SiliconBeat

Spansion, the bankrupt Sunnyvale flash memory maker that gave its executives a retention-based pay raise in February the same day it fired 3,000 workers, named its fourth chief financial officer in less than five months.

Randy Furr was named to replace Nathan Sarkisian, who served as interim CFO since May 20 when he replaced the previous Read the rest of this entry »

Late Friday afternoon, March 6, Sanmina-SCI filed details of a preliminary settlement reached last month between a group of shareholders who had sued the company and several of its current and former executives and members of its board over the electronic manufacturer’s past stock option practices.

The deal, subject to final approval at a hearing in San Jose May 1, calls for changes in the way the company grants options along with steps to being taken by several individual defendants, including the repricing and/or forfeiture of previous options grants and outright cash payments to the company.

The company also agreed to pay Read the rest of this entry »

Sanmina-SCI reported Tuesday to the SEC that its chief financial officer, David White, told the company Jan. 28 that he would be resigning. The exact data of his departure has yet to be set and White has agreed to continue “in a transitional capacity for a period of time not expected to exceed 30 days.”

The usual boilerplate applied: Read the rest of this entry »

Sanmina-SCI, the San Jose-based electronics contract manufacturer, estimated in its quarterly filing with the SEC today that its “maximum exposure” was $20 million related to Nortel Networks, which filed  to reorganize under bankruptcy protection on Jan. 14.

Sanmina “considered collectibility of accounts receivable and determined that certain amounts may not be collectible.  Therefore, the Company deferred recognition of revenue in the amount of $5.0 million for shipments made during the three months ended December 27, 2008.”

The company also “determined that certain inventory balances may not be recoverable and provided a reserve for such inventories in the amount of $5.0 million during the three months ended December 27, 2008.”

Sanmina-SCI, the San Jose electronics contract manufacturer, said its stockholders approved a proposal by which its board may reverse-split shares of its stock anywhere from 1 share for every 3 to 1 for every 10 shares. The board has up to a year in which to take the step, which was approved Sept. 29.

As of June 28, 2008, Sanmina-SCI (ticker: SANM) had some 531 million shares of common stock outstanding. The board had urged shareholders to OK the reverse-split saying that the resulting higher price per share would attract Read the rest of this entry »

Electronics contract manufacturer Sanmina-SCI said Wednesday it would seek approval from shareholders to enact a reverse split of its stock “”within a range of one-for-three to one-for-ten, with the final ratio to be determined by the Board of Directors following stockholder approval,” which the company plans to seek at a special shareholders meeting in September.

No reason was given Read the rest of this entry »