Jabil Circuit Inc reported a 14% sequential decline in sales for its fiscal third quarter and said it expected that sales would slow further in the current quarter. Profitability is likely to be 25% below historic levels over the near term. In addition, Jabil, based in St. Petersburg, Fla., expects to incur nonrecurring charges for reductions in the company's cost structure and acquisition-integration costs totaling $30 million for the fiscal 2001, ending Aug. 31. The primary reason for the decline is the lagging sales of Jabil's communications equipment customers. Standard&Poor's expects no change in the ratings and outlook, which incorporate exposure to cyclical end markets. Jabil's solid cash flow generation, good cash position, and moderate financial profile provide
