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St. Petersburg, FL - March 24, 2009...Jabil Circuit, Inc. (NYSE: JBL), today announced that the company has renewed two separate asset-backed securitization programs totaling $450 million in available capacity.
"Liquidity and balance sheet strength are key advantages in this market environment and these new 364-day commitments complement Jabil's strong liquidity," said Forbes I. J. Alexander, Jabil's Chief Financial Officer. Alexander also noted that Jabil had approximately $775 million in cash at the end of its second fiscal quarter and an $800 million available under a five-year revolving credit facility, which does not expire until 2012.
"We believe the renewals of these asset-backed securitization programs, especially during these difficult financial markets, are recognition by the banking community of the strength, performance, and growth opportunities of Jabil. We truly appreciate the continued support of our long-term financial partners," said Alexander.
Jabil will report its fiscal 2009 second quarter results today after the close of the market. Results and a live webcast will be available on the company's website: jabil.com
About Jabil
Jabil is an electronic product solutions company providing comprehensive electronics design, manufacturing and product management services to global electronics and technology companies. Offering complete product supply chain management services from facilities in 22 countries, Jabil provides comprehensive, individualized-focused solutions to customers in a broad range of industries. Jabil common stock is traded on the New York Stock Exchange under the symbol, "JBL". Further information is available on the company's website: jabil.com.
Investor & Media Contact:
Beth Walters
Vice President, Investor Relations & Communications
Jabil Circuit, Inc.
(727) 803-3511
beth_walters@jabil.com
This news release may contain forward-looking statements, including those regarding the renewal of our asset-backed securitization facilities, the strength of our liquidity and balance sheet, the advantages of such strengths in this market environment, the ability of our asset-backed securitization facilities to complement our liquidity, the continued support of our long-term financial partners, and the implication that the renewal of our asset-backed securitization facilities is recognition by the banking community of the strength, performance, and growth opportunities. The statements in this news release are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to: the possibility that, as we finalize our financial results for our second fiscal quarter, we determine that our financial results and conditions differ from our current preliminary unaudited numbers set forth herein, including the timing and results of our assessment of our goodwill for impairment; our financial performance during and after the current economic conditions; our ability to maintain and improve liquidity; and the risks, relevant factors and uncertainties identified in our Annual Report on Form 10-K for the fiscal year ended August 31, 2008, subsequent Reports on Form 10-Q and Form 8-K and our other securities filings. Jabil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.