Results included a $40.1 million pretax restructuring charge related to consolidation of several of Molex's fiberoptic plants. Without the restructuring charge, Molex would have earned $30.5 million, or 16 cents per share.

"While local currency sales were basically flat versus last year's fourth quarter, local currency net income from operations increased 10.4%, primarily due to the company's aggressive cost reduction programs," said Joe King, vice chairman and chief executive, in a statement. "Business in the Far East improved during the quarter, and while our customers in the U.S. remain cautious, we believe the tone of business is gradually becoming more positive."

For the fiscal 2003 year ended June, Molex reported net income of $84.9 million, or 44 cents per share, on sales of $1.84 billion, up from $76.5 million, or 39 cents per share, on sales of $1.71 billion in fiscal 2002.

For the first fiscal 2004 quarter ending September, Molex projects sales of $470 to $480 million with earnings per share of 15 to 16 cents. Full fiscal year sales are projected to be $1.97 to $2.05 billion, with earnings per share of 72 to 82 cents.

By: DocMemory
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