PHOENIX, Aug. 17 /PRNewswire-FirstCall/ -- Suntron Corporation
(NASDAQ:SUNN), a leading provider of integrated electronics
manufacturing solutions, today reported revenue and operating
results for the second quarter of 2005. Consistent with earlier
guidance, net sales for the second quarter of 2005 were $81.8
million, a decrease of $0.9 million, from the $82.7 million
reported for the first quarter of 2005. Net sales for the second
quarter of 2005 declined from $130.4 million reported for the
second quarter of 2004, primarily due to the loss of Applied
Materials as a customer. Gross profit for the second quarter of
2005 improved to $3.9 million compared to $0.5 million reported for
the first quarter of 2005. These gross profit results include
restructuring charges of $0.4 million for the first quarter of 2005
and $0.5 million for the second quarter of 2005. The improvement in
gross profit for the second quarter of 2005 compared with the first
quarter of 2005 was positively impacted by favorable product mix,
and restructuring activities that lowered manufacturing overhead.
Gross profit for the second quarter of 2005 decreased by $4.8
million as compared to $8.7 million for the second quarter of 2004.
Selling, general and administrative expense (SG&A) increased to
$6.1 million for the second quarter of 2005 compared to $5.6
million for the first quarter of 2005, primarily due to an increase
in bad debt expense. SG&A decreased by $0.3 million in the
second quarter of 2005 compared to SG&A of $6.4 million for the
second quarter of 2004. Severance, retention and lease exit costs
related to administrative activities amounted to $0.6 million for
the second quarter of 2005, as compared to $0.0 million for the
first quarter of 2005 and $0.1 million for the second quarter of
2004. The increase in severance, retention and lease exit costs for
the second quarter of 2005 was primarily due to severance costs.
Operating loss for the second quarter of 2005 improved by $2.3
million to $3.1 million, compared to an operating loss of $5.4
million for the first quarter of 2005. For the second quarter of
2004, operating income was positive $2.1 million. Earnings before
interest, taxes, depreciation and amortization (EBITDA) for the
second quarter of 2005 improved by $2.5 million to negative $0.5
million, as compared to EBITDA of negative $3.0 million reported
for the first quarter of 2005. EBITDA for the second quarter of
2004 was positive $4.8 million. Despite lower net sales in the
second quarter of 2005, net loss improved by $2.5 million from the
negative $6.2 million reported for the first quarter of 2005. For
the second quarter of 2004, net income was $1.0 million. Basic and
diluted loss per share (EPS) for the second quarter of 2005 was a
loss of $0.14 per share, an improvement of $0.09 per share from the
$0.23 loss per share reported for the first quarter of 2005. For
the second quarter of 2004, earnings per share was $0.04. Cash flow
from operating activities for the second quarter of 2005 was
positive $4.2 million compared to positive operating cash flow of
$5.4 million in the first quarter of 2005. Operating cash flow for
the second quarter of 2004 was negative $12.1 million. The primary
reason for the improvement in operating cash flow in 2005 was a
decrease in working capital requirements associated with lower net
sales. At July 3, 2005, the Company had debt outstanding of $53.5
million as compared to $54.9 million at April 3, 2005. "As our
results indicate, we are starting to see the benefit of our cost
cutting actions and our asset utilization improvements," stated
Paul Singh, Suntron's president and chief executive officer. "We
are continuing to focus on operational execution, controlling
costs, asset management, improving customer satisfaction, and the
addition of new customers in our targeted market sectors," said Mr.
Singh. "As we look ahead to the third quarter, we expect net sales
will be up to 5% higher sequentially. We remain committed to our
low-volume, high-mix manufacturing model and believe Suntron is
uniquely positioned to service our customers," said Mr. Singh.
About Suntron Corporation Suntron delivers complete manufacturing
services and solutions to support the entire life cycle of complex
products in the semiconductor capital equipment, aerospace and
defense, medical, and industrial markets. Headquartered in Phoenix,
Arizona, Suntron operates seven full-service, manufacturing
facilities and two quick-turn manufacturing facilities in North
America. Suntron is involved in product design, engineering
services, cable and harness production, printed circuit card
assembly, box build, and large scale and complex system integration
and test. The Company has approximately 1,760 employees and
contract workers. Income Statement Summary (In Thousands, Except
Per Share Amounts) Q2 Q1 Q2 2004 2005 2005 Net Sales $130,381
$82,736 $81,758 Gross Profit 8,746 472 3,874 SG&A Expense 6,394
5,618 6,136 Operating Income (Loss) 2,098 (5,360) (3,060) Net
Income (Loss) 1,011 (6,189) (3,745) Earnings (Loss) Per Common
Share 0.04 (0.23) (0.14) Selected Financial Data (In Thousands) Q2
Q1 Q2 2004 2005 2005 EBITDA $4,812 $(2,983) $(538) Cash Flow
Provided (Used) by Operating Activities (12,118) 5,419 4,234
Restructuring Charges: Included in Cost of Goods Sold (32) (381)
(475) Other (67) (26) (611) Working Capital (End of Period) 80,692
14,198 12,341 The primary measure of our operating performance is
net income (loss). However, the Company's lenders and many
investment analysts believe that other measures of operating
performance are relevant. One of these alternative measures is
Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA"). Management emphasizes that EBITDA is a non-GAAP
measurement that excludes many significant items that are also
important to understanding and assessing Suntron's financial
performance. Additionally, in evaluating alternative measures of
operating performance, it is important to understand that there are
no standards for these calculations. Accordingly, the lack of
standards can result in subjective determinations by management
about which items may be excluded from the calculations, as well as
the potential for inconsistencies between different companies that
have similarly titled alternative measures. In order to illustrate
our EBITDA calculations, we have provided the details of the
calculation as follows: Calculation of EBITDA (In Thousands) Q2 Q1
Q2 2004 2005 2005 Net Income (Loss) $1,011 $(6,189) $(3,745)
Interest Expense 1,097 1,090 1,187 Income Tax Expense -- -- --
Depreciation and Amortization 2,704 2,116 2,020 EBITDA $4,812
$(2,983) $(538) Balance Sheet Summary (In Thousands) June 27, April
3, July 3, 2004 2005 2005 Cash and Equivalents $12 $23 $23 Trade
Receivables, Net 64,914 46,929 46,061 Inventories, Net 92,922
69,082 65,316 Other Current Assets 1,689 2,445 1,191 Property,
Plant & Equipment, Net 38,244 32,181 30,399 Goodwill 9,982
10,918 10,918 Other Assets 2,209 2,941 2,735 Total Assets $209,972
$164,519 $156,643 Accounts Payable $63,902 $30,179 $33,677 Accrued
Liabilities 14,815 15,541 12,260 Outstanding Checks in Excess of
Cash 128 3,700 853 Bank Debt 63,338 54,861 53,460 Other Long-term
Liabilities 922 551 411 Stockholders' Equity 66,867 59,687 55,982
Total Liabilities and Stockholders' Equity $209,972 $164,519
$156,643 Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995 This release contains forward-looking
statements that relate to future events or performance. These
statements reflect Suntron's current expectations, and Suntron does
not undertake to update or revise these forward-looking statements,
even if experience or future changes make it clear that any
projected results expressed or implied in this or other company
statements will not be realized. Furthermore, readers are cautioned
that these statements involve risks and uncertainties, many of
which are beyond Suntron's control, which could cause actual
results to differ materially from the forward-looking statements.
These risks and uncertainties include, but are not limited to,
general economic conditions and specific conditions in the
electronics industry, including the semiconductor and aerospace
segments of the electronics industry; Suntron's dependence upon a
small number of customers; the Company's ability to attract new
customers and maintain existing customers; cash
availability/liquidity; changes or cancellations in customer
orders; the risks inherent with predicting cash flows, revenue and
earnings outcomes as well as other factors identified as "Factors
That May Affect Future Results" or otherwise described in Suntron's
filings with the Securities and Exchange Commission from time to
time. DATASOURCE: Suntron Corporation CONTACT: Paul Singh,
President and CEO, or Peter Harper, Chief Financial Officer, , both
of Suntron Corporation, +1-602-789-6600 Web site:
http://www.suntroncorp.com/
Copyright
Suntron (NASDAQ:SUNN)
過去 株価チャート
から 12 2024 まで 1 2025
Suntron (NASDAQ:SUNN)
過去 株価チャート
から 1 2024 まで 1 2025