医療従事者の為の最新医療ニュースや様々な情報・ツールを提供する医療総合サイト

Fabrinet Announces First Quarter Fiscal Year 2022 Financial Results

2021年11月02日 AM06:29
このエントリーをはてなブックマークに追加


 

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 its first fiscal quarter ended September 24, 2021.

Seamus Grady, Chief Executive Officer of Fabrinet, said, “We had a strong start to fiscal 2022 with revenue and profitability that exceeded our guidance. By working in close partnership with our customers and suppliers, our supply chain team was effective at reducing the impact of component shortages on our business, particularly in the optical communications market.”

Grady continued, “We are optimistic about continued strong demand across our business and are anticipating healthy sequential growth despite ongoing supply chain headwinds.”

First Quarter Fiscal Year 2022 Financial Highlights

GAAP Results

  • Revenue for the first quarter of fiscal year 2022 was $543.3 million, compared to $436.6 million in the first quarter of fiscal year 2021.
  • GAAP net income for the first quarter of fiscal year 2022 was $44.7 million, compared to GAAP net income of $33.1 million for the first quarter of fiscal year 2021.
  • GAAP net income per diluted share for the first quarter of fiscal year 2022 was $1.20, compared to GAAP net income per diluted share of $0.88 for the first quarter of fiscal year 2021.

Non-GAAP Results

  • Non-GAAP net income for the first quarter of fiscal year 2022 was $54.2 million, compared to non-GAAP net income of $39.3 million for the first quarter of fiscal year 2021.
  • Non-GAAP net income per diluted share for the first quarter of fiscal year 2022 was $1.45, compared to non-GAAP net income per diluted share of $1.05 for the first quarter of fiscal year 2021.

Business Outlook

Based on information available as of November 1, 2021, Fabrinet is issuing guidance for its second fiscal quarter ending December 24, 2021, as follows:

  • Fabrinet expects second quarter revenue to be in the range of $540 million to $560 million.
  • GAAP net income per diluted share is expected to be in the range of $1.24 to $1.31, based on approximately 37.6 million fully diluted shares outstanding.
  • Non-GAAP net income per diluted share is expected to be in the range of $1.42 to $1.49, based on approximately 37.6 million fully diluted shares outstanding. 

Conference Call Information

What:

   

Fabrinet First Quarter Fiscal Year 2022 Financial Results Call

When:

   

Monday, November 1, 2021

Time:

   

5:00 p.m. ET

Live Call:

   

(888) 357-3694, domestic

 

   

(253) 237-1137, international

   

Passcode: 2790505

Replay:

   

(855) 859-2056, domestic

 

   

(404) 537-3406, international

 

   

Passcode: 2790505

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.

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, automotive components, medical devices, 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 testing. 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 United States of America, the People’s Republic of China, Israel and the United Kingdom. For more information visit: www.fabrinet.com.

Forward-Looking Statements

“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: (1) our optimism about continued strong demand across our business and sequential growth; and (2) all of the statements under the “Business Outlook” section regarding our expected revenue, GAAP and non-GAAP net income per share, and fully diluted shares outstanding for the second quarter of fiscal year 2022. 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: the effects of the COVID-19 pandemic on our business, particularly the possibility of (1) the growing global economic downturn, (2) extended shutdowns at any of our manufacturing facilities, especially if the pandemic intensifies or returns in various geographic areas, (3) continued disruption to our supply chain, which could increase our costs and affect our ability to procure parts and materials, especially if the pandemic intensifies or returns in various geographic areas, and (4) regional downward demand adjustments from our customers, particularly those in areas affected by the pandemic; 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 small number of customers and suppliers; difficulties in managing our operating costs; difficulties in managing and operating our business across multiple countries (including Thailand, the People’s Republic of China, Israel, the U.S. and the U.K.); 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 Annual Report on Form 10-K filed with the SEC on August 17, 2021. 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

We refer to the non-GAAP financial measures cited above in making operating decisions because they provide meaningful supplemental information regarding our ongoing operational performance. Non-GAAP net income excludes: share-based compensation expenses; depreciation of fair value uplift; amortization of intangibles; and amortization of deferred debt issuance costs. We have excluded these items in order to enhance investors’ understanding of our underlying 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 making financial and operational decisions. In addition, these non-GAAP financial measures are used to measure company performance for the purposes of determining employee incentive plan compensation.

FABRINET

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

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

September 24,
2021

 

June 25,
2021

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

269,911

 

$

302,969

Short-term investments

 

258,501

 

 

244,963

Trade accounts receivable, net of allowance for doubtful accounts of $99 and $100 respectively

 

346,689

 

 

336,547

Contract assets

 

13,120

 

 

11,878

Inventories

 

465,251

 

 

422,133

Prepaid expenses

 

10,404

 

 

11,398

Other current assets

 

24,729

 

 

22,619

Total current assets

 

1,388,605

 

 

1,352,507

Non-current assets

 

 

 

Long-term restricted cash

 

155

 

 

154

Property, plant and equipment, net

 

271,659

 

 

241,129

Intangibles, net

 

4,107

 

 

4,371

Operating right-of-use assets

 

6,086

 

 

6,699

Deferred tax assets

 

9,491

 

 

9,428

Other non-current assets

 

518

 

 

1,834

Total non-current assets

 

292,016

 

 

263,615

Total Assets

 

1,680,621

 

 

1,616,122

Liabilities and Shareholders’ Equity

 

 

 

Current liabilities

 

 

 

Long-term borrowings, current portion, net

 

12,156

 

 

12,156

Trade accounts payable

 

373,663

 

 

346,555

Fixed assets payable

 

24,174

 

 

19,206

Contract liabilities

 

1,755

 

 

1,680

Operating lease liabilities, current portion

 

2,613

 

 

2,593

Income tax payable

 

2,776

 

 

3,612

Accrued payroll, bonus and related expenses

 

19,336

 

 

20,464

Accrued expenses

 

20,147

 

 

17,134

Other payables

 

22,599

 

 

20,958

Total current liabilities

 

479,219

 

 

444,358

Non-current liabilities

 

 

 

Long-term borrowings, non-current portion, net

 

24,319

 

 

27,358

Deferred tax liability

 

5,425

 

 

5,107

Operating lease liability, non-current portion

 

3,220

 

 

3,850

Severance liabilities

 

19,157

 

 

19,485

Other non-current liabilities

 

3,279

 

 

3,444

Total non-current liabilities

 

55,400

 

 

59,244

Total Liabilities

 

534,619

 

 

503,602

Shareholders’ equity

 

 

Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of September 24, 2021 and June 25, 2021)

 

 

Ordinary shares (500,000,000 shares authorized, $0.01 par value; 39,000,843 shares and 38,749,045 shares issued at September 24, 2021 and June 25, 2021, respectively; and 37,017,254 shares and 36,765,456 shares outstanding at September 24, 2021 and June 25, 2021, respectively)

 

390

 

388

Additional paid-in capital

 

179,670

 

189,445

Less: Treasury shares (1,983,589 shares and 1,983,589 shares as of September 24, 2021 and June 25, 2021, respectively)

 

(87,343)

 

(87,343)

Accumulated other comprehensive income (loss)

 

(7,662)

 

(6,266)

Retained earnings

 

1,060,947

 

1,016,296

Total Shareholders’ Equity

 

1,146,002

 

1,112,520

Total Liabilities and Shareholders’ Equity

$

1,680,621

$

1,616,122

FABRINET

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)

 

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

Three Months Ended

September 24,
2021

September 25,
2020

Revenues

$

543,322

$

436,639

Cost of revenues

 

(479,725)

 

(386,159)

Gross profit

 

63,597

 

50,480

Selling, general and administrative expenses

 

(20,587)

 

(16,863)

Operating income

 

43,010

 

33,617

Interest income

 

761

 

1,104

Interest expense

 

(36)

 

(251)

Foreign exchange gain (loss), net

 

1,772

 

128

Other income (expense), net

 

(260)

 

121

Income before income taxes

 

45,247

 

34,719

Income tax expense

 

(596)

 

(1,668)

Net income

 

44,651

 

33,051

Other comprehensive income (loss), net of tax:

 

 

Change in net unrealized gain (loss) on available-for-sale securities

 

(213)

 

(325)

Change in net unrealized gain (loss) on derivative instruments

 

<p class="bwalignr bwcellpmargin"

同じカテゴリーの記事 

  • EMS Kegel Trainer BODYDOCTOR Opens New Era of Health Care Solutions in Global Femcare Market
  • EMSケーゲルトレーナー BODYDOCTOR、Femcareのグローバル市場でK-HEALTH CAREに注目が集まる
  • InnoCare Announces Dosing of First Patient in Clinical Study of the Combination of SHP2 Inhibitor ICP-189 and EGFR Inhibitor Furmonertinib
  • METIS第3相臨床試験で主要評価項目を達成、非小細胞肺がんからの脳転移患者における頭蓋内進行までの期間を統計学的に有意に延長
  • Poxel to Report Its 2023 Annual Results by the End of April 2024