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FLEX LTD. Annual Report, Year Ended Mar 31, 2002

Filing Date
Filed May 3, 2002
Period End
March 31, 2002
Security
FLEX
In the record · 2016–202610-K1210-Q328-K144

FLEX filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 144 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’17Aug ’17
  2. Restructuring8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K filed May 3, 2002. Cited figures are marked; the original filing is the authoritative source.

Flextronics International Ltd. (FLEX) reported its fiscal year 2002 results, ending March 31, 2002, with a notable increase in net sales to $13.1 billiona, an 8% rise from fiscal year 2001.

This growth was primarily driven by acquisitions and increased sales to existing customers, despite an economic downturn impacting the electronics industry, particularly in the telecommunications and networking sectors. The company experienced a net loss of $153.7 millionb for fiscal year 2002, a significant improvement from the $446.0 million net loss in fiscal year 2001.

This improved loss was largely influenced by substantial restructuring charges and facility closures incurred in both fiscal years, with fiscal year 2002 seeing charges of $574.4 million compared to $973.3 millionc in fiscal year 2001. The company continues to execute a strategy focused on providing end-to-end manufacturing solutions, leveraging its global presence and expanding its industrial park strategy to serve leading OEMs in high-growth technology sectors.

02—Key points

Key Highlights

  1. Net sales reached $13.1 billion in fiscal year 2002, an 8% increase year-over-year, driven by acquisitions and expanded customer relationships.
  2. The company reported a net loss of $153.7 million for fiscal year 2002, an improvement from the $446.0 million net loss in fiscal year 2001.
  3. Significant restructuring and facility closure charges were incurred in both fiscal years, totaling $574.4 million in FY2002 and $973.3 million in FY2001, impacting profitability.
  4. Flextronics operates a global network of manufacturing facilities across four continents, serving major OEMs in industries like handheld electronics, communications infrastructure, and IT infrastructure.
  5. The company's strategy emphasizes end-to-end solutions, including design, engineering, manufacturing, and logistics, to accelerate time-to-market and reduce costs for its clients.
  6. Customer concentration remains high, with the top ten customers accounting for approximately 64% of net sales in fiscal year 2002, highlighting dependency on key relationships.
  7. The company is actively expanding its global footprint through acquisitions and strategic transactions, having completed over 30 acquisitions since the beginning of fiscal year 2001.

03—Questions

Frequently Asked Questions

  1. What was Flextronics' financial performance in fiscal year 2002?

    In fiscal year 2002, Flextronics reported net sales of $13.1 billion, an 8% increase from the prior year. However, the company incurred a net loss of $153.7 million, which was an improvement from the significant net loss of $446.0 million in fiscal year 2001. This loss was influenced by substantial restructuring charges and facility closures.

  2. How is Flextronics diversifying its revenue streams and managing customer concentration?

    Flextronics focuses on providing comprehensive end-to-end manufacturing services to OEMs across various technology sectors. While the company aims to build long-term relationships, it faces significant customer concentration, with its top ten customers representing 64% of net sales in fiscal year 2002. The company continues to pursue strategic acquisitions and customer transactions to expand its offerings and global reach.

  3. What were the main drivers behind the unusual charges reported in fiscal years 2001 and 2002?

    The unusual charges were primarily related to restructuring activities, including the consolidation and closure of manufacturing facilities, which amounted to $574.4 million in fiscal year 2002 and $973.3 million in fiscal year 2001. These charges also included merger-related expenses and impairment of investments in certain technology companies.

  4. What is Flextronics' strategy for growth and market position?

    Flextronics' strategy involves enhancing customer product development and manufacturing through global presence and comprehensive solutions. Key elements include expanding its industrial park strategy, streamlining business processes with information technology, and pursuing strategic opportunities, including acquisitions. The company aims to be an integral part of its customers' operations by offering end-to-end services.

04—Continue

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