Molex Closes Fiscal Year

Reports revenues for Q4 2001 of $510.5M, down 16.9% from last year's Q4 revenues of $614.6M; offers guidance for 2002

July 23, 2001

2 Min Read

LISLE, Ill. -- Molex Incorporated (NASDAQ:MOLX - news and MOLXA - news), a global electronic components company, today reported results for its fiscal fourth quarter and fiscal year ended June 30, 2001. Reported results include a pretax charge of $43.5 million, slightly above the previously announced charge of $42.0 million. The charge is comprised of $27.7 million for employment reductions, $12.7 million for an inventory write-off, and $3.1 million of asset write-offs related to operations being closed. The net after tax amount of the charge was $ 30.3 million. Revenues for the 2001 fiscal fourth quarter of $510.5 million decreased 16.9 percent versus last year's fourth quarter revenues of $614.6 million. Net income prior to the charge was $41.1 million, or 8.1 percent of sales, compared with $65.0 million for the same quarter a year ago. Earnings per share prior to the charge were $0.21. This compares with $0.33 for the fourth quarter of last year. Both revenue and earnings per share were in line with the previous guidance given by the Company. Net income after the charge was $10.8 million. Earnings per share after the charge were $0.05. Currency translation decreased net revenues by $26.1 million and net income by $2.1 million for the fourth quarter compared with the same period a year ago. Revenues in local currencies decreased 12.7 percent from last year's fourth quarter.The Company also provided guidance on the first quarter of fiscal year 2002, traditionally the Company's slowest quarter and for the full fiscal 2002 year. Global conditions remain challenging and the Company's current level of orders indicate that Molex will continue to operate significantly below the Company's manufacturing capacity, at least for the remainder of this calendar year. This will result in ongoing pressure on gross margins and net income. The Company expects that revenues will be in the range of $440 - $460 million and earnings per share in the range of $0.13 - $0.15 for the first fiscal quarter of 2002 ending September 30. Based on its current forecasts for the full fiscal year ending June 30, 2002, the Company expects to see revenues in a range between $2.05 - $2.25 billion, with earnings per share in a range of $0.90 - $1.00. The Company will provide additional commentary on its operations and outlook at its annual meeting for investors tomorrow July 24, 2001.Molex Inc.

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