Jabil Circuit Reports First Quarter Results

Jabil Circuit Inc. (St. Petersburg, FL) reported revenue of $885 million for its first quarter of fiscal 2002, which ended November 30. The company had revenue of $1.1 billion for first quarter 2001. Jabil's 2002 first quarter net income, excluding amortization of intangibles and non-recurring charges, was $22.1 million, as compared to $48.3 million for the first quarter 2001. Earnings per share on this basis were $0.11 per diluted share, as compared to $0.24 for the first quarter 2001. During first quarter 2002, Jabil recorded integration charges of $2.0 million ($1.3 million after-tax) related to the acquisition of certain manufacturing facilities of Marconi Communications and charges of $14.1 million ($10.1 million after-tax) related to restructuring of the business.

On a GAAP basis, net income was $8.4 million for the first quarter 2002, as compared to $47.7 million for the first quarter 2001. GAAP diluted earnings per share for the first quarter 2002 were $0.04, as compared to $0.24 for first quarter 2001. Gross profit for first quarter 2002 was $81.6 million or 9.2 percent of revenue as compared to $111.5 million or 9.9 percent of revenue for first quarter 2001. Operating income for the first quarter 2002, excluding amortization of intangibles and non-recurring charges as noted above, was $30.1 million or 3.4 percent of revenue as compared to $66.0 million or 5.8 percent of revenue for the first quarter 2001.

�While the economic environment continues to be challenging, we are pleased to post solid results for the quarter, especially in light of the continued demand deterioration from several sectors of our customer base during this period,� said Timothy L. Main, Jabil's president and CEO. �With continued focus on our balance sheet, we maintained our leadership position in inventories, sales cycle and return metrics.�