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SanminaSCI Corp. (SANM) filed Annual Report for the period ended 2011-10-01.
Sanminasci Corp. has a market cap of $647.7 million; its shares were traded at around $8.03 with a P/E ratio of 6.3 and P/S ratio of 0.1. Sanminasci Corp. had an annual average earning growth of 4.3% over the past 10 years.
This is the annual revenues and earnings per share of SANM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SANM.
Highlight of Business Operations:
Selling, general and administrative expenses were $247.1 million, $252.5 million and $238.2 million in 2011, 2010 and 2009, respectively. As a percentage of net sales, selling, general and administrative expenses were 3.7% for 2011, 4.0% for 2010, and 4.6% for 2009. The decrease in absolute dollars from 2010 to 2011 was primarily attributable to reduced incentive compensation and bad debt expense, offset partially by higher personnel costs resulting from increased headcount.Research and development expenses were $20.8 million, $13.0 million and $16.7 million in 2011, 2010 and 2009, respectively. As a percentage of net sales, research and development expenses were 0.3% for 2011, 0.2% for 2010, and 0.3% for 2009. The increase in absolute dollars from 2010 to 2011 was primarily attributable to investments in new projects in multiple business units. The decrease in absolute dollars from 2009 to 2010 was primarily the result of reduced spending due to the completion of certain projects in 2009.
In 2010, we generated $220.9 million of cash from net income, excluding non-cash items, and we utilized $299.2 million of cash primarily due to an increase in our net operating assets to support growth in our business that resulted in a 22% increase in net sales. Although we utilized cash by increasing our net operating assets, we were able to improve our working capital measures for inventory. In absolute dollars, inventory increased $83 million, but our inventory turns increased to 7.3 turns as of October 2, 2010 from 6.1 turns as of October 3, 2009 as we were better able to balance inventory levels with revenue levels. Partially offsetting the positive change in working capital metrics for inventory was our DSO. DSO increased to 52 days as of October 2, 2010 from 48 days as of October 3, 2009, due primarily to a change in the linearity of our net sales and no sales of accounts receivable at the end of 2010 compared to $30.4 million of sales of accounts receivable at the end of 2009. Additionally, our accounts payable days (a measure of how quickly we pay our suppliers) decreased to 55 days for 2010, from 60 days for 2009, due primarily to a change in the linearity of our material purchases.
Net cash used in investing activities was $98.1 million, $64.3 million and $91.9 million for 2011, 2010 and 2009, respectively. In 2011, we used $107.6 million of cash for capital expenditures, received proceeds of $24.1 million from asset sales, primarily five properties that were held-for-sale, and made payments of $14.7 million in connection with previous business combinations. In 2010, we used $81.4 million of cash for capital expenditures, received proceeds of $30.8 million from asset sales, primarily three properties that were held-for-sale, and used $14.9 million in connection with business combinations. In 2009, we used $65.9 million of cash for capital expenditures and $29.7 million to acquire a business operation.
(1) During the fourth quarter of 2010, we entered into a revised arrangement with a customer to transfer control of a portion of one of our logistics facilities to the customer. We deliver products manufactured by us to this logistics facility and provide certain logistics services to our customer at this facility. We receive a separate fee for these logistics services, which we recognize as revenue as those services are performed. Prior to transferring control of the facility to our customer, we recognized revenue related to our manufacturing services when the product was delivered to the customer upon completion of the logistics services. Upon transferring control of a portion of our logistics facility to our customer, we now recognize revenue related to our manufacturing services when the product is delivered to the customer-controlled space. The effect of the new arrangement was to increase fourth quarter revenue, gross profit, net income, and diluted earnings per share by $29.0 million, $2.8 million, $2.8 million, and $0.03 per share, respectively.
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