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SAN JOSE, CA -- Sanmina-SCI Corp. reported revenue for the first quarter was $1.42 billion for the period ending December 27, 2008, compared to $1.78 billion for the same period a year ago. This is a Q1 net loss of $25.3 million compared to a net income gain of $7.9 million in the same quarter last year.

GAAP net loss in Q1 was ($25.3) million or ($0.05) diluted loss per share, compared to a net loss of ($9.5) million, or ($0.02) diluted loss per share, in the same period a year ago.

Sanmina-SCI estimated and recorded $10 million of charges in the quarter related to the recent filings for bankruptcy reorganization by Nortel Networks, Inc. GAAP results were impacted by these charges.

Non-GAAP gross profit in Q1 was $95.9 million, compared to gross $130.9 million, for the same period a year ago. Non-GAAP operating income was $31.2 million, compared to $41.1 million, in the same period a year ago.

Non-GAAP net loss in the first quarter was a break-even on diluted earnings per share.

As of December 27, 2008, the ending cash and cash equivalents were $796.8 million compared to $869.8 million for the year ending September 27, 2008.

“We continue to experience weak demand and limited visibility across all of our market segments. To offset this decline, we remain focused on our efforts to reduce cost, improve operating efficiencies and deliver innovative technologies and solutions that offer value to our customers.”

“Sanmina-SCI is financially sound with a strong cash position, adequate liquidity and a healthy debt maturity profile to weather these challenging market conditions. We have learned from our experience of difficult times in the past and are confident we will emerge as an operationally and financially stronger company when market conditions normalize," stated Jure Sola, Chairman and Chief Executive Officer.

Of the 15 substances on the REACH Substances of Very High Concern (SVHC), seven have also been recommended for inclusion on a list of substances subject to authorization (Annex XIV) by the European Chemicals Agency (ECHA).

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