Molex to cut 800-900 jobs in this quarter

Molex Inc. reported revenues of $430.5 million in its first fiscal quarter of 2002 ended September 30, down 31.2% from $625.9 million the first fiscal quarter of 2001.

Net income was $25.2 million of 13 cents per share, down from $64.5 million or 33 cents per share in the year-ago quarter. Currency translation decreased net income by $1.7 million compared to last year's first quarter.

The Lisle, Ill., component supplier experienced revenue declines worldwide compared to its first 2001 fiscal quarter, due to continuing weak demand particularly in its fiber optics, telecom and computer markets.

As a result, Molex will cut an additional 800 to 900 full-time personnel in the second fiscal 2002 quarter ending December 31, 2001, recording a $20 million pre-tax charge. The company will record an additional $10 million pretax charge to reflect the lower current value of investments in other companies.

Excluding these charges, Molex expects earnings per share for the December quarter to be close to the 13 cents per share in the September quarter.