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Previous: JABIL CIRCUIT INC, 424B3, 1999-12-20 |
Next: PRICE SOL, SC 13D/A, 1999-12-20 |
<PAGE> 1
===============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 1999
JABIL CIRCUIT, INC.
-------------------
(Exact name of registrant as specified in its charter)
Delaware 001-14063 38-1886260
-------- --------- ----------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
10560 Ninth Street North, St. Petersburg, Florida 33716
-------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (727) 577-9749
----------------------------
N/A
-------------------------------------------------------------
(Former name or former address, if changed since last report)
===============================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS.
On December 16, 1999, Jabil Circuit, Inc., a Delaware corporation,
issued the press release attached hereto as Exhibit 99 and incorporated by
reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
99 Press Release, dated December 16, 1999.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JABIL CIRCUIT, INC.
(Registrant)
By: /s/ Chris A. Lewis
------------------------------------
Chris A. Lewis,
Chief Financial Officer
Date: December 20, 1999
3
<PAGE> 1
EXHIBIT 99
This release contains certain forward-looking statements, which are subject to
a number of risks and uncertainties. Some factors that could cause actual
results to differ materially include: business conditions and growth in the
contract manufacturing industry and the general economy; variability of
operating results; dependence on a limited number of customers; limited
availability of components; dependence on certain industries; variability of
customer requirements; and other risk factors described in the company's most
recently filed SEC documents such as the Form 10-K, filed 11/12/99.
JABIL CIRCUIT POSTS RECORD REVENUE
EARNINGS PER SHARE INCREASES 42 PERCENT
St. Petersburg, FL - December 16, 1999....Jabil Circuit, Inc. (NYSE: JBL),
electronics manufacturing services provider, today reported record revenue for
the first quarter of fiscal 2000, ended November 30, 1999. Revenue for the
quarter increased 39 percent to $690 million compared to $495 million for the
same period of fiscal 1999.
Jabil's first quarter of fiscal 2000 net income increased 56 percent to $31.2
million, excluding a one-time acquisition-related charge of $5.2 million,
compared with $20 million and earnings per share increased 42 percent to $0.34
per diluted share, compared to $0.24 for the first quarter of fiscal 1999.
Gross profit for fiscal 2000 first quarter increased 34 percent to $73.4
million or 10.6 percent of revenue compared to $54.7 million or 11 percent of
revenue for the corresponding quarter of fiscal 1999.
Operating income for the first fiscal quarter of 2000 increased 39 percent to
$44.6 million or 6.5 percent of revenue, compared to $32 million or 6.5 percent
of revenue for the first fiscal quarter of 1999.
Jabil Circuit President Timothy L. Main said, "We are pleased with the results
for our fiscal first quarter and with our positioning for an outstanding fiscal
2000. Our people continued to deliver strong operational performance during the
quarter as we executed a challenging growth plan and incorporated two new
acquisitions into the Company."
4
<PAGE> 2
INCOME STATEMENT -- SEQUENTIAL TREND HIGHLIGHTS
THE FOLLOWING SEQUENTIAL RESULTS ARE PRESENTED IN NON-POOLED FORMAT IN
ORDER TO REFLECT THE ACTUAL GROWTH OF THE COMPANY DURING THIS TIME PERIOD. THE
RESULTS OF OPERATIONS AND BALANCE SHEET STATEMENTS ATTACHED WITH THIS PRESS
RELEASE CONTAIN POOLED RESULTS.
o First quarter revenue grew by 29 percent over the prior quarter.
o Operating income increased from $37.9 million, to $44.6 million or 6.5
percent of revenue.
o Net income after taxes was $31.2 million or 4.5 percent of revenue, as
compared to $26.2 million or 4.9 percent in the prior sequential
quarter.
o Earnings per share for the quarter were $0.34 on an average of
91,389,000 shares during the period, fully diluted. This excludes the
impact of an acquisition related charge of approximately $5 million,
or $0.05 EPS.
BALANCE SHEET REVIEW -- SEQUENTIAL TREND HIGHLIGHTS
o Accounts receivables increased by $90 million to $319 million in the
first quarter as compared to $228 million in the fourth quarter.
Calculated DSO was 42 days, while collection experience was 38 days.
This compares to DSO and collection experience of 38 days in the prior
quarter.
o Inventories increased by $108 million in the quarter to $299 million
as compared to $191 million as of the end of August. Calculated
inventory turns were eight, compared to 10 turns in the previous
quarter. Inventory balances include approximately $25 million in
inventory relating to the GET/JGS acquisitions. Overall inventory
balances are somewhat higher as the company prepares for significant
growth in several segment areas in the second fiscal quarter. On a
forward basis, inventory turns are approximately 10 as the company
enters into the second quarter.
o The Company's debt to capitalization ratio was 7 percent at the end of
the quarter.
o For the quarter, average return on assets was 11.5 percent (excluding
one-time, acquisition-related charge.)
o Fiscal first quarter average return on equity was 21 percent
(excluding one-time, acquisition-related charge.)
5
<PAGE> 3
BUSINESS UPDATE
FACILITIES
Guadalajara, Mexico operation has expanded and now has a second building on the
campus bringing total square footage to approximately 400,000 square feet.
In January the company will move into a new 170,000 sq. ft. facility in Boise,
Idaho, replacing the smaller leased facility on Hewlett Packard's campus in
that location.
The company announced a new greenfield site in Hungary. The Company said it is
in the final stages of site acquisition and plan to bring this new operation on
line in the early fall of 2000.
THE FISCAL YEAR AHEAD
Main commented, "We are gratified with the effort and overall results of our
employees during this period of unprecedented growth and challenge. We are
concurrently ramping new customers and programs across all of our facilities.
We are very pleased to see continued strong organic growth and are pleased to
have immediate contributions from our two recent acquisitions. We are also
encouraged by our diversified business model of over 30 meaningful customers as
we enter this fiscal year, giving the Company numerous opportunities for
continued growth."
6
<PAGE> 4
JABIL CIRCUIT AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
August 31, November 30,
1999 1999
-------------------- ----------------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 125,949 $ 48,124
Short-term investments 27,176 -
Accounts receivable - Net 261,078 318,647
Inventories 217,840 299,477
Prepaid expenses and other current assets 14,794 22,765
Deferred income taxes 13,896 13,500
----------- -----------
Total current assets 660,733 702,513
Property, plant and equipment, net 353,522 396,295
Other assets 20,786 34,258
----------- -----------
$ 1,035,041 $ 1,133,066
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current installments of long term debt $ 9,610 $ 8,333
Short-term debt 21,501 1,588
Accounts payable 300,093 384,571
Accrued expenses 59,186 62,648
Income taxes payable 20,511 15,141
----------- -----------
Total current liabilities 410,901 472,281
Long term debt, less current installments 34,712 33,333
Deferred income taxes 10,199 21,276
Deferred grant revenue 1,798 3,731
----------- -----------
Total liabilities 457,610 530,621
----------- -----------
Stockholders' equity
Common stock 87 87
Additional paid in capital 296,396 295,247
Retained earnings 281,166 307,654
Cumulative translation adjustment (218) (543)
----------- -----------
Total stockholders' equity 577,431 602,445
----------- -----------
$ 1,035,041 $ 1,133,066
=========== ============
</TABLE>
7
<PAGE> 5
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended
November 30,
---------------------------------
1998 1999
--------- ---------
<S> <C> <C>
Net revenue $ 495,115 $ 689,822
Cost of revenue 440,420 616,435
--------- ---------
Gross profit 54,695 73,387
Operating expenses:
Selling, general and administrative 20,825 27,051
Research and development 1,457 1,182
Amortization of intangibles 357 599
Acquisition-related charge - 5,153
--------- ---------
Operating income 32,056 39,402
Interest (income)/expense, net 1,600 (615)
--------- ---------
Income before income taxes 30,456 40,017
Income tax expense 10,440 13,529
--------- ---------
Net income $ 20,016 $ 26,488
========= =========
Earnings per share:
Basic $ 0.25 $ 0.30
========= =========
Diluted $ 0.24 $ 0.29
========= =========
Common shares used in the calculations
of earnings per share:
Basic 79,689 87,410
========= =========
Diluted 82,778 91,389
========= =========
</TABLE>
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<PAGE> 6
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
PRO-FORMA, EXCLUDING IMPACT OF ACQUISITION-RELATED CHARGE
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
Three months ended
November 30,
------------------------------------
1998 1999
--------- ---------
<S> <C> <C>
Net revenue $ 495,115 $ 689,822
Cost of revenue 440,420 616,435
--------- ---------
Gross profit 54,695 73,387
Operating expenses:
Selling, general and administrative 20,825 27,051
Research and development 1,457 1,182
Amortization of intangibles 357 599
Acquisition-related charge - -
--------- ---------
Operating income 32,056 44,555
Interest (income)/expense, net 1,600 (615)
--------- ---------
Income before income taxes 30,456 45,170
Income tax expense 10,440 14,003
--------- ---------
Net income $ 20,016 $ 31,167
========= =========
Earnings per share:
Basic $ 0.25 $ 0.36
========= =========
Diluted $ 0.24 $ 0.34
========= =========
Common shares used in the calculations of
earnings per share
Basic 79,689 87,410
========= =========
Diluted 82,778 91,389
========= =========
</TABLE>
9
<PAGE> 7
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FISCAL YEAR ENDED AUGUST 31, 1999
RESTATED FOR POOLING
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
Q1 Q2 Q3* Q4* FY99
-------- -------- --------- --------- ----------
<S> <C> <C> <C> <C> <C>
Net revenue $495,115 $558,703 $ 582,238 $ 602,335 $2,238,391
Gross profit 54,695 60,102 63,821 66,970 245,588
Selling, general and administrative
20,825 22,452 22,586 25,836 91,699
Research and development
1,457 1,432 1,387 1,587 5,863
Amortization of intangibles 357 294 287 287 1,225
-------- -------- --------- --------- ----------
Operating income (loss) 32,056 35,924 39,561 39,260 146,801
Interest (income)/expense, net 1,600 1,892 (26) (892) 2,574
-------- -------- --------- --------- ----------
Income (loss) before income taxes 30,456 34,032 39,587 40,152 144,227
Income tax expense (benefit) 10,440 11,778 13,933 14,081 50,232
-------- -------- --------- --------- ----------
Net income $ 20,016 $ 22,254 $ 25,654 $ 26,071 $ 93,995
======== ======== ========= ========= ==========
Earnings per share:
Basic $ 0.25 $ 0.28 $ 0.30 $ 0.30 $ 1.13
======== ======== ========= ========= ==========
Diluted $ 0.24 $ 0.27 $ 0.28 $ 0.29 $ 1.08
======== ======== ========= ========= ==========
Common shares used in the
calculations of earnings per share
Basic 79,689 79,972 86,565 87,281 83,377
======== ======== ========= ========= ==========
Diluted 82,778 83,503 90,449 91,078 86,952
======== ======== ========= ========= ==========
</TABLE>
* Excludes approximately $0.04 and $0.06 non-recurring charges in Q3 and Q4,
respectively, recorded by GET in fiscal 1999.
10
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