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Sanmina Reports Fourth Quarter and Fiscal 2024 Financial Results

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2 years ago

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SAN JOSE, Calif., Nov. 4, 2024 /PRNewswire/ — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fourth quarter and fiscal year ended September 28, 2024 and outlook for its fiscal first quarter ending December 28, 2024.

Fourth Quarter Fiscal 2024 Financial Highlights

•    Revenue: $2.02 billion

•    GAAP operating margin: 4.4%

•    GAAP diluted EPS: $1.09

•    Non-GAAP(1) operating margin: 5.3%

•    Non-GAAP(1) diluted EPS: $1.43

Fiscal Year 2024 Financial Highlights

•    Revenue: $7.57 billion

•    GAAP operating margin: 4.4%

•    GAAP diluted EPS: $3.91

•    Non-GAAP(1) operating margin: 5.4%

•    Non-GAAP(1) diluted EPS: $5.28

Additional Highlights

•    Cash flow from operations: Q4 $52 million and FY’24 $340 million

•    Free cash flow(2): $29 million in Q4 and $231 million in FY’24

•    Share repurchases: 0.9 million shares for $65 million in Q4 and approximately 4.0 million shares for $227 million in FY’24 

•    Q4 ending cash and cash equivalents: $626 million

(1)

See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.

(2)

See Condensed Consolidated Cash Flow Statement included in the financial statements furnished with this release.

“We finished the year with solid momentum. Our fourth quarter revenue was up 9.6 percent sequentially, and non-GAAP diluted earnings per share was up 14.3 percent over the prior quarter and exceeded our outlook. We saw growth in the majority of our end-markets, primarily with strength from the communications networks and cloud infrastructure,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation.

“Our fiscal year 2024 results were in line with our expectations as we managed a challenging first half with improvements in the second half of the year. While our revenue was impacted for the year, we delivered another solid year of cash flow from operations. Furthermore, we demonstrated our commitment to return value to our shareholders by repurchasing 4 million shares for $227 million in fiscal 2024.” 

“The team has done an excellent job navigating the market dynamics and the Company continues to demonstrate resilience. Based on the forecasts from our customers and currently healthy demand levels, we expect fiscal 2025 to be a growth year,” concluded Sola.

First Quarter Fiscal 2025 Outlook
The following outlook is for the fiscal first quarter ending December 28, 2024. These statements are forward-looking and actual results may differ materially. 

Revenue between $1.925 billion to $2.025 billionGAAP diluted earnings per share between $1.03 to $1.13Non-GAAP diluted earnings per share between $1.30 to $1.40

Safe Harbor Statement
The statements above including our financial outlook for the first quarter fiscal 2025 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company’s annual and quarterly reports filed with the Securities Exchange Commission.

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the fourth quarter and fiscal year 2024 and outlook for the first quarter of fiscal 2025 on Monday, November 4, 2024 at 4:30 p.m. ET (1:30 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q4’24 Earnings. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 88946#.

About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.

Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610

 

Sanmina Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(GAAP)

(Unaudited)

September 28,
2024

September 30,
2023

ASSETS

Current assets:

Cash and cash equivalents

$          625,860

$          667,570

Accounts receivable, net

1,337,562

1,230,771

Contract assets

384,077

445,757

Inventories

1,335,744

1,477,223

Prepaid expenses and other current assets

79,301

58,249

Total current assets

3,762,544

3,879,570

Property, plant and equipment, net

616,067

632,836

Deferred tax assets

160,703

177,597

Other

175,646

183,965

Total assets

$       4,714,960

$       4,873,968

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$       1,485,484

$       1,612,833

Accrued liabilities

196,681

267,148

Accrued payroll and related benefits

133,129

127,406

Short-term debt, including current portion of long-term debt

17,500

25,945

Total current liabilities

1,832,794

2,033,332

Long-term liabilities:

Long-term debt

299,823

312,327

Other

220,835

209,684

Total long-term liabilities

520,658

522,011

Stockholders’ equity

2,361,508

2,318,625

Total liabilities and stockholders’ equity

$       4,714,960

$       4,873,968

 

Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

Twelve Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net sales

$     2,017,505

$     2,052,019

$     7,568,328

$     8,935,048

Cost of sales

1,846,212

1,878,591

6,927,899

8,191,837

Gross profit

171,293

173,428

640,429

743,211

Operating expenses:

Selling, general and administrative

70,490

62,124

266,194

255,072

Research and development

8,243

7,715

28,514

26,427

Restructuring

2,970

4,323

10,227

6,054

Total operating expenses

81,703

74,162

304,935

287,553

Operating income

89,590

99,266

335,494

455,658

Interest income

2,799

3,910

12,440

13,595

Interest expense

(5,047)

(8,257)

(29,183)

(36,290)

Other expense

(564)

(8,168)

(1,216)

(20,156)

Interest and other, net

(2,812)

(12,515)

(17,959)

(42,851)

Income before income taxes

86,778

86,751

317,535

412,807

Provision for income taxes

19,438

21,396

79,784

85,294

Net income before noncontrolling interest

67,340

65,355

237,751

327,513

     Less: Net income attributable to noncontrolling interest

5,959

3,514

15,215

17,543

Net income attributable to common shareholders

$          61,381

$          61,841

$        222,536

$        309,970

Net income attributable to common shareholders per share:

Basic

$               1.12

$               1.08

$               4.00

$               5.36

Diluted

$               1.09

$               1.04

$               3.91

$               5.18

Weighted-average shares used in computing per share amounts:

Basic

54,783

57,406

55,592

57,847

Diluted

56,235

59,178

56,970

59,815

 

Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

Twelve Months Ended

September 28,
2024

June 29,
2024

September 30,
2023

September 28,
2024

September 30,
2023

GAAP Operating income

$           89,590

$           82,367

$          99,266

$         335,494

$         455,658

GAAP Operating margin

4.4 %

4.5 %

4.8 %

4.4 %

5.1 %

Adjustments:

Stock compensation expense (1)

15,489

14,682

12,942

57,407

50,402

Amortization of intangible assets

—

—

1,342

—

2,493

Distressed customer charges (recoveries)
(2)

—

(2,500)

—

1,799

—

Legal and other (3)

(720)

500

—

1,130

5,170

Restructuring

2,970

1,793

4,323

10,227

6,054

Non-GAAP Operating income

$         107,329

$           96,842

$        117,873

$        406,057

$        519,777

Non-GAAP Operating margin

5.3 %

5.3 %

5.7 %

5.4 %

5.8 %

GAAP Net income attributable to common
shareholders

$           61,381

$           51,602

$          61,841

$         222,536

$         309,970

Adjustments:

Operating income adjustments (see above)

17,739

14,475

18,607

70,563

64,119

Legal and other (3)

—

—

—

(4,967)

(3,630)

Adjustments for taxes (4)

1,175

4,751

3,526

12,736

3,771

Non-GAAP Net income attributable to
common shareholders

$           80,295

$           70,828

$          83,974

$        300,868

$        374,230

GAAP Net income attributable to common
shareholders per share:

Basic

$               1.12

$               0.93

$               1.08

$               4.00

$               5.36

Diluted

$               1.09

$               0.91

$               1.04

$               3.91

$               5.18

Non-GAAP Net income attributable
to common shareholders per share:

Basic

$               1.47

$               1.28

$               1.46

$               5.41

$               6.47

Diluted

$               1.43

$               1.25

$               1.42

$               5.28

$               6.26

Weighted-average shares used in
computing per share amounts:

Basic

54,783

55,466

57,406

55,592

57,847

Diluted

56,235

56,711

59,178

56,970

59,815

(1)

Stock compensation expense

Cost of sales

$             4,700

$             4,327

$            3,978

$           17,493

$           16,763

Selling, general and administrative

10,461

10,082

8,747

38,867

32,781

Research and development

328

273

217

1,047

858

Total

$           15,489

$           14,682

$          12,942

$          57,407

$          50,402

(2)

Relates to accounts receivable and inventory write-downs (recoveries) associated with distressed
customers.

(3)

Represents expenses, charges and recoveries associated with certain legal and other matters.

(4)

GAAP provision for income taxes

$           19,438

$           19,900

$          21,396

$           79,784

$           85,294

Adjustments:

Tax impact of operating income adjustments

1,550

1,303

2,645

7,415

7,736

Discrete tax items

2,925

1,462

1,210

3,425

12,930

Deferred tax adjustments

(5,650)

(7,516)

(7,381)

(23,576)

(24,437)

Subtotal – adjustments for taxes

(1,175)

(4,751)

(3,526)

(12,736)

(3,771)

Non-GAAP provision for income taxes

$           18,263

$           15,149

$          17,870

$          67,048

$          81,523

 

Q1 FY25 Earnings Per Share Outlook*:

Q1 FY25 EPS Range

Low

High

GAAP diluted earnings per share

$                  1.03

$                  1.13

Stock compensation expense

$                  0.27

$                  0.27

Non-GAAP diluted earnings per share

$                  1.30

$                  1.40

* Due to uncertainty regarding the timing of recognition of restructuring charges, impairment charges and other unusual or infrequent items, if any, that could be incurred during the first quarter of FY25, an estimate of such items is not included in the outlook for Q1 FY25 GAAP EPS.

 

Sanmina Corporation

Condensed Consolidated Cash Flow

(in thousands)

(GAAP)

(Unaudited)

Three Month Periods

Twelve Month Periods

Q4’24

Q3’24

Q2’24

Q1’24

Q4’23

FY24

FY23

Net income before noncontrolling interest

$    67,340

$    54,738

$    55,309

$    60,364

$    65,355

$  237,751

$  327,513

Depreciation and amortization

31,654

29,764

30,274

30,726

30,521

122,418

118,237

Other, net

30,110

19,708

18,634

18,185

21,947

86,637

80,923

Net change in net working capital

(77,229)

(14,211)

(31,900)

16,750

(40,966)

(106,590)

(291,505)

Cash provided by operating activities

51,875

89,999

72,317

126,025

76,857

340,216

235,168

Purchases of long-term investments

(3,300)

(600)

(700)

(600)

(500)

(5,200)

(2,500)

Net purchases of property & equipment

(22,597)

(22,772)

(29,611)

(34,216)

(37,803)

(109,196)

(189,958)

Cash used in investing activities

(25,897)

(23,372)

(30,311)

(34,816)

(38,303)

(114,396)

(192,458)

Holdback paid in connection with previous
business combination

—

—

—

—

—

—

(8,558)

Net share repurchases

(60,412)

(54,629)

(17,477)

(115,619)

(30,397)

(248,137)

(103,681)

Net borrowing activities

—

(4,375)

(4,375)

(12,820)

4,070

(21,570)

(9,055)

Proceeds from sale of non-controlling
interest

—

—

—

—

—

—

215,799

Cash used for financing activities

(60,412)

(59,004)

(21,852)

(128,439)

(26,327)

(269,707)

94,505

Effect of exchange rate changes

2,585

(772)

(886)

1,250

(1,245)

2,177

498

Net change in cash & cash equivalents

$  (31,849)

$      6,851

$    19,268

$  (35,980)

$    10,982

$  (41,710)

$  137,713

Free cash flow:

Cash provided by operating activities

$    51,875

$    89,999

$    72,317

$  126,025

$    76,857

$  340,216

$  235,168

Net purchases of property & equipment

(22,597)

(22,772)

(29,611)

(34,216)

(37,803)

(109,196)

(189,958)

$    29,278

$    67,227

$    42,706

$    91,809

$    39,054

$  231,020

$    45,210

Schedule 1

The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.

Management excludes these items principally because such charges or benefits are not directly related to the Company’s ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company’s operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company’s strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management’s approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company’s liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company’s performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.

Additional information regarding the economic substance of each exclusion, management’s use of the resultant non-GAAP measures, the material limitations of management’s approach and management’s methods for compensating for such limitations is provided below.

Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company’s results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company’s core results with those of its competitors.

Restructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company’s competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company’s core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company’s competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Therefore, management also reviews GAAP results including these amounts.

Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company’s liquidity. In addition, given the fact that the Company’s competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors.

Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company’s liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors because the Company’s competitors complete acquisitions at different times and for different amounts than the Company.

Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company’s ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company’s competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.

Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company’s core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.

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SOURCE Sanmina Corporation

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Chemours Announces Dates for Third Quarter 2026 Earnings Release and Webcast Conference Call

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51 minutes ago

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October 21, 2026

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WILMINGTON, Del., Oct. 21, 2026 /PRNewswire/ — The Chemours Company (“Chemours” or “the Company”) (NYSE: CC) today announced that the Company expects to issue its third quarter 2026 financial results after market on Monday, November 2, 2026.

The Company expects to hold its conference call to discuss its third quarter 2026 financial results at 8:00 a.m. Eastern Standard Time on Tuesday, November 3, 2026. The call is open to the public and can be accessed via the webcast information below. The webcast and materials can be accessed by visiting the “Events and Presentations” section of the Investor Relations section of Chemours’ website at investors.chemours.com.

Conference Call: Please visit investors.chemours.com for a link to the live webcast and to view the accompanying slides.

Replay: A webcast replay will be available at investors.chemours.com.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers’ biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn. 

CONTACTS:

INVESTORS
Brandon Ontjes
Vice President, Head of Strategy & Investor Relations
+1.302.773.3300 
investor@chemours.com 

NEWS MEDIA
Cassie Olszewski
Media Relations & Reputation Leader
+1.302.219.7140
media@chemours.com  

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SOURCE The Chemours Company

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AGEDB Announces Preliminary Technical Evaluation of Graph Database and AI Data Platform Opportunities

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52 minutes ago

on

October 21, 2026

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VANCOUVER, BC, Oct. 21, 2026 /CNW/ — AGEDB Technology Ltd. (TSXV: AGET) (“AGEDB” or the “Company”) announces that it is evaluating opportunities to re-engage in its historical graph database business area through preliminary architectural design and technical assessment of potential AI data platform applications, following its entry, on September 16, 2026, into a memorandum of understanding (the “MOU”) with a Korea-listed company exploring opportunities to enter the AI sector (the “Korean Company”).

The Company previously disclosed that it had discontinued its graph database management system operations during the year ended April 30, 2025 and was seeking new business opportunities. The Company is now assessing potential opportunities to leverage its existing Apache AGE-related technology and experience. These preliminary evaluations should not be interpreted as a resumption of full-scale development or commercial operations.

Under the MOU, AGEDB and the Korean Company contemplate evaluating an integrated package combining locally installed PostgreSQL and Apache AGE relationship-analysis database technology with an AI agent. The MOU also contemplates a separate “Personal AI Operating System” evaluation track, referred to as “AGE Brain,” for potential use in user-controlled computing environments. The proposed applications remain conceptual and subject to further technical and commercial assessment.

The contemplated preliminary work includes architectural design and technical evaluation of approaches to connecting relational data with graph-based relationships and supporting AI-assisted information retrieval and analysis. The parties may consider proof-of-concept testing and pilot activities, but no timeline or commitment to undertake such activities has been established under the MOU.

The MOU has a one-year term. Except for provisions expressly identified as binding, it is non-binding and does not require either party to complete development, launch or commercialize a product, make an investment, commit personnel, pay development fees, or enter into a definitive commercial agreement. Specific project scope, deliverables, schedules, responsibilities, costs and any commercialization terms remain subject to further discussions and, where applicable, separate written agreements. Each party will bear its own evaluation costs unless otherwise agreed in writing.

The Company’s evaluation remains preliminary. No product launch, commercial revenue or definitive commercialization arrangement has been agreed, and there can be no assurance that the parties will proceed with development, that the proposed platform will be completed or commercialized, or that the Company will obtain the resources required to advance the opportunity.

AGEDB may also explore potential collaborations with AI development companies in Korea and other markets, subject to available resources and further assessment.

AGEDB Technology Ltd.

On behalf of the board of directors,

“Jungsoo Kim”
CEO

About AGEDB Technology Ltd.

AGEDB Technology Ltd. is a technology company listed on the TSX Venture Exchange under the symbol “AGET.” The Company is focused on developing and pursuing opportunities in data intelligence, graph database technology and applied artificial intelligence.

Forward-Looking Information

This news release contains forward-looking information, including statements regarding the Company’s development activities, the proposed AI data platform, potential proof-of-concept and pilot activities, and possible future collaborations and commercialization. Forward-looking information is based on management’s current expectations and assumptions and is subject to risks and uncertainties that could cause actual results to differ materially. The memorandum of understanding is generally non-binding, and there can be no assurance that the parties will proceed with or complete any development, pilot, product launch or commercial arrangement, or that AGEDB will enter into additional collaborations. Readers are cautioned not to place undue reliance on forward-looking information. AGEDB undertakes no obligation to update such information except as required by applicable securities laws.

SOURCE AGEDB Technology Ltd.

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Bose Corporation Acquires Skullcandy, Expanding Its Consumer Audio Portfolio to Reach New Audiences

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52 minutes ago

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October 21, 2026

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Acquisition follows a successful partnership between the two companies and advances Bose’s evolution into a multi-brand products and technology company

FRAMINGHAM, Mass. and PARK CITY, Utah, Oct. 21, 2026 /PRNewswire/ — Bose Corporation, a global leader in audio innovation and research, announced today it has acquired Skullcandy, a lifestyle audio brand known for its bold products that bring together sound, style and performance. Bose and Skullcandy have each spent decades finding new ways to bring people closer to the music they love. Together, they’ll combine Bose’s audio expertise, technology and global reach with Skullcandy’s design, understanding of its consumers and authentic community connections to create new products and experiences and accelerate growth.

The acquisition follows a multi-year partnership that has already brought Sound by Bose technology to Skullcandy earbuds and headphones. The companies have seen firsthand how their strengths can come together to create products consumers love while staying true to what makes Skullcandy special, providing a foundation to accelerate further collaboration and innovation.

With a strong position at the intersection of audio, lifestyle and culture, Skullcandy will remain a separate brand within Bose’s Premium Consumer Audio business. Skullcandy’s deep roots in boardsports, including longstanding relationships with passionate supporters of the culture and its athletes, and authentic connections across music, gaming, fitness and other communities present new ways for Bose to meaningfully connect with consumers where it has less presence today.

“For more than 60 years, Bose has been committed to delivering incredible audio experiences however and wherever people choose to listen. As we work to reach even more people, we’re expanding how we do that, not only through Bose products, but through technology partnerships and a growing portfolio of brands,” said Lila Snyder, Chief Executive Officer of Bose Corporation. “As a privately held company, we have the freedom to make bold, long-term investments in opportunities we believe in, and Skullcandy is a great example of that. They have an established, thriving brand, and together we see tremendous opportunity to create new products and experiences and reach more consumers around the world.”

“We believe this is a win for Skullcandy and our fans,” said Brian Garofalow, Chief Executive Officer of Skullcandy. “Skullcandy was born on a chairlift in Park City, Utah, over 20 years ago, and we’ve always believed great music should be part of the experiences people love. Joining Bose gives us the opportunity to make those experiences even better by bringing more of their audio expertise and technology to our products, and it opens up even more ways to take Skullcandy further.”

Bose plans to invest in Skullcandy’s continued growth, providing greater access to technology, resources, global distribution and commercial relationships while giving the brand the freedom to continue evolving in ways that are authentic to its identity and consumers. Skullcandy will continue to be based in Park City, Utah.

Bose acquired Skullcandy from a fund managed by Mill Road Capital Management LLC, a Connecticut-based private investment firm. Jones Day acted as Bose’s legal counsel. Additional information, including financial and other terms of the transaction, will remain confidential.

About Bose Corporation
Bose Corporation is a global leader in audio innovation, driven by a singular belief: sound has the power to transform the way people connect with the world. For more than 60 years, Bose has combined pioneering research, engineering excellence, and a deep understanding of human perception to create products and technologies that deliver extraordinary experiences. Through its portfolio of iconic brands, including Bose, McIntosh, Sonus faber, and Skullcandy, the company offers premium and luxury audio solutions for the home, on the go, and in the car. Bose also collaborates with leading companies across industries, extending its audio expertise and technologies into new products, platforms, and applications beyond its own brands. 

Guided by a relentless spirit of innovation and a passion for what sound makes possible, Bose continues to advance the science and art of sound while expanding its impact on everyday life. From music and entertainment to communication, wellness, and emerging applications, Bose is creating new ways for people around the world to feel more connected, inspired, and engaged through the power of sound.

About Skullcandy
Founded in 2003 on a chairlift in Park City, Utah, Skullcandy is the original lifestyle audio brand. With deep roots in action sports culture, Skullcandy creates headphones, earbuds, and speakers that deliver powerful sound, bold style, and immersive experiences. Designed to move with you—from the mountains to the streets—Skullcandy gear is built to perform and made to stand out. Learn more at www.Skullcandy.com.

Contact

Joanne Berthaume
Joanne_berthaume@bose.com

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SOURCE Bose Corporation

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