UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2003
Commission File Number ____0-7491_______
MOLEX INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware 36-2369491
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2222 Wellington Court, Lisle, Illinois 60532
Registrant's telephone number, including area code: 630-969-4550
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No ________
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act.) Yes X No ______
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date (applicable only to corporate
registrants). At September 30, 2003:
Common Stock 100,398,884 shares
Class A Common Stock 89,863,740 shares
Class B Common Stock 94,255 shares
MOLEX INCORPORATED
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets -- 2
September 30, 2003 and June 30, 2003
Condensed Consolidated Statements of Income -- 3
Three Months Ended September 30, 2003 and 2002
Condensed Consolidated Statements of Cash Flows -- 4
Three Months Ended September 30, 2003 and 2002
Notes to Condensed Consolidated Financial Statements 5
Item 2. Management's Discussion and Analysis of Results
of Operations and Financial Condition 9
Item 3. Quantitative and Qualitative Disclosure About
Market Risk 11
Item 4. Controls and Procedures 12
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Information 13
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 14
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
MOLEX INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS September 30, June 30,
2003 2003
_________ _________
(unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 158,794 $ 178,976
Marketable securities 161,848 171,235
Accounts receivable - net 441,280 396,780
Inventories 195,653 179,256
Other current assets 49,921 35,866
_________ _________
Total current assets 1,007,496 962,113
PROPERTY, PLANT AND EQUIPMENT - NET 1,023,584 1,007,948
GOODWILL 160,729 160,732
OTHER ASSETS 202,192 204,097
_________ _________
$2,394,001 $2,334,890
_________ _________
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 188,650 $ 175,815
Accrued expenses 131,561 117,994
Other current liabilities 60,956 62,339
_________ _________
Total current liabilities 381,167 356,148
OTHER NON-CURRENT LIABILITIES 3,297 6,123
ACCRUED PENSION AND POSTRETIREMENT BENEFITS 61,870 58,430
LONG-TERM DEBT 10,860 13,137
OBLIGATIONS UNDER CAPITAL LEASES 3,461 3,731
MINORITY INTEREST 825 753
SHAREHOLDERS' EQUITY
Common stock 10,700 10,680
Paid-in capital 346,478 341,530
Retained earnings 2,030,750 2,003,440
Treasury stock (458,049) (437,234)
Deferred unearned compensation (29,544) (32,094)
Cumulative translation and
other adjustments 32,186 10,246
_________ _________
Total shareholders' equity 1,932,521 1,896,568
_________ _________
$2,394,001 $2,334,890
_________ _________
The accompanying notes are an integral part of these condensed consolidated
financial statements.
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MOLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited - In thousands except per share data)
THREE MONTHS ENDED
September 30,
___________________
2003 2002
________ ________
NET REVENUE $496,763 $469,246
COST OF SALES 327,382 309,690
________ ________
Gross Profit 169,381 159,556
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Selling 44,416 40,877
General and Administrative 81,556 79,591
________ _______
Total selling, general and administrative expenses 125,972 120,468
Income from operations 43,409 39,088
OTHER INCOME (EXPENSE):
Interest, net 1,235 1,010
Other income (expense) (666) (583)
________ ________
Total other income (expense) 569 427
INCOME BEFORE INCOME TAXES 43,978 39,515
INCOME TAXES 11,916 9,553
________ ________
NET INCOME $ 32,062 $ 29,962
________ ________
EARNINGS PER COMMON SHARE:
BASIC $0.17 $0.16
DILUTED $0.17 $0.15
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC 190,679 192,865
DILUTED 192,372 194,439
CASH DIVIDENDS PER COMMON SHARE $0.025 $0.025
The accompanying notes are an integral part of these condensed consolidated
financial statements.
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MOLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In thousands)
THREE MONTHS ENDED
September 30,
___________________
2003 2002
________ ________
CASH AND CASH EQUIVALENTS, Beginning of Period $178,976 $213,477
OPERATING ACTIVITIES:
Net income 32,062 29,962
Add (deduct) non-cash items included
in net income -
Depreciation and amortization 55,475 56,396
Amortization of deferred unearned compensation 3,007 3,281
Other charges to net income (394) (204)
Changes in assets and liabilities, excluding
effects of foreign currency adjustments -
Accounts receivable (36,008) (8,702)
Inventories (13,767) (9,944)
Other current assets (10,953) 654
Accounts payable 7,121 (8,737)
Accrued expenses 7,886 13,327
Other liabilities (12,520) (13,707)
_______ _______
CASH PROVIDED FROM OPERATING ACTIVITIES 31,909 62,326
INVESTING ACTIVITIES:
Capital expenditures (45,324) (38,098)
Proceeds from sale of property, plant
and equipment 985 786
(Increase)decrease in marketable securities 9,387 (22,558)
Other investing activities (3,044) (5,337)
_______ _______
CASH USED FOR INVESTING ACTIVITIES (37,996) (65,207)
FINANCING ACTIVITIES:
Net decrease in debt (2,855) (1,878)
Principal payments on capital lease obligations (1,362) (1,507)
Cash dividends paid (4,773) (4,829)
Purchase of treasury stock (19,985) (25,020)
Reissuance of treasury stock 539 602
Exercise of stock options 2,177 968
_______ _______
CASH USED FOR FINANCING ACTIVITIES (26,259) (31,664)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS 12,164 (2,937)
_______ _______
CASH AND CASH EQUIVALENTS, End of Period $158,794 $175,995
_______ _______
The accompanying notes are an integral part of these condensed consolidated
financial statements.
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MOLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) Basis of Presentation
Molex Incorporated manufactures electronic components, including electrical
and fiber optic interconnection products and systems; switches; integrated
products; and application tooling in 58 plants in 19 countries throughout the
world.
The unaudited financial statements have been prepared from the Company's books
and records and reflect all adjustments that, in the opinion of management, are
necessary for a fair presentation of information for the interim periods
presented. The condensed consolidated financial statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission
and therefore, do not include all information and footnote disclosures included
in the annual consolidated financial statements. These financial statements
should be read in conjunction with the consolidated financial statements and
notes thereto included in the Molex Incorporated 2003 Annual Report to
Shareholders and the 2003 Annual Report on Form 10-K. The results of
operations for the interim periods should not be considered indicative of
results to be expected for the full year.
Certain reclassifications have been made to the prior year's financial
statements to conform to the fiscal year 2004 classifications.
(2) Earnings Per Common Share
The reconciliation of basic average common shares outstanding to dilutive
average common shares outstanding is as follows (in thousands):
Three Months Ended
September 30,
__________________
2003 2002
_______ _______
Weighted average shares outstanding - basic 190,679 192,865
Dilutive effect of stock options 1,693 1,574
_______ _______
Weighted average shares outstanding - diluted 192,372 194,439
_______ _______
(3) Comprehensive Income
Total comprehensive income is summarized as follows (in thousands):
Three Months Ended
September 30,
__________________
2003 2002
_______ _______
Net income $32,062 $29,962
Foreign currency transalation adjustments 21,698 (15,876)
Unrealized gain (loss) on
available-for-sale securities 242 (77)
_______ _______
Total comprehensive income $54,002 $14,009
_______ _______
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MOLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
4) Inventories
Inventories are valued at the lower of first-in, first-out cost or market.
Inventories, net of reserves, consist of the following (in thousands):
September 30, June 30,
2003 2003
____________ ____________
Raw Materials $ 24,750 $ 26,155
Work in Process 56,254 63,807
Finished Goods 114,650 89,294
____________ ____________
$195,653 $179,256
____________ ____________
5) Stock Option Plans
As permitted by Statement of Financial Accounting Standards (SFAS) No. 123,
"Accounting for Stock-Based Compensation", the Company has elected to account
for its stock-based compensation programs according to the provisions of
Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to
Employees." Had the Company elected to apply the provisions of SFAS No. 123
regarding recognition of compensation expense to the extent of the calculated
fair value of stock options granted, the effects on reported net income and
earnings per share would have been as follows (in thousands, except per share
data):
Three Months Ended
September 30,
__________________
2003 2002
_______ _______
Net Income, as reported $32,062 $29,962
Add: Stock-based compensation
expense included in reported
net income, net of tax 2,196 2,494
Deduct: Total stock-based
compensation expense
determined under fair value
method for all awards,
net of tax (3,814) (4,274)
_______ _______
Pro forma net income $30,444 $28,182
_______ _______
Earnings per share:
Basic $ 0.17 $ 0.16
Diluted 0.17 0.15
Pro forma earnings per share:
Basic $ 0.16 $ 0.15
Diluted 0.16 0.15
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MOLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6) Segment and Related Information
The Company and its subsidiaries operate in one product segment: the
manufacture and sale of electrical components. Management operates the
business by geographic region and information by geographic region is
summarized as follows (in thousands):
Inter-
Three Customer company Total Net
Months Ended: Revenue Revenue Revenue Income
September 30, 2003 - ________ ________ ________ _______
Americas $151,491 $ 38,869 $ 23,025 $10,583
Far East North 116,313 48,693 282,866 13,653
Far East South 142,872 17,528 261,067 17,482
Europe 74,407 8,365 167,594 (1,603)
Corporate and Other 11,680 2,857 31 (8,053)
Eliminations - (116,312) (171,566) -
________ ________ ________ _______
Total $496,763 - $496,763 $32,062
________ ________ ________ _______
September 30, 2002 -
Americas $165,797 $ 25,193 $190,990 $ 8,951
Far East North 103,027 41,588 144,615 11,694
Far East South 116,367 12,051 128,418 17,891
Europe 72,969 6,949 79,918 975
Corporate and Other 11,086 3,329 14,325 (9,549)
Eliminations - (89,020) (89,020) -
________ ________ ________ _______
Total $469,246 - $469,246 $29,962
________ ________ ________ _______
Revenue is recognized based on the location of the selling entity.
7) Other Charges
During the fourth quarter of fiscal 2003, the Company recorded a pretax charge
of $40.1 million ($28.6 million, net of a tax benefit of $11.5 million). This
charge included $23.1 million relating to write-offs of manufacturing assets
and facilities, $5.1 million for the write-off of licenses and investments and
$11.9 million for severance costs related to a workforce reduction of 537
people. Some employment reductions occurred during fiscal 2003, and all
remaining employment reductions are expected to occur in the first half of
fiscal 2004. Most severance payments will continue for up to a year.
During the fourth quarter of fiscal 2001 and the second quarter of fiscal 2002,
the Company recorded charges for severance and other termination benefits of
$46.4 million associated with global workforce reductions of approximately
1,750 employees. At September 30, 2003, $1.8 million of severance payments
related to these workforce reduction actions remained in the consolidated
balance sheet.
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MOLEX INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The change in the accrued severance balance is summarized as follows (in
thousands):
June 2003 Dec. 2001 June 2001
Charge Charge Charge Total
_________ _________ _________ _________
Balance at June 30, 2003 $10,126 $ 1,831 $ 757 $ 12,714
Charges to expense - - - -
Cash payments (2,086) (484) (316) (2,886)
_________ _________ _________ _________
Balance at September 30, 2003 $ 8,040 $ 1,347 $ 441 $ 9,828
_________ _________ _________ _________
8) Subsequent Event
On October 28, 2003, Molex announced that it has reached a tentative agreement
to purchase in a cash transaction, the assets and business of Connecteurs Cinch
S.A. and its subsidiaries in India, China and Portugal from the Snecma Group,
its Paris, France based parent. The parties are working together toward
finalization of a definitive Asset Purchase and Sale Agreement. Completion of
the transaction, expected in the third quarter of fiscal 2004, is subject to
receipt of certain regulatory approvals and to approval by the Board of
Directors of Molex and the Board of Directors of Snecma S.A. Molex expects
incremental sales of approximately $25 to $35 million in fiscal 2004 if the
transaction is completed as planned.
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MOLEX INCORPORATED
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
RESULTS OF OPERATIONS
_____________________
Consolidated revenue was $496.8 million for the first quarter ended September
30, 2003, up $27.6 million, or 5.9 percent, over the prior year period. The
strengthening of other currencies compared with the U.S. dollar increased
revenue by $10.3 million in the first quarter.
Total revenue in the Americas region of $190.4 million was essentially flat
compared with the prior year quarter. An increase in demand in the computer
network and mobile telephone markets was offset by the transfer of production
by customers to the Far East.
Quarterly revenue in the Far East North region increased 14.1 percent to $165.0
million, as compared with last year's first quarter revenue of $144.6 million.
Demand for new products developed for the digital consumer electronics market,
such as mobile phones, digital still cameras, flat panel displays and DVDs, was
especially strong.
Far East South revenue for the quarter was $160.4 million, up 24.9 percent over
the prior year period. Strong demand in the digital consumer, mobile
telephone, and notebook and desktop computer markets drove the increase.
In Europe, revenue was $82.8 million, as compared with $79.9 million in the
prior year quarter. Foreign currency translation, driven by the stronger euro,
favorably impacted sales by $10.5 million. The region continues to feel the
impact of the recession, experiencing difficulty in the high-end telecom market
as well as the effect from the transfer of mobile phone production by customers
to the Far East.
Gross profit was $169.4 million for the quarter ended September 30, 2003, up
$9.8 million over the prior quarter. The increase was primarily due to
leverage from the higher sales. Gross profit as a percent of revenue was 34.1
percent for the quarter ended September 30, 2003 compared with 34.0 percent
last year.
Selling and administrative expenses were $126.0 million for the first fiscal
quarter as compared with $120.5 million for the corresponding period in the
prior year. As a percent of revenue, selling and administrative expenses for
the quarter were 25.4 percent compared with 25.7 percent in the prior year.
Interest income, net of interest expense, was $1.2 million in the quarter ended
September 30, 2003 compared with $1.0 million in the prior year's first
quarter.
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The effective tax rate was 27.0 percent for the quarter ended September 30,
2003 compared with 24.0 percent in the prior year period as a result of
increased pretax income in jurisdictions with higher tax rates.
Net income for the quarter was $32.1 million, or $0.17 per basic and diluted
share, a 7.0 percent increase compared with $30.0 million, or $0.16 per basic
and $0.15 per diluted share, for the same quarter last fiscal year. Foreign
currency translation decreased net income by $0.3 million for the quarter.
FINANCIAL CONDITION AND LIQUIDITY
_________________________________
The Company's long-term financing strategy is to rely on internal sources of
funds for investing in plant, equipment and acquisitions. Management remains
confident that the Company's liquidity and financial flexibility are adequate
to support both current, as well as future growth. Molex has historically used
external borrowings only when a clear financial advantage exists. Long-term
debt at September 30, 2003 totals $10.9 million.
Cash provided from operating activities of $31.9 million was down from the
prior year due primarily to an increase in working capital. A higher level of
revenue in the current quarter resulted in higher levels of accounts receivable
and inventory than in the prior year quarter. Working capital at September 30,
2003 was $626.3 million compared with $606.0 million at June 30, 2003.
Cash used for investing activities was $38.0 million, a decrease of $27.2
million from the prior year. Capital expenditures were $45.3 million, an
increase of $7.2 million over the prior year spending of $38.1 million.
Marketable securities decreased $9.4 million in the three months ended
September 30, 2003, as compared with a $22.6 million increase in the same
period of fiscal 2003.
Cash used for financing activities was $26.3 million compared with $31.7
million in the prior period. During the three months ended September 30, 2003,
the Company purchased an aggregate of 795,000 shares of treasury stock at an
aggregate cost of $20.0 million. This is in accordance with authorization by
the Company's Board of Directors for the purchase of up to $100 million of
Common stock during fiscal 2004.
OUTLOOK
________
The outlook for the remainder of fiscal 2004 is cautiously optimistic. The
overall level of new orders during the first quarter was encouraging, and it
appears that a majority of the Company's global markets are now in an initial
phase of cautious expansion. Operations in the Far East regions continue to
drive the Company's results. Management believes that inventory in the
majority of the Company's worldwide sales channels remains below normal levels,
and when combined with expanding demand should lead to continued improvement in
the Company's financial results. The Company continues to emphasize expansion
in rapidly growing industry segments, product lines and geographic regions.
Molex remains committed to providing high quality products and a full range of
services to its customers worldwide.
For the second quarter ending December 31, 2003, management is forecasting
revenues in a range of $500 to $510 million, representing 10 to 12 percent
growth from the prior year period. Based on these revenues, earnings per share
is expected in the range of $0.18 to $0.19, an increase of 20 to 26 percent
from the prior year's second quarter.
- 10 -
Due to the uncertainty of the foreign currency exchange markets, Molex cannot
reasonably predict future trends related to foreign currency fluctuations.
Foreign currency fluctuations have impacted the Company's results in the past
and may impact results in the future.
CRITICAL ACCOUNTING POLICIES
____________________________
See the information concerning the Company's critical accounting policies
included under Management's Discussion of Financial Condition and Results of
Operations in the Company's Annual Report on Form 10-K for the fiscal year
ended June 30, 2003, which is incorporated in this Form 10-Q by reference.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company is subject to market risk associated with changes in foreign
currency exchange rates, interest rates and certain commodity prices. The
Company mitigates its foreign currency exchange rate risk principally through
the establishment of local production facilities in the markets it serves and
invoicing of customers in the same currency as the source of the products.
Molex also monitors its foreign currency exposure in each country and
implements strategies to respond to changing economic and political
environments. Examples of these strategies include the prompt payment of
intercompany balances utilizing a global netting system, the establishment of
contra-currency accounts in several international subsidiaries, development of
natural hedges and occasional use of foreign exchange contracts to protect or
preserve the value of intercompany cash flows. No material foreign exchange
contracts were in use at September 30, 2003 and 2002.
The Company has implemented a formalized treasury risk management policy that
describes the procedures and controls over derivative financial and commodity
instruments. Under the policy, the Company does not use derivative financial
or commodity instruments for speculative purposes, and the use of such
instruments is subject to strict approval levels by senior officers.
Typically, the use of derivative instruments is limited to hedging activities
related to specific foreign currency cash flows.
The Company's $161.8 million of marketable securities are principally debt
instruments that generate interest income for the Company on temporary excess
cash balances. These instruments contain embedded derivative features that
enhance the liquidity of the portfolio by enabling the Company to liquidate
the instrument prior to the stated maturity date. The Company's exposure
related to derivative instrument transactions is, in the aggregate, not
material to the Company's financial position, results of operations or cash
flows.
Interest rate exposure is principally limited to the $161.8 million of
marketable securities owned by the Company and the Company's $10.9 million of
long-term debt. The Company does not actively manage the risk of interest rate
fluctuations. However, such risk is mitigated by the relatively short-term
nature of its investments - less than twelve months - and the fixed-rate
nature of its long-term debt.
- 11 -
Molex does not have material exposure to off-balance-sheet arrangements,
including special purpose entities and activities that include non-exchange
traded contracts accounted for at fair value. Due to the nature of its
operations, Molex is not subject to significant concentration risks relating
to customers, products or geographic locations.
The Company monitors the environmental laws and regulations in the countries
in which it operates. Molex has implemented an environmental program to reduce
the generation of potentially hazardous materials during its manufacturing
process and believes it continues to meet or exceed local government
regulations.
Item 4. CONTROLS AND PROCEDURES
As of the end of the period covered by this report, the Company conducted an
evaluation, under the supervision and with the participation of the principal
executive officer and principal financial officer, of the Company's disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934 (the 'Exchange Act')). Based on this
evaluation, the principal executive officer and principal financial officer
have concluded that the Company's disclosure controls and procedures are
effective to ensure that information required to be disclosed by the Company
in reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commission's rules and forms. There have been no
changes in the Company's internal control over financial reporting during the
Company's most recently completed fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Company's internal control
over financial reporting.
PART II - OTHER INFORMATION
Items 1-3. Not Applicable
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At the Annual Meeting of Stockholders held on October 24, 2003, the
following directors were elected to hold office for their respective
terms according to their class: Fred L. Krehbiel, Douglas K. Carnahan,
J. Joseph King, Joe W. Laymon, and Michelle L. Collins. No candidate
for director received less than 85,123,548 votes in favor of their
election nor more than 7,183,684 votes withheld.
One other proposal before the stockholders, the amendment and
restatement of the 2000 Molex Incorporated Long-Term Stock Option
Plan, was approved. The number of Common shares voted for the
proposal was 81,681,388; against - 4,496,452; abstaining - 912,794;
and broker non-votes - 5,123,344. All Class B Common shares, 93,255,
were voted for the proposal.
- 12 -
Item 5. OTHER INFORMATION
a. Cautionary Statement
This document contains various forward-looking statements.
Statements that are not historical are forward looking statements
and are subject to various risks and uncertainties that could cause
actual results to vary materially from those stated. Such risks and
uncertainties include: economic conditions in various regions,
product and price competition, raw material prices, foreign currency
exchange rates, technology changes, patent issues, litigation results,
legal and regulatory developments, and other risks and uncertainties
described in documents filed with the Securities and Exchange
Commission.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
31 Rule 13a-14(a)/15d-14(a) Certifications
31.1 Section 302 certification by Chief Executive Officer
31.2 Section 302 certification by Chief Financial Officer
32 Section 1350 Certifications
32.1 Section 906 certification by Chief Executive Officer
32.2 Section 906 certification by Chief Financial Officer
b. Reports on Form 8-K were filed on:
July 23, 2003 containing:
1) A press release announcing its results of operations for the
fourth fiscal quarter and year ended June 30, 2003
July 28, 2003 containing:
1) a press release announcing that its Board of Directors has
renewed its authorization to permit certain discretionary stock
purchases by the Company during its fiscal year ending June 30,
2004
- 13 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
MOLEX INCORPORATED
--------------------
(Registrant)
Date November 13, 2003 /s/ ROBERT B. MAHONEY
----------------- --------------------
Robert B. Mahoney
Executive Vice President,
Treasurer and
Chief Financial Officer
Date November 13, 2003 /s/ LOUIS A. HECHT
----------------- --------------------
Louis A. Hecht
Corporate Secretary and
General Counsel
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