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Jabil Circuit Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 8, 2013 04:08PM

Jabil Circuit Inc. (JBL) filed Quarterly Report for the period ended 2012-11-30. Jabil Circuit, Inc. has a market cap of $4 billion; its shares were traded at around $19.14 with a P/E ratio of 9.1 and P/S ratio of 0.2. The dividend yield of Jabil Circuit, Inc. stocks is 1.7%.



Highlight of Business Operations:

Net Revenue. Net revenue increased 7.2% to $4.6 billion during the three months ended November 30, 2012, compared to $4.3 billion during the three months ended November 30, 2011. Specific increases include a 20% increase in the sale of Diversified Manufacturing Services (“DMS”) products and a 17% increase in the sale of Enterprise & Infrastructure (“E&I”) products. These increases are primarily due to increased revenue from certain of our existing customers, including new program wins with these customers, partially offset by weakness related to smart grid rollout encompassing meters and solar and wind related products within DMS. The increases in DMS and E&I were partially offset by a 20% decrease in the sale of High Velocity Systems (“HVS”) products which is primarily due to a decrease in the sale of mobility handset and printer products.

Selling, General and Administrative. Selling, general and administrative expenses increased to $169.6 million (3.7% of net revenue) during the three months ended November 30, 2012, compared to $157.8 million (3.6% of net revenue) during the three months ended November 30, 2011. Selling, general and administrative expenses as a percentage of net revenue remained relatively consistent with the same period of the prior fiscal year. Selling, general and administrative expenses on a gross basis increased from the same period of the prior fiscal year due to incremental selling, general and administrative expense resulting from additional salary and salary related expenses associated with increased headcount to support the continued growth of our business and the acquisition of Telmar Network Technology, Inc. (“Telmar”) during the second quarter of fiscal year 2012.

Research and Development. Research and development expenses increased to $7.3 million (0.2% of net revenue) during the three months ended November 30, 2012, compared to $6.3 million (0.2% of net revenue) during the three months ended November 30, 2011. The increase is primarily due to new projects in targeted growth sectors.

Core operating income decreased 1.1% to $192.5 million during the three months ended November 30, 2012, compared to $194.6 million during the three months ended November 30, 2011. Core earnings decreased 6.2% to $127.8 million during the three months ended November 30, 2012, compared to $136.2 million during the three months ended November 30, 2011. These decreases were the result of the same factors described above in “Management’s Discussion and Analysis of Financial Condition and Results of Operations – The Three Months Ended November 30, 2012, Compared to the Three Months Ended November 30, 2011 – Gross Profit.”

Net cash provided by operating activities during the three months ended November 30, 2012 was approximately $151.9 million. This resulted primarily from net income of $105.6 million, a $424.1 million increase in accounts payable and accrued expenses, $95.2 million in non-cash depreciation and amortization expense and $18.8 million in non-cash stock-based compensation expense; which were partially offset by a $308.5 million increase in accounts receivable and a $195.3 million increase in inventories. The increase in accounts payable and accrued expenses was primarily driven by the timing of purchases and cash payments. The increase in accounts receivable was primarily driven by the timing of sales and collections activity coupled with higher sales levels. The increase in inventories was primarily to support revenue levels in the first month of the second quarter of fiscal year 2013.

Read the The complete Report



Stocks Discussed: JBL,
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