Exhibit 99.3
UNAUDITED SUPPLEMENTAL GUARANTORS CONSOLIDATING FINANCIAL INFORMATION
Sanmina-SCI Corporation ("Sanmina-SCI") has issued an aggregate principal
amount of $750.0 million of 10.375% senior secured notes due January 15, 2010
(the "Notes"). The Notes are guaranteed by all of our United States
subsidiaries.
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................ 221 973,401 725,742 (1,699,364) --
Inventories........................................ 147,405 324,442 651,169 -- 1,123,016
Deferred income taxes -- current................... 205,719 74,498 31,967 -- 312,184
Income taxes receivable............................ 26,024 -- 14,051 (6,484) 33,591
Prepaid expenses and other......................... 15,056 27,551 89,451 -- 132,058
----------- ---------- ----------- ----------- -----------
Total current assets......................... 957,309 2,051,953 2,855,624 (1,705,848) 4,159,038
Property, plant and equipment, net................... 175,300 350,379 558,775 -- 1,084,454
Goodwill and intangibles............................. 127,909 1,132,473 888,445 -- 2,148,827
Intercompany accounts................................ 1,510,124 -- -- (1,510,124) --
Investment in subsidiaries........................... 2,124,910 1,169,023 -- (3,293,933) --
Long term investments................................ 68,633 5,322 -- -- 73,955
Deposits and other................................... 28,669 14,924 8,190 -- 51,783
Deferred income taxes -- noncurrent.................. 37,064 -- 50,190 (87,254) --
----------- ---------- ----------- ----------- -----------
Total assets................................. $5,029,918 $4,724,074 $ 4,361,224 $(6,597,159) $ 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................... 12,237 1,354,503 1,501,527 (2,868,267) --
Accrued liabilities................................ 47,157 161,436 157,907 -- 366,500
Accrued payroll and related benefits............... 34,753 32,051 75,335 -- 142,139
Income taxes payable............................... -- 6,484 -- (6,484) --
----------- ---------- ----------- ----------- -----------
Total current liabilities.................... 250,991 2,129,183 2,548,566 (2,874,751) 2,053,989
Long-term liabilities
Long-term debt, net of current portion............. 1,355,186 567,383 52,762 -- 1,975,331
Intercompany accounts -- noncurrent................ -- 341,221 -- (341,221) --
Deferred income tax liability...................... -- 104,438 -- (87,254) 17,184
Other.............................................. 9,026 35,151 12,661 -- 56,838
----------- ---------- ----------- ----------- -----------
Total long-term liabilities.................. 1,364,212 1,048,193 65,423 (428,475) 2,049,353
Stockholders' equity:
Common stock....................................... 5,254 78,808 506,787 (585,595) 5,254
Treasury stock..................................... (190,261) -- -- -- (190,261)
Additional paid-in capital......................... 5,675,401 577,375 3,671,145 (4,248,520) 5,675,401
Accumulated other comprehensive income (loss)...... (10,305) 10,498 (22,325) 11,827 (10,305)
Retained earnings (deficit)........................ (2,065,374) 880,017 (2,408,372) 1,528,355 (2,065,374)
----------- ---------- ----------- ----------- -----------
Total stockholders' equity................... 3,414,715 1,546,698 1,747,235 (3,293,933) 3,414,715
----------- ---------- ----------- ----------- -----------
Total liabilities and stockholders' equity... $5,029,918 $4,724,074 $ 4,361,224 $(6,597,159) $ 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............................................. $ 808,473 $ 3,990,654 $ 5,426,427 $(1,463,924) $ 8,761,630
Cost of sales......................................... 739,579 3,862,697 5,248,577 (1,463,924) 8,386,929
----------- ----------- ----------- ----------- -----------
Gross profit.................................. 68,894 127,957 177,850 -- 374,701
Operating expenses:
Selling, general and administrative................. 67,626 100,830 119,169 -- 287,625
Amortization of intangibles......................... -- 5,757 -- -- 5,757
Goodwill impairment and write down of intangible
assets............................................ 31,524 267,476 2,371,000 -- 2,670,000
Merger and integration costs........................ -- 927 2,780 -- 3,707
Restructuring costs................................. 38,885 102,627 30,283 -- 171,795
----------- ----------- ----------- ----------- -----------
Total operating expenses...................... 138,035 477,617 2,523,232 -- 3,138,884
Operating income (loss)............................... (69,141) (349,660) (2,345,382) -- (2,764,183)
Interest income..................................... 19,579 2,706 3,007 -- 25,292
Interest expense.................................... (60,693) (27,464) (9,676) -- (97,833)
Interest income (expense) -- intercompany........... 11,402 15,500 (26,902) -- --
Other Income (expense).............................. 18,186 4,018 (372) -- 21,832
----------- ----------- ----------- ----------- -----------
Other Income (expense), net........................... (11,526) (5,240) (33,943) -- (50,709)
----------- ----------- ----------- ----------- -----------
Income (loss) before provision (benefit) for income
taxes and equity in loss of subsidiaries............ (80,667) (354,900) (2,379,325) -- (2,814,892)
Provision (benefit) for income taxes.................. (45,643) (56,459) (16,037) -- (118,139)
Equity in loss of subsidiaries........................ (2,806,721) (2,246,690) -- 5,053,411 --
----------- ----------- ----------- ----------- -----------
Net loss...................................... $(2,841,745) $(2,545,131) $(2,363,288) $ 5,053,411 $(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.............................................. $(2,841,745) $(2,545,131) $(2,363,288) $5,053,411 $(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............................... 29,591 58,938 11,056 -- 99,585
Provision (benefit) for doubtful accounts......... (9) (550) (862) -- (1,421)
Deferred income taxes............................. 13,394 -- 14,288 -- 27,682
Tax benefit from disqualified dispositions........ 2,000 -- -- -- 2,000
(Gain) loss on disposal of property and
equipment....................................... 4,669 1,379 3,274 -- 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.......................................... 31,524 267,476 2,371,000 -- 2,670,000
Equity in loss of subsidiaries.................... 2,806,721 2,246,690 -- (5,053,411) --
Other, net........................................ -- 4,752 -- -- 4,752
Changes in operating assets and liabilities:
Accounts Receivable............................. 189,225 40,443 (114,921) -- 114,747
Account receivable securitization............... -- (211,013) -- -- (211,013)
Inventories..................................... 158,879 233,560 384,747 -- 777,186
Prepaid expenses, deposits & other.............. 133,414 (52,711) (70,000) -- 10,703
Accounts payable and accrued liabilities........ (80,016) (218,317) 137,186 -- (161,147)
Income tax accounts............................. (134,337) 101,151 (12,013) -- (45,199)
----------- ----------- ----------- ---------- -----------
Cash provided by operating activities......... 332,307 31,315 459,697 -- 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.... (1,139,628) 909,028 230,600 -- --
----------- ----------- ----------- ---------- -----------
Cash provided by (used for) financing
activities.................................. (960,936) 122,236 204,950 -- (633,750)
Effect of exchange rate changes..................... -- -- 2,024 -- 2,024
----------- ----------- ----------- ---------- -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS...... (40,976) 81,243 456,618 -- 496,885
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD...... 495,973 31,276 40,400 -- 567,649
----------- ----------- ----------- ---------- -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD............ $ 454,997 $ 112,519 $ 497,018 $ -- $ 1,064,534
=========== =========== =========== ========== ===========
</Table>
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