Reflecting the company’s merger with SCI, which was completed on December 6, 2001, the financial tables, which follow this release, contain a presentation of Sanmina-SCI’s results on both a pro forma basis and a GAAP basis. The tables also reflects before and after the effect of merger, restructuring and other infrequent or unusual charges.

For the first quarter ended December 29, 2001, Sanmina reported proforma revenues of $2.4 billion, compared to $4.1 billion for the first quarter ended December 29, 2000. The year-over-year decrease in revenues reflects the slowdown in the economy as well as the company’s end-markets, especially in the telecommunications sector. During the first quarter of this year, proforma selling, general and administrative expenses decreased to $71.2 million from $118.7 million in the first quarter last year. The continuing decrease in these expenses underscores management’s strong financial discipline and commitment to realign resources to reflect market demand.

Pro forma net income for the first quarter ended December 30, 2001 was $7.3 million, compared to $177.3 million for the first quarter last year. Diluted cash earnings per share for the first quarter of fiscal 2002 were $0.03, compared to $0.34 in the first quarter a year ago. The financial results noted above are pro forma and include the results of SCI as if combined at the beginning of each respective period and do not include merger, restructuring and other infrequent or unusual charges.

For the quarter ended December 29, 2001, Sanmina-SCI reported $1.1 billion in cash and investments. Cash provided by operations this quarter was approximately $300 million. At quarter-end, the company had a current ratio of 2.5, working capital of $2.5 billion and shareholders’ equity of $6.1 billion.

Commenting on the quarter, Jure Sola, Chairman and Chief Executive Officer of Sanmina-SCI, said, "The year-over-year decrease in quarterly revenues primarily reflects the slowdown in the economy that our industry has experienced in the last year. This has been an unusual time in the history of our industry, and we are appreciative of how hard our management team has worked to achieve profitability. While we are gratified to see our revenues improve sequentially from the prior fourth quarter, we do not expect to see an economic rebound until the second half of this fiscal year.

"During the quarter, we completed our merger with SCI, which we believe represents one of the most important events in the history of our company. As a result, we have further advanced our technology leadership, broadened our total systems manufacturing capabilities, expanded our global footprint, and strengthened our financial position, allowing us to benefit from the increasing trend by OEMs to outsource their contract manufacturing. We believe that the recent announcements of our planned purchase of certain manufacturing operations and of our multi-year manufacturing agreements with leading companies, including IBM, HP and Alcatel endorse our growth strategy.

"We also announced our progress in advancing our technology leadership, especially in the area of fiber optic design, assembly and test during the quarter. As a result of our expanded, world-class capabilities, we can cost effectively respond to our customers’ demands for fully integrated engineering and manufacturing solutions for this next generation technology. Reflecting our commitment to providing our customers with best-in-class systems engineering and services, we are expanding our customer base. With our broadening capabilities and customer base, we believe we are well positioned to strengthen our leading market position when our end markets rebound," concluded Sola.

Company Outlook
Sanmina-SCI projects second quarter fiscal 2002 revenue to be approximately $2.275 to $2.375 billion, and cash earnings per share to be approximately breakeven before merger, restructuring and other infrequent and unusual charges.

Company Conference Call Information
Sanmina-SCI will be holding a conference call regarding this announcement on Thursday, January 24, 2002 at 5:00 p.m. EDT (2:00 p.m. PDT). Dial-in numbers for the teleconference: domestic 877-273-6760; international 706-634-6605. The conference will also be broadcast live over the Internet. Log onto the live webcast at http://www.videonewswire.com/event.asp?id=2706. A replay of the conference call will be available for 48 hours. The access numbers are: domestic 800-642-1687, international 706 645-9291, conference ID 2896153.

Company Profile
Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the $130 billion global electronics manufacturing services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions, delivering unsurpassed quality and support to large OEMs primarily in the communications, industrial and medical instrumentation, and computer technology sectors of the market. Sanmina-SCI has over 100 facilities strategically located in key regions throughout the world.

Safe Harbor Statement
The foregoing, including the discussion regarding the company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the company, changes in customer requirements and in the volume of sales to principal customers, the ability of Sanmina-SCI to effectively integrate its operations following the merger of Sanmina Corporation and SCI Systems, Inc. and to assimilate other acquired businesses and achieve the anticipated benefits of the merger and other such acquisitions, and competition and technological change. The company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's 2001 Annual Report on Form 10-K filed with the Securities Exchange Commission on December 21, 2001.