secwatch.observer — SEC 8-K summary
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Issuer:     SANMINA CORP (SANM)
CIK:        0000897723
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001104659-23-059130
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 2.02, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sanmina says prior financials from FY2020 to Q1 FY2023 cannot be relied upon; restatement pending
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- Audit Committee found division personnel made unsupported cost adjustments; revenue misstated by $10.2M (FY20), $18.3M (FY21), ($29.1M) (FY22), $5.6M (Q1 FY23).
- EPS over/(under)stated by $0.09 (FY20), $0.29 (FY21), $0.25 (FY22), ($0.06) (Q1 FY23) in the affected periods.
- Division accounts for ~3% of annual revenue; investigation identified weak finance function and culture lacking rigor in contract estimate review.
- Preliminary Q2 FY23 results: revenue $2.32B, GAAP diluted EPS $1.33, non-GAAP diluted EPS $1.59.
- Company intends to file restated financials on Form 10-K/A and 10-Q/A as soon as possible.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/897723/000110465923059130/0001104659-23-059130-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/897723/000110465923059130/tm2315406d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-059130

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