Q3 Fiscal 2009 Results (quarter ended July 4, 2009):   --  Revenue: $379 million, relative to guidance of $355 to $385 million.    --  Diluted EPS: $0.23, including $0.04 per share of stock-based       compensation expense, relative to guidance of $0.18 to $0.25.     Q4 Fiscal 2009 Guidance:   --  Revenue: $380 to $405 million.    --  Diluted EPS: $0.27 to $0.32, excluding any restructuring charges and       including approximately $0.04 per share of stock-based compensation       expense.    

Dean Foate, President and CEO, commented, "Fiscal third quarter revenues unfolded generally in line with our expectations. Overall revenues declined 3% sequentially from the fiscal second quarter with sequential declines in all sectors except our Wireline/Networking sector where we benefited from improved end-market demand. While our fiscal third quarter was challenging, we experienced a relatively low level of customer demand volatility, perhaps an indication that end-markets are stabilizing. During Q3 we won 15 new manufacturing programs that we currently anticipate will generate approximately $188 million in annualized revenue when fully ramped into production over the coming quarters, subject to risks around the timing and ultimate realization of the forecasted revenues. We continue to believe we are gaining market share."

Mr. Foate continued, "We currently anticipate modest revenue growth in our fiscal fourth quarter of 2009 as we benefit from the continuing strong pace of new business wins. We are establishing fiscal fourth quarter revenue guidance of $380 to $405 million with diluted EPS of $0.27 to $0.32, excluding any restructuring charges and including approximately $0.04 per share of stock-based compensation expense. Looking further ahead to our fiscal first quarter of 2010, while we currently have visibility to modest sequential top line growth, we would caution that relative to fiscal fourth quarter 2009 results, first half fiscal 2010 operating margins will be pressured by mix shift, compensation-related cost increases and capacity investments that are necessary to support new program ramps that we anticipate will drive growth in the second half of the fiscal year."

Ginger Jones, Vice President and CFO, commented, "Our diluted EPS was largely in line with our expectations for the quarter. The only significant difference from our expectations was a $0.01 reduction to EPS as a consequence of an increase to our full-year tax rate, which is now estimated to be 8% for the full year versus the 7% tax rate anticipated when we established our guidance for the fiscal third quarter. The one percentage point increase in the tax rate is due to improvement in forecasted earnings in higher-tax jurisdictions in the fourth quarter of fiscal 2009."

Ms. Jones concluded, "The cost-cutting measures that we initiated during the fiscal second quarter delivered the savings we anticipated for the third quarter. Also as expected, we did not have any restructuring charges during the fiscal third quarter. We continue to closely monitor our revenue projections, production capacity and cost structure and have identified other cost-cutting measures that could be implemented quickly if warranted. We believe we have struck the proper balance of cost management and modest investments to support our many new program wins as well as our long-term growth strategy."

Plexus provides non-GAAP supplemental information. Non-GAAP income statements exclude transactions such as restructuring costs, goodwill impairment and discrete tax adjustments, that are not expected to have an effect on future operations. Non-GAAP financial data is provided to facilitate meaningful period-to-period comparisons of underlying operational performance by eliminating infrequent or unusual charges. Similar non-GAAP financial measures, including return on invested capital ("ROIC"), are used for internal management assessments because such measures provide additional insight into ongoing financial performance. In particular, we provide ROIC because we believe it offers insight into the metrics that are driving management decisions as well as management's performance under the tests which it sets for itself. Please refer to the attached reconciliations of non-GAAP supplemental data.

MARKET SECTOR BREAKOUT

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company's sales and marketing focus.

          Market Sector             Q3 - F09          Q2 - F09          -------------             --------          --------   Wireline/Networking            $184 M      48%   $176 M      45%   --------------------------     ------      --    ------      --   Wireless Infrastructure         $33 M       9%    $35 M       9%   -----------------------         -----       -     -----       -   Medical                         $80 M      21%    $93 M      24%   -------                         -----      --     -----      --   Industrial/Commercial           $46 M      12%    $48 M      12%   --------------------------      -----      --     -----      --   Defense/Security/Aerospace      $36 M      10%    $37 M      10%   --------------------------      -----      --     -----      --   Total Revenue                  $379 M            $389 M   -------------                  ------            ------   FISCAL Q3 SUPPLEMENTAL INFORMATION   --  ROIC for the third fiscal quarter was 12.4%.  The Company defines ROIC       as tax-effected annualized operating income divided by average       invested capital over a rolling four-quarter period.  Invested capital       is defined as equity plus debt, less cash and cash equivalents and       short-term investments.  In periods where restructuring or non-cash       goodwill impairment charges were incurred, such as the fiscal first       and second quarters of 2009, we compute adjusted ROIC excluding these       costs to better compare ongoing operations.   --  Cash flow provided by operations was approximately $26.7 million for       the quarter.  Capital expenditures for the quarter were $11.9 million.       Free cash flow was approximately $14.8 million for the quarter.  The       Company defines free cash flow as cash flow provided by (or used in)       operations less capital expenditures.   --  Top 10 customers comprised 57% of revenue during the quarter, down 1       percentage point from the previous quarter.   --  Juniper Networks, Inc., with 23% of revenue, was the only customer       representing 10% or more of revenue for the quarter.    --  Cash Conversion Cycle:    Cash Conversion Cycle            Q3 - F09          Q2 - F09   ---------------------            --------          --------   Days in Accounts                 49 Days            47 Days    Receivable   ----------------                 -------            -------   Days in Inventory                83 Days            87 Days   -----------------                -------            -------   Days in Accounts Payable        (55) Days          (56) Days   ------------------------        ---------          ---------   Annualized Cash Cycle            77 Days            78 Days   ---------------------            -------            -------      Conference Call/Webcast and Replay Information:    What:       Plexus Corp.'s Fiscal Q3 Earnings Conference Call    When:       Thursday, July 30th at 8:30 a.m.