PHOENIX, Nov. 14 /PRNewswire-FirstCall/ Suntron Corporation
(NASDAQ:SUNN), a leading provider of integrated electronics
manufacturing solutions, today reported revenue of $80.4 million,
gross profit of $5.5 million and an operating loss of $0.4 million
for the third quarter of 2005. Gross profit increased $1.6 million
and operating loss improved $2.7 million in the third quarter of
2005 as compared to the second quarter of 2005. Gross profit as a
percentage of net sales improved to 6.9% for the third quarter of
2005, compared to 4.7% on net sales of $81.8 million in the second
quarter of 2005 and 5.9% on net sales of $128.5 million in the
third quarter of 2004. These gross profit results include
restructuring charges of $0.5 million for the second quarter of
2005, $0.3 million for the third quarter of 2005 and $0.1 million
for the third quarter of 2004. The improvement in gross profit for
the third quarter of 2005 compared with the second quarter of 2005
was primarily attributable to the cumulative impact of
restructuring and cost containment actions that were initiated in
the second and third quarters of 2005. Changes in product sales mix
also contributed favorably to the improved performance in the third
quarter of 2005. Selling, general and administrative expense
(SG&A) decreased to $5.7 million for the third quarter of 2005
compared to $6.1 million for the second quarter of 2005, primarily
due to a decrease in bad debt expense. SG&A decreased by $0.1
million in the third quarter of 2005 compared to SG&A of $5.8
million for the third quarter of 2004. The $0.1 million decrease in
SG&A was primarily attributable to decreases in salaries and
benefits of $1.2 million, partially offset by net bad debt
recoveries of $0.7 million and legal fees of $0.4 million related
to our lawsuit against Applied Materials. Operating loss for the
third quarter of 2005 improved by $2.7 million to $0.4 million,
compared to $3.1 million for the second quarter of 2005. The
improvement in operating loss in the third quarter of 2005 compared
to the second quarter of 2005 was a result of the lower cost
structure implemented in the second and third quarter of 2005 and
higher margin sales mix. For the third quarter of 2004, operating
income was $1.4 million which was primarily attributable to better
factory utilization associated with higher net sales Net loss for
the third quarter of 2005 was $1.5 million, an improvement of $2.2
million compared to second quarter of 2005. Consequently, earnings
per share (EPS) improved by $0.08 per share to a loss of $0.06 per
share for the third quarter of 2005. For the third quarter of 2004,
net income was $0.1 million and earnings per share was less than
$0.01 per share. Earnings before interest, taxes, depreciation and
amortization (EBITDA) for the third quarter of 2005 improved by
$2.1 million to $1.6 million, as compared to EBITDA of negative
$0.5 million reported for the second quarter of 2005. EBITDA for
the third quarter of 2004 was $3.6 million. Cash flow from
operating activities for the third quarter of 2005 was $1.3 million
compared to operating cash flow of $4.2 million in the second
quarter of 2005. Operating cash flow for the third quarter of 2004
was negative $2.4 million. The primary reason for the improvement
in operating cash flow in 2005 compared to 2004 was a decrease in
working capital requirements associated with lower net sales. At
October 2, 2005, the Company had debt outstanding of $49.6 million
as compared to $53.5 million at July 3, 2005. "We have made
significant strides to reduce costs, and improve asset utilization
which resulted in our second consecutive quarter of improved
financial results," stated Paul Singh, Suntron's president and
chief executive officer. "As we look ahead to the fourth quarter,
we expect up to 5% higher net sales and further improvement in our
financial results," said Mr. Singh. "Our management team is focused
on improving operational performance, exceeding customer
expectations and returning us to profitability," concluded Mr.
Singh. About Suntron Corporation Suntron delivers complete
manufacturing services and solutions to support the entire life
cycle of complex products in the aerospace and defense, industrial,
semiconductor capital equipment, networking and telecommunications,
and medical 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 1,620 employees and contract workers. Income
Statement Summary (In Thousands, Except Per Share Amounts) Q3 Q2 Q3
2004 2005 2005 Net Sales $128,542 $81,758 $80,383 Gross Profit
7,629 3,874 5,515 SG&A Expense 5,762 6,136 5,652 Operating
Income (Loss) 1,397 (3,060) (369) Net Income (Loss) 110 (3,745)
(1,534) Earnings (Loss) Per Common Share 0.00 (0.14) (0.06)
Selected Financial Data (In Thousands) Q3 Q2 Q3 2004 2005 2005
EBITDA $3,567 $(538) $1,616 Cash Flow Provided (Used) by Operating
Activities (2,396) 4,234 1,295 Restructuring Charges: Included in
Cost of Goods Sold (50) (475) (296) Other (282) (611) (44) Working
Capital (End of Period) 17,390 12,341 12,829 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) Q3 Q2 Q3 2004 2005
2005 Net Income (Loss) $110 $(3,745) $(1,534) Interest Expense 991
1,187 1,199 Income Tax Expense -- -- -- Depreciation and
Amortization 2,466 2,020 1,951 EBITDA $3,567 $(538) $1,616 Balance
Sheet Summary (In Thousands) September 26, July 3, October 2, 2004
2005 2005 Cash and Equivalents $13 $23 $97 Trade Receivables, Net
55,120 46,061 48,695 Inventories, Net 85,160 65,316 63,002 Other
Current Assets 1,484 1,191 1,242 Property, Plant & Equipment,
Net 36,524 30,399 28,583 Goodwill 10,390 10,918 10,918 Other Assets
3,207 2,735 2,545 Total Assets $191,898 $156,643 $155,082 Accounts
Payable $41,879 $33,677 $33,252 Accrued Liabilities 14,110 12,260
13,637 Outstanding Checks in Excess of Cash6,758 853 3,717 Bank
Debt 61,640 53,460 49,601 Other Long-term Liabilities 443 411 339
Stockholders' Equity 67,068 55,982 54,536 Total Liabilities and
Stockholders' Equity $191,898 $156,643 $155,082 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 James Doran, Chief Financial Officer,
, both of Suntron Corporation, +1-602-789-6600
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