiscal 2013, highlighted by solid revenue and earnings per share growth. We continue to work closely with new and existing customers and we remain committed to delivering value to all of our stakeholders.”

Business Outlook

Based on information available as of February 4, 2013, Fabrinet is issuing guidance for the third quarter of fiscal 2013 as follows:

Fabrinet expects third quarter revenue to be in the range of $147 million to $151 million. GAAP net income per share is expected to be in the range of $0.26 to $0.28 with expected non-GAAP net income per share of $0.29 to $0.31, based on approximately 35 million fully diluted shares outstanding.

Conference Call Information

 

What:

 

Fabrinet Second Quarter 2013 Financial Results Conference Call

When:

Monday, February 4, 2013

Time:

5:00 p.m. ET

Live Call:

(888) 357-3694, domestic

(253) 237-1137, international

Passcode: 89547259

Replay:

(855) 859-2056, domestic

(404) 537-3406, international

Passcode: 89547259

Webcast:

http://investor.fabrinet.com (live and replay)

 

This press release and any other information related to the call will also be posted on Fabrinet’s website at http://investor.fabrinet.com. A recorded version of this webcast will be available approximately two hours after the call and will be archived on Fabrinet’s website for a period of one year.

Investor Conferences

Management will be presenting at the Stifel Nicolaus Technology Conference in San Francisco on Tuesday, February 5, 2013; the Morgan Stanley Technology, Media & Telecom Conference in San Francisco on Tuesday, February 26, 2013; and the Piper Jaffray Technology, Media and Telecommunications Conference in New York City on Wednesday, March 13, 2013.

About Fabrinet

Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and test. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the People’s Republic of China and the United States. For more information visit: www.fabrinet.com.

Safe Harbor

“Safe Harbor” Statement Under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all of the statements under the “Business Outlook” section relating to our forecasted operating results for the third quarter of fiscal 2013. These forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: less customer demand for our products and services than forecasted; less growth in the optical communications, industrial lasers and sensors markets than we forecast; difficulties expanding into additional markets, such as the semiconductor processing, biotechnology, metrology and materials processing markets; increased competition in the optical manufacturing services markets; difficulties in delivering products and services that compete effectively from a price and performance perspective; our reliance on a limited number of customers and suppliers; difficulties in accurately forecasting demand for our services; difficulties in managing our operating costs; difficulties in managing and operating our business across multiple countries (including the U.S., Thailand and the People’s Republic of China); and other important factors as described in reports and documents we file from time to time with the Securities and Exchange Commission (SEC), including the factors described under the section captioned “Risk Factors” in our quarterly report on Form 10-Q, filed on November 6, 2012. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financials

The Company refers to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding the Company’s ongoing operational performance. Non-GAAP net income excludes stock-based compensation expenses and income (expense) related to flooding. We have excluded these items in order to enhance investors’ understanding of our ongoing operations. The use of these non-GAAP financial measures has material limitations because they should not be used to evaluate our company without reference to their corresponding GAAP financial measures. As such, we compensate for these material limitations by using these non-GAAP financial measures in conjunction with GAAP financial measures.

These non-GAAP financial measures are used to: (1) measure company performance against historical results, (2) facilitate comparisons to our competitors’ operating results, and (3) allow greater transparency with respect to information used by management in financial and operational decision making. In addition, these non-GAAP financial measures are used to measure company performance for the purposes of determining employee incentive plan compensation.

Fabrinet
Unaudited Condensed Consolidated Balance Sheets
As of December 28, 2012 and June 29, 2012
 

December 28,

 

June 29,

(in thousands of U.S. dollars, except share data)

2012

2012

Assets  
Current assets
Cash and cash equivalents $ 128,098 $ 115,507
Trade accounts receivable, net 131,358 128,253
Inventory, net 99,681 103,223
Deferred tax assets 1,744 4,088
Prepaid expenses 1,334 3,571
Other current assets 6,934     6,029  
Total current assets 369,149     360,671  
Non-current assets
Property, plant and equipment, net 98,248 97,923
Intangibles, net 239 380
Deferred tax assets 2,914 1,764
Deposits and other non-current assets 635     624  
Total non-current assets 102,036     100,691  
Total assets $ 471,185   $   461,362  
Liabilities and Shareholders’ Equity
Current liabilities
Long-term loans from banks, current portion $ 9,668 $ 9,668
Trade accounts payable 73,744 86,000
Construction-related payable 9 2,222
Income tax payable 724 353
Deferred tax liability 1,654 1,405
Accrued payroll, bonus and related expenses 5,805 5,181
Accrued expenses 2,707 2,630
Other payables 5,598 6,601
Liabilities to third parties due to flood losses 54,401     61,198  
Total current liabilities 154,310     175,258  
Non-current liabilities
Long-term loans from banks, non-current portion 24,077 28,911
Severance liabilities 5,017 4,420
Other non-current liabilities 1,582     2,064  
Total non-current liabilities 30,676     35,395  
Total liabilities 184,986     210,653  
Commitments and contingencies
Shareholders’ equity
Preferred shares (5,000,000 shares authorized, $0.01 par value;
no shares issued and outstanding as of December 28, 2012 and June 29, 2012)
Ordinary shares (500,000,000 shares authorized, $0.01 par value;
34,535,980 shares and 34,470,829 shares issued and
outstanding as of December 28, 2012 and June 29, 2012, respectively) 345 345
Additional paid-in capital 68,251 65,462
Retained earnings 217,603     184,902  
Total shareholders’ equity 286,199     250,709  
Total Liabilities and Shareholders’ Equity $ 471,185   $   461,362  

 

Fabrinet

Unaudited Condensed Consolidated Statements of Operations

For the three and six months ended December 28, 2012 and December 30, 2011

 
  Three Months Ended     Six Months Ended
December 28,   December 30, December 28,   December 30,
(in thousands of U.S. dollars) 2012 2011 2012 2011
 
Revenues $ 167,426 $ 96,609 $ 326,051 $ 282,956
Cost of revenues (149,056 ) (87,680 ) (289,959 ) (251,143 )
Gross profit 18,370 8,929 36,092 31,813
Selling, general and administrative expenses (5,787 ) (5,319 ) (11,646 ) (11,957 )
Income (expense) related to flooding 4,825   (40,265 ) 9,645   (40,265 )
Operating income (loss) 17,408 (36,655 ) 34,091 (20,409 )
Interest income 271 224 459 419
Interest expense (263 ) (68 ) (549 ) (142 )
Foreign exchange (loss) gain, net (170 ) 787 107 600
Other income 183   59   373   156  
Income (loss) before income taxes 17,429 (35,653 ) 34,481 (19,376 )
Income tax (expense) benefit (747 ) 2,399   (1,780 ) 1,777  
Net income (loss) $ 16,682   $ (33,254 ) $ 32,701   $ (17,599 )
 
Earnings (loss) per share
Basic $ 0.48 $ (0.97 ) $ 0.95 $ (0.51 )
Diluted 0.48 (0.97 ) 0.94 (0.51 )
 
Weighted average number of ordinary shares outstanding
(thousands of shares)
Basic 34,517 34,396* 34,501 34,309*
Diluted 34,804 34,396* 34,737 34,309*

* In accordance with the antidilutive provisions of ASC 260-10-45, basic and dilutive shares are the same for the period ended December 30, 2011

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    Fabrinet

    Unaudited Condensed Consolidated Statements of Cash Flows

    For the six months ended December 28, 2012 and December 30, 2011

     
      Six Months Ended
    December 28,   December 30,
    (in thousands of U. S. dollars) 2012 2011
     
    Cash flows from operating activities
    Net income (loss) for the period $ 32,701