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Fabrinet Announces Fourth Quarter and Fiscal-Year 2016 Financial Results

BANGKOK--(BUSINESS WIRE)--Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its fourth quarter and fiscal year ended June 24, 2016.

Tom Mitchell, Chief Executive Officer of Fabrinet, said, “Strong revenue growth of 34% exceeded our expectations for the fourth quarter. These results capped a year of significant growth for Fabrinet, which was driven by a combination of momentum in the optical industry, growing contributions from new customers, and increasing demand for our advanced packaging and precision assembly capabilities. We believe that we are in a strong position to serve the industry’s growth as we scale our Fabrinet West New Product Introduction facility and complete construction of the first building at our new campus in Thailand. As a result of these factors, we are entering fiscal 2017 with optimism, as reflected in our guidance for the first quarter.”

Fourth Quarter Fiscal-Year 2016 Financial Highlights

GAAP Results

  • Revenue was $276.4 million for the fourth quarter of fiscal year 2016, an increase of 34% compared to total revenue of $206.5 million for the comparable period in fiscal year 2015.
  • GAAP net income for the fourth quarter of fiscal year 2016 was $19.7 million, compared to GAAP net income of $13.0 million in the fourth quarter of fiscal year 2015.
  • GAAP net income per diluted share for the fourth quarter of fiscal year 2016 was $0.53, compared to GAAP net income per diluted share of $0.36 in the fourth quarter of fiscal year 2015.

Non-GAAP Results

  • Non-GAAP net income in the fourth quarter of fiscal 2016 was $22.4 million, an increase of 54% compared to non-GAAP net income of $14.5 million in the same period a year ago.
  • Non-GAAP net income per diluted share in the fourth quarter of fiscal 2016 was $0.60, an increase from non-GAAP net income per diluted share of $0.40 in the same period a year ago.

Fiscal-Year 2016 Financial Highlights

GAAP Results

  • Revenue was $976.7 million for fiscal year 2016, an increase of 26% compared to total revenue of $773.6 million for fiscal year 2015.
  • GAAP net income for fiscal year 2016 was $61.9 million, compared to GAAP net income of $43.6 million in fiscal year 2015.
  • GAAP net income per diluted share for fiscal year 2016 was $1.68, compared to GAAP net income per diluted share of $1.21 in fiscal year 2015.

Non-GAAP Results

  • Non-GAAP net income in fiscal 2016 was $77.7 million, an increase of 38% compared to non-GAAP net income of $56.4 million in fiscal year 2015.
  • Non-GAAP net income per diluted share in fiscal 2016 was $2.11, an increase from non-GAAP net income per diluted share of $1.57 in fiscal year 2015.

Business Outlook

Based on information available as of August 15, 2016, Fabrinet is issuing guidance for the first quarter of fiscal 2017 ending September 30, 2016, as follows:

  • Fabrinet expects first quarter revenue to be in the range of $306 million to $310 million.
  • GAAP net income per diluted share is expected to be in the range of $0.62 to $0.64, based on approximately 37.6 million fully diluted shares outstanding.
  • Non-GAAP net income per diluted share is expected to be in the range of $0.70 to $0.72, based on approximately 37.6 million fully diluted shares outstanding.

Conference Call Information

What: Fabrinet Fourth Quarter and Fiscal-Year 2016 Financial Results Conference Call
When: Monday, August 15, 2016
Time: 5:00 p.m. ET
Live Call: (888) 357-3694, domestic
(253) 237-1137, international
Passcode: 53883033
Replay: (855) 859-2056, domestic
(404) 537-3406, international
Passcode: 53883033
Webcast:

http://investor.fabrinet.com (live and replay)

This press release and any other information related to the call will also be posted on Fabrinet’s website at http://investor.fabrinet.com. A recorded version of this webcast will be available approximately two hours after the call and will be archived on Fabrinet’s website for a period of one year.

About Fabrinet

Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and test. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the People’s Republic of China and the United States of America. For more information visit: www.fabrinet.com.

Forward-Looking Statements

“Safe Harbor” Statement Under U.S. Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include our expectation that we will complete construction of a new manufacturing building in Thailand in fiscal-year 2017 and continue to achieve profitable growth and scale our business, as well as all of the statements under the “Business Outlook” section regarding our expected revenue and GAAP and non-GAAP net income per share for the first quarter of fiscal-year 2017. These forward-looking statements involve risks and uncertainties, and actual results could vary materially from these...


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