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Sanmina Reduces Q2 Losses

Published: 23 April 2009
 by Staff
SAN JOSE, CA – Weak product demand continues to affect Sanmina-SCI Corp.’s financials. The company reported a second-quarter loss of $37.5 million, compared to $39.9 million last year.
 
For the quarter ended March 28, revenue dropped 34% from last year to $1.2 billion.
 
Although product demand was weak for January and February, March did show signs of stabilizing, according to Jure Sola, chairman and CEO. In addition, cash position increased $55 million sequentially, and $34 million of debt was retired during the quarter.
 
The company predicts third-quarter revenue between $1.175 billion to $1.25 billion, with a positive cash flow from operations. It will continue to focus on inventory management, cost reduction initiatives, increased liquidity and customer service.
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