Exhibit 99.2
UNAUDITED SUPPLEMENTAL GUARANTORS CONSOLIDATING FINANCIAL INFORMATION
Sanmina-SCI Corporation ("Sanmina-SCI") and Sanmina-SCI Finance ULC, an
unlimited liability company incorporated in the Province of Nova Scotia, Canada
and a wholly owned subsidiary of Sanmina-SCI ("Finance Co."), intend to issue an
aggregate principal amount of $450.0 million of senior secured notes (the
"Notes"). The Notes will be guaranteed by all of our United States subsidiaries.
In addition, the Notes to be issued by Finance Co. also will be guaranteed by
Sanmina-SCI.
The following unaudited consolidating financial information presents:
(1) A consolidating balance sheet as of September 28, 2002 and the
related statements of operations and cash flows for the year ended
September 28, 2002, of (a) Sanmina-SCI, the parent; (b) the guarantor
subsidiaries; (c) the non-guarantor subsidiaries; and (d) Sanmina-SCI, the
guarantor subsidiaries and the non-guarantor subsidiaries on a consolidated
basis, and
(2) Elimination entries necessary to consolidate Sanmina-SCI with the
guarantor subsidiaries and the non-guarantor subsidiaries.
Investments in subsidiaries are accounted for on the equity method. The
principal elimination entries eliminate investments in subsidiaries,
intercompany balances and intercompany sales.
CONSOLIDATING BALANCE SHEET
<Table>
<Caption>
GUARANTORS NON-GUARANTOR CONSOLIDATING CONSOLIDATED
SANMINA-SCI SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ -------------- ------------- ------------
(IN THOUSANDS)
ASSETS:
Current assets:
Cash and cash equivalents....................... $ 454,998 $ 112,519 $ 497,017 $ -- $ 1,064,534
Short-term investments.......................... 99,140 -- -- -- 99,140
Accounts receivable, net........................ 8,746 539,542 846,227 -- 1,394,515
Accounts receivable -- intercompany............. -- 973,401 725,742 (1,699,143) --
Inventories..................................... 147,405 324,442 651,169 -- 1,123,016
Deferred income taxes -- current................ 205,719 141,553 (35,088) -- 312,184
Income taxes receivable......................... 39,048 (8,963) 3,506 -- 33,591
Prepaid expenses and other...................... 15,056 27,551 89,451 -- 132,058
---------- ---------- ----------- ----------- -----------
Total current assets...................... 970,112 2,110,045 2,778,024 (1,699,143) 4,159,038
Property, plant and equipment, net................ 175,300 350,379 558,775 -- 1,084,454
Goodwill and intangibles.......................... 469,130 791,252 888,445 -- 2,148,827
Intercompany accounts............................. 1,169,726 (115,248) (102,615) (951,863) --
Investment in subsidiaries........................ 4,568,731 1,169,023 125,457 (5,863,211) --
Long term investments............................. 68,633 5,322 -- -- 73,955
Deposits and other................................ 28,669 14,924 8,190 -- 51,783
---------- ---------- ----------- ----------- -----------
Total assets.............................. $7,450,301 $4,325,697 $ 4,256,276 $(8,514,217) $ 7,518,057
========== ========== =========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Current portion of long-term debt............... $ 27,080 $ 201,091 $ 37,728 $ -- $ 265,899
Accounts payable................................ 129,764 373,618 776,069 -- 1,279,451
Accounts Payable -- intercompany................ (221) 1,425,007 1,267,639 (2,692,425) --
Accrued liabilities............................. 47,157 161,436 157,907 -- 366,500
Accrued payroll and related benefits............ 34,753 32,051 75,335 -- 142,139
---------- ---------- ----------- ----------- -----------
Total current liabilities................. 238,533 2,193,203 2,314,678 (2,692,425) 2,053,989
Long-term liabilities
Long-term debt, net of current portion.......... 1,355,186 567,383 52,762 -- 1,975,331
Deferred income tax -- liability................ (11,803) 25,504 3,483 -- 17,184
Other........................................... 9,026 35,151 12,661 -- 56,838
---------- ---------- ----------- ----------- -----------
Total long-term liabilities............... 1,352,409 628,038 68,906 -- 2,049,353
Stockholders' equity:
Common stock.................................... 5,254 78,808 506,787 (585,595) 5,254
Treasury stock.................................. (148,019) (42,242) -- -- (190,261)
Additional paid-in capital...................... 5,679,963 577,375 3,796,602 (4,378,539) 5,675,401
Accumulated other comprehensive income (loss)... 1,522 10,498 (22,325) -- (10,305)
Retained earnings (deficit)..................... 320,639 880,017 (2,408,372) (857,658) (2,065,374)
---------- ---------- ----------- ----------- -----------
Total stockholders' equity................ 5,859,359 1,504,456 1,872,692 (5,821,792) 3,414,715
---------- ---------- ----------- ----------- -----------
Total liabilities and stockholders'
equity.................................. $7,450,301 $4,325,697 $ 4,256,276 $(8,514,217) $ 7,518,057
========== ========== =========== =========== ===========
</Table>
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CONSOLIDATING STATEMENT OF OPERATIONS
<Table>
<Caption>
GUARANTORS NON-GUARANTOR CONSOLIDATING CONSOLIDATED
SANMINA-SCI SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------- ------------
(IN THOUSANDS)
Net sales.......................................... $ 739,137 $3,990,654 $ 5,426,427 $(1,394,588) $ 8,761,630
Cost of sales...................................... 670,243 3,862,697 5,248,577 (1,394,588) 8,386,929
--------- ---------- ----------- ----------- -----------
Gross profit............................... 68,894 127,957 177,850 -- 374,701
Operating expenses:
Selling, general and administrative.............. 67,625 100,830 119,170 -- 287,625
Amortization of intangibles...................... -- 5,757 -- -- 5,757
Goodwill impairment and write down of intangible
assets......................................... 299,000 -- 2,371,000 -- 2,670,000
Merger and integration costs..................... 3,707 -- -- -- 3,707
Restructuring costs.............................. 38,887 102,627 30,281 -- 171,795
--------- ---------- ----------- ----------- -----------
Total operating expenses................... 409,219 209,214 2,520,451 -- 3,138,884
Operating income (loss)............................ (340,325) (81,257) (2,342,601) -- (2,764,183)
Interest income.................................. 22,098 2,706 488 -- 25,292
Interest expense................................. (63,212) (27,464) (7,157) -- (97,833)
Interest income (expense) -- intercompany........ 11,402 15,500 (26,902) -- --
Other Income (expense)........................... 18,187 4,018 (373) -- 21,832
--------- ---------- ----------- ----------- -----------
Other Income (expense), net........................ (11,525) (5,240) (33,944) -- (50,709)
--------- ---------- ----------- ----------- -----------
Income (loss) before provision (benefit) for income
taxes............................................ (351,850) (86,497) (2,376,545) -- (2,814,892)
Provision (benefit) for income taxes............... (83,075) (36,333) 1,269 -- (118,139)
--------- ---------- ----------- ----------- -----------
Net loss................................... $(268,775) $ (50,164) $(2,377,814) $ -- $(2,696,753)
========= ========== =========== =========== ===========
</Table>
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CONSOLIDATING STATEMENT OF CASH FLOWS
<Table>
<Caption>
GUARANTOR NON-GUARANTOR CONSOLIDATING CONSOLIDATED
SANMINA-SCI SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------- ------------
(IN THOUSANDS)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss........................................... $ (268,775) $ (50,164) $(2,377,814) $ -- $(2,696,753)
Adjustments to reconcile net income (loss) to cash
provided by operating activities:
Depreciation and amortization.................. 45,694 104,648 99,230 -- 249,572
Restructuring costs............................ 49,738 38,791 11,056 -- 99,585
Provision (benefit) for doubtful accounts...... (2,186) 765 -- -- (1,421)
Deferred income taxes.......................... 61,031 (47,637) 14,288 -- 27,682
Tax benefit from disqualified dispositions..... 2,000 -- -- -- 2,000
(Gain) loss on disposal of property and
equipment.................................... 9,322 -- -- -- 9,322
(Gain) loss from investment in 50% owned
companies.................................... 4,512 -- -- -- 4,512
(Gain) loss from repurchase of convertible
notes........................................ (54,493) -- -- -- (54,493)
Write-off of cost method investments........... 23,284 -- -- -- 23,284
Goodwill impairment and writedown of intangible
assets....................................... 299,000 -- 2,371,000 -- 2,670,000
Other, net..................................... -- 4,752 -- -- 4,752
Changes in operating assets and liabilities:
Accounts Receivable.......................... 191,402 39,128 (115,783) -- 114,747
Account receivable securitization............ -- (211,013) -- -- (211,013)
Inventories.................................. 158,879 233,560 384,747 -- 777,186
Prepaid expenses, deposits & other........... (16,210) 54,913 (28,000) -- 10,703
Accounts payable and accrued liabilities..... (80,016) (218,317) 137,186 -- (161,147)
Income tax accounts.......................... (147,361) 103,630 (1,468) -- (45,199)
----------- --------- ----------- ----- -----------
Cash provided by operating activities...... 275,821 53,056 494,442 -- 823,319
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments............ (488,652) -- -- -- (488,652)
Proceeds from maturities of short-term
investments.................................. 1,202,903 -- -- -- 1,202,903
Purchases of property, plant and equipment..... (19,599) (16,815) (56,577) -- (92,991)
Cash paid for businesses acquired, net......... (108,683) (57,782) (153,476) -- (319,941)
Proceeds from sale of assets................... 1,684 2,289 -- -- 3,973
----------- --------- ----------- ----- -----------
Cash provided by (used for) investing
activities............................... 587,653 (72,308) (210,053) -- 305,292
----------- --------- ----------- ----- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes and credit facilities,
net.......................................... 1,424,000 204,300 15,182 -- 1,643,482
Issuance (repurchase) of convertible notes..... (125,466) -- -- -- (125,466)
Payments of long-term debt..................... (1,021,043) (991,092) (40,832) -- (2,052,967)
Proceeds from sale of common stock, net of
issuance costs............................... 17,545 -- -- -- 17,545
Repurchase of common stock..................... (116,344) -- -- -- (116,344)
Proceeds from (repayment of) intercompany
debt......................................... (1,083,141) 887,287 195,854 -- --
----------- --------- ----------- ----- -----------
Cash provided by (used for) financing
activities............................... (904,449) 100,495 170,204 -- (633,750)
Effect of exchange rate changes.................. -- -- 2,024 -- 2,024
----------- --------- ----------- ----- -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS... (40,975) 81,243 456,617 -- 496,885
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD... 495,793 31,276 40,400 -- 567,469
----------- --------- ----------- ----- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD......... $ 454,998 $ 112,519 $ 497,017 $ -- $ 1,064,534
=========== ========= =========== ===== ===========
</Table>
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