The ratings on Jabil Circuit Inc. reflect the company's top-tier industry position as a provider of electronic manufacturing services (EMS), its historically solid operating performance, and moderate financial profile. These factors are more than offset by challenges associated with managing rapid growth and integrating sizable acquisitions in a highly competitive industry environment. Sales of St. Petersburg, Fla.-based Jabil increased by nearly 60%, to $3.6 billion, for the fiscal year ended Aug. 31, 2000, due to management's aggressive growth strategy. Operating performance was consistent throughout the year, despite Jabil's rapid growth and exposure to the volatile end-markets of its original equipment manufacturer (OEM) customers. Well-established customer relationships and management's focus on providing high service levels to leading OEMs, such as Cisco
