The ratings on St. Petersburg, Fla.-based Jabil Circuit Inc. reflect operational challenges associated with supplying volatile electronics end-markets and customer concentration. These partly are offset by Jabil's good operational performance, a growing electronics manufacturing services (EMS) market position following the integration of several acquisitions, and the company's moderate financial profile. Jabil is a leading provider of EMS to such leading original equipment manufacturers (OEMs) as Koninklijke Philips Electronics N.V., Cisco Systems Inc., and Hewlett-Packard Co. Jabil had about $519 million in total debt outstanding, including operating leases and securitizations, at November 2004. Revenues for the February quarter and the first half of fiscal 2005 increased 15%, driven by strength in the consumer and automotive segments, and sharp growth in the
