2016 Q2 Form 10-Q Financial Statement

#000089772316000038 Filed on April 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $1.611B $1.528B
YoY Change 4.67% 3.44%
Cost Of Revenue $1.474B $1.412B
YoY Change 3.93% 4.02%
Gross Profit $136.7M $115.3M
YoY Change 13.4% -3.11%
Gross Profit Margin 8.49% 7.55%
Selling, General & Admin $63.49M $57.02M
YoY Change 6.29% -8.52%
% of Gross Profit 46.44% 49.47%
Research & Development $9.997M $7.559M
YoY Change 19.88% -14.38%
% of Gross Profit 7.31% 6.56%
Depreciation & Amortization $27.60M $24.80M
YoY Change 11.74% -1.2%
% of Gross Profit 20.19% 21.52%
Operating Expenses $75.61M $65.61M
YoY Change 3.19% -10.94%
Operating Profit $61.10M $49.65M
YoY Change 29.22% 9.61%
Interest Expense $6.353M $6.197M
YoY Change 5.58% -17.17%
% of Operating Profit 10.4% 12.48%
Other Income/Expense, Net -$5.705M -$6.297M
YoY Change -18.41% -5.76%
Pretax Income $55.39M $43.36M
YoY Change 37.48% 12.28%
Income Tax $25.03M $28.61M
% Of Pretax Income 45.19% 65.98%
Net Earnings $30.36M $14.75M
YoY Change 24.05% -29.23%
Net Earnings / Revenue 1.88% 0.97%
Basic Earnings Per Share $0.40 $0.18
Diluted Earnings Per Share $0.39 $0.17
COMMON SHARES
Basic Shares Outstanding 75.48M shares 82.98M shares
Diluted Shares Outstanding 78.53M shares 86.90M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $407.0M $408.0M
YoY Change -2.16% 4.35%
Cash & Equivalents $407.3M $407.7M
Short-Term Investments
Other Short-Term Assets $64.00M $103.0M
YoY Change -36.63% 17.05%
Inventory $922.7M $858.1M
Prepaid Expenses
Receivables $999.0M $922.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.393B $2.291B
YoY Change 2.91% 2.63%
LONG-TERM ASSETS
Property, Plant & Equipment $611.8M $552.6M
YoY Change 8.35% 1.14%
Goodwill $30.80M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $117.6M $273.3M
YoY Change -55.93% 12.94%
Total Long-Term Assets $1.205B $825.9M
YoY Change 44.97% 4.76%
TOTAL ASSETS
Total Short-Term Assets $2.393B $2.291B
Total Long-Term Assets $1.205B $825.9M
Total Assets $3.598B $3.116B
YoY Change 13.99% 3.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.104B $1.015B
YoY Change 1.29% 10.59%
Accrued Expenses $255.0M $213.0M
YoY Change 9.91% -2.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $136.0M $43.00M
YoY Change 1600.0% -50.0%
Total Short-Term Liabilities $1.495B $1.272B
YoY Change 12.4% 3.73%
LONG-TERM LIABILITIES
Long-Term Debt $437.6M $427.1M
YoY Change 3.25% -23.36%
Other Long-Term Liabilities $170.4M $141.0M
YoY Change 18.74% 5.54%
Total Long-Term Liabilities $608.0M $568.0M
YoY Change 7.17% -17.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.495B $1.272B
Total Long-Term Liabilities $608.0M $568.0M
Total Liabilities $2.103B $1.840B
YoY Change 10.84% -4.02%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.495B $1.277B
YoY Change
Total Liabilities & Shareholders Equity $3.598B $3.116B
YoY Change 13.99% 3.19%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $30.36M $14.75M
YoY Change 24.05% -29.23%
Depreciation, Depletion And Amortization $27.60M $24.80M
YoY Change 11.74% -1.2%
Cash From Operating Activities $142.6M $69.80M
YoY Change 26.64% 711.63%
INVESTING ACTIVITIES
Capital Expenditures -$29.10M -$22.60M
YoY Change 16.87% 5.12%
Acquisitions
YoY Change
Other Investing Activities -$58.70M $5.900M
YoY Change -807.23% -32.95%
Cash From Investing Activities -$87.90M -$16.70M
YoY Change 426.35% 30.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -45.80M -37.30M
YoY Change -47.17% 213.45%
NET CHANGE
Cash From Operating Activities 142.6M 69.80M
Cash From Investing Activities -87.90M -16.70M
Cash From Financing Activities -45.80M -37.30M
Net Change In Cash 8.900M 15.80M
YoY Change -3.26% -198.14%
FREE CASH FLOW
Cash From Operating Activities $142.6M $69.80M
Capital Expenditures -$29.10M -$22.60M
Free Cash Flow $171.7M $92.40M
YoY Change 24.87% 206.98%

Facts In Submission

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OtherNonoperatingIncomeExpense
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
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16358000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
10221000 USD
us-gaap Repayments Of Short Term Debt
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0 USD
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ResearchAndDevelopmentExpense
9997000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2015Q1 us-gaap Restructuring Charges
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1740000 USD
us-gaap Restructuring Charges
RestructuringCharges
4740000 USD
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us-gaap Sales Revenue Net
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SellingGeneralAndAdministrativeExpense
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SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1339000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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3200000 shares
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5784000 shares
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12.35
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7033000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6500000 shares
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13.05
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.05
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6449000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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53530 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
20000 shares
CY2016Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
100500000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1520471000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1495094000 USD
CY2015Q1 us-gaap Tax Adjustments Settlements And Unusual Provisions
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15500000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5300000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
21600000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
103400000 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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4035000 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
3135000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements of Sanmina Corporation (the &#8220;Company&#8221;) have been prepared pursuant to the rules&#160;and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) have been omitted pursuant to those rules&#160;or regulations. The interim condensed consolidated financial statements are unaudited, but reflect all adjustments, consisting primarily of normal recurring adjustments, that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;3, 2015</font><font style="font-family:inherit;font-size:10pt;">, included in the Company's </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> Annual Report on Form&#160;10-K. </font></div></div>
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates on a 52 or 53 week year ending on the Saturday nearest September&#160;30. Fiscal 2015 was a 53-week year, with the extra week in the fourth fiscal quarter, and fiscal 2016 will be a 52-week year. All references to years relate to fiscal years unless otherwise noted.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Results of operations for the </font><font style="font-family:inherit;font-size:10pt;">second quarter of 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.</font></div></div>

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