Exhibit 99.1
SOLECTRON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
UNAUDITED
THREE MONTHS ENDED TWELVE MONTHS ENDED
AUGUST 31 AUGUST 31
--------------------------- -----------------------------
2003 2002 2003 2002
----------- ----------- ------------ ------------
Net sales $ 2,778.0(1) $ 2,928.1 $ 11,014.0(1) $ 11,571.2
Cost of sales 2,622.2(1) 2,876.6 10,432.0(1) 11,014.7
----------- ----------- ------------ ------------
Gross profit 155.8 51.5 582.0 556.5
Operating expenses:
Selling, general and administrative 145.1 185.2 631.5 744.9
Research and development 16.8 11.3 69.1 59.7
Restructuring and impairment costs 123.9 245.7 641.3(2) 807.1
Goodwill impairment 14.7 2,500.0 1,639.2(2) 2,500.0
----------- ----------- ------------ ------------
Operating loss (144.7) (2,890.7) (2,399.1) (3,555.2)
Interest income 6.0 14.4 31.2 69.3
Interest expense (47.2) (66.4) (210.3) (241.6)
Other expense-net 8.0 27.1 54.3 106.4
----------- ----------- ------------ ------------
Operating loss from continuing
operations before income taxes (177.9) (2,915.6) (2,523.9) (3,621.1)
Income tax expense (benefit) (2.6) (258.9) 581.0 (483.0)
----------- ----------- ------------ ------------
Net loss from continuing operations $ (175.3) $ (2,656.7) $ (3,104.9) $ (3,138.1)
Discontinued operations:
Income (loss) from discontinued operations (1.2) 14.5 (293.8) 43.7
Income tax expense 2.6 5.1 63.3 15.8
----------- ----------- ------------ ------------
Income (loss) on discontinued operations (3.8) 9.4 (357.1) 27.9
----------- ----------- ------------ ------------
Net loss $ (179.1) $ (2,647.3) $ (3,462.0) $ (3,110.2)
=========== =========== ============ ============
Basic and diluted net loss per share:
Continuing operations $ (0.21) $ (3.22) $ (3.75) $ (4.02)
Discontinued operations (0.01) 0.01 (0.43) 0.04
----------- ----------- ------------ ------------
Basic and diluted net loss per share $ (0.22) $ (3.21) $ (4.18) $ (3.98)
=========== =========== ============ ============
Shares used to compute basic and diluted
net loss per share 829.6 824.6 827.7 780.9
(1) Net sales was reported as $2,813.9 and $11,049.9, respectively, for the
three and twelve months ended August 31, 2003. Cost of sales was reported
as $2,658.1 and $10,467.9, respectively for the three and twelve months
ended August 31, 2003. These original amounts were reported in our
earnings release dated September 25, 2003.
(2) "Restructuring and impairment costs" were reported as $348.8 and "Goodwill
impairment" was reported as $1,931.7 in our earnings release dated
September 25, 2003. The combined total of "Restructuring and impairment
costs" and Goodwill impairment" was $2,280.5 and did not change as a
result of this revision.