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JBL · Jabil

31 filings

10-K

JBL 10-K Annual Reports

Jabil - 31 annual reports

Filing record · 2016–202610-K1110-Q338-K104

2026
Jabil Annual Report, Year Ended Aug 31, 2026
Jabil Inc. reported net revenue of $35.95 billion for the fiscal year ended August 31, 2026, up from $29.80 billion in fiscal 2025, with the filing stating a 20.6% increase. Net income attributable to Jabil Inc. was $1.04 billion, or $9.75 per diluted share, compared with $657 million, or $5.92 per diluted share, a year earlier. The company's non-GAAP core earnings were $1.40 billion, or $13.09 per diluted share. Gross margin improved to 9.2% of net revenue from 8.9%, driven by product mix in the Intelligent Infrastructure segment, which grew net revenue 45% and rose to 50% of total revenue. Cloud and data center infrastructure revenue from existing customers rose 33%, as AI infrastructure programs drove demand. Customer concentration remains significant. The five largest customers accounted for approximately 37% of net revenue, and Customer A alone represented 20%. Working capital expanded sharply: accounts payable rose to $14.44 billion from $7.94 billion, and inventories rose to $7.41 billion from $4.68 billion, which contributed to operating cash flow of $2.00 billion. Adjusted free cash flow was $1.53 billion. Jabil acquired Hanley Energy Group for $752 million and Rebound Technologies for $133 million during the year. Total notes payable and long-term debt was $3.38 billion, and cash and cash equivalents were $1.74 billion. The filing also discloses an FDA Warning Letter received on August 27, 2026, related to a March 2026 inspection of the Pharmaceutics International, Inc. facility in Hunt Valley, Maryland. Management has paused manufacturing at that site pending remediation. Separately, the board authorized a $1.5 billion share repurchase program in July 2026, with $898 million remaining as of October 20, 2026. The quarterly dividend was $0.08 per share, and the Connected Living and Digital Commerce segment is renamed Intelligent Devices and Robotics beginning September 1, 2026.
Oct 23, 2026
2025
Jabil Annual Report, Year Ended Aug 31, 2025
Jabil Inc. (NYSE: JBL) reported fiscal year 2025 (ended August 31, 2025) net revenue of $29.8 billion, up from $28.9 billion in fiscal 2024, while net income attributable to Jabil Inc. fell to $657 million from $1,388 million. The decline reflects a prior-year $942 million pre-tax gain on the divestiture of the Mobility Business, which did not recur at that scale. Operating income was $1,182 million versus $2,013 million a year earlier, and gross profit was $2,646 million on an 8.9% gross margin, down from 9.3%. Diluted EPS was $5.92 compared with $11.17. Diluted core EPS (non-GAAP) rose to $9.75 from $8.49, and core operating income was $1.62 billion versus $1.59 billion. Growth was driven by the Intelligent Infrastructure segment, whose net revenue increased 34% to $12.3 billion, led by a 30% increase in cloud and data center infrastructure revenue from existing customers. Connected Living and Digital Commerce revenue fell 25%, largely due to the divestiture of the Mobility Business. Regulated Industries revenue declined 3%. The five largest customers accounted for approximately 36% of net revenue, and Customer A alone accounted for 16%. Cash flow and capital returns remained substantial. Net cash provided by operating activities was $1.64 billion and adjusted free cash flow (non-GAAP) was $1.32 billion. Jabil repurchased $1.0 billion of stock during the year and paid $36 million in dividends. Cash and cash equivalents were $1.93 billion at year-end, against $499 million of current notes maturities. The company entered a $3.2 billion senior unsecured revolving credit facility in June 2025, and $4.0 billion of revolving capacity was unused at August 31, 2025. Management also authorized a new $1.0 billion repurchase program in July 2025, with $865 million remaining as of October 10, 2025.
Oct 17, 2025
2024
Jabil Annual Report, Year Ended Aug 31, 2024
Jabil Inc. (NYSE: JBL) reported fiscal year 2024 (ended August 31, 2024) net revenue of $28.9 billion, down from $34.7 billion in fiscal 2023, and net income attributable to Jabil Inc. of $1.39 billion, up from $818 million. The increase in net income was driven largely by a $942 million pre-tax gain on the divestiture of the Mobility Business (Chengdu product manufacturing and Wuxi component manufacturing), which closed December 29, 2023 for pre-tax cash proceeds of approximately $2.2 billion. Diluted EPS was $11.17 versus $6.02, while diluted core EPS (non-GAAP) was $8.49 versus $8.63. Core operating income (non-GAAP) declined to $1.59 billion from $1.73 billion. Restructuring, severance and related charges rose to $296 million, mainly from the 2024 Restructuring Plan, which is substantially complete. Cash and cash equivalents were $2.2 billion at year-end. Net cash provided by operating activities was $1.72 billion, and adjusted free cash flow (non-GAAP) was $1.06 billion. The company repurchased $2.5 billion of common stock during fiscal 2024 under its amended 2023 program and had $916 million remaining under a new $1.0 billion 2025 program as of October 21, 2024. Total notes payable and long-term debt was $2.88 billion, with $4.0 billion of unused revolving credit capacity. Customer concentration remains significant: the five largest customers accounted for approximately 36% of net revenue, and Apple, Inc. accounted for 11%, down from 17% in fiscal 2023. Beginning September 1, 2024, Jabil will report three new segments (Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce) in place of EMS and DMS. In September 2024 the Board approved a 2025 Restructuring Plan expected to cost approximately $150 million to $200 million in pre-tax charges during fiscal 2025. Management also changed in May 2024, with Michael Dastoor named Chief Executive Officer and Gregory B. Hebard named Chief Financial Officer.
Oct 28, 2024
2023
Jabil Annual Report, Year Ended Aug 31, 2023
Jabil Inc. (JBL) reported fiscal year 2023 (ended August 31, 2023) net revenue of $34.7 billion, up from $33.5 billion in fiscal 2022, with gross profit of $2,867 million and operating income of $1,537 million. Net income attributable to Jabil Inc. was $818 million, down from $996 million in fiscal 2022, and diluted earnings per share were $6.02 versus $6.90 a year earlier. Diluted core earnings per share, a non-GAAP measure, rose to $8.63 from $7.65. The company reported net cash provided by operating activities of $1,734 million and adjusted free cash flow of $1,026 million (non-GAAP). Cash and cash equivalents were $1,804 million at year-end. The most significant forward-looking event is the September 26, 2023 agreement to sell the mobility business (Chengdu product manufacturing and Wuxi component manufacturing) to BYD Electronic (International) Company Limited for approximately $2.2 billion in cash, expected to close within the first two quarters of fiscal 2024. The business is classified as held for sale, with assets of $1,929 million and liabilities of $1,397 million on the balance sheet. The same day, the Board approved a 2024 Restructuring Plan, which the company expects to cost approximately $300 million in pre-tax charges, with about $200 million in net cash expenditures. The Board also raised the share repurchase authorization to $2.5 billion. Customer concentration remains high: the five largest customers accounted for approximately 42% of net revenue, and Apple, Inc. accounted for 17% in fiscal 2023, down from 19% in fiscal 2022. The effective income tax rate rose to 35.2% from 19.1%, largely due to a $146 million tax expense tied to the planned divestiture. Total debt was $2,875 million at year-end, and the company reported $3.8 billion in available unused revolving credit capacity.
Oct 20, 2023
2022
Jabil Annual Report, Year Ended Aug 31, 2022
Jabil Inc. (JBL) reported fiscal year 2022 (ended August 31, 2022) net revenue of $33.5 billion, up from $29.3 billion in fiscal 2021, and net income attributable to Jabil Inc. of $996 million, compared with $696 million the prior year. Diluted earnings per share were $6.90 versus $4.58, and core diluted earnings per share were $7.65 versus $5.61. Gross profit rose to $2.63 billion, but gross margin as a percent of net revenue declared a decrease to 7.9% from 8.1%, which management attributed primarily to product mix. Operating income increased to $1.39 billion from $1.06 billion, and operating cash flow was $1.65 billion, with adjusted free cash flow of $810 million. The company remains heavily concentrated in a few customers: the five largest accounted for approximately 44% of net revenue, and Apple, Inc. represented 19% of fiscal 2022 net revenue. Revenue is split almost evenly between the Electronics Manufacturing Services (EMS) segment at $16.74 billion and the Diversified Manufacturing Services (DMS) segment at $16.74 billion. The filing highlights component shortages, especially in semiconductors, inflation, COVID-19 disruptions, and risks tied to China operations as ongoing concerns. Balance sheet and capital allocation activity was active during the year. Total assets were $19.72 billion and inventories rose to $6.13 billion from $4.41 billion. Jabil issued $500 million of 4.250% Senior Notes due 2027, redeemed its 4.700% notes due 2022, and repurchased $696 million of stock during the year. As of August 31, 2022, $263 million remained under the 2022 Share Repurchase Program, and the board authorized a new $1.0 billion program in September 2022. Quarterly dividends of $0.08 per share were paid throughout the year.
Oct 25, 2022
2021
Jabil Annual Report, Year Ended Aug 31, 2021
Jabil Inc. (JBL) reported fiscal year 2021 (ended August 31, 2021) net revenue of $29.3 billion, up from $27.3 billion in fiscal 2020, with gross profit of $2.36 billion (8.1% of net revenue) and operating income of $1.06 billion, compared with $500 million a year earlier. Net income attributable to Jabil Inc. was $696 million, or $4.58 per diluted share, versus $54 million ($0.35 per diluted share) in fiscal 2020. Management's non-GAAP core earnings were $853 million, or $5.61 per diluted share. The company operates two segments, Electronics Manufacturing Services (EMS) and Diversified Manufacturing Services (DMS), with DMS representing 53% of net revenue in fiscal 2021. Apple, Inc. accounted for 22% of net revenue, and the five largest customers accounted for approximately 47%. Cash flow and balance sheet metrics were solid. Net cash provided by operating activities was $1.43 billion, and adjusted free cash flow was $640 million. Cash and cash equivalents totaled $1.57 billion at year end, and total notes payable and long-term debt was $2.88 billion. The company had $3.8 billion of unused revolving credit capacity and repurchased $428 million of stock during the year. A new $1.0 billion share repurchase authorization was approved in July 2021, with $958 million remaining at year end. Quarterly dividends of $0.08 per share were declared throughout the fiscal year. The filing highlights ongoing COVID-19 effects, including $142 million in direct costs incurred in fiscal 2020 and supply-chain constraints that drove higher inventories, which rose to $4.41 billion from $3.13 billion. The company also disclosed the termination of its foreign asset-backed securitization program in June 2021 and a 1.7% Senior Notes issuance of $500 million. Its effective income tax rate was 26.0%, down from 78.2% in fiscal 2020.
Oct 22, 2021
2020
Jabil Annual Report, Year Ended Aug 31, 2020
Jabil Inc. (JBL) reported fiscal 2020 (year ended August 31, 2020) net revenue of $27.3 billion, up from $25.3 billion in fiscal 2019, but net income attributable to Jabil Inc. fell to $53.9 million from $287.1 million. Operating income declined to $499.8 million from $701.4 million, and diluted EPS was $0.35 versus $1.81 a year earlier. The filing attributes the margin pressure largely to COVID-19, which it says resulted in $141.9 million of direct costs, including incremental and idle labor and personal protection equipment, as well as $156.6 million of restructuring, severance and related charges. The company states that COVID-19 will continue to have a material and adverse impact on its financial position, results of operations and cash flows in the near term. Management expects annual savings of approximately $40.0 million to $50.0 million from its workforce reduction, and reports core earnings (non-GAAP) of $449.6 million, or $2.90 per diluted share. Balance sheet and liquidity were stable. Cash and cash equivalents were $1.39 billion at August 31, 2020, and total assets were $14.40 billion. Notes payable and long-term debt totaled $2.73 billion, including a $600.0 million 3.000% Senior Note issued in July 2020 that was used to redeem $400.0 million of 5.625% notes due December 2020. Management stated it was in compliance with its debt covenants. The company repurchased $213.9 million of stock under its 2020 Share Repurchase Program, leaving $386.1 million available. Backlog was approximately $7.4 billion, compared with $6.2 billion a year earlier. Customer concentration remains significant: the five largest customers accounted for approximately 47% of net revenue, and Apple, Inc. accounted for 20%. The filing also notes that about $1.0 billion in cloud-business components will shift from a purchase-and-resale model to a consignment model in fiscal 2021, which management expects to lower revenue but raise gross margins and reduce cash used. Net capital expenditures for fiscal 2021 are expected to be approximately $800.0 million.
Oct 22, 2020
2019
Jabil Annual Report, Year Ended Aug 31, 2019
Jabil Inc. (NYSE: JBL) reported fiscal 2019 (year ended August 31, 2019) net revenue of $25.28 billion, up from $22.10 billion in fiscal 2018, with net income attributable to Jabil Inc. of $287.1 million versus $86.3 million a year earlier. Operating income rose to $701.4 million from $542.2 million, and diluted EPS was $1.81 compared with $0.49. The Electronics Manufacturing Services (EMS) segment grew to $15.43 billion in revenue, while Diversified Manufacturing Services (DMS) was $9.85 billion, roughly flat year over year. Apple, Inc. accounted for 22% of net revenue in fiscal 2019, and the five largest customers accounted for approximately 42%. Backlog was about $6.2 billion at August 31, 2019, down from $6.8 billion. Cash flow from operations was $1.19 billion in fiscal 2019, compared with negative operating cash flow of $1.11 billion in fiscal 2018, a change the filing attributes in part to the adoption of ASU 2016-15 reclassifications and securitization timing. Cash and cash equivalents were $1.16 billion at year-end, and notes payable and long-term debt totaled $2.50 billion. The Board authorized a $600.0 million share repurchase program in September 2019, of which $30.8 million had been used through October 14, 2019. On September 20, 2019, the Board approved a 2020 Restructuring Plan expected to cost about $85.0 million, primarily in fiscal 2020, with a focus on the mobility footprint in China. The filing also records a net accounting change from adopting ASU 2014-09 (Topic 606) on September 1, 2018, with a cumulative effect adjustment of $42.6 million net of tax. Management reported that internal controls were effective as of August 31, 2019, excluding the acquired Johnson & Johnson Medical Devices (JJMD) operations, which represented 1.8% of total assets and 1.3% of net revenue. Ernst & Young LLP issued an unqualified opinion on the financial statements and internal control.
Oct 22, 2019
2018
Jabil Annual Report, Year Ended Aug 31, 2018
Jabil Inc. (JBL) reported fiscal year 2018 (ended August 31, 2018) net revenue of $22.1 billion, up from $19.06 billion in fiscal 2017, with gross profit of $1.71 billion and operating income of $542.2 million, compared with $410.2 million the prior year. Net income attributable to Jabil Inc. was $86.3 million, or $0.49 per diluted share, down from $129.1 million in fiscal 2017. The decline was driven largely by a $142.3 million provisional net tax expense under the Tax Cuts and Jobs Act, along with a $32.4 million stock-based compensation charge and $32.7 million of distressed customer charges. Management's non-GAAP core earnings per diluted share were $2.62, up from $2.11, and core operating income rose to $768.1 million from $667.0 million. The company reported that 91.7% of net revenue came from international operations, and its largest customer, Apple, Inc., accounted for 28% of net revenue. The balance sheet and cash flow show operating cash flow of $933.9 million, capital expenditures of $1.04 billion, and total debt of $2.52 billion at August 31, 2018, up from $2.05 billion a year earlier. Cash and cash equivalents were $1.26 billion. The company's order backlog was approximately $6.8 billion at August 31, 2018, versus $4.9 billion a year earlier. Jabil repurchased $450.3 million of stock during fiscal 2018 and authorized a new $350.0 million repurchase program in June 2018. The quarterly dividend was unchanged at $0.08 per share, and the company expects to keep paying quarterly dividends of a similar amount. Management projected fiscal 2019 net capital expenditures of approximately $800.0 million. The filing also notes that the 2017 Restructuring Plan is expected to total about $195.0 million, with $186.4 million incurred to date and annualized savings of approximately $90.0 million beginning in fiscal 2019. The company is adopting the new revenue recognition standard effective September 1, 2018, which is expected to add $30.0 million to $60.0 million to opening retained earnings, net of tax. Pending items include the binding offer for a strategic collaboration with Johnson & Johnson Medical Devices Companies, which has been accepted for North American sites and is still subject to consultation processes for sites in Switzerland and Germany.
Oct 19, 2018
2017
Jabil Annual Report, Year Ended Aug 31, 2017
Jabil Inc. (JBL) reported fiscal 2017 (year ended August 31, 2017) net revenue of $19.1 billion, up 3.9% from $18.4 billion in fiscal 2016, driven by new business from existing customers in its consumer lifestyles and wearable technologies, healthcare and mobility businesses. Net income attributable to Jabil Inc. was $129.1 million, down from $254.1 million in fiscal 2016, and diluted EPS was $0.69 versus $1.32. The decline was largely driven by restructuring and related charges of $160.4 million (up from $11.4 million), including $94.3 million of asset write-offs, and an effective tax rate of 50.4% versus 34.1% a year earlier. Management's core (non-GAAP) earnings rose 9.4% to $392.7 million, or $2.11 per diluted share, and core operating income rose 5.8% to $667.0 million. The company's 91.4% international revenue mix, customer concentration (Apple accounted for 24% of net revenue, and five largest customers for approximately 47%) and a $2.1 billion receivables-based financing footprint are key risk and structural features. Operating income fell to $410.2 million from $522.8 million. Working capital turned negative at $(243.9) million, with inventories rising to $2.94 billion and accounts payable to $4.26 billion. Cash and equivalents were $1.19 billion, against $2.08 billion of total notes payable and long-term debt and capital lease obligations. The board authorized a new $450.0 million share repurchase program in July 2017, and the company disclosed a 2017 Restructuring Plan expected to yield annualized savings of $70.0 million to $90.0 million beginning in fiscal 2019. Subsequent to year-end, a hurricane caused significant damage to the company's Cayey, Puerto Rico operations in September 2017, and management anticipates asset impairments and business interruption costs in the first half of fiscal 2018, though most costs are expected to be offset by insurance. The company also completed the acquisition of True-Tech Corporation on September 1, 2017 for $95.9 million in cash.
Oct 19, 2017
2016
Jabil Annual Report, Year Ended Aug 31, 2016
Jabil Circuit, Inc. (now Jabil Inc.) reported fiscal 2016 (year ended August 31, 2016) net revenue of $18.35 billion, up 2.5% from $17.90 billion in fiscal 2015, driven mainly by higher mobility business revenue in the first half of the year and new telecommunications business with existing customers. Gross profit was roughly flat at $1.53 billion (8.3% of net revenue versus 8.4%), while operating income fell to $522.8 million from $555.4 million. Net income attributable to Jabil Circuit, Inc. was $254.1 million, or $1.32 per diluted share, compared with $284.0 million, or $1.45 per diluted share, in fiscal 2015. Core operating income, a non-U.S. GAAP measure, decreased 5.9% to $630.3 million. The company reported that its DMS segment was affected by weaker-than-anticipated product demand in the second through fourth fiscal quarters, and that a single customer, Apple, Inc., accounted for 24% of net revenue. Cash flow from operations was $916.2 million, and capital expenditures were $924.2 million. Cash and cash equivalents stood at $912.1 million against total notes payable, long-term debt and capital lease obligations of $2.12 billion. The board authorized a $400.0 million share repurchase program in June 2016, of which $124.6 million had been used through October 6, 2016. Subsequent to year end, on September 15, 2016, the board approved a 2017 Restructuring Plan expected to incur approximately $195.0 million in pre-tax restructuring and related costs over fiscal 2017 and 2018, with net cash expenditures of approximately $50.0 million. The company also disclosed an IRS field examination for fiscal years 2009 through 2011 with proposed adjustments that would imply a tax payment of approximately $28.6 million if the IRS prevails.
Oct 20, 2016
2015
Jabil Annual Report, Year Ended Aug 31, 2015
Jabil Circuit, Inc. reported fiscal 2015 (year ended August 31, 2015) net revenue of $17.9 billion, up 13.6% from $15.8 billion in fiscal 2014, driven primarily by increased revenue from customers in the mobility business as well as telecommunications and automotive. Net income attributable to Jabil Circuit, Inc. was $284.0 million, compared with $241.3 million in fiscal 2014, which included a $223.3 million gain on the sale of the Aftermarket Services business. Gross profit rose to $1.5 billion (8.4% of net revenue) from $1.0 billion (6.5%), and operating income increased to $555.4 million from $204.1 million. Core operating income, a non-U.S. GAAP measure the company reports, rose 94.0% to $670.0 million. The company remains highly dependent on a small number of customers: its five largest accounted for approximately 50% of net revenue in fiscal 2015, and Apple, Inc. alone accounted for 24%. Cash and cash equivalents were $914.0 million at year end, and net cash provided by operating activities was $1.24 billion. Capital expenditures were $963.1 million, and the company repurchased 4,392,664 shares during the year. The filing also discloses an IRS Revenue Agent's Report proposing adjustments for fiscal 2009 through 2011, with the company stating it disagrees and will contest the matter, and it states that international operations generated 88.0% of net revenue. The company expects capital expenditures of $800.0 million to $1.0 billion over the next 12 months and plans to repay its $312.0 million 7.750% Senior Notes maturing within the next year. Its $2.0 billion revolving credit facility and new $500.0 million term loan facility were amended in July 2015.
Oct 16, 2015
2014
Jabil Annual Report, Year Ended Aug 31, 2014
Jabil Circuit, Inc. (now Jabil Inc.) reported fiscal year 2014 (ended August 31, 2014) net revenue of $15.76 billion, down from $17.25 billion in fiscal 2013, a decrease the filing describes as approximately 8.6%. The decline was largely attributed to reduced revenue from the company's disengagement with BlackBerry Limited and lower sales from certain existing customers, partially offset by new customers tied to the Nypro acquisition. Gross profit fell to $1.03 billion (6.5% of net revenue) from $1.21 billion, and operating income dropped to $204.1 million from $452.4 million. Net income attributable to Jabil Circuit, Inc. was $241.3 million, or $1.19 per diluted share, compared with $371.5 million, or $1.79 per diluted share, a year earlier. Results were helped by a $223.3 million net gain on the sale of the Aftermarket Services (AMS) business, which closed April 1, 2014 for $725.0 million in consideration. The company also reported core earnings (non-U.S. GAAP) of $108.1 million, or $0.53 per diluted share. Cash flow from operations was $498.9 million, versus $1.21 billion in fiscal 2013, and capital expenditures were $624.1 million. At year-end the company held $1.0 billion in cash and cash equivalents against $1.7 billion of notes payable, long-term debt and capital lease obligations. During fiscal 2014 Jabil repurchased 13.7 million shares for $260.3 million and paid $68.2 million in dividends. Management also announced a shift to two reportable segments, Electronics Manufacturing Services (EMS) and Diversified Manufacturing Services (DMS), effective September 1, 2014, and disclosed that its five largest customers accounted for approximately 45% of net revenue. Apple, Inc. represented 18% of fiscal 2014 net revenue. For investors, the filing shows a sharp earnings decline driven by lower volume from key customers and higher restructuring charges of $85.4 million, with the AMS sale providing a one-time boost to reported net income. Customer concentration, a large international footprint (84.5% of net revenue from international operations), and the company's reliance on a small number of customers remain central risk factors.
Oct 21, 2014
2013
Jabil Annual Report, Year Ended Aug 31, 2013
Jabil Circuit, Inc. reported fiscal 2013 (year ended August 31, 2013) net revenue of $18.3 billion, up from $17.2 billion in fiscal 2012, with net income attributable to Jabil Circuit, Inc. of $371.5 million, compared with $394.7 million the prior year. Gross profit was $1.36 billion (7.4% of net revenue), versus $1.31 billion (7.6%) in fiscal 2012. Operating income fell to $511.4 million from $621.9 million, reflecting $89.5 million of restructuring charges under the 2013 Restructuring Plan, a $25.6 million impairment of notes receivable, and $10.0 million of acquisition costs and purchase accounting adjustments. Diluted EPS was $1.79, versus $1.87 a year earlier. The company stated that its effective tax rate fell to 4.1% largely because of a $104.0 million partial release of a U.S. valuation allowance tied to the Nypro acquisition. The company's revenue is concentrated: its five largest customers accounted for approximately 53% of net revenue in fiscal 2013, and Apple, Inc. (19%) and BlackBerry Limited (12%) were the two customers above 10%. The filing states that Jabil is currently in ongoing discussions with BlackBerry regarding the termination or substantial winding down of that relationship, and that any restructuring costs from this could have a material adverse effect. Approximately 86.0% of net revenue came from international operations. Jabil completed its acquisition of Nypro Inc. on July 1, 2013 for net consideration of $679.5 million, funded from available cash. Liquidity was supported by $1.0 billion of cash and cash equivalents and $1.9 billion of total notes payable, long-term debt and capital lease obligations at August 31, 2013. Net cash from operating activities was $1.21 billion, while capital expenditures were $736.9 million. The company expects capital expenditures of $250.0 million to $350.0 million over the next 12 months and declared quarterly dividends of $0.08 per share throughout fiscal 2013.
Oct 28, 2013
2012
Jabil Annual Report, Year Ended Aug 31, 2012
Jabil Circuit, Inc. reported net revenue of $17.15 billion for fiscal year ended August 31, 2012, up from $16.52 billion in fiscal 2011, driven mainly by increased revenue from existing customers and new program wins. Gross profit was $1.31 billion (7.6% of net revenue, flat versus fiscal 2011), and operating income rose to $621.9 million from $578.7 million. Net income attributable to Jabil Circuit, Inc. was $394.7 million, or $1.87 diluted EPS, compared with $381.1 million, or $1.73 diluted, in fiscal 2011. Core earnings, a non-U.S. GAAP measure, decreased to $507.1 million from $516.3 million. The company operates through three segments: Diversified Manufacturing Services (DMS, 44% of net revenue in fiscal 2012), Enterprise & Infrastructure (E&I, 29%), and High Velocity Systems (HVS, 27%). Customer concentration remains significant: the five largest customers accounted for approximately 48% of net revenue, and 54 customers accounted for approximately 90%. International operations generated 85.6% of net revenue. Year-end backlog was approximately $5.1 billion, compared with $4.3 billion a year earlier. On the balance sheet, cash and cash equivalents were $1.2 billion and total notes payable and long-term debt was $1.7 billion, up from $1.2 billion, reflecting a $500.0 million 4.700% Senior Notes issuance in the fourth quarter. Operating cash flow was $634.2 million and capital expenditures were $497.7 million. The company repurchased $71.0 million of shares during the year, paid $65.2 million in dividends, and authorized a further $100.0 million buyback in September 2012. The filing also discloses an ongoing IRS dispute over fiscal 2003 to 2008 tax years, with a proposed additional payment of approximately $69.3 million for fiscal 2003 to 2005, which management believes will not have a material effect.
Oct 25, 2012
2011
Jabil Annual Report, Year Ended Aug 31, 2011
Jabil Circuit, Inc. (now Jabil Inc.) reported fiscal year 2011 (ended August 31, 2011) net revenue of $16.52 billion, up 23.2% from $13.41 billion in fiscal 2010, with net income attributable to Jabil Circuit, Inc. of $381.1 million, or $1.73 per diluted share, compared with $168.8 million, or $0.78 per diluted share, a year earlier. Gross profit rose to $1.25 billion (7.6% of net revenue) from $1.00 billion (7.5%), and operating income increased to $578.7 million from $327.6 million. The company attributes the growth mainly to increased revenue from existing customers, including new program wins, and to its DMS segment, which typically carries higher margins than E&I and HVS. Core earnings, a non-U.S. GAAP measure, were $516.3 million, up 56.3%. Cash flow and balance sheet activity were significant during the year. Net cash provided by operating activities was $828.0 million, and capital expenditures were $459.0 million. Cash and cash equivalents stood at $888.6 million at year end, and notes payable and long-term debt totaled $1.19 billion. In fiscal 2011 the company issued $400.0 million of 5.625% Senior Notes due 2020, entered a $1.0 billion Amended and Restated Credit Facility, repurchased 11,520,137 shares for $200.2 million under a $200.0 million authorization, and paid $60.4 million in dividends. Customer concentration remains high: the five largest customers accounted for approximately 47% of net revenue. The filing also discloses a proposed IRS adjustment that could add approximately $69.3 million in tax for fiscal years 2003 through 2005, which the company is contesting and believes will not have a material effect on its financial position or liquidity. The filing describes a company with a substantial international footprint, with 86.0% of fiscal 2011 net revenue from international operations. It also reports the acquisition of the Competence Sites in France and Italy, previously divested, and a pending agreement to acquire Telmar Network Technology, Inc., expected to close in the first half of fiscal 2012.
Oct 27, 2011
2010
Jabil Annual Report, Year Ended Aug 31, 2010
Jabil Circuit, Inc. (now Jabil Inc.) reported fiscal year 2010 (ended August 31, 2010) net revenue of $13.41 billion, up from $11.68 billion in fiscal 2009, and net income attributable to Jabil Circuit, Inc. of $168.8 million, compared with a net loss of $1.17 billion in fiscal 2009 that included a $1.02 billion goodwill impairment charge. Gross profit rose to $1.00 billion (7.5% of net revenue) from $718.8 million (6.2%), and operating income was $327.6 million versus an operating loss of $910.2 million a year earlier. Core operating income, a non-GAAP measure excluding stock-based compensation, amortization, restructuring, and disposal losses, rose to $490.9 million. Diluted EPS was $0.78 versus a $5.63 loss per share in fiscal 2009. The company's five largest customers accounted for approximately 45% of net revenue, and foreign source revenue was 84.7% of net revenue. Cash and cash equivalents were $744.3 million at year end, and operating cash flow was $427.4 million, with capital expenditures of $398.4 million. Inventories rose to $2.09 billion from $1.23 billion, and accounts payable rose to $2.74 billion. The company disposed of its Automotive subsidiary in October 2009 and its Italian and French operations in July 2010, and it reorganized its segments into DMS, E&I and HVS effective September 1, 2010. The company also disclosed an IRS Revenue Agent's Report proposing approximately $70.2 million of additional tax for fiscal years 2003 through 2005, which it intends to contest.
Oct 21, 2010
2009
Jabil Annual Report, Year Ended Aug 31, 2009
Jabil Circuit, Inc. (now Jabil Inc.) reported a difficult fiscal 2009 (year ended August 31, 2009). Net revenue declined 8.6% to $11.68 billion from $12.78 billion in fiscal 2008, as customer demand weakened amid the macroeconomic downturn. The company recorded a non-cash goodwill impairment charge of $1.02 billion (Consumer $400.4 million, EMS $622.4 million), producing a net loss of $1.17 billion, or $(5.63) per diluted share, compared with net income of $133.9 million in fiscal 2008. Gross margin fell to 6.2% of net revenue from 6.8%, and the company launched a 2009 Restructuring Plan expected to cost about $64.0 million and reduce headcount by roughly 4,500 employees across fiscal 2009 and 2010. Liquidity remained comparatively stable. Operating cash flow was $557.3 million, driven by working capital reductions including a $283.8 million decrease in inventories and a $169.7 million decrease in trade receivables. Cash and equivalents ended the year at $876.3 million, and the company reported $1.23 billion of notes payable and long-term debt. Stockholders' equity fell to $1.44 billion from $2.72 billion. The filing notes that the goodwill impairment did not affect cash or debt covenant compliance. Customer concentration remains high, with the five largest customers representing about 43% of net revenue. The company also agreed on September 24, 2009 to sell Jabil Circuit Automotive, SAS, with an estimated loss on disposal of $15.0 to $25.0 million expected in fiscal 2010. Quarterly dividends of $0.07 per share were maintained.
Oct 22, 2009
2008
Jabil Annual Report, Year Ended Aug 31, 2008
Jabil Circuit, Inc. (now Jabil Inc.) reported net revenue of $12.78 billion for fiscal year ended August 31, 2008, up from $12.29 billion in fiscal 2007, with net income of $133.9 million, or $0.65 per diluted share, compared with $73.2 million, or $0.35 per diluted share, a year earlier. Gross profit rose to $867.8 million (6.8% of net revenue) and operating income to $251.4 million, while interest expense increased to $94.3 million on higher average debt levels tied to acquisition financing. Growth was driven by stronger share with existing programs, new customers, and acquisitions including Nokia Siemens Networks manufacturing operations, partly offset by a 23% decline in mobility product sales. The company's five largest customers accounted for approximately 47% of net revenue, with Cisco Systems (16%) and Hewlett-Packard (11%) the largest individual customers in fiscal 2008. Foreign source revenue was 79.6% of net revenue. Cash and equivalents were $772.9 million, and total debt, notes payable and long-term lease obligations were $1.37 billion. Operating cash flow was $411.9 million, while capital expenditures were $337.5 million. Management expects capital expenditures of $250.0 million to $300.0 million over the next twelve months and anticipates quarterly dividends of $0.07 per share to continue. Investors should weigh the company's dependence on a small customer base, its below-investment-grade credit ratings (BB+ or Ba1 from the three agencies, after S&P's April 2008 downgrade), ongoing SEC and U.S. Attorney inquiries related to historical stock option grants and revenue recognition, and the 2006 Restructuring Plan, which carries total expected charges of approximately $250.0 million with remaining costs to be recognized mainly in fiscal 2009.
Oct 29, 2008
2007
Jabil Annual Report, Year Ended Aug 31, 2007
Jabil Circuit, Inc. reported net revenue of $12.29 billion for the fiscal year ended August 31, 2007, up from $10.27 billion in fiscal 2006, driven by increased sales across most industry sectors and acquisitions, including Green Point. Net income fell to $73.2 million, or $0.35 diluted earnings per share, compared with $164.5 million ($0.77 diluted) in fiscal 2006. Gross margin declined to 6.6% of net revenue from 7.5%, and operating income dropped to $181.9 million from $241.8 million, reflecting $72.4 million of restructuring and impairment charges tied to the 2006 Restructuring Plan, which the company expects to total about $250.0 million. The balance sheet and financing picture changed materially during the year. The company acquired Taiwan Green Point Enterprises for approximately $891.0 million in cash, funded by a $1.0 billion bridge facility that expires December 20, 2007. Total notes payable, long-term debt and lease obligations rose to $1.26 billion, with $501.7 million classified as current. Management stated it is actively seeking to refinance the bridge facility, and Fitch downgraded the 5.875% Senior Notes to BB+ on October 12, 2007. Cash from operations was $183.9 million, versus $448.2 million in the prior year. The filing also discloses ongoing shareholder derivative and class action litigation and an SEC informal inquiry related to historical stock option grant practices and revenue recognition. The company reached an agreement in principle on September 20, 2007 to settle the derivative actions without monetary damages. Customer concentration remains significant: five largest customers accounted for approximately 52% of net revenue in fiscal 2007, with Cisco Systems at 15% and Nokia at 13%.
Oct 25, 2007
2006
Jabil Annual Report, Year Ended Aug 31, 2006
Jabil Circuit, Inc. (now Jabil Inc.) filed this Form 10-K on May 15, 2007 for fiscal year ended August 31, 2006, a delayed filing that includes restated financial statements for fiscal 2005 and 2004 due to stock option grant review. Net revenue for fiscal 2006 was $10.27 billion, up from $7.52 billion in fiscal 2005, while net income was $164.5 million, down from $203.9 million (restated). Gross margin declined to 7.5% from 8.3%, and the company recorded $81.9 million in restructuring and impairment charges under a new program expected to total $200.0 million to $250.0 million, including $37.1 million of deferred tax asset valuation allowances. The restatement reduced retained earnings by approximately $41.1 million as of August 31, 2005 for stock-based compensation errors between 1996 and 2005. The Special Committee found no intentional backdating by management, but the company faces shareholder derivative suits, a putative securities class action, an SEC informal inquiry, and a U.S. Attorney subpoena. Liquidity is a concern: the company must refinance an $871.0 million bridge facility due December 20, 2007, which was drawn to fund the $891.0 million Taiwan Green Point acquisition. Moody's downgraded the 5.875% Senior Notes to Ba2, and the company has obtained covenant waivers and is subject to the risk of noteholder acceleration if financial statements are not delivered.
May 15, 2007
2005
Jabil Annual Report, Year Ended Aug 31, 2005
Jabil Circuit, Inc. reported fiscal year 2005 (ended August 31, 2005) net revenue of $7.52 billion, up 20.3% from $6.25 billion in fiscal 2004, with net income of $231.8 million, or $1.12 per diluted share, compared with $166.9 million, or $0.81 per diluted share, a year earlier. Gross profit was $628.5 million (8.3% of net revenue, down from 8.6%), and operating income rose to $287.4 million from $216.0 million. The filing attributes the revenue growth to stronger demand from existing programs and organic growth from new and existing customers, with the consumer and instrumentation and medical sectors growing fastest. Backlog was approximately $2.3 billion at August 31, 2005, up from $1.8 billion a year earlier. The balance sheet strengthened, with cash and cash equivalents of $796.1 million, total assets of $4.08 billion, and stockholders' equity of $2.14 billion at year-end. Operating cash flow was $590.0 million, while capital expenditures were $256.8 million and the company spent $216.1 million net on acquisitions, principally the Philips Kwidzyn operations and Varian Electronics Manufacturing (VEM). Total notes payable and long-term debt were $327.3 million, largely the $300.0 million 5.875% Senior Notes due 2010. The company also established a $500.0 million unsecured revolving credit facility in May 2005 and expects capital expenditures of $250.0 million to $350.0 million over the next twelve months. The filing highlights concentration risk: five largest customers accounted for approximately 50% of net revenue, and Philips, Nokia and HP represented about 14%, 13% and 10%, respectively. Foreign-source revenue was 83.8% of net revenue. Management also flagged that adoption of SFAS 123R beginning in fiscal 2006 will materially affect results, and that the company is evaluating a potential acquisition of an electronics manufacturing services provider in Southern Asia.
Oct 28, 2005
2004
Jabil Annual Report, Year Ended Aug 31, 2004
Jabil Circuit, Inc. is one of the leading worldwide independent providers of electronic manufacturing services (EMS), designing and manufacturing electronic circuit board assemblies and systems for major OEMs across aerospace, automotive, computing, consumer, defense, instrumentation, medical, networking, peripherals, storage and telecommunications. For fiscal year 2004 (ended August 31, 2004), net revenue rose 32.2% to $6.3 billion from $4.7 billion, and net income increased to $166.9 million, or $0.81 per diluted share, from $43.0 million, or $0.21 per diluted share, in fiscal 2003. Gross margin narrowed to 8.6% of net revenue from 9.2%, driven by a higher share of materials-based revenue and the shift of production to lower-cost regions, while operating income rose to $216.0 million from $44.5 million, helped by the absence of fiscal 2003's $85.3 million restructuring charges. Customer concentration remains significant: Royal Philips Electronics accounted for 18% of net revenue and Cisco Systems for 12%, and 40 customers made up more than 93% of revenue. Backlog stood at approximately $1.8 billion at August 31, 2004, versus $1.3 billion a year earlier, though the filing notes customers may cancel or reschedule deliveries. Liquidity is solid: cash and equivalents were $621.3 million, and the company retired its $345.0 million 1.75% convertible notes in May 2004, leaving $309.6 million of total debt, mostly $300.0 million of 5.875% senior notes due 2010 (swapped to a variable rate). Capital expenditures were $217.7 million, and management expects $150.0 million to $200.0 million in the next twelve months, principally for expansion in China, Eastern Europe and India. The company has never paid cash dividends. Management reported no material weaknesses in internal control, while noting Section 404 compliance becomes effective for fiscal 2005. A planned acquisition of a Philips television assembly factory in Kwidzyn, Poland was announced October 7, 2004, with closing anticipated in November 2004, subject to regulatory approval.
Nov 5, 2004
2003
Jabil Annual Report, Year Ended Aug 31, 2003
Jabil Circuit, Inc. reported fiscal 2003 (year ended August 31, 2003) net revenue of $4.73 billion, up from $3.55 billion in fiscal 2002, and net income of $43.0 million, compared with $34.7 million a year earlier. Gross profit was $435.5 million, or 9.2% of net revenue. Results were weighed down by $85.3 million of restructuring and impairment charges, $36.9 million of intangible amortization, and $15.3 million of acquisition-related charges. The company recorded an income tax benefit of $6.1 million, an effective rate of (16.4)%, which it attributes to restructuring charges booked in lower-tax jurisdictions and to tax holidays in Malaysia, China and Hungary. Growth came largely from acquisitions, most notably the purchase of certain Philips operations for approximately $198.3 million, along with sites bought from Lucent, Quantum, NEC, Seagate and others. Foreign source revenue rose to 80.7% of net revenue from 60.6% a year earlier. Customer concentration remains high: Cisco, Philips and HP accounted for approximately 16%, 15% and 11% of net revenue, and five customers represented about 53%. Order backlog at August 31, 2003 was approximately $1.3 billion, compared with $699.8 million a year earlier. The balance sheet strengthened in liquidity terms. Cash and cash equivalents were $699.7 million and total debt was $644.3 million, including a $300.0 million 5.875% senior note issued in July 2003 and $345.0 million of 1.75% convertible notes that are classified as current because holders may require repurchase in May 2004. Net cash from operations was $263.5 million, capital expenditures were $117.2 million, and the company expects capital expenditures of about $80 million over the next twelve months. Management stated that Jabil has never paid cash dividends.
Nov 12, 2003
2002
Jabil Annual Report, Year Ended Aug 31, 2002
Jabil Circuit, Inc. (now Jabil Inc.) reported fiscal 2002 (year ended August 31, 2002) results as a leading worldwide independent provider of electronic manufacturing services (EMS) to OEMs. Net revenue was $3.55 billion, down from $4.33 billion in fiscal 2001, and net income fell to $34.7 million from $118.5 million. Diluted earnings per share were $0.17, versus $0.59 a year earlier. The decline reflected softer demand in computing and storage, peripherals and networking, and the filing cites restructuring charges of $52.1 million, acquisition-related charges of $7.6 million, and amortization of intangibles of $15.1 million. Operating income was $48.1 million, compared with $163.8 million in fiscal 2001. The balance sheet remained solid. Cash and cash equivalents were $640.7 million at August 31, 2002, against $363.4 million of notes payable, long-term debt and capital lease obligations, which include $345.0 million of 1.75% convertible subordinated notes due 2021. The company had $600.0 million available under its credit facility and receivables securitization program. Net cash provided by operating activities was $554.1 million, largely from reduced receivables and inventory, while capital expenditures fell to $85.5 million. Stockholders' equity was $1.51 billion. Management highlighted a customer base concentrated in a few large OEMs, with Cisco Systems at 24% and Marconi Communications at 13% of fiscal 2002 net revenue, and four largest customers at about 50%. The company announced several first-quarter fiscal 2003 acquisitions, including operations from Lucent in Shanghai, Seagate in Reynosa, and Philips sites, with total stated consideration of roughly $75.0 million, $26.0 million and $210.0 million, respectively. It also expected $60 million to $80 million in additional restructuring charges in fiscal 2003, tied to closing its Boise, Idaho plant.
Nov 25, 2002
2001
Jabil Annual Report, Year Ended Aug 31, 2001
Jabil Circuit, Inc. reported net revenue of $4.33 billion for the fiscal year ended August 31, 2001, up from $3.56 billion in fiscal 2000, with net income of $118.5 million versus $145.6 million a year earlier. Diluted EPS was $0.59 compared with $0.78. Management attributed the revenue increase mainly to higher production of communications products, consumer products and peripherals, partly offset by a decrease in computer products production due to softening demand. Operating income fell to $163.8 million, which includes $27.4 million of restructuring and other charges and $6.6 million of acquisition-related charges tied to the Marconi acquisition. The company states that excluding these charges operating income was $197.7 million and net income was $144.3 million. Gross margin declined to 9.1% from 10.1%, reflecting a higher mix of material-based revenue and lower capacity utilization. Customer concentration remains significant: Cisco Systems accounted for 23% and Dell Computer for 14% of net revenue, and four largest customers represented approximately 53%. Balance sheet changes include total assets of $2.36 billion and stockholders' equity of $1.41 billion at August 31, 2001, along with $345 million of 1.75% convertible subordinated notes issued in May 2001 and no borrowings outstanding under the company's revolving credit facilities. Operating cash flow was $182.8 million, and capital expenditures were $309.2 million. Looking ahead, the company expects fiscal 2002 capital expenditures to exceed $100 million and anticipates completing the German portion of the Marconi acquisition during fiscal 2002. It also plans to early adopt FASB Statements 141 and 142 in the first quarter of fiscal 2002, and it has not finished assessing the impact on its financial statements. Subsequent events include an October 2001 purchase of Intel assets in Penang, Malaysia for approximately $37 million and the adoption of a stockholder rights plan.
Nov 28, 2001
2000
Jabil Annual Report, Year Ended Aug 31, 2000
Jabil Circuit, Inc. reported its annual results for the fiscal year ended August 31, 2000, in this Form 10-K. The company is a provider of electronic manufacturing services (EMS) to original equipment manufacturers (OEMs) in the communications, computer peripherals, personal computer, automotive and consumer products industries. Net revenue for fiscal 2000 was $3.56 billion, up from $2.24 billion in fiscal 1999, and net income was $145.6 million, up from $84.8 million. Diluted earnings per share were $0.78, compared with $0.49 a year earlier. Gross margin narrowed to 10.1% from 11.0%, which the filing attributes to a higher content of material-based revenue and under-utilization of assets in certain international factories. Customer concentration remains significant: Cisco Systems accounted for 20% of net revenue, Dell Computer for 16%, Hewlett-Packard for 14% and Lucent Technologies for 10%. The company reported a backlog of approximately $1.2 billion at August 31, 2000, compared with $688 million a year earlier. Operating cash flow was $35.4 million, well below net income, as the filing attributes the gap to increases in accounts receivable ($257.8 million) and inventories ($255.6 million) that accompanied higher business volume. Capital expenditures were $333.1 million, and the company expects fiscal 2001 capital expenditures to exceed $400 million. Balance sheet strength improved substantially. Stockholders' equity rose to $1.27 billion from $577.8 million, largely due to a June 2000 offering of 13.0 million shares that generated net proceeds of about $525.8 million. Cash and cash equivalents were $337.6 million, and the company had no borrowings under its $500 million revolving credit facility at year end. The filing also notes that the company has never paid cash dividends, and that executive officers, directors and principal stockholders collectively own 22.4% of outstanding common stock.
Nov 28, 2000
1998
Jabil Annual Report, Year Ended Aug 31, 1998
Jabil Circuit, Inc. filed this Form 10-K for the fiscal year ended August 31, 1998. The company describes itself as an independent supplier of custom manufacturing services for circuit board assemblies, subsystems and systems to OEMs in the communications, personal computer, peripherals, consumer and automotive industries, offering turnkey manufacturing with production design, component procurement, automated assembly and test. Net revenue rose to $1,277.4 million in fiscal 1998 from $978.1 million in fiscal 1997, and net income rose to $56.9 million from $52.5 million. Results were reduced by a $20.8 million acquisition-related charge tied to the August 1998 purchase of Hewlett-Packard's Formatter Manufacturing Organization assets in Boise, Idaho and Bergamo, Italy, which cost approximately $80 million. Diluted EPS was $1.48, compared with $1.37 in fiscal 1997. Customer concentration is significant: Cisco Systems (20%), 3Com (18%) and Hewlett-Packard (10%) accounted for approximately 48% of fiscal 1998 net revenue, and fewer than 20 customers accounted for substantially all revenue. Gross margin was 12.7% in fiscal 1998, up from 12.4% in fiscal 1997. Backlog at August 31, 1998 was approximately $456 million. Cash flow from operations was $98.4 million, while capital expenditures were $99.8 million; cash fell to $23.1 million and total debt rose to $90.0 million, including $40.0 million drawn on a new $225 million revolving credit facility. The filing flags risks including reliance on a small number of customers, single-source component shortages, intensive competition from Solectron, SCI Systems, Celestica and Flextronics, and Year 2000 readiness, with remediation estimated at approximately $3 million. Officers, directors and principal stockholders own approximately 43% of common stock. The company has never paid cash dividends.
Dec 7, 1998
1997
Jabil Annual Report, Year Ended Aug 31, 1997
Jabil Circuit, Inc. (now Jabil Inc.) reported fiscal 1997 (year ended August 31, 1997) as an independent supplier of custom manufacturing services for circuit board assemblies, subsystems and systems to OEMs in the communications, personal computer, computer peripherals, and automotive industries. Net revenue rose to $978.1 million from $863.3 million in fiscal 1996, while net income increased to $52.5 million ($1.37 per share) from $24.3 million ($0.67 per share). Gross margin improved to 12.4% from 8.5%, driven by a continuing shift toward manufacturing-based revenue and higher capacity utilization. Backlog at August 31, 1997 was approximately $450 million, compared with $210 million a year earlier. The filing highlights a heavy concentration of revenue among a few customers: 3Com (21%), Cisco Systems (20%) and Hewlett Packard (15%) together accounted for approximately 56% of fiscal 1997 net revenue, and 18 customers accounted for substantially all net revenue. Communications rose to 51% of revenue from 30% in fiscal 1996, while personal computers fell to 21%. The company is expanding globally with facilities in Scotland, Malaysia, and Guadalajara, Mexico, and it is installing a new ERP system that it states is believed to be Year 2000 compliant. Cash and cash equivalents fell to $45.5 million from $73.3 million, mainly due to property, plant and equipment acquisitions of $93.8 million, and the company reported operating cash flow of $69.4 million. The company's stock trades on the NASDAQ National Market under the symbol JBIL, and it has never paid cash dividends. Officers, directors, principal stockholders and their affiliates own approximately 47% of common stock. After fiscal year-end, the company renegotiated its revolving credit facility to $100 million, expiring August 6, 2000.
Dec 1, 1997
1996-A
Jabil Annual Report (Amendment), Year Ended Aug 31, 1996
This filing supplies Part III information (directors, executive officers, compensation, security ownership, and related transactions) for the fiscal year ended August 31, 1996, for Jabil Circuit, Inc. (now Jabil Inc.). It states that the information is provided because the company could not incorporate it by reference from its definitive proxy statement, which was not filed within 120 days of August 31, 1996. The company's original annual report for that year was filed with the Commission on November 27, 1996. As of November 22, 1996, 17,905,823 shares of Common Stock were outstanding, and the aggregate market value of non-affiliate voting stock was approximately $242,276,302, based on the Nasdaq National Market closing price on that date. The filing shows concentrated insider ownership. William D. Morean, Chief Executive Officer and Chairman, beneficially owned 7,495,762 shares (41.8%), and Audrey M. Petersen owned 3,680,250 shares (20.5%). Thomas A. Sansone, President, owned 1,469,450 shares (8.2%). All directors and executive officers as a group owned 9,355,491 shares, or 52.2%. Morean and Sansone each received a $400,000 bonus in fiscal 1996, and each non-employee director receives $5,000 per calendar quarter. The company's Compensation Committee consists of Lawrence J. Murphy, Steven A. Raymund, and Mel S. Lavitt is listed as a director. The filing also discloses related-party arrangements. Morean and Sansone jointly and severally guaranteed a $4 million 1988 industrial revenue bond (approximately $2.45 million due at August 31, 1996) and an approximately $3.4 million Auburn Hills, Michigan facility mortgage (approximately $2.6 million outstanding at that date). Morean, Petersen, and Beth M. Manning guaranteed a $1.88 million 1983 industrial revenue bond for the St. Petersburg facility (approximately $226,000 outstanding). The company states that the guarantors received no consideration. The filing also notes that the company was still reviewing whether Section 16(a) filings were made on time for fiscal 1996.
Oct 16, 1997
1996
Jabil Annual Report, Year Ended Aug 31, 1996
Jabil Circuit, Inc. reported results for the fiscal year ended August 31, 1996 in this Form 10-K, filed November 27, 1996. The company is an independent supplier of turnkey manufacturing services for circuit board assemblies, subsystems and systems to OEMs in the personal computer, computer peripherals, communications and automotive industries. Net revenue rose 54.3% to $863.3 million in fiscal 1996, from $559.5 million in fiscal 1995, driven mainly by established customers, five new customers and new divisions within existing customers. Net income increased to $24.3 million, or $1.34 per share, from $7.3 million, or $0.47 per share, in fiscal 1995. Gross margin improved to 8.5% from 6.4%, which the filing attributes mainly to a shift toward manufacturing-based revenue and higher capacity utilization. The balance sheet strengthened over the year. Cash and cash equivalents rose to $73.3 million from $5.5 million, and operating cash flow was $100.1 million. Net stockholders' equity increased to $124.2 million from $59.6 million, supported by a secondary public offering that netted approximately $39.2 million and by the year's earnings. Notes payable to bank fell to zero from $73.0 million, and the company established a $60 million unsecured revolver. It also completed a $50 million private placement of 6.89% Senior Notes due 2004. Customer concentration remains high: Quantum Corporation accounted for 23% of fiscal 1996 net revenue, NEC Technologies for 15%, and Hewlett Packard for 20%. The filing also discloses a pending lawsuit against Epson of America, Inc., in which Jabil is the plaintiff and Epson has filed a counterclaim. The company states that trial is expected in the second half of fiscal 1997 and that it believes adequate provision has been made in its financial statements for adverse exposure. Investors should weigh the company's reliance on a small number of customers and the risks typical of contract manufacturing, including price pressure, short product life cycles and component shortages.
Nov 27, 1996