Summary
Flextronics International Ltd. (FLEX) filed an 8-K on July 24, 2003, primarily to furnish a press release announcing its first fiscal quarter results for the period ended June 30, 2003. This filing is significant because it highlights the company's use of proforma operating results to present its financial performance. Management believes these proforma figures offer a more useful view of the company's core business operations, especially in light of numerous past acquisitions and the challenging technology industry downturn. Investors should note that the proforma results exclude significant items such as amortization of acquisition-related intangible assets, debt extinguishment costs, and restructuring charges. While the company provides a reconciliation to GAAP, it's crucial for investors to understand the non-GAAP nature of these figures and how they differ from standard accounting principles. The press release, attached as Exhibit 99.01, contains the detailed financial results and proforma adjustments.
Key Highlights
- 1Flextronics International Ltd. (FLEX) filed an 8-K on July 24, 2003, to report Q1 2003 results.
- 2The core of the filing is a press release announcing financial results for the quarter ended June 30, 2003.
- 3The company is presenting proforma operating results, which are non-GAAP measures.
- 4Proforma results exclude amortization of acquisition-related intangibles, debt extinguishment costs, and restructuring charges.
- 5Management believes proforma results provide a clearer view of core operations, especially given acquisitions and industry downturn.
- 6A reconciliation of proforma results to GAAP is provided within the attached press release.
- 7The press release is furnished under Regulation FD disclosure.