Jabil Circuits Inc. (BB+/Stable/--) announced that sales for its fiscal fourth quarter, ended August 2002, increased 16% on a sequential basis and profitability measures remained the highest in the industry, although depressed from historic levels. Standard&Poor's Ratings Services said the announcement would have no impact on the ratings and outlook. Jabil detailed a $60 million-$80 million restructuring charge, primarily related to closing the Boise, Idaho, facility acquired from Hewlett-Packard Co. in 1998. Jabil generated $105 million in operating cash flow in the August quarter to somewhat offset cash costs associated with recent acquisitions. Standard&Poor's ratings are based on a moderate financial profile, satisfactory operating performance, and solid cash flow generation to provide sufficient financial cushion to
