<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(X) Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange
Act of 1934
For the Quarter ended June 30, 1997
or
( ) Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number 0-14824
PLEXUS CORP.
(Exact name of registrant as specified in charter)
Wisconsin 39-1344447
(State of Incorporation) (IRS Employer Identification No.)
55 Jewelers Park Drive
Neenah, Wisconsin 54957-0156
(Address of principal executive offices)(Zip Code)
Telephone Number (920) 722-3451
(Registrant's telephone number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
--- ---
As of August 8, 1997 there were 7,326,105 shares of Common Stock of the
Company outstanding.
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PLEXUS CORP.
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
PART I. FINANCIAL INFORMATION
<S> <C> <C>
Item 1. Consolidated Financial Statements:
Condensed Consolidated Statements of Operations
Three and Nine Months Ended
June 30, 1997 and 1996.....................................3
Condensed Consolidated Balance Sheets
June 30, 1997 and September 30, 1996.......................4
Condensed Consolidated Statements of Cash Flows
Nine Months Ended June 30, 1997 and 1996...................5
Notes to Condensed Consolidated Financial Statements.....6-7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations:
General..................................................7-9
Results of Operations...................................9-11
Liquidity and Capital Resources...........................11
PART II. OTHER INFORMATION
Item 2. Changes in Securities..........................................12
Item 6. Exhibits and Reports on Form 8-K...............................12
Signatures.....................................................12
</TABLE>
2
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
PLEXUS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
Unaudited
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
------------------------ -----------------------
1997 1996 1997 1996
----------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
Net sales $ 99,092 $ 86,066 $ 283,207 $ 232,660
Cost of sales 87,149 78,143 252,191 214,888
----------- ----------- ---------- -----------
Gross profit 11,943 7,923 31,016 17,772
Selling and administrative
expenses 4,478 3,145 12,629 9,274
----------- ----------- ---------- -----------
Operating income 7,465 4,778 18,387 8,498
----------- ----------- ---------- -----------
Other income (expense):
Interest (186) (452) (727) (1,578)
Other 37 78 288 222
----------- ----------- ---------- -----------
(149) (374) (439) (1,356)
----------- ----------- ---------- -----------
Income before income taxes 7,316 4,404 17,948 7,142
Provision for income taxes 2,897 1,800 7,068 2,894
----------- ----------- ---------- -----------
Net income $ 4,419 $ 2,604 $ 10,880 $ 4,248
=========== =========== ========== ===========
Net income per common share
and common equivalent share:
Primary $ 0.57 $ 0.36 $ 1.46 $ 0.59
=========== =========== ========== ===========
Fully diluted $ 0.56 $ 0.36 $ 1.39 $ 0.59
=========== =========== ========== ===========
Average number of common
and common equivalent
shares outstanding:
Primary 7,776,905 7,159,833 7,309,221 7,189,209
=========== =========== ========== ==========
Fully diluted 7,882,192 7,197,929 7,807,832 7,197,823
=========== =========== ========== ==========
</TABLE>
See notes to condensed consolidated financial statements
3
<PAGE> 4
PLEXUS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
JUNE 30, SEPTEMBER 30,
1997 1996
----------------- -----------------
(Unaudited) (Audited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 3,149 $ 1,847
Accounts receivable, net of allowance of $360
and $275, respectively 43,107 35,312
Inventories 55,318 54,386
Deferred income taxes 2,250 1,753
Prepaid expenses and other 1,038 1,451
-------------- --------------
Total current assets 104,862 94,749
Property, plant and equipment, net 17,088 12,423
Other 275 202
-------------- --------------
Total assets $ 122,225 $ 107,374
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 213 $ 63
Accounts payable 34,607 27,758
Customer deposits 6,226 8,614
Accrued liabilities:
Salaries and wages 4,416 3,148
Other 5,430 3,741
-------------- --------------
Total current liabilities 50,892 43,324
Long-term debt 9,320 15,372
Deferred income taxes 666 661
Other liabilities 112 -
Stockholders' equity:
Series A preferred stock, $.01 par value,
$1,000 face value, 0 and 7,000 shares
authorized, issued and outstanding, respectively - 0
Preferred stock $.01 par value,
4,993,000 shares authorized,
none issued or outstanding - -
Common stock, $.01 par value,
30,000,000 shares authorized,
7,246,293 and 6,501,196 issued
and outstanding, respectively 73 65
Additional paid-in capital 16,921 14,253
Retained earnings 44,241 33,699
-------------- --------------
61,235 48,017
-------------- --------------
Total liabilities and stockholders' equity $ 122,225 $ 107,374
============== ==============
</TABLE>
See notes to condensed consolidated financial statements
4
<PAGE> 5
PLEXUS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
Unaudited
<TABLE>
<CAPTION>
NINE MONTHS ENDED
JUNE 30
-------------------------------------
1997 1996
-------------- --------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 10,880 $ 4,248
Adjustments to reconcile net income to net cash
flows from operating activities:
Depreciation and amortization 3,043 2,323
Deferred income taxes (492) -
Change in assets and liabilities:
Accounts receivable (7,795) 12,652
Inventories (932) (5,917)
Prepaid expenses and other 413 84
Accounts payable 6,849 2,732
Customer deposits (2,388) 4,427
Accrued liabilities 2,957 2,404
Other 57 100
------------- -------------
Cash flows provided by
operating activities 12,592 23,053
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property, plant and equipment (7,745) (1,667)
Proceeds on sale of property, plant
and equipment 19 17
------------- -------------
Cash flows used in
investing activities (7,726) (1,650)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt 90,442 157,900
Payments on debt (96,344) (179,979)
Issuance of common stock 2,676 52
Payments of preferred stock dividends (338) (516)
------------- -------------
Cash flows used in
financing activities (3,564) (22,543)
------------- -------------
Net increase (decrease) in cash and cash
equivalents 1,302 (1,140)
------------- -------------
Cash and cash equivalents:
Beginning of period 1,847 3,569
------------- -------------
End of period $ 3,149 $ 2,429
============= =============
</TABLE>
See notes to condensed consolidated financial statements
5
<PAGE> 6
PLEXUS CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS AND NINE MONTHS ENDED JUNE 30, 1997
NOTE (1) - BASIS OF PRESENTATION
The condensed consolidated financial statements included herein have been
prepared by the Company without audit and pursuant to the rules and regulations
of the Securities and Exchange Commission. In the opinion of the Company, the
financial statements reflect all adjustments, which consist only of normal
recurring adjustments, necessary to present fairly the financial position of
Plexus Corp. at June 30, 1997 and the results of operations for the three
months and nine months ended June 30, 1997 and 1996 and the cash flows for the
same nine-month periods.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted pursuant to the SEC rules and
regulations dealing with interim financial statements. However, the Company
believes that the disclosures made in the condensed consolidated financial
statements included herein are adequate to make the information presented not
misleading. It is suggested that these condensed consolidated financial
statements be read in conjunction with the financial statements and notes
thereto included in the Company's 1996 Annual Report and all subsequent
periodic SEC filings.
The condensed consolidated balance sheet data at September 30, 1996 was
derived from audited financial statements, but does not include all disclosures
required by generally accepted accounting principles.
NOTE (2) - INVENTORIES
The major classes of inventories are as follows:
<TABLE>
<CAPTION>
June 30, September 30,
1997 1996
----------- ---------------
<S> <C> <C>
Assembly Parts $ 34,339 $ 37,941
Work-in-Process 20,478 16,281
Finished Goods 501 164
----------- ----------
$ 55,318 $ 54,386
=========== ==========
</TABLE>
NOTE (3) - STOCKHOLDERS' EQUITY
On July 17, 1997, the Company declared a two-for-one stock split payable
in the form of a stock dividend of one share of common stock for every one
share of common stock outstanding. The issuance of the new stock from the
2-for-1 split will be on August 25, 1997 to holders of record as of August 14,
1997. The stock split will increase the number of common shares outstanding to
approximately 14.6 million from 7.3 million; outstanding options are also being
adjusted to reflect the stock split. Share and per share information will be
restated in future SEC filings to reflect the split.
6
<PAGE> 7
NOTE (4) - RECENT ACCOUNTING PRONOUNCEMENTS
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128, "Earnings per Share" (SFAS
No. 128). SFAS No. 128 establishes a different method of computing net income
per share than is currently required under the provisions of Accounting
Principles Board Opinion No. 15. Under SFAS No. 128, the Company will be
required to present both basic net income per share and diluted net income per
share. Basic net income per share is expected to be higher than the currently
presented primary net income per share as the effect of dilutive stock options
will not be considered in computing basic net income per share. Diluted net
income per share is expected to be comparable to the currently presented fully
diluted net income per share.
The Company plans to adopt SFAS No. 128 in its fiscal quarter ending
December 31, 1997 and at that time all historical net income per share data
presented will be restated to conform to the provisions of SFAS No. 128.
NOTE (5) - RECLASSIFICATIONS
Certain amounts in prior years' condensed consolidated financial
statements have been reclassified to conform to the 1997 presentation.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISION OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
Management's Discussion and Analysis of Financial Condition and Results of
Operations, with the exception of historical matters, contains forward-looking
statements (such as statements in the future tense and those including the
terms "believe", "expect", "anticipate", "intend" and similar concepts) which
involve risks and uncertainties. Actual results may differ materially from
these statements as a result of various factors, including those discussed in
further detail below (in particular under "General").
GENERAL
Plexus Corp. is a contract provider of design, manufacturing and testing
services to the electronics industry. Headquartered in Neenah, Wisconsin, the
Company is one of the largest electronic assembly organization in the United
States. Through its two wholly-owned subsidiaries, Technology Group, Inc. and
Electronic Assembly Corporation, the Company offers a full range of services
including product development, printed circuit board (PCB) design, material
procurement and management, PCB and higher level assembly, functional and
in-circuit testing, final system box build and distribution. Services are
provided to original equipment manufacturers in the computer (primarily
mainframe and peripheral products), medical, industrial, telecommunications and
transportation/automotive electronics industries. The Company has operations
in Neenah, Wisconsin, Green Bay, Wisconsin and Richmond, Kentucky. In
addition, the Company will expand its geographic presence in the Southeastern
U.S. by establishing a new engineering and sales facility in Raleigh, N.C. The
facility is expected to be operational in September 1997.
7
<PAGE> 8
The contract manufacturing services are provided on either a turnkey
basis, where the Company procures certain or all of the materials required for
product assembly, or on a consignment basis, where the customer supplies some
or occasionally all materials necessary for product assembly. Turnkey services
include material procurement and warehousing, in addition to manufacturing, and
involve greater resource investment and inventory risk management than
consignment services. Turnkey manufacturing currently represents almost all of
the Company's sales. Turnkey sales typically generate higher net sales and
higher gross profit dollars with lower gross margin percentages than
consignment sales due to the inclusion of component costs, and related mark-up,
in the Company's net sales. Variations in the Company's turnkey sales have
caused and could continue to cause the Company's gross margin and profitability
to fluctuate year to year and quarter to quarter.
Many of the industries for which the Company currently provides electronic
products are subject to rapid technological change, product obsolescence,
increased competition, and pricing pressures. These and other factors which
affect the industries the Company serves, and which affect any of the Company's
major customers in particular, could have a material adverse effect on the
Company's results of operations.
The Company has no long-term volume commitments from its customers, and
lead-times for customer orders and product-life cycles continue to contract.
Customer programs can be canceled and volume levels can be changed or delayed
at any time. The timely replacement of delayed, canceled or reduced programs
with new business cannot be assured. Because of these and other factors, there
can be no assurance that the Company's recent historical sales growth rate will
continue. See "Results of Operations -- Net Sales" below for certain factors
affecting net sales to the Company's largest customers.
The Company believes that its growth has been achieved in significant part
by its approach to partnering with customers mainly through its product design
and development services. Approximately 20% of the Company's contract
manufacturing sales are a direct result of these services. The Company intends
to continue to leverage this aspect of its product design and development
services for continued growth. In order to achieve expanded sales growth, the
Company must continue to generate additional sales from existing customers'
current and future programs, and must successfully market to new customers.
The Company's sales can be negatively impacted by component shortages.
Shortages of key electronic components which are provided directly from
customers or suppliers can cause manufacturing interruptions, customer
rescheduling issues, production downtime and production set-up and restart
inefficiencies. Allocations of components are an integral part of the
electronics industry. Shortages that occurred in the past few years including
the first half of fiscal 1996, mainly in logic and memory devices, have been
mitigated since that time due to a shift in the supply-demand cycle for such
components. While in general the marketplace for such components has eased
allowing greater availability, key component shortage issues can still occur
with respect to specific industries or particular components. In response to
this dynamic environment, the Company has a corporate procurement organization
whose primary purpose is to create strong supplier alliances to assure a steady
flow of components at competitive prices and mitigate shortages. However,
because of the limited number of suppliers for certain electronic components
and other supply and demand concerns, the Company can neither eliminate
component
8
<PAGE> 9
shortages nor determine the timing or impact of such shortages on the
Company's results. As a result, the Company's sales and profitability can be
affected from period to period.
Start-up costs and the management of labor and equipment efficiencies for
new programs and new customers can have an effect on the Company's gross
margins. Due to these and other factors, gross margins can be negatively
impacted early on in the life cycle of new programs. In addition, labor
efficiency and equipment utilization rates ultimately achieved and maintained
by the Company for new and current programs impact the Company's gross margins.
The Company operates in a highly competitive industry. The Company faces
competition from a number of electronic manufacturing services companies, some
with financial and manufacturing resources greater than the Company's. The
Company also faces competition in the form of current and prospective customers
that have the capabilities to develop and manufacture products internally. In
order to remain a viable alternative, the Company must continue to enhance its
total engineering and manufacturing technologies.
Other factors that could adversely affect forward-looking statements
include the Company's ability to maintain and expand its customer base, gross
margin pressures, the effect of start-up costs related to new facilities, the
overall economic conditions affecting the electronics industry, and other
factors and risks detailed herein and in the Company's other Securities and
Exchange Commission filings.
The Company expects to be year 2000 compliant in fiscal 1998. The costs
associated with implementing year 2000 applications are not expected to be
material.
RESULTS OF OPERATIONS
NET SALES
Net sales for the three and nine months ended June 30, 1997, increased
15.1% and 21.7%, respectively, compared to the same periods in the prior fiscal
year. The increase in net sales was due to increased orders from existing
customers, including on-going and new programs; and the addition of new
customers, the largest of which was Unisys Corporation (Unisys). However, the
overall rate of sales growth slowed in the third quarter mainly due to a
reduction in sales to Unisys. The Company believes that the second and third
calendar quarters are traditionally slower quarters for Unisys. This reduction
was also caused by a cancellation of a Unisys program, however it is
anticipated that a follow on program will begin in the first quarter of fiscal
1998 (although it remains subject to cancellation, modification, or delay). In
addition, net sales to International Business Machines Corporation (IBM), the
Company's largest customer last year, were below the prior year as certain
low-margin programs transitioned to low-cost labor markets overseas and a few
other programs reached end-of-life status, resulting in reduced sales to IBM.
The reduction in IBM net sales was more than offset by the above mentioned
sales gains with other current and new customers. By industry group, net sales
increases for the third fiscal quarter were mainly realized in the industrial,
telecommunications and automotive/transportation segment markets. Subject to
the development and timing of new business, the Company presently anticipates
that sales growth for the fourth quarter of fiscal 1997 should be stronger than
the third quarter growth rate.
9
<PAGE> 10
The Company's two largest customers continue to be IBM and General
Electric Company (GE) with each accounting for approximately 12% of net sales
for the nine months ended June 30, 1997. This compares to net sales of 28% and
14% to IBM and GE, respectively, in the same period a year ago. The reduction
in IBM sales was discussed above, while net sales in dollar terms to GE were up
over 11% relative to the same period in the prior year. This increase was
primarily due to increased sales to GE Medical Systems. Joining IBM and GE as
customers who accounted for more than 10% of the Company's net sales for the
nine months ended June 30, 1997 was Unisys. Unisys accounted for 10% of net
sales year to date, down from 11% through the first six months of fiscal 1997.
Net sales to Motorola for the nine months ended June 30, 1997 were 9% of net
sales, but represented 11% of net sales for the three months ended June 30,
1997. The timing of sales to Motorola varies due to its in-house manufacturing
capacity. Net sales to Unisys and Motorola were both less than 10% of net
sales in fiscal 1996.
The Company's top ten customers accounted for approximately 68% of total
net sales for the nine months ended June 30, 1997 compared to 71% for the same
period in fiscal 1996 and 70% for all of fiscal 1996. This trend reflects the
Company's continued focus of penetrating and expanding its customer base.
GROSS PROFIT
The Company's gross margin percentage improved to 11.0% for the nine
months ended June 30, 1997 from 7.6% for the same period in fiscal 1996 and
from 8.6% for all of fiscal 1996. The gross margin for the quarter ended June
30, 1997 increased to 12.1% from 9.2% for the same period in fiscal 1996. The
increase in gross margins from a year ago reflects the leverage generated by
higher sales volumes, the continued cost savings from the Company's cost-saving
efforts instituted during the second quarter of fiscal 1996, and better
component pricing. These were partially offset by increased hiring in our
engineering and technical manufacturing areas in order to continue to expand
our capabilities and meet customer demands.
The Company's gross margin reflects a number of factors including product
mix, the level of start up costs and efficiencies associated with new programs,
capacity utilization of surface mount and other equipment, labor efficiencies,
and pricing within the electronics industry.
SELLING AND ADMINISTRATIVE EXPENSES
Selling and administrative (S&A) expenses for the three and nine months
ended June 30, 1997 increased approximately $1.3 million or 42% and $3.4
million or 36%, respectively, from the comparable prior fiscal year periods.
As a percentage of net sales, S&A expenses increased slightly to 4.5% of net
sales for the nine months ended June 30, 1997 from 4.0% for the comparable
period in fiscal 1996. This increase reflects the Company's continued
expansion of its sales and marketing and customer support functions, along with
enhancements to its information systems in order to support prospective revenue
growth and the increase in the Company's customer base. The Company believes
that future S&A expenses will increase in terms of absolute dollars but does
not expect it to increase significantly as a percentage of net sales as the
Company continues to expand the above noted support areas.
10
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INTEREST EXPENSE
Interest expense was $0.2 million and $0.7 million for the three and nine
months ended June 30, 1997, compared to $0.5 million and $1.6 million for the
comparable periods in fiscal 1996. The decrease in interest expense was
primarily due to reduced borrowings required to support working capital,
coupled with lower interest rates on the Company's long-term revolving credit
agreement.
INCOME TAXES
Income taxes increased to $7.1 million for the nine months ended June 30,
1997 from $2.9 million in the comparable period of fiscal 1996, reflecting
increased pre-tax profits. The Company's effective income tax rate has
remained relatively constant in recent periods at rates between 38% to 40%.
These rates approximate the blended Federal and state statutory rate as a
result of the Company's operations being located within the United States.
LIQUIDITY AND CAPITAL RESOURCES
Cash flows provided by operating activities totaled $12.6 million for the
nine months ended June 30, 1997. Cash provided by operations was attributed to
improved operating results and working capital management, specifically
accounts payable, offset primarily by increases in accounts receivable caused
by increased sales.
Cash flows used in investing activities totaled $7.7 million for the nine
months ended June 30, 1997 and were utilized for capital additions primarily
concentrated in new manufacturing equipment and the upgrading of the Company's
computer hardware equipment. The Company anticipates future capital additions
to increase due to the number of operating leases expiring through the
remainder of fiscal 1997 and increased manufacturing equipment requirements
necessary to handle projected future growth. The Company estimates that total
capital expenditures for fiscal 1997 should approximate $10 to $12 million
which the company expects to fund through cash flows from operations and the
Company's $40 million long-term revolving credit agreement. The Company
estimates that fiscal 1998 capital expenditures should be similar to the fiscal
1997 levels and should be funded through the above noted sources.
Cash flows used in financing activities totaled $3.6 million for the
nine months ended June 30, 1997. This primarily represented the reduction
in net borrowings under the Company's long-term revolving credit agreement.
The ratio of total debt-to-equity as of June 30, 1997 was 1.0 to 1
compared to 1.2 to 1 as of September 30, 1996.
The Company believes that its credit facilities, leasing capabilities and
projected cash flows from operations will be sufficient to meet its anticipated
short-term and long-term capital requirements.
* * * * *
11
<PAGE> 12
PART II - OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES
On July 17, 1997, the Company declared a two-for-one stock split payable
in the form of a stock dividend of one share of common stock for every one
share of common stock outstanding. The issuance of the new stock from the
2-for-1 split will be on August 25, 1997 to holders of record as of August 14,
1997. The stock split will increase the number of common shares outstanding to
approximately 14.6 million from 7.3 million; outstanding options are also being
adjusted to reflect the stock split. Share and per share information will be
restated in future SEC filings to reflect the split.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
11 - Computation of per share earnings
27 - Financial data schedule
(b) Reports on Form 8-K
None
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
8/12/97 /s/ Peter Strandwitz
- ------- ------------------------
Date Peter Strandwitz
Chairman and CEO
8/12/97 /s/ Thomas B. Sabol
- ------- ------------------------
Date Thomas B. Sabol
Vice President-Finance &
Chief Financial Officer
12
<PAGE> 1
EXHIBIT 11
JUNE 30, 1997 FORM 10-Q
PLEXUS CORP.
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
______
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, 1997 June 30, 1997
---------------------- --------------------
Fully Fully
Primary Diluted Primary Diluted
---------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Net income $ 4,419 $4,419 $ 10,880 $ 10,880
Adjustment for preferred
stock dividend earned - - 211 -
---------- ---------- --------- ---------
$ 4,419 $4,419 $ 10,669 $ 10,880
========== ========== ========= =========
Weighted average number
of common shares
outstanding (1) 7,271 7,271 6,879 6,879
Adjustment:
Assumed issuances under
stock option plan 506 611 430 621
Assumed conversion of
preferred stock (2) - - - 308
---------- ---------- --------- ---------
Common equivalent shares
outstanding 7,777 7,882 7,309 7,808
========== ========== ========= =========
Net income per common share $ .57 $.56 $1.46 $1.39
========== ========== ========= =========
</TABLE>
(1) Reflects conversion of Plexus Corp. Series A Preferred Stock to Common
Stock effective February 28, 1997.
(2) Assumes conversion of Plexus Corp. Series A Preferred Stock to Common Stock
at beginning of fiscal year.
13
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 3,149
<SECURITIES> 0
<RECEIVABLES> 43,467
<ALLOWANCES> 360
<INVENTORY> 55,318
<CURRENT-ASSETS> 104,862
<PP&E> 41,019
<DEPRECIATION> 23,931
<TOTAL-ASSETS> 122,225
<CURRENT-LIABILITIES> 50,892
<BONDS> 0
0
0
<COMMON> 73
<OTHER-SE> 61,162
<TOTAL-LIABILITY-AND-EQUITY> 122,225
<SALES> 283,207
<TOTAL-REVENUES> 283,207
<CGS> 252,191
<TOTAL-COSTS> 252,191
<OTHER-EXPENSES> 12,629
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 727
<INCOME-PRETAX> 17,948
<INCOME-TAX> 7,068
<INCOME-CONTINUING> 10,880
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,880
<EPS-PRIMARY> 1.46
<EPS-DILUTED> 1.39
</TABLE>
