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Sanmina Corporation | |||||||||
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Reconciliation of GAAP to Non-GAAP Measures | |||||||||
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(in thousands, except per share amounts) | |||||||||
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(Unaudited) | |||||||||
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Three Months Ended |
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Six Months Ended | ||||
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Mar. 29, |
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Mar. 30, |
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Mar. 29, |
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Mar. 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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GAAP Operating Income |
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$ 45,297 |
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$ 45,798 |
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$ 84,817 |
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$ 77,260 | |
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GAAP operating margin |
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3.1% |
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3.2% |
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2.9% |
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2.6% |
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Adjustments |
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| |
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Stock compensation expense (1) |
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4,757 |
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4,342 |
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9,032 |
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9,008 |
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Amortization of intangible assets |
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1,251 |
|
474 |
|
1,725 |
|
948 |
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Distressed customer charges (2) |
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(290) |
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321 |
|
383 |
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5,412 |
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Restructuring, acquisition and integration costs |
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2,565 |
|
6,925 |
|
6,269 |
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10,872 |
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Contingency item expected to reverse in a future period (3) |
|
124 |
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- |
|
124 |
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- |
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Gain on sales of long-lived assets |
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(530) |
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(18,967) |
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(530) |
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(23,185) |
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Asset impairments |
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- |
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1,100 |
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- |
|
1,100 |
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Non-GAAP Operating Income |
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$ 53,174 |
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$ 39,993 |
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$ 101,820 |
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$ 81,415 | |
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Non-GAAP operating margin |
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3.6% |
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2.8% |
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3.5% |
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2.8% |
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GAAP Net Income |
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$ 20,840 |
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$ 21,191 |
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$ 43,941 |
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$ 21,812 | |
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Adjustments: |
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| |
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Operating income adjustments (see above) |
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7,877 |
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(5,805) |
|
17,003 |
|
4,155 |
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Loss on repurchases of debt (4) |
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- |
|
1,401 |
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- |
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1,401 |
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Loss on dedesignation of interest rate swap (5) |
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- |
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- |
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- |
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14,903 |
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Litigation settlements (6) |
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(261) |
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- |
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(261) |
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- |
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Nonrecurring tax items |
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9,823 |
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8,498 |
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13,082 |
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7,253 |
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Non-GAAP Net Income |
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$ 38,279 |
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$ 25,285 |
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$ 73,765 |
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$ 49,524 | |
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GAAP Net Income Per Share: |
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| |
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Basic |
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$ 0.25 |
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$ 0.26 |
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$ 0.53 |
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$ 0.27 |
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Diluted |
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$ 0.24 |
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$ 0.25 |
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$ 0.51 |
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$ 0.26 |
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Non-GAAP Net Income Per Share: |
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|
|
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|
|
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| |
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Basic |
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$ 0.46 |
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$ 0.31 |
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$ 0.89 |
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$ 0.60 |
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Diluted |
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$ 0.44 |
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$ 0.30 |
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$ 0.85 |
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$ 0.59 |
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Weighted-average shares used in computing per share amounts: |
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| |
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Basic |
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82,728 |
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82,543 |
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83,247 |
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82,226 |
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Diluted |
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86,144 |
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84,683 |
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86,723 |
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84,369 |
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(1) |
Stock compensation expense was as follows: |
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Three Months Ended |
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Six Months Ended | ||||
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Mar. 29, |
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Mar. 30, |
|
Mar. 29, |
|
Mar. 30, |
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|
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
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|
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Cost of sales |
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$ 1,364 |
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$ 1,291 |
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$ 2,566 |
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$ 2,631 |
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Selling, general and administrative |
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3,382 |
|
3,004 |
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6,453 |
|
6,299 |
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Research and development |
|
11 |
|
47 |
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13 |
|
78 |
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Total |
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$ 4,757 |
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$ 4,342 |
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$ 9,032 |
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$ 9,008 |
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(2) |
Relates to inventory and bad debt reserves / recoveries associated with distressed customers. |
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(3) |
Represents a non-recurring contingency that the Company expects to resolve favorably in future periods. However, there can be no assurance of the exact amount or timing of this recovery. |
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(4) |
Represents a loss, including write-off of unamortized debt issuance costs, on debt redeemed or repurchased prior to maturity. |
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(5) |
Represents a non-cash loss resulting from dedesignation of an interest rate swap. |
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(6) |
Represents cash received in connection with a litigation settlement. |
