Sanmina Corporation

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

Six Months Ended

Mar. 29,

Mar. 30,

Mar. 29,

Mar. 30,

2014

2013

2014

2013

Net sales

$ 1,476,712

$ 1,427,642

$ 2,924,210

$ 2,922,587

Cost of sales

1,357,745

1,327,338

2,694,458

2,725,355

Gross profit

118,967

100,304

229,752

197,232

Operating expenses:

Selling, general and administrative

62,332

58,954

121,514

118,822

Research and development

8,829

6,020

16,734

11,415

Amortization of intangible assets

474

474

948

948

Restructuring and integration costs 

2,565

6,925

6,269

10,872

Asset impairments

-

1,100

-

1,100

Gain on sales of long-lived assets

(530)

(18,967)

(530)

(23,185)

     Total operating expenses

73,670

54,506

144,935

119,972

Operating income

45,297

45,798

84,817

77,260

Interest income

174

246

980

444

Interest expense 

(7,482)

(10,416)

(14,955)

(23,500)

Other income (expense), net

626

(1,477)

1,504

(16,399)

Interest and other, net

(6,682)

(11,647)

(12,471)

(39,455)

Income before income taxes

38,615

34,151

72,346

37,805

Provision for income taxes 

17,775

12,960

28,405

15,993

Net income

$      20,840

$      21,191

$      43,941

$      21,812

Basic income per share

$          0.25

$          0.26

$          0.53

$          0.27

Diluted income per share

$          0.24

$          0.25

$          0.51

$          0.26

Weighted-average shares used in computing  per share amounts:

  Basic

82,728

82,543

83,247

82,226

  Diluted

86,144

84,683

86,723

84,369