<PAGE> 1
Exhibt 99.1
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 8-K,
FILED 5/10/00.
JABIL CIRCUIT REPORTS RECORD QUARTERLY AND FISCAL RESULTS
QUARTERLY EARNINGS INCREASE 71 PERCENT
St. Petersburg, FL - September 19, 2000. Jabil Circuit, Inc. (NYSE: JBL),
electronics manufacturing services provider, today reported record earnings for
its fourth fiscal quarter and the fiscal year ended August 31, 2000. Revenue for
the fourth quarter of fiscal 2000 increased 77 percent and revenue for the
fiscal year increased 59 percent compared to the same periods of fiscal 1999.
FISCAL FOURTH QUARTER 2000
Revenue for the fourth fiscal quarter of 2000 increased 77 percent to $1.1
billion compared to $602.3 million for the same period of fiscal 1999. Net
income increased 73 percent to $47 million, compared to $27.2 million for the
same period of fiscal 1999. Earnings per share increased 71 percent to $0.24,
compared to fiscal 1999 fourth quarter of $0.14. (This excludes the impact of an
acquisition charge of $7.0 million or $0.04 per diluted share recorded in the
fourth quarter of fiscal 1999.)
FISCAL YEAR 2000
Fiscal year revenues increased 59 percent to $3.6 billion, compared to $2.2
billion in fiscal 1999. Operating income for fiscal year 2000 increased 49
percent to $218.1 million, compared to $146.5 million for fiscal year 1999.
Net income increased 58 percent to $150.8 million, compared with net income of
$95.4 million. Fiscal year earnings per share increased 47 percent to $0.80 per
share compared to $0.55 per share for fiscal 1999. (All fiscal 1999 data
excludes a one-time acquisition-related charge of $10.6 million or $0.06 per
diluted share. All fiscal 2000 data excludes a one-time acquisition-related
charge of $5.2 million, or $0.02 per diluted share.)
Jabil Circuit President Tim Main said, "We are pleased to report record fourth
quarter and fiscal 2000 results. These results were made possible through the
dedication of our employees who continue to deliver world-class results in a
high-growth environment. We applaud their efforts."
(M O R E)
<PAGE> 2
4Q 00 RESULTS RELEASE -- ADD ONE
INCOME STATEMENT -- SEQUENTIAL TREND HIGHLIGHTS
o Fourth-quarter revenue grew by 10 percent over the prior
quarter.
o Gross margin increased to 10 percent of revenue, reflecting an
increase in manufacturing-based revenue, offset in part by
start-up costs in greenfield locations.
o Operating income increased from $58.4 million to $64.5 million
or 6.1 percent of revenue
o Net income after taxes was $47.0 million or 4.4 percent of
revenues.
o EPS of $0.24 on an average 197.5 million shares during the
period, fully diluted.
BALANCE SHEET -- SEQUENTIAL TREND HIGHLIGHTS
o Accounts receivables increased by $86 million to $523 million
in the 4th quarter compared to $437 million in the 3rd
quarter. Calculated DSO was 44 days, while collection
experience was 40 days.
o Inventories increased by $68 million in the quarter to $478
million, compared to $410 million at the end of May. On a
forward basis, inventory turns were 9, consistent with the
previous quarter.
o Debt to capitalization ratio was 3 percent.
o Average return on assets was 10.8 percent.
o Average return on equity of 19.2 percent.
BUSINESS OUTLOOK (NOTE: THE FOLLOWING STATEMENTS ARE FORWARD LOOKING; ACTUAL
RESULTS MAY DIFFER MATERIALLY.)
The Company's current production outlook positions fiscal 2001 for 50 percent
revenue growth and 50 percent operating income growth. This outlook is
significantly above the Company's historical goals, reflecting new business and
increased production schedules in several business sectors. During the quarter,
the company announced the establishment of new manufacturing relationships with
Redback Networks, Sycamore, Kestral, JetStream and Adtran. "The overall business
fundamentals are robust. We are well positioned to capitalize on growth
opportunities with a comprehensive set of services, a strong global footprint
and great employees around the world. We look forward to producing outstanding
results for our customers and shareholders in Fiscal 2001," Main said.
(M O R E)
<PAGE> 3
4Q 00 RESULTS RELEASE -- ADD TWO
The Company also announced the promotion of Timothy L. Main to Chief Executive
Officer. Main will remain President, a title he's held since January 1999. "The
Jabil Board of Directors believe this is the perfect opportunity to acknowledge
the role that Tim has earned. Over the past year, Tim has continued to assume a
broad range of chief executive roles, so we view this shift in title as a
formality," said William D. Morean, Chairman. "We are confident that Tim and his
management team will continue to provide the leadership needed for Jabil's
continued success in the growing electronic manufacturing services industry," he
said. Morean will continue his work with the company, serving as Chairman of the
Jabil Board of Directors and participating with customer relationships. Morean
will also play an integral role in strategic planning and advising key business
development and operations officers.
Jabil Circuit, Inc. is an electronic manufacturing services provider for
international electronics companies in the communications, personal computer,
peripheral, consumer and automotive markets. Jabil offers circuit design, board
design from schematic, prototype assembly, volume board assembly, system
assembly, repair and warranty services from facilities in the North America,
Latin America, Europe and Asia. Further information about Jabil can be found on
the World Wide Web at http://www.jabil.com.
# #
Statement of operations and balance sheet data for Q4 and FY00 attached.
<PAGE> 4
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
August 31, August 31,
2000 1999
----------- -----------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 337,602 $ 125,949
Short-term investments -- 27,176
Accounts receivable - Net 523,096 261,078
Inventories 477,548 217,840
Prepaid expenses and other current assets 30,984 15,174
Deferred income taxes 18,040 13,896
----------- -----------
Total current assets 1,387,270 661,113
Property, plant and equipment, net 587,494 353,522
Other assets 43,428 20,786
----------- -----------
$ 2,018,192 $ 1,035,421
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current installments of long term debt $ 8,333 $ 10,989
Short-term debt -- 21,501
Accounts payable 594,111 300,093
Accrued expenses 72,261 59,186
Income taxes payable 17,270 20,511
----------- -----------
Total current liabilities 691,975 412,280
Long term debt, less current installments 25,000 33,333
Deferred income taxes 28,112 10,199
Deferred grant revenue 2,922 1,798
----------- -----------
Total liabilities 748,009 457,610
----------- -----------
Stockholders' equity
Common stock 190 175
Additional paid in capital 843,784 296,688
Retained earnings 426,814 281,166
Cumulative translation adjustment (605) (218)
----------- -----------
Total stockholders' equity 1,270,183 577,811
----------- -----------
$ 2,018,192 $ 1,035,421
=========== ===========
</TABLE>
<PAGE> 5
JABIL CIRCUIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except for per share data)
<TABLE>
<CAPTION>
Three months ended Year ended
----------------------------- -----------------------------
August 31, August 31, August 31, August 31,
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net revenue $ 1,065,088 $ 602,335 $ 3,558,321 $ 2,238,391
Cost of revenue 958,751 535,365 3,199,972 1,992,803
----------- ----------- ----------- -----------
Gross profit 106,337 66,970 358,349 245,588
Operating expenses:
Selling, general and administrative 39,727 25,836 132,717 92,015
Research and development 1,312 1,587 4,839 5,863
Amortization of intangibles 765 287 2,724 1,225
Acquisition-related charge -- 7,030 5,153 7,030
Goodwill write-off -- -- -- 3,578
----------- ----------- ----------- -----------
Operating income 64,533 32,230 212,916 135,877
Interest income (5,354) (2,307) (7,385) (4,536)
Interest expense 1,707 1,413 7,605 7,110
----------- ----------- ----------- -----------
Income before income taxes 68,180 33,124 212,696 133,303
Income tax expense 21,129 12,956 67,048 48,484
----------- ----------- ----------- -----------
Net income $ 47,051 $ 20,168 $ 145,648 $ 84,819
=========== =========== =========== ===========
Earnings per share:
Basic $ 0.25 $ 0.12 $ 0.81 $ 0.51
=========== =========== =========== ===========
Diluted $ 0.24 $ 0.11 $ 0.78 $ 0.49
=========== =========== =========== ===========
Common shares used in the calculations of
earnings per share:
Basic 188,918 174,562 179,032 166,754
=========== =========== =========== ===========
Diluted 197,536 182,586 187,448 174,334
=========== =========== =========== ===========
</TABLE>
