Summary
Flextronics International Ltd. (FLEX) filed an 8-K on April 24, 2003, primarily to disclose its financial results for the fourth fiscal quarter and full fiscal year ended March 31, 2003. The key aspect of this filing is the emphasis on pro forma operating results, which the company uses to provide a clearer view of its core business performance. These pro forma figures exclude the impact of acquisition-related intangible asset amortization and restructuring charges, which management believes are significant due to recent acquisitions and the challenging technology industry environment. Investors should note that while Flextronics presents these pro forma results as a useful measure for period-to-period comparisons, they are not prepared in accordance with GAAP and may not be comparable to similar measures from other companies. The company did provide a reconciliation of these pro forma results to GAAP in Schedule 1 of the press release, which is attached as an exhibit. This filing serves as an important update on the company's financial performance during a period of industry-wide economic challenges.
Key Highlights
- 1Flextronics International Ltd. announced its fourth fiscal quarter and full fiscal year 2003 results on April 24, 2003.
- 2The company is presenting pro forma operating results, which exclude amortization of acquisition-related intangibles and restructuring charges.
- 3Management believes pro forma results provide a better measure of core business operations and facilitate period-to-period comparisons.
- 4These pro forma results are presented due to the impact of significant acquisitions and the downturn in the technology industry.
- 5Pro forma results are not prepared in accordance with GAAP and may not be comparable to other companies' metrics.
- 6A reconciliation of pro forma to GAAP results is available in Schedule 1 of the press release.
- 7The filing includes a press release (Exhibit 99.01) detailing these financial results and disclosures.