Business
Celestica announces fourth quarter and FY2008 financial results
(All amounts in U.S. dollars. Per share information based on diluted shares outstanding unless no...
About this update from Celestica Inc.
[{"type":"text","content":"\n\n\n\n(All amounts in U.S. dollars.\nPer share information based on diluted\nshares outstanding unless noted otherwise.)\n\n Fourth Quarter Summary\n ----------------------\n\n- Revenue of $1,935 million, compared to $2,211 million for the same\n period last year\n\n- GAAP loss of ($822.2) million or ($3.58) per share, including an\n ($850.5) million or ($3.71) per share charge resulting from the\n write-off of all goodwill, compared to a loss of ($11.7) million or\n ($0.05) per share last year\n\n- Adjusted net earnings of $0.26 per share including a $0.07 per share\n benefit resulting from a lower adjusted tax rate, compared to\n adjusted net earnings of $0.16 per share last year\n\n- Operating margin of 3.2% compared to 2.7% last year\n\n- Gross margin of 7.3% compared to 6.0% last year\n\n- First quarter of 2009 revenue guidance of $1.4 billion -\n $1.6 billion, adjusted net earnings per share of $0.07 - $0.13\n\n\nTORONTO, Jan. 28 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global leader\nin the delivery of end-to-end product lifecycle solutions, today announced\nfinancial results for the fourth quarter and fiscal year ended December 31,\n2008.\n\n\nRevenue was $1,935 million compared to $2,211 million in the fourth\nquarter of 2007. Net loss on a GAAP basis for the fourth quarter was ($822.2)\nmillion or ($3.58) per share, compared to a GAAP net loss of ($11.7) million\nor ($0.05) per share for the same period last year. The GAAP loss in the\nfourth quarter of 2008 was primarily a result of the write-off of the\ncompany's remaining goodwill.\n\n\nDuring the fourth quarter of 2008, the company performed its annual\ngoodwill impairment test which resulted in the decision to write off the\n$850.5 million of goodwill on the company's balance sheet. The goodwill\nwrite-off is non-cash in nature and does not affect liquidity, cash flows from\noperating activities, or compliance with debt covenants. The goodwill\nwrite-off is not deductible for income tax purposes and, therefore, the\ncompany has not recorded a corresponding tax benefit in 2008. (Additional\ndetail on the impairment can be found in note 5(b) of the financial statements\nattached to this release).\n\n\nAdjusted net earnings for the quarter were $59.1 million or $0.26 per\nshare, including a $15.5 million or $0.07 per share benefit associated with a\nlower adjuste...