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Molex Incorporated 2008 Annual Report

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Molex Incorporated 2008 Annual Report Molex Incorporated 2008 annual report AWORLDOFFOCUS PERFORMANCERE SEARCHDEVELOP MENTMANUFACTU RINGINSPIRATI ONCUSTOMERSER VICEGLOBALEXP ERTISEMOMENTU M PROGRESSINTE GRATIONLEADER SHIPGROWTHPRO DUCTMARKETBRE ADTHINNOVATION MOLEX 2008 F INANCIAL HIGHLIGHTS (in thousands, except per share data) Operations 2008 2007 Change Net revenue $ 3,328,347 $ 3,265,874 1.9% Income before income taxes 338,648 338,257 0.1% Net income 215,437 240,768 -10.5% Net income as a percent of net revenue 6.5% 7.4% Return on invested capital 7.4% 9.0% Per Share Earnings per share: Basic $ 1.19 $ 1.31 -9.2% Diluted 1.19 1.30 -8.5% Dividends per share 0.45 0.30 — Book value (Basic average common shares) 14.83 13.72 8.1% Average common shares: Basic 180,474 183,961 Diluted 181,395 185,565 Number of registered stockholders at June 30: Common Stock 2,460 2,160 Class A Common Stock 7,527 8,439 Financial Position Total assets $ 3,599,537 $ 3,316,108 8.5% Working capital 1,133,522 1,059,876 6.9% Long-term debt 146,333 127,821 14.5% Backlog 436,487 332,479 31.3% Stockholders’ equity 2,676,846 2,523,031 6.1% Long-term debt as a percent of stockholders’ equity 5.5% 5.1% Number of employees at June 30 32,160 33,200 -3.1% Current ratio 2.7/1 3.0/1 Molex Incorporated is a 70-year-old manufacturer of electronic components, including electrical and fiber optic interconnection products and systems, switches, integrated products and application tooling. The company operates 45 manufacturing locations in 17 countries and employs over 32,000 people. Molex serves original equipment manufacturers in industries that include automotive, business equip- ment, computer, computer peripherals, consumer products, industrial equipment, premise wiring and telecommunications. We offer more than 100,000 products to our customers, primarily through direct salespeople and authorized distributors. DEAR SHAREHOLDERS In the face of unprecedented external challenges, Molex delivered steady results throughout fiscal 2008. Thanks to a lot of hard work on the part of our people, we made great progress toward our financial targets while implementing change across every corner of our business. We have put the right structure and strategy in place to convert our strengths into increased market leadership, profitability and growth, now and well into the future. STRENGTH IN A TOUGH OPERATING ENVIRONMENT increased over the course of fiscal 2008. We see it as a During fiscal 2008, we worked against the same challenges strong positive that revenue and earnings per share were most companies did—continued escalation of costs, from within the range of our guidance throughout the year, precious metals to petroleum; a weak U.S. dollar and and we achieved these results not only in a challenging exchange rate-related issues; and economic uncertainty, economic environment, but also at the same time our particularly in the United States. In spite of these head- people were implementing extensive changes related to winds, revenues were up 2 percent, from $3.27 billion in our new organization and restructuring. fiscal 2007 to $3.33 billion in fiscal 2008. This was particu- larly encouraging in light of the fact that we had to absorb PROGRESS IN A NUMBER OF IMPORTANT AREAS the effects of several of our largest customers’ struggles, the Gross margins, while down versus last year, showed se- discontinuation of our Brazilian operations, the divestiture quential improvement quarter by quarter as the fiscal year of an assembly business and other factors that impacted progressed. Selling, general and administrative costs (SG&A) revenues significantly during the year. In fact, we posted were 20.0 percent of revenue in fiscal 2008, which showed all-time record revenues in our second quarter and then year-over-year improvement and continued the positive surpassed that level for another record in the fourth quarter. trend of the last six years. In constant dollars, we reduced SG&A costs by $28.7 million. At 7.0 percent of revenue, Operating income for the fiscal year was $318 million, capital expenditures were down significantly in the fiscal down just 1 percent year over year despite the external year compared with the previous year, reflecting the elimina- cost pressures. Net return on sales and return on invested tion of duplicate capacity and improved discipline brought capital also were lower than the previous fiscal year but about by our new product-division-based organization. 1 Our new organization is in place and our restructuring plan is on We feel very good about our new organization track. We’re creating product development, that strengthen customer after its first full year in practice. As a result a Molex that is more relationships and enhance our ability to win of the commitment and dedication of Molex global, more stream- new business. Our two-year global initiative to people across the company, we were able to lined and closer to the rationalize and reallocate our assets to better implement sweeping, fundamental change customer than ever. align with the new organization is also on with little or no disruption of our business or track—during the year, we incurred pre-tax our customers’ businesses. We are seeing much more restructuring costs of approximately $31 million and realized global collaboration, fewer redundancies and much better cost savings of more than $25 million. We expect these decision-making in every division, and we are convinced benefits to accelerate in the second year of the initiative. that we’re only beginning to see the benefits. POSITIONING FOR PROFITABLE GROWTH We made real progress in delivery and product quality—we THROUGH ACQUISITION achieved record on-time delivery performance on a consis- One of the advantages of our global product-focused tent basis during the year. We also reduced the number of division organization is an increased ability to identify and quality complaints we received in fiscal 2008 by more than realize the benefits of niche acquisitions and partnerships. 20 percent versus last year. When it comes to delivery and With the global perspective brought about by our new quality, we’ll never declare victory. Our delivery and quality organizational structure, divisions are now looking more goals are 100 percent to promise date and zero defects, to acquisitions to open up profitable new growth paths, but we see our improving performance in these areas as including opportunities to increase our presence in the clear evidence that our efforts are working. value chain, expand our product offerings and grow our customer base. We completed a number of transactions A number of our customers took notice. Molex received in fiscal 2008, and we expect to announce others over the General Motors’ 16th annual Supplier of the Year award next fiscal year and beyond. in April of 2008, recognizing “best of the best” performance in the areas of quality, service, technology and price. In At the beginning of the fiscal year, we completed the acqui- addition, we received the Most Improved Total Cost of sition of Phoenix, Arizona-based Polymicro Technologies, Ownership (TCOO) award from Molex customer Celestica, LLC, a leading designer and manufacturer of silica capillary a major contract manufacturer. The award takes into ac- tubing and specialty optical fibers, assemblies and other count price, payment terms, quality and flexibility. These components. Polymicro brings to our Integrated Products are just a few examples of the continued progress we made Division (IPD) a broad line of fiber optic products and during the year in improving key functions, including new capabilities along with very strong customer relationships 2 in the medical, military and telecommunications markets. We launched our Global Lean Six Sigma (GLSS) program At the same time, Polymicro products will benefit from in fiscal 2007 as a coordinated means to realize break- Molex’s global market coverage and low-cost, higher- through performance improvement by reducing waste and volume assembly capabilities. streamlining our processes. We organized our implemen- tation of the program into “waves,” completing Wave Two On the first day of fiscal 2009, we acquired Taipei, Taiwan- by fiscal year-end 2008 with GLSS deployment at eight based AFlextech, Inc., essentially completing IPD’s line of Molex locations in Asia, Europe and North America. We flex circuit products. AFlextech specializes in 1- to 6-layer have trained 69 black belts and have approximately 500 flexible circuitry for consumer applications such as smart GLSS projects in the system, half of which are complete phones, personal medical devices and notebook com- and being monitored; the other half are still in progress. puters—which opens up new markets for us both in the United States and globally. Because we previously sourced The results have been impressive. As of the fiscal year- these products externally, the acquisition also significantly end, the GLSS program has resulted in total cost savings improves our cost profile and competitiveness. of more than $26 million against a first-year target of $18 million. We expect the program to deliver another In another important transaction, our Premise Networks $50 million in savings in fiscal 2009. business unit purchased a 40 percent interest in HCS Kablolama Sistemleri Company, a joint venture with Hes ECOCARE: ACCELERATING SUSTAINABLE Hacilar Elektrik Company, the largest cable producer in PRACTICES AT MOLEX Turkey. Announced at the beginning of fiscal 2009, the In fiscal 2008, we launched ECOCARE, an expression of partnership will enhance our competitive position in high- our commitment to outstanding corporate citizenship and performance data cables for the structured cabling market. environmental performance. ECOCARE is a comprehen- sive program of initiatives that encompasses management GROWING MOMENTUM IN OUR GLOBAL LEAN systems, regulatory compliance, operating philosophy, SIX SIGMA PROGRAM continuous improvement, employee and supplier relations, The challenges we saw in fiscal 2008—high copper, gold pollution prevention and education.
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