NEENAH, WI -- Plexus Corp. announced record revenues of $313.7 million for its third fiscal quarter ended July 2, up 14.2% over last year. The EMS provider's pro-forma net income was $7 million; its net loss of $21.5 million included previously announced restructuring costs of $27.6 million.

In a statement Dean Foate, president and chief executive, guided for fiscal fourth-quarter revenues of $315 million to $325 million.

In the quarter Plexus' startup facility in Penang, Malaysia, became profitable. Cash conversion cycle in days was reduced by nine, due to better accounts payable. Cash and investments increased $34.1 million.

At quarter's end, inventories were flat at 56 days. 

The firm took $26.9 million in goodwill impairment charges due to now-lowered profit and cash flow expectations from previous acquisitions in the U.K. and Mexico. It also recorded restructuring charges of $700,000.

By industry, Plexus' biggest markets were wireline/networking, at 38%, and medical, at 28%.
Wireless infrastructure made up 11%, industrial/commercial 19%, and defense/aerospace 4%.

The company's top 10 customers comprised 60% of sales during the quarter, up from
59% in the previous quarter. Juniper Networks (20%) and General Electric (12%) are Plexus' largest customers..

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