PLXS - BOUGHT
at $10.66 SOLD
at $20.15
ORIGINAL
COMMENTARY SUBSCRIBERS RECEIVED ON 7/25/04
On
July
21st 2004 Plexus Corporation, a provider of services to OEM's (Original
Equipment Manufacturers) in the networking, medical, industrial, and
computer industries reported fiscal 2004 3rd quarter revenue of $275
million which was up 40% from the $196 million reported in the 3rd
quarter of fiscal 2003. Net loss for the quarter was $768,000 or 2
cents per share. The loss included an after tax $4.4 million
restructuring charge. Excluding this charge the company had non-GAAP
net income of $3.6 million or 8 cents per share. Revenue was a ahead
and EPS was in-line with previous guidance the company had given.
Gross margins were 8.4% and up from 6% in the year earlier period as a
result of higher sales and lower fixed manufacturing costs due to
recent restructuring actions. Inventories were down 16% in the 3rd
quarter. SG&A expenses were 6.5% of sales, down from 8.3% a year
earlier.
Sales to the
networking industry were 47% of total sales. Sales to the medical
industry were 28% and the 3rd largest industry served was the
industrial at 16% of sales. One customer accounted for 14%
of total sales. There were no other 10%+ customers.
For the fiscal 4th
quarter the company expects revenue to be between $270 and $280 million
with earnings per share between 9 and 11 cents. Consensus estimates for
the year ending September 2005 are for earnings of 55 cents a share.
This would be an increase from the 31 cents per share to be reported
for the year ending September 2004.
PLXS has $55.8
million in cash and short-term investments or $1.30 per share.
The
company has $40 million of debt including lease obligations, which is
far less than most of the company's peers. Book value is $8.20 per
share. The stock has a price-to-sales ratio of less than
.5.
11/07/05
- SOLD
AT $20.66 FOR A GAIN OF 89%. DURING THE SAME PERIOD THE NASDAQ
WAS
UP 17%.
Next
Closed Pick
Back to Closed
Positions List
|
