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Net sales in the third quarter ended December 31, 2001, were an all-time record $3.45 billion, up 6.6% from a year ago

January 24, 2002

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SINGAPORE -- Flextronics (NASDAQ: FLEX), a global provider of operational services focused on delivering design, engineering, manufacturing and logistic solutions to branded technology companies, today announced results for its third quarter ended December 31, 2001.Net sales in the quarter ended December 31, 2001, were an all-time record $3.45 billion, up 6.6% from a year ago, and up 6.4% sequentially. Before amortization and one-time charges, cash operating profit was $117 million, a 14% sequential increase, cash net income was $85 million, an increase of 17% sequentially and diluted cash earnings per share was $0.17, a 13% increase sequentially. Diluted cash EPS in the prior year period was $0.26.Flextronics continued to strengthen its balance sheet in the December quarter. Cash at the end of the quarter was $449 million, up from $400 million a quarter ago. Inventory dropped slightly, to $1.40 billion, as inventory turns improved to an industry leading 9.2 times and days sales outstanding improved to an industry leading 47 days. Finally, subsequent to the December quarter close, Flextronics raised approximately $505 million in additional cash through the issuance of 20 million ordinary shares in an overnight equity offering completed in January 2002.With the December quarter results, Flextronics is now the leader of the EMS industry in terms of revenue, profitability, working capital management, return on invested capital and market capitalization. “We are absolutely thrilled to have arrived at the top of the heap in our industry after eight years as a publicly traded company. We take great pride in the accomplishment,” stated Michael E. Marks, Chairman and Chief Executive Officer of Flextronics.Flextronics International

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