Summary
Flextronics International Ltd. (FLEX) filed an 8-K on October 22, 2003, to report its first fiscal quarter results for the period ending September 30, 2003. The filing primarily consists of a press release containing both GAAP and pro forma operating results. Investors should note that the company emphasizes its pro forma figures as a key performance metric, which excludes items such as amortization of acquisition-related intangible assets, debt extinguishment costs, and restructuring charges. The company uses these pro forma results to offer an alternative view of its core business operations and to facilitate period-to-period comparisons, maintaining consistency with historical reporting practices. While providing these non-GAAP measures, Flextronics also notes that they are not standardized and may not be comparable to similar metrics from other companies. Investors are advised to review the reconciliation provided in the press release to understand the adjustments made from GAAP figures.
Key Highlights
- 1Flextronics International Ltd. (FLEX) announced its first fiscal quarter results for the period ending September 30, 2003, via an 8-K filing on October 22, 2003.
- 2The 8-K filing includes a press release with the company's financial results for the quarter.
- 3Flextronics is reporting both GAAP and pro forma operating results.
- 4Pro forma operating results are presented as a key performance measure, excluding specific non-core items.
- 5Excluded items in pro forma results include amortization of acquisition-related intangibles, debt extinguishment costs, and restructuring charges.
- 6The company states pro forma results are used to provide additional insight into core business operations and facilitate period-to-period comparisons.
- 7Flextronics acknowledges that pro forma results are not prepared according to GAAP and may not be comparable to other companies' metrics.