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Molex Reports 2003 Fiscal First Quarter Results

  • Friday, October 18, 2002 2:47PM IST (9:17AM GMT)
 
Ill., Lisle, United States: Molex Incorporated (NASDAQ:MOLX and MOLXA), a global electronic components company, Thursday reported results for its first fiscal quarter ended September 30, 2002.

Fiscal 1st Quarter Results

Revenues of $469.2 million increased 9.0 percent from last year's first quarter of $430.5 million. This increase represents the first quarter with year-over-year revenue growth since March 2001. Revenues in local currencies increased 6.0 percent, as currency translation increased net revenues by $12.8 million when compared to last year's first quarter. Net income was $30.0 million compared to last year's first quarter of $25.2 million, an increase of 18.9 percent. Currency translation increased net income by $1.0 million, also when compared to last year's first quarter. Earnings per share were $0.15, compared with $0.13 reported for the first quarter a year ago.

Joe King, Vice-Chairman and Chief Executive Officer, said, "Revenues improved sequentially by 2.8 percent and net income by 9.6 percent from the June quarter, a respectable result in this seasonally challenging quarter. Compared to last year's fiscal first quarter, revenues increased 9.0 percent, and although we were helped by currency translation, we were encouraged to see this growth.

"Looking at our regional results compared to last year's fiscal first quarter, in the Americas, revenues were flat as demand remains difficult in the fiber optics, telecom and higher end computer markets. In the Far East South, revenues increased 25.4 percent in dollars, primarily driven by consumer electronics, PC, and mobile telephone markets. In this region we continue to gain market share, based on our many new products and increased penetration with our global customers who continue to transfer production to the region. In the Far East North (Japan and Korea), revenues increased in local currency by 14.6 percent and revenues in dollars increased 18.6 percent, primarily driven by consumer electronics. In Europe, revenues in local currency declined by 3.6 percent, reflecting Europe's downturn starting later than the recession in the U.S. and Far East. Revenues in dollars increased 7.8 percent, due to the gain in the Euro."

King continued, "Gross profit margin increased to 34.0 percent, primarily due to operating leverage on the higher sales, as well as a favorable raw material pricing environment. We believe this to be a reasonable result, considering that our manufacturing plants continue to operate significantly below optimum capacity utilization. Net return on sales of 6.4 percent was our highest since the March 2001 quarter. Cash flow remains strong and our ending cash balance stood at $298.4 million."

The Company's order backlog on September 30, 2002 stood at $196.4 million, compared to $247.2 million a year ago. Without the impact of changes to currency rates, the backlog would have been $194.4 million. Bookings for the first quarter increased 3.2 percent sequentially from the June quarter, and 16.2 percent when compared to last year's first quarter.

Research and Development Expenditures and Capital Spending

Research and development expenditures for the first quarter were $30.1 million, compared with $28.8 million for the same period last year. Capital expenditures were $38.1 million for the quarter versus $45.1 million last year.

Fiscal 2nd Quarter Outlook and Stock Buyback Actions

The Company also provided guidance for the second fiscal quarter ending December 31, 2002, which along with the first quarter is typically a seasonally difficult period. While the global economy remains challenging, our overall bookings for the September quarter were encouraging, although modestly lower in the month of September when compared to July and August. We believe that inventory has generally returned to more normal levels in the majority of our worldwide sales channels. However, as we continue to operate with little, or sometimes zero lead times, demand visibility beyond the short term, remains extremely difficult to predict. Based on these facts, the Company expects that revenues and earnings per share for the second fiscal quarter ending December 31, 2002, will be similar to the results achieved in the first fiscal quarter.

During the quarter, the Company repurchased 1,017,500 shares of MOLXA common stock, at a total cost of $25 million. These purchases were done under a $100 million Board authorization for the full fiscal year ending June 30, 2003.

Statements in this release that are not historical are forward-looking and are subject to various risks and uncertainties that could cause actual results to vary materially from those stated. Certain of these risks and uncertainties are set forth in Molex's 10-K and other documents filed with the Securities and Exchange Commission and include economic conditions in various regions, product and price competition and foreign currency exchange rate changes. Molex does not undertake to revise these forward-looking statements or to provide any updates regarding information contained in this release resulting from new information, future events or otherwise.

The Company's Annual Report, as well as news releases and other supplementary financial data including the monthly backlog is available by accessing the Company's website at www.molex.com.

The Company's quarterly earnings conference call will be held at 4:00pm CST on Thursday, October 17th, and is available live and in replay to all investors through the internet by accessing the
company's website.

Molex Incorporated is a 64-year-old manufacturer of electronic, electrical and fiber optic interconnection products and systems; switches; value-added assemblies; and application tooling. Based in Lisle, Illinois, USA, the Company operates 55 manufacturing facilities in 19 countries and employs approximately 16,640 people.

Editor's note: Molex is traded on the NASDAQ National Market System in the United States, on the London Stock Exchange and (MOLX) is included in the S&P 500 Index and the NASDAQ 100.

MOLEX INCORPORATED
QUARTER ENDED SEPTEMBER 30, 2002 and 2001
(000) omitted except per share


CONDENSED CONSOLIDATED STATEMENTS OF INCOME
-------------------------------------------
Quarter Ended
September 30
Unaudited
-------------------------------
2002 2001
--------------- ---------------
Net Revenue $469,246 $430,453
Gross Profit 159,556 137,304
Selling and Administrative Expense 120,468 103,067
Interest Expense/(Income), Net (1,010) (2,043)
Other Expense/(Income) 583 1,151
--------------- ---------------
Income Before Income Taxes 39,515 35,129
Taxes and Minority Interest 9,553 9,933
--------------- ---------------
Net Income $29,962 $25,196
=============== ===============
As a Percentage of Revenues 6.4% 5.9%

Earnings Per Share $0.15 $0.13
Weighted Average Shares Outstanding 194,439 196,798


CONDENSED CONSOLIDATED BALANCE SHEET
------------------------------------
September 30
Unaudited
-------------------------------
2002 2001
--------------- ---------------
ASSETS
Cash and Short-Term Investments $298,401 $213,682
Receivables 390,325 392,255
Inventories 175,745 208,767
Other Current Assets 50,993 59,669
--------------- ---------------
Total Current Assets 915,464 874,373

Property, Plant & Equipment (net) 1,039,254 1,111,338
Other Assets 273,598 233,938
--------------- ---------------
$2,228,316 $2,219,649
=============== ===============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities $341,760 $319,141
Deferred Liabilities 6,598 6,997
Long-Term Debt 13,276 15,791
Minority Interest 599 2,734
Other Liabilities 47,475 55,280
Shareholders' Equity 1,818,608 1,819,706
--------------- ---------------
$2,228,316 $2,219,649
=============== ===============


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