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FLEX » Topics » Pro Forma Financial Information

These excerpts taken from the FLEX 10-K filed May 20, 2009.
Pro Forma Financial Information (Unaudited)
 
The following table reflects the pro forma consolidated results of operations for the periods presented, as though the acquisition of Solectron had occurred as of the beginning of the period being reported on, after giving effect to certain adjustments primarily related to the amortization of acquired intangibles, stock-based compensation expense, and incremental interest expense, including related income tax effects. The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable. The pro forma financial information presented is for illustrative purposes only and is not necessarily indicative of the results of operations that would have been realized if the acquisition had been completed on the dates indicated, nor is it indicative of future operating results.
 
The pro forma consolidated results of operations do not include the effects of:
 
  •  synergies, which are expected to result from anticipated operating efficiencies and cost savings, including expected gross margin improvement in future quarters due to scale and leveraging of Flextronics’ and Solectron’s manufacturing platforms;
 
  •  potential losses in gross profit due to revenue attrition resulting from combining the two companies; and
 
  •  any costs of restructuring, integration, and retention bonuses associated with the closing of the acquisition.
 


90

Table of Contents

 
FLEXTRONICS INTERNATIONAL LTD.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
                 
    Fiscal Year Ended March 31,
    2008   2007
    (In thousands, except per share amounts)
 
Net sales
  $ 33,605,140     $ 30,093,968  
Income (loss) from continuing operations
  $ (680,606 )   $ 278,930  
Net income (loss)
  $ (680,606 )   $ 464,268  
Basic earnings (loss) per share from continuing operations
  $ (0.82 )   $ 0.34  
Diluted earnings (loss) per share from continuing operations
  $ (0.82 )   $ 0.34  
Basic earnings (loss) per share
  $ (0.82 )   $ 0.57  
Diluted earnings (loss) per share
  $ (0.82 )   $ 0.57  
 
Pro Forma Financial Information (Unaudited)
 
The following table reflects the pro forma consolidated results of operations for the periods presented, as though the acquisition of Solectron had occurred as of the beginning of the period being reported on, after giving effect to certain adjustments primarily related to the amortization of acquired intangibles, stock-based compensation expense, and incremental interest expense, including related income tax effects. The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable. The pro forma financial information presented is for illustrative purposes only and is not necessarily indicative of the results of operations that would have been realized if the acquisition had been completed on the dates indicated, nor is it indicative of future operating results.
 
The pro forma consolidated results of operations do not include the effects of:
 
  •  synergies, which are expected to result from anticipated operating efficiencies and cost savings, including expected gross margin improvement in future quarters due to scale and leveraging of Flextronics’ and Solectron’s manufacturing platforms;
 
  •  potential losses in gross profit due to revenue attrition resulting from combining the two companies; and
 
  •  any costs of restructuring, integration, and retention bonuses associated with the closing of the acquisition.
 


90

Table of Contents

 
FLEXTRONICS INTERNATIONAL LTD.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
                 
    Fiscal Year Ended March 31,
    2008   2007
    (In thousands, except per share amounts)
 
Net sales
  $ 33,605,140     $ 30,093,968  
Income (loss) from continuing operations
  $ (680,606 )   $ 278,930  
Net income (loss)
  $ (680,606 )   $ 464,268  
Basic earnings (loss) per share from continuing operations
  $ (0.82 )   $ 0.34  
Diluted earnings (loss) per share from continuing operations
  $ (0.82 )   $ 0.34  
Basic earnings (loss) per share
  $ (0.82 )   $ 0.57  
Diluted earnings (loss) per share
  $ (0.82 )   $ 0.57  
 
Pro Forma
Financial Information (Unaudited)


 



The following table reflects the pro forma consolidated results
of operations for the periods presented, as though the
acquisition of Solectron had occurred as of the beginning of the
period being reported on, after giving effect to certain
adjustments primarily related to the amortization of acquired
intangibles, stock-based compensation expense, and incremental
interest expense, including related income tax effects. The pro
forma adjustments are based upon available information and
certain assumptions that the Company believes are reasonable.
The pro forma financial information presented is for
illustrative purposes only and is not necessarily indicative of
the results of operations that would have been realized if the
acquisition had been completed on the dates indicated, nor is it
indicative of future operating results.


 



The pro forma consolidated results of operations do not include
the effects of:


 




































  • 
synergies, which are expected to result from anticipated
operating efficiencies and cost savings, including expected
gross margin improvement in future quarters due to scale and
leveraging of Flextronics’ and Solectron’s
manufacturing platforms;
 
  • 
potential losses in gross profit due to revenue attrition
resulting from combining the two companies; and
 
  • 
any costs of restructuring, integration, and retention bonuses
associated with the closing of the acquisition.


 





90




Table of Contents





 




FLEXTRONICS
INTERNATIONAL LTD.




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

 

















































































































                 

 

 

Fiscal Year Ended March 31,

 

 

2008

 

2007

 

 

(In thousands, except per share amounts)
 


Net sales


 

$

33,605,140

 

 

$

30,093,968

 


Income (loss) from continuing operations


 

$

(680,606

)

 

$

278,930

 


Net income (loss)


 

$

(680,606

)

 

$

464,268

 


Basic earnings (loss) per share from continuing operations


 

$

(0.82

)

 

$

0.34

 


Diluted earnings (loss) per share from continuing operations


 

$

(0.82

)

 

$

0.34

 


Basic earnings (loss) per share


 

$

(0.82

)

 

$

0.57

 


Diluted earnings (loss) per share


 

$

(0.82

)

 

$

0.57

 






 




Pro Forma
Financial Information (Unaudited)


 



The following table reflects the pro forma consolidated results
of operations for the periods presented, as though the
acquisition of Solectron had occurred as of the beginning of the
period being reported on, after giving effect to certain
adjustments primarily related to the amortization of acquired
intangibles, stock-based compensation expense, and incremental
interest expense, including related income tax effects. The pro
forma adjustments are based upon available information and
certain assumptions that the Company believes are reasonable.
The pro forma financial information presented is for
illustrative purposes only and is not necessarily indicative of
the results of operations that would have been realized if the
acquisition had been completed on the dates indicated, nor is it
indicative of future operating results.


 



The pro forma consolidated results of operations do not include
the effects of:


 




































  • 
synergies, which are expected to result from anticipated
operating efficiencies and cost savings, including expected
gross margin improvement in future quarters due to scale and
leveraging of Flextronics’ and Solectron’s
manufacturing platforms;
 
  • 
potential losses in gross profit due to revenue attrition
resulting from combining the two companies; and
 
  • 
any costs of restructuring, integration, and retention bonuses
associated with the closing of the acquisition.


 





90




Table of Contents





 




FLEXTRONICS
INTERNATIONAL LTD.




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

 

















































































































                 

 

 

Fiscal Year Ended March 31,

 

 

2008

 

2007

 

 

(In thousands, except per share amounts)
 


Net sales


 

$

33,605,140

 

 

$

30,093,968

 


Income (loss) from continuing operations


 

$

(680,606

)

 

$

278,930

 


Net income (loss)


 

$

(680,606

)

 

$

464,268

 


Basic earnings (loss) per share from continuing operations


 

$

(0.82

)

 

$

0.34

 


Diluted earnings (loss) per share from continuing operations


 

$

(0.82

)

 

$

0.34

 


Basic earnings (loss) per share


 

$

(0.82

)

 

$

0.57

 


Diluted earnings (loss) per share


 

$

(0.82

)

 

$

0.57

 






 




These excerpts taken from the FLEX 10-K filed Jun 24, 2008.
Pro Forma Financial Information
 
The following table reflects the pro forma consolidated results of operations for the periods presented, as though the acquisition of Solectron had occurred as of the beginning of the period being reported on, after giving effect to certain adjustments primarily related to the amortization of acquired intangibles, stock-based compensation expense, and incremental interest expense, including related income tax effects. The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable. The pro forma financial information presented is for illustrative purposes only and is not necessarily indicative of the results of operations that would have been realized if the acquisition had been completed on the dates indicated, nor is it indicative of future operating results.
 
The pro forma consolidated results of operations do not include the effects of:
 
  •  synergies, which are expected to result from anticipated operating efficiencies and cost savings, including expected gross margin improvement in future quarters due to scale and leveraging of Flextronics’s and Solectron’s manufacturing platforms;
 
  •  potential losses in gross profit due to revenue attrition resulting from combining the two companies; and
 
  •  any costs of restructuring, integration, and retention bonuses associated with the closing of the acquisition.
 
Further, as discussed above the valuation of tangible and identifiable intangible assets and liabilities is preliminary, subject to completion of a formal valuation process and further management review, and will be adjusted as additional information is evaluated during the allocation period. Such adjustments may have a material effect on the Company’s results of operations and financial position, including the pro forma financial data as presented below.
 


89

Table of Contents

 
FLEXTRONICS INTERNATIONAL LTD.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
               
    Fiscal Year Ended March 31,
    2008   2007
    (In thousands, except per
    share amounts)
 
Net sales
  $   33,605,140     $   30,093,968
Income (loss) from continuing operations
  $ (676,737 )   $ 286,669
Net income (loss)
  $ (676,737 )   $ 472,077
Basic earnings (loss) per share from continuing operations
  $ (0.81 )   $ 0.35
Diluted earnings (loss) per share from continuing operations
  $ (0.81 )   $ 0.35
Basic earnings (loss) per share
  $ (0.81 )   $ 0.58
Diluted earnings (loss) per share
  $ (0.81 )   $ 0.58
 
Pro Forma
Financial Information


 



The following table reflects the pro forma consolidated results
of operations for the periods presented, as though the
acquisition of Solectron had occurred as of the beginning of the
period being reported on, after giving effect to certain
adjustments primarily related to the amortization of acquired
intangibles, stock-based compensation expense, and incremental
interest expense, including related income tax effects. The pro
forma adjustments are based upon available information and
certain assumptions that the Company believes are reasonable.
The pro forma financial information presented is for
illustrative purposes only and is not necessarily indicative of
the results of operations that would have been realized if the
acquisition had been completed on the dates indicated, nor is it
indicative of future operating results.


 



The pro forma consolidated results of operations do not include
the effects of:


 




































  • 
synergies, which are expected to result from anticipated
operating efficiencies and cost savings, including expected
gross margin improvement in future quarters due to scale and
leveraging of Flextronics’s and Solectron’s
manufacturing platforms;
 
  • 
potential losses in gross profit due to revenue attrition
resulting from combining the two companies; and
 
  • 
any costs of restructuring, integration, and retention bonuses
associated with the closing of the acquisition.


 



Further, as discussed above the valuation of tangible and
identifiable intangible assets and liabilities is preliminary,
subject to completion of a formal valuation process and further
management review, and will be adjusted as additional
information is evaluated during the allocation period. Such
adjustments may have a material effect on the Company’s
results of operations and financial position, including the pro
forma financial data as presented below.


 





89




Table of Contents





 




FLEXTRONICS
INTERNATIONAL LTD.




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

 














































































































               

 

 

Fiscal Year Ended March 31,

 

 

2008

 

2007

 

 

(In thousands, except per



 

 

share amounts)
 


Net sales


 

$

  33,605,140

 

 

$

  30,093,968


Income (loss) from continuing operations


 

$

(676,737

)

 

$

286,669


Net income (loss)


 

$

(676,737

)

 

$

472,077


Basic earnings (loss) per share from continuing operations


 

$

(0.81

)

 

$

0.35


Diluted earnings (loss) per share from continuing operations


 

$

(0.81

)

 

$

0.35


Basic earnings (loss) per share


 

$

(0.81

)

 

$

0.58


Diluted earnings (loss) per share


 

$

(0.81

)

 

$

0.58






 




These excerpts taken from the FLEX 10-K filed May 23, 2008.
Pro Forma Financial Information
 
The following table reflects the pro forma consolidated results of operations for the periods presented, as though the acquisition of Solectron had occurred as of the beginning of the period being reported on, after giving effect to certain adjustments primarily related to the amortization of acquired intangibles, stock-based compensation expense, and incremental interest expense, including related income tax effects. The pro forma adjustments are based upon available information and certain assumptions that the Company believes are reasonable. The pro forma financial information presented is for illustrative purposes only and is not necessarily indicative of the results of operations that would have been realized if the acquisition had been completed on the dates indicated, nor is it indicative of future operating results.
 
The pro forma consolidated results of operations do not include the effects of:
 
  •  synergies, which are expected to result from anticipated operating efficiencies and cost savings, including expected gross margin improvement in future quarters due to scale and leveraging of Flextronics’s and Solectron’s manufacturing platforms;
 
  •  potential losses in gross profit due to revenue attrition resulting from combining the two companies; and
 
  •  any costs of restructuring, integration, and retention bonuses associated with the closing of the acquisition.
 
Further, as discussed above the valuation of tangible and identifiable intangible assets and liabilities is preliminary, subject to completion of a formal valuation process and further management review, and will be adjusted as additional information is evaluated during the allocation period. Such adjustments may have a material effect on the Company’s results of operations and financial position, including the pro forma financial data as presented below.
 


87

Table of Contents

 
FLEXTRONICS INTERNATIONAL LTD.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
               
    Fiscal Year Ended March 31,
    2008   2007
    (In thousands, except per
    share amounts)
 
Net sales
  $   33,605,140     $   30,093,968
Income (loss) from continuing operations
  $ (676,737 )   $ 286,669
Net income (loss)
  $ (676,737 )   $ 472,077
Basic earnings (loss) per share from continuing operations
  $ (0.81 )   $ 0.35
Diluted earnings (loss) per share from continuing operations
  $ (0.81 )   $ 0.35
Basic earnings (loss) per share
  $ (0.81 )   $ 0.58
Diluted earnings (loss) per share
  $ (0.81 )   $ 0.58
 
Pro Forma
Financial Information


 



The following table reflects the pro forma consolidated results
of operations for the periods presented, as though the
acquisition of Solectron had occurred as of the beginning of the
period being reported on, after giving effect to certain
adjustments primarily related to the amortization of acquired
intangibles, stock-based compensation expense, and incremental
interest expense, including related income tax effects. The pro
forma adjustments are based upon available information and
certain assumptions that the Company believes are reasonable.
The pro forma financial information presented is for
illustrative purposes only and is not necessarily indicative of
the results of operations that would have been realized if the
acquisition had been completed on the dates indicated, nor is it
indicative of future operating results.


 



The pro forma consolidated results of operations do not include
the effects of:


 




































  • 
synergies, which are expected to result from anticipated
operating efficiencies and cost savings, including expected
gross margin improvement in future quarters due to scale and
leveraging of Flextronics’s and Solectron’s
manufacturing platforms;
 
  • 
potential losses in gross profit due to revenue attrition
resulting from combining the two companies; and
 
  • 
any costs of restructuring, integration, and retention bonuses
associated with the closing of the acquisition.


 



Further, as discussed above the valuation of tangible and
identifiable intangible assets and liabilities is preliminary,
subject to completion of a formal valuation process and further
management review, and will be adjusted as additional
information is evaluated during the allocation period. Such
adjustments may have a material effect on the Company’s
results of operations and financial position, including the pro
forma financial data as presented below.


 





87




Table of Contents





 




FLEXTRONICS
INTERNATIONAL LTD.




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

 














































































































               

 

 

Fiscal Year Ended March 31,

 

 

2008

 

2007

 

 

(In thousands, except per



 

 

share amounts)
 


Net sales


 

$

  33,605,140

 

 

$

  30,093,968


Income (loss) from continuing operations


 

$

(676,737

)

 

$

286,669


Net income (loss)


 

$

(676,737

)

 

$

472,077


Basic earnings (loss) per share from continuing operations


 

$

(0.81

)

 

$

0.35


Diluted earnings (loss) per share from continuing operations


 

$

(0.81

)

 

$

0.35


Basic earnings (loss) per share


 

$

(0.81

)

 

$

0.58


Diluted earnings (loss) per share


 

$

(0.81

)

 

$

0.58






 




EXCERPTS ON THIS PAGE:

10-K (4 sections)
May 20, 2009
10-K (2 sections)
Jun 24, 2008
10-K (2 sections)
May 23, 2008

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