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Celestica takes loss for final quarter, year

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From staff reports

TORONTO, Canada -- Celestica Inc. exited 2001 with losses for both the fourth quarter and the year 2001.

Celestica showed a loss of $71.8 million, or 33 cents a common share, for the quarter ending Dec. 31, officials announced on Thursday. That compares with $83.5 million, or 39 cents, of earnings a year earlier.

Celestica operates a large factory on Rochester's northwest side.

The full-year loss on that basis came to $39.8 million, or 26 cents a share. That was a large change from $206.7 million , or 98 cents, of earnings in 2000.

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But, if restructuring and other one-time charges are disregarded, the electronics manufacturer was profitable during those periods. Wall Street tends to discount one-time events to focus on ongoing businesses and on prospects going forward.

Once Celestica's results are adjusted for $137 million worth of restructuring charges and other accounting-related events, the Canadian manufacturer earned about $76 million, or 31 cents a share. Similarly, the full-year picture would show $321 million, or $1.38 a share, on that basis, according to the company's figures.

Celestica's fourth-quarter sales of $2.4 billion were 29 percent drop from a year earlier. However, for the year, Celestica sales rose to $10 billion, up 3 percent from 2000.

Chairman Eugene Polistuk reported "significant business volatility" in the fourth quarter and a "major reshaping of the company's global footprint" last year.

The company issued first quarter guidance calling for revenue between $2.1 billion and $2.5 billion and adjusted earnings (subtracting nonrecurring events) between 25 cents and 32 cents a share.

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