Celestica announces first quarter financial results



    
    (All amounts in U.S. dollars.
    Per share information based on diluted
    shares outstanding unless noted otherwise).

                            First Quarter Summary
                            ---------------------

    -   Revenue of $1,469 million, compared to $1,836 million for the same
        period last year

    -   GAAP earnings of $19.2 million or $0.08 per share, compared to GAAP
        earnings of $29.8 million or $0.13 per share last year

    -   Adjusted net earnings of $0.13 per share compared to $0.15 per share
        for the same period last year

    -   Return on invested capital, including intangibles, of 16.9% compared
        to 10.5% last year

    -   Operating margin of 2.9% compared to 2.7% last year

    -   Gross margin of 7.6% compared to 6.3% last year

    -   Repurchased $150 million in debt; Company cash position at
        $1.1 billion

    -   Second quarter of 2009 revenue guidance of $1.3 billion -
        $1.45 billion, adjusted net earnings per share of $0.07 - $0.13
    

    TORONTO, April 23 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global
leader in the delivery of end-to-end product lifecycle solutions, today
announced financial results for the first quarter ended March 31, 2009.
    Revenue for the quarter was $1,469 million, compared to $1,836 million in
the first quarter of 2008. GAAP net earnings were $19.2 million or $0.08 per
share, compared to GAAP net earnings of $29.8 million or $0.13 per share for
the same period last year. The year-over-year change reflected the impact of
weaker end-market demand.
    Adjusted net earnings for the quarter were $29.3 million, or $0.13 per
share, compared to adjusted net earnings of $35.4 million, or $0.15 per share,
for the same period last year. Adjusted net earnings is defined as net
earnings before other charges, amortization of intangible assets (excluding
amortization of computer software), option expense, gains or losses related to
the repurchase of shares and debt, net of tax and significant deferred tax
write-offs or recovery. Detailed GAAP financial statements and supplementary
information related to adjusted net earnings appear at the end of this press
release.
    The company's revenue and adjusted net earnings for the first quarter of
2009 were within the company's published guidance, announced on January 28,
2009, of revenue of $1.40 billion to $1.60 billion and adjusted net earnings
per share of $0.07 to $0.13.
    "Celestica continues to deliver profitability and on-going operational
improvements in support of our customers, in a very tough economic
environment," said Craig Muhlhauser, President and Chief Executive Officer,
Celestica. "Our track record and relentless drive to achieve world class
operational excellence and a laser-like focus on creating value for our
customers, will serve as an excellent platform for our future growth and
profitability, as the market environment begins to improve."

    
    Second Quarter Outlook
    ----------------------

    For the second quarter ending June 30, 2009, the company anticipates
revenue to be in the range of $1.3 billion to $1.45 billion, and adjusted net
earnings per share to range from $0.07 to $0.13.

    First Quarter and Annual Shareholders Meeting Webcasts
    ------------------------------------------------------

    Management will host its quarterly results conference call today at 8:00
a.m. Eastern Time. The webcast can be accessed at www.celestica.com.
    The company's Annual Meeting of Shareholders will be held today at 10:00
a.m. at the Glenn Gould Studio, CBC Building, 250 Front Street West, Toronto,
Ontario. A live webcast of management's presentation can also be heard at
www.celestica.com beginning at approximately 10:10 a.m. Eastern Time.

    Supplementary Information
    -------------------------
    

    In addition to disclosing detailed results in accordance with Canadian
generally accepted accounting principles (GAAP), Celestica also provides
supplementary non-GAAP measures as a method to evaluate the company's
operating performance.
    Management uses adjusted net earnings as a measure of enterprise-wide
performance. As a result of restructuring activities, acquisitions made by the
company, fair value accounting for stock options and securities repurchases,
management believes adjusted net earnings are a useful measure for the company
as well as its investors to facilitate period-to-period operating comparisons
and allow the comparison of operating results with its competitors in the U.S.
and Asia. Excluded from adjusted net earnings are the effects of other
charges, most significantly the write-down of goodwill and long-lived assets,
gains or losses on the repurchase of shares or debt and the related income tax
effect of these adjustments, and any significant deferred tax write-offs or
recovery. The company also excludes some recurring charges such as
restructuring costs, option expense, the amortization of intangible assets
(except amortization of computer software), and the related income tax effect
of these adjustments. The term adjusted net earnings does not have any
standardized meaning prescribed by GAAP and is not necessarily comparable to
similar measures presented by other companies. Adjusted net earnings are not a
measure of performance under Canadian or U.S. GAAP and should not be
considered in isolation or as a substitute for net earnings prepared in
accordance with Canadian or U.S. GAAP. The company has provided a
reconciliation of adjusted net earnings to Canadian GAAP net earnings below.

    
    About Celestica
    ---------------
    

    Celestica is dedicated to delivering end-to-end product lifecycle
solutions to drive our customers' success. Through our simplified global
operations network and information technology platform, we are solid partners
who deliver informed, flexible solutions that enable our customers to succeed
in the markets they serve. Committed to providing a truly differentiated
customer experience, our agile and adaptive employees share a proud history of
demonstrated expertise and creativity that provides our customers with the
ability to overcome any challenge.
    For further information on Celestica, visit its website at
http://www.celestica.com.
    The company's security filings can also be accessed at
http://www.sedar.com and http://www.sec.gov.

    
    To access Q1 2009 Information Sheet click here:
    http://files.newswire.ca/106/Q1Information.pdf

    To access the Q1 2009 Webcast slides click here:
    http://files.newswire.ca/106/Q1Webcast.pdf


    Safe Harbour and Fair Disclosure Statement
    ------------------------------------------
    

    This news release contains forward-looking statements related to our
future growth, trends in our industry, our financial and/or operational
results, and our financial or operational performance. Such forward-looking
statements are predictive in nature and may be based on current expectations,
forecasts or assumptions involving risks and uncertainties that could cause
actual outcomes and results to differ materially from the forward-looking
statements themselves. Such forward-looking statements may, without
limitation, be preceded by, followed by, or include words such as "believes",
"expects", "anticipates", "estimates", "intends", "plans", or similar
expressions, or may employ such future or conditional verbs as "may", "will",
"should" or "would", or may otherwise be indicated as forward-looking
statements by grammatical construction, phrasing or context. For those
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the U.S. Private Securities Litigation Reform Act of
1995, and in any applicable Canadian securities legislation. Forward-looking
statements are not guarantees of future performance. You should understand
that the following important factors could affect our future results and could
cause those results to differ materially from those expressed in such
forward-looking statements: the challenges of effectively managing our
operations during uncertain economic conditions, including significant changes
in demand from our customers as a result of the impact of the global economic
crisis and capital markets weakness; the risk of potential non-performance by
counterparties, including but not limited to financial institutions, customers
and suppliers, during uncertain economic conditions; the effects of price
competition and other business and competitive factors generally affecting the
EMS industry, including changes in the trend for outsourcing; our dependence
on a limited number of customers; variability of operating results among
periods; the challenge of managing our financial exposures to foreign currency
fluctuations; the challenge of responding to lower-than-expected customer
demand; our inability to retain or grow our business due to execution problems
resulting from significant headcount reductions, plant closures and product
transfers associated with major restructuring activities; our dependence on
industries affected by rapid technological change; our ability to successfully
manage our international operations; and the delays in the delivery and/or
general availability of various components used in our manufacturing process.
These and other risks and uncertainties, as well as other information related
to the company, are discussed in the Company's various public filings at
www.sedar.com and www.sec.gov, including our Annual Report on Form 20-F and
subsequent reports on Form 6-K filed with the Securities and Exchange
Commission and our Annual Information Form filed with the Canadian Securities
Commissions. Forward-looking statements are provided for the purpose of
providing information about management's current expectations and plans
relating to the future. Readers are cautioned that such information may not be
appropriate for other purposes.
    As of its date, this press release contains any material information
associated with the company's financial results for the first quarter ended
March 31, 2009 and revenue and adjusted net earnings guidance for the second
quarter ending June 30, 2009. Revenue and earnings guidance is reviewed by the
company's board of directors. Our revenue and earnings guidance is based on
various assumptions which management believes are reasonable under the current
circumstances, but may prove to be inaccurate, and many of which involve
factors that are beyond the control of the Company. The material assumptions
may include assumptions regarding the following: forecasts from our customers,
which range from 30 to 90 days; timing and investments associated with ramping
new business; general economic and market conditions; currency exchange rates;
pricing and competition; anticipated customer demand; supplier performance and
pricing; commodity, labor, energy and transportation costs; operational and
financial matters; technological developments; and the timing and execution of
our restructuring plan. These assumptions are based on management's current
views with respect to current plans and events, and are and will be subject to
the risks and uncertainties referred to above. It is Celestica's policy that
revenue and earnings guidance is effective on the date given, and will only be
updated through a public announcement.


    
    RECONCILIATION OF GAAP TO
     ADJUSTED NET EARNINGS
    (in millions of
     U.S. dollars)
                               2008                          2009
    Three months  ----------------------------- -----------------------------
     ended                   Adjust-                       Adjust-
     March 31        GAAP     ments   Adjusted     GAAP     ments   Adjusted
                  --------- --------- --------- --------- --------- ---------
      Revenue     $1,835.7  $      -  $1,835.7  $1,469.4  $      -  $1,469.4
      Cost of
       sales(1)    1,720.7      (1.0)  1,719.7   1,358.2      (0.7)  1,357.5
                  --------- --------- --------- --------- --------- ---------
      Gross profit   115.0       1.0     116.0     111.2       0.7     111.9
      SG&A(1)(2)      63.3      (0.7)     62.6      67.4      (1.0)     66.4
      Amortization
       of
       intangible
       assets(2)       7.2      (4.2)      3.0       5.8      (3.1)      2.7
      Other
       charges         3.3      (3.3)        -      12.5     (12.5)        -
                  --------- --------- --------- --------- --------- ---------
      Operating
       earnings -
       EBIAT          41.2       9.2      50.4      25.5      17.3      42.8
      Interest
       expense,
       net             8.7         -       8.7      10.2         -      10.2
                  --------- --------- --------- --------- --------- ---------
      Net earnings
       before tax     32.5       9.2      41.7      15.3      17.3      32.6
      Income tax
       expense
       (recovery)      2.7       3.6       6.3      (3.9)      7.2       3.3
                  --------- --------- --------- --------- --------- ---------
      Net
       earnings   $   29.8  $    5.6  $   35.4  $   19.2  $   10.1  $   29.3
                  --------- --------- --------- --------- --------- ---------
                  --------- --------- --------- --------- --------- ---------
      W.A. No.
       of shares
       (in
       millions)
       - diluted     229.2               229.2     229.4               229.4
      Earnings
       per share
       - diluted  $   0.13            $   0.15  $   0.08            $   0.13


    (1) Non-cash option expense included in cost of sales and SG&A is added
        back for adjusted net earnings.
    (2) Certain 2008 GAAP numbers have been restated to reflect the change in
        accounting for computer software effective January 1, 2009 as
        required under Canadian GAAP. For the first quarter of 2008,
        $3.0 million in amortization of computer software has been
        reclassified from SG&A expenses to amortization of intangible assets.
        Amortization of computer software is not added back for EBIAT and
        adjusted net earnings. There is no impact to our current or
        previously reported EBIAT, adjusted net earnings or net earnings.


    GUIDANCE SUMMARY

                          1Q 09 Guidance    1Q 09 Actual    2Q 09 Guidance(3)
                          --------------    ------------    -----------------
      Revenue              $1.4B - $1.6B        $1.5B         $1.3B - $1.45B
      Adjusted net EPS     $0.07 - $0.13        $0.13          $0.07 - $0.13

    (3) Guidance for the second quarter is provided only on an adjusted net
        earnings basis. This is due to the difficulty in forecasting the
        various items impacting GAAP net earnings, such as the amount and
        timing of our restructuring activities.



                               CELESTICA INC.

                         CONSOLIDATED BALANCE SHEETS
                        (in millions of U.S. dollars)

                                                   December 31     March 31
                                                       2008          2009
                                                   ------------  ------------
    Assets                                                        (unaudited)
    Current assets:
      Cash and cash equivalents (note 6)..........  $  1,201.0    $  1,081.3
      Accounts receivable (note 10(c))............     1,074.0         731.4
      Inventories (note 2)........................       787.4         695.1
      Prepaid and other assets (note 7(i))........        87.1          64.6
      Income taxes recoverable....................        14.1          17.1
      Deferred income taxes.......................         8.2           7.0
                                                   ------------  ------------
                                                       3,171.8       2,596.5
    Property, plant and equipment (note 1(i)).....       433.5         432.7
    Intangible assets (note 1(i)).................        54.1          49.0
    Other long-term assets (note 7(ii))...........       126.8         107.4
                                                   ------------  ------------
                                                    $  3,786.2    $  3,185.6
                                                   ------------  ------------
                                                   ------------  ------------

    Liabilities and Shareholders' Equity
    Current liabilities:
      Accounts payable............................  $  1,090.6    $    781.4
      Accrued liabilities (notes 4 and 7(i))......       463.1         304.6
      Income taxes payable........................        13.5          12.2
      Deferred income taxes.......................         0.2           0.2
      Current portion of long-term debt
       (note 3)...................................         1.0           0.4
                                                   ------------  ------------
                                                       1,568.4       1,098.8
    Long-term debt (note 3).......................       732.1         584.3
    Accrued pension and post-employment
     benefits.....................................        63.2          62.4
    Deferred income taxes.........................        47.2          38.3
    Other long-term liabilities...................         9.8           8.8
                                                   ------------  ------------
                                                       2,420.7       1,792.6
    Shareholders' equity (note 8):
      Capital stock...............................     3,588.5       3,588.5
      Contributed surplus.........................       204.4         211.3
      Deficit.....................................    (2,436.8)     (2,417.6)
      Accumulated other comprehensive income......         9.4          10.8
                                                   ------------  ------------
                                                       1,365.5       1,393.0
                                                   ------------  ------------
                                                    $  3,786.2    $  3,185.6
                                                   ------------  ------------
                                                   ------------  ------------

                    Guarantees and contingencies (note 9)
                        Subsequent event (note 3(a))

              See accompanying notes to unaudited consolidated
                            financial statements.
      These unaudited interim consolidated financial statements should
                 be read in conjunction with the 2008 annual
                     consolidated financial statements.



                               CELESTICA INC.

                    CONSOLIDATED STATEMENTS OF OPERATIONS
           (in millions of U.S. dollars, except per share amounts)

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------
                                                    (unaudited)   (unaudited)

    Revenue.......................................  $  1,835.7    $  1,469.4
    Cost of sales.................................     1,720.7       1,358.2
                                                   ------------  ------------
    Gross profit..................................       115.0         111.2
    Selling, general and administrative
     expenses (note 1(i)).........................        63.3          67.4
    Amortization of intangible assets
     (note 1(i))..................................         7.2           5.8
    Other charges (note 4)........................         3.3          12.5
    Interest on long-term debt....................        14.5          10.4
    Interest income, net of interest expense......        (5.8)         (0.2)
                                                   ------------  ------------
    Earnings before income taxes..................        32.5          15.3
    Income tax expense (recovery):
      Current.....................................         5.2           2.7
      Deferred....................................        (2.5)         (6.6)
                                                   ------------  ------------
                                                           2.7          (3.9)
                                                   ------------  ------------
    Net earnings for the period...................  $     29.8    $     19.2
                                                   ------------  ------------
                                                   ------------  ------------

    Basic earnings per share......................  $     0.13    $     0.08

    Diluted earnings per share....................  $     0.13    $     0.08

    Shares used in computing per share amounts:
      Basic (in millions).........................       229.1         229.4
      Diluted (in millions).......................       229.2         229.4


              See accompanying notes to unaudited consolidated
                            financial statements.
          These unaudited interim consolidated financial statements
                   should be read in conjunction with the
               2008 annual consolidated financial statements.



                               CELESTICA INC.

               CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                        (in millions of U.S. dollars)

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------
                                                    (unaudited)   (unaudited)

    Net earnings for the period...................  $     29.8    $     19.2
    Other comprehensive income, net of tax:
      Foreign currency translation gain (loss)....         9.8          (9.1)
      Net gain (loss) on derivatives designated
       as cash flow hedges........................         0.4         (12.7)
      Reclass net loss (gain) on derivatives
       designated as cash flow hedges to
       operations.................................       (10.7)         23.2
                                                   ------------  ------------
    Comprehensive income..........................  $     29.3    $     20.6
                                                   ------------  ------------
                                                   ------------  ------------

              See accompanying notes to unaudited consolidated
                            financial statements.
          These unaudited interim consolidated financial statements
                   should be read in conjunction with the
               2008 annual consolidated financial statements.



                               CELESTICA INC.

                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                        (in millions of U.S. dollars)

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------
                                                    (unaudited)   (unaudited)

    Cash provided by (used in):
    Operations:
    Net earnings for the period...................  $     29.8    $     19.2
    Items not affecting cash:
      Depreciation and amortization...............        26.6          25.8
      Deferred income taxes.......................        (2.5)         (6.6)
      Non-cash charge for option issuances........         1.7           1.7
      Restructuring charges (note 4)..............         0.2           0.6
      Other charges (note 4)......................           -           6.5
    Other.........................................         5.1          (3.2)
    Changes in non-cash working capital items:
      Accounts receivable.........................       100.9         342.6
      Inventories.................................       (14.0)         92.3
      Prepaid and other assets....................         9.8          19.9
      Income taxes recoverable....................         4.6          (3.0)
      Accounts payable and accrued liabilities....      (116.7)       (446.9)
      Income taxes payable........................         1.9          (1.3)
                                                   ------------  ------------
      Non-cash working capital changes............       (13.5)          3.6
                                                   ------------  ------------
    Cash provided by operations...................        47.4          47.6
                                                   ------------  ------------

    Investing:
      Purchase of intangible assets, property,
       plant and equipment........................       (15.9)        (32.4)
      Proceeds from sale of assets................         1.6           0.9
      Other.......................................        (0.3)          0.8
                                                   ------------  ------------
    Cash used in investing activities.............       (14.6)        (30.7)
                                                   ------------  ------------

    Financing:
      Repurchase of Senior Subordinated Notes
       (Notes) (note 3(d))........................           -        (149.7)
      Proceeds from termination of swap
       agreements (note 3(d)).....................           -          14.7
      Repayment of long-term debt.................           -          (0.6)
      Other.......................................        (0.2)         (1.0)
                                                   ------------  ------------
    Cash used in financing activities.............        (0.2)       (136.6)
                                                   ------------  ------------

    Increase (decrease) in cash...................        32.6        (119.7)
    Cash and cash equivalents, beginning
     of period....................................     1,116.7       1,201.0
                                                   ------------  ------------
    Cash and cash equivalents, end of period......  $  1,149.3    $  1,081.3
                                                   ------------  ------------
                                                   ------------  ------------

                 Supplemental cash flow information (note 6)

              See accompanying notes to unaudited consolidated
                            financial statements.
          These unaudited interim consolidated financial statements
                   should be read in conjunction with the
               2008 annual consolidated financial statements.



                                CELESTICA INC.

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
           (in millions of U.S. dollars, except per share amounts)
                                 (unaudited)


    1.  Basis of presentation and significant accounting policies:

    We prepare our financial statements in accordance with generally accepted
    accounting principles (GAAP) in Canada.

    The disclosures contained in these unaudited interim consolidated
    financial statements do not include all requirements of Canadian GAAP for
    annual financial statements. These unaudited interim consolidated
    financial statements should be read in conjunction with the 2008 annual
    consolidated financial statements. These unaudited interim consolidated
    financial statements reflect all adjustments which are, in the opinion of
    management, necessary to present fairly our financial position as at
    March 31, 2009 and the results of operations and cash flows for the three
    months ended March 31, 2008 and 2009.

    Use of estimates:

    The preparation of financial statements in conformity with GAAP requires
    management to make estimates and assumptions that affect the reported
    amounts of assets and liabilities and related disclosures of contingent
    assets and liabilities at the date of the financial statements, and the
    reported amounts of revenue and expenses during the reporting period. We
    applied significant estimates and assumptions to our valuations against
    accounts receivable, inventory and income taxes, to the amount and timing
    of restructuring charges or recoveries, to the fair values used in
    testing long-lived assets, and to valuing our financial instruments and
    pension costs. Actual results could differ materially from those
    estimates and assumptions, especially in light of the current economic
    environment and uncertainties.

    These unaudited interim consolidated financial statements are based upon
    accounting principles consistent with those used and described in the
    2008 annual consolidated financial statements, except for the following:

    Changes in accounting policies:

    (i) Goodwill and intangible assets:

    On January 1, 2009, we adopted CICA Handbook Section 3064, "Goodwill and
    intangible assets." This revised standard establishes guidance for the
    recognition, measurement and disclosure of goodwill and intangible
    assets, including internally generated intangible assets. As required by
    this standard, we have retroactively reclassified computer software
    assets on our consolidated balance sheet from property, plant and
    equipment to intangible assets. We have also reclassified computer
    software amortization from depreciation expense, included in selling,
    general and administrative expenses, to amortization of intangible
    assets. There is no impact on previously reported net earnings or loss.

    Intangible assets:

                                                   December 31     March 31
                                                       2008          2009
                                                   ------------  ------------
    Intellectual property.........................  $      0.6    $        -
    Other intangible assets.......................        19.5          16.4
    Computer software assets......................        34.0          32.6
                                                   ------------  ------------
                                                    $     54.1    $     49.0
                                                   ------------  ------------
                                                   ------------  ------------

    Amortization expense is as follows:

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------
    Amortization of intellectual property.........  $      0.3    $      0.2
    Amortization of other intangible assets.......         3.9           2.9
    Amortization of computer software assets......         3.0           2.7
                                                   ------------  ------------
                                                    $      7.2    $      5.8
                                                   ------------  ------------
                                                   ------------  ------------

    Recently issued accounting pronouncements:

    (a) International financial reporting standards (IFRS):

    In February 2008, the Canadian Accounting Standards Board announced the
    adoption of International Financial Reporting Standards for publicly
    accountable enterprises. IFRS will replace Canadian GAAP effective
    January 1, 2011. IFRS is effective for our first quarter of 2011 and will
    require that we restate our 2010 comparative numbers. We have started an
    IFRS conversion project to evaluate the impact of implementing the new
    standards. We cannot at this time reasonably estimate the impact of
    adopting IFRS on our consolidated financial statements.

    (b) Business combinations:

    In January 2009, the CICA issued Handbook Section 1582, "Business
    combinations," which replaces the existing standards. This section
    establishes the standards for the accounting of business combinations,
    and states that all assets and liabilities of an acquired business will
    be recorded at fair value. Obligations for contingent considerations and
    contingencies will also be recorded at fair value at the acquisition
    date. The standard also states that acquisition-related costs will be
    expensed as incurred and that restructuring charges will be expensed in
    the periods after the acquisition date. This standard is equivalent to
    the International Financial Reporting Standards on business combinations.
    This standard is applied prospectively to business combinations with
    acquisition dates on or after January 1, 2011. Earlier adoption is
    permitted. We will consider the impact of adopting this standard on our
    consolidated financial statements if we have a business combination.

    (c) Consolidated financial statements:

    In January 2009, the CICA issued Handbook Section 1601, "Consolidated
    financial statements," which replaces the existing standards. This
    section establishes the standards for preparing consolidated financial
    statements and is effective for 2011. Earlier adoption is permitted. We
    will consider the impact of adopting this standard on our consolidated
    financial statements if we have a business combination.

    2.  Inventories:

    During the first quarter of 2009, we recorded a net inventory provision
    through cost of sales of $2.1 to write down the value of our inventory to
    net realizable value.

    3.  Long-term debt:

                                                   December 31     March 31
                                                       2008          2009
                                                   ------------  ------------

        Secured, revolving credit facility
         due 2009(a)..............................  $        -    $        -
        Senior Subordinated Notes due 2011
         (2011 Notes)(b)(c)(d)....................       489.4         339.4
        Senior Subordinated Notes due 2013
         (2013 Notes)(b)..........................       223.1         223.1
        Embedded prepayment option at fair
         value(d)(e)..............................       (19.2)         (1.9)
        Basis adjustments on debt obligation(e)...         4.9           4.3
        Unamortized debt issue costs..............        (7.0)         (5.2)
        Fair value adjustment of 2011 Notes
         attributable to interest rate
         risks(d)(e)..............................        40.9          24.6
                                                   ------------  ------------
                                                         732.1         584.3
        Capital lease obligations.................         1.0           0.4
                                                   ------------  ------------
                                                         733.1         584.7
        Less current portion......................         1.0           0.4
                                                   ------------  ------------
                                                    $    732.1    $    584.3
                                                   ------------  ------------
                                                   ------------  ------------

    (a) Our revolving credit facility for $300.0 expires in April 2009. There
        were no borrowings outstanding under this facility at March 31, 2009.
        Commitment fees for the first quarter of 2009 were $0.5. The facility
        has restrictive covenants relating to debt incurrence and the sale of
        assets and also contains financial covenants that require us to
        maintain certain financial ratios. We were in compliance with all
        covenants at March 31, 2009. Based on the required financial ratios
        at March 31, 2009, we have full access to this facility.

        In April 2009, we renewed our revolving credit facility and reduced
        the size from $300.0 to $200.0. This credit facility matures in April
        2011 and the terms and conditions are generally similar to those of
        the existing facility. Under the terms of the renewed facility,
        borrowings bear a higher interest rate than the existing facility and
        we are required to comply with certain financial covenants related to
        indebtedness, interest coverage and liquidity.

        We also have uncommitted bank overdraft facilities available for
        operating requirements which total $65.0 at March 31, 2009. There
        were no borrowings outstanding under these facilities at March 31,
        2009.

    (b) Our 2011 Notes bear a fixed interest rate of 7.875%. We are entitled
        to redeem the 2011 Notes at various premiums above face value.

        Our 2013 Notes bear a fixed interest rate of 7.625%. We will be
        entitled to redeem the 2013 Notes on or after July 1, 2009 at various
        premiums above face value.

        The Notes are unsecured and are subordinated in right of payment to
        all our senior debt. The Notes have restrictive covenants that limit
        our ability to pay dividends, repurchase our own stock or repay debt
        that is subordinated to these Notes. These covenants also place
        limitations on the sale of assets and our ability to incur additional
        debt. We were in compliance with all covenants at March 31, 2009.

    (c) In connection with the 2011 Notes, we entered into agreements to swap
        the fixed interest rate with a variable interest rate based on LIBOR
        plus a margin. The average interest rate on the 2011 Notes was 4.4%
        for the first quarter of 2009 (7.7% for the first quarter of 2008).
        In February 2009, we terminated our interest rate swap agreements.
        See note 3(d). Future interest costs on the 2011 Notes are based on a
        fixed interest rate of 7.875%.

    (d) During the first quarter of 2009, we paid $149.7, excluding accrued
        interest, to repurchase 2011 Notes with a principal amount at
        maturity of $150.0. We recognized a gain of $9.1 on the repurchase of
        the 2011 Notes which we recorded in other charges. See note 4. The
        gain on the repurchase was measured based on the carrying value of
        the repurchased portion of the 2011 Notes on the date of repurchase.
        We also terminated our interest rate swap agreements in the amount of
        $500.0 related to the 2011 Notes. We received $14.7 in cash,
        excluding accrued interest, as settlement of these agreements. In
        connection with the termination of the swap agreements, we
        discontinued fair value hedge accounting on the 2011 Notes and will
        amortize the historical fair value adjustment on the 2011 Notes as a
        reduction to interest expense on long-term debt, over the remaining
        term of the 2011 Notes, using the effective interest rate method. As
        a result of discontinuing fair value hedge accounting, we recorded a
        write-down of $15.6 in the carrying value of the embedded prepayment
        options on the 2011 Notes to reflect the change in fair value upon
        hedge de-designation, which we recorded in other charges. See note 4.

    (e) The prepayment options in the Notes qualify as embedded derivatives
        which must be bifurcated for reporting under the financial
        instruments standards. As of March 31, 2009, the fair value of the
        embedded derivative asset is $1.9 and is recorded against long-term
        debt. The decrease in the fair value of the embedded derivative asset
        primarily reflects the write-down related to the hedge de-designation
        and debt repurchase described in note 3(d). As a result of
        bifurcating the prepayment option from these Notes, a basis
        adjustment was added to the cost of the long-term debt. This basis
        adjustment is amortized over the term of the debt using the effective
        interest rate method. The amortization of the basis adjustment is
        recorded as a reduction of interest expense on long-term debt. As of
        March 31, 2009, the fair value adjustment to the 2011 Notes
        attributable to the movement in the benchmark interest rates is
        $24.6. The decrease in this fair value adjustment primarily reflects
        the debt repurchase and hedge de-designation described in note 3(d).
        After the hedge de-designation, this fair value adjustment is being
        amortized to interest expense on long-term debt, over the remaining
        term of the 2011 Notes.

        We applied fair value hedge accounting to our interest rate swaps and
        our hedged debt obligation (2011 Notes) until February 2009. We have
        also marked-to-market the bifurcated embedded prepayment options in
        our debt instruments. The changes in the fair values each period are
        recorded in interest expense on long-term debt. The mark-to-market
        adjustment fluctuates each period as it is dependent on market
        conditions, including future interest rates, implied volatility and
        credit spreads. The impact on our results of operations is as
        follows:

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------

        Decrease in interest expense on
         long-term debt...........................  $      1.1    $      1.8


    4.  Other charges:

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------

        Restructuring(a)..........................  $      3.3    $      6.7
        Gain on repurchase of Notes
         (see note 3(d))..........................           -          (9.1)
        Write-down of embedded prepayment
         option (see note 3(d))...................           -          15.6
        Other.....................................           -          (0.7)
                                                   ------------  ------------
                                                    $      3.3    $     12.5
                                                   ------------  ------------
                                                   ------------  ------------

    (a) Restructuring:

    In January 2008, we estimated an additional restructuring charge of
    between $50 to $75 which would be recorded throughout 2008 and 2009. As
    we finalized our 2009 plan in the fourth quarter of 2008, we estimated
    that our restructuring costs would reach the high end of our previously
    announced range. We will continue to evaluate our operations and may
    propose additional restructuring actions as a result of the uncertain
    economic environment. During 2008 and through the first quarter of 2009,
    we recorded a total of $42.0 related to the January 2008 restructuring
    actions, of which $6.7 was recorded in the first quarter of 2009. We
    expect to complete the remainder of our restructuring actions by the end
    of 2009. As we finalize the detailed plans of these restructuring
    actions, we will recognize the related charges.

    Our restructuring actions include consolidating facilities and reducing
    our workforce. The majority of the employees terminated are manufacturing
    and plant employees. Approximately 70% of these employee terminations
    have been in the Americas, 25% in Europe and 5% in Asia. For leased
    facilities that we no longer use, the lease costs included in the
    restructuring costs represent future lease payments less estimated
    sublease recoveries. Adjustments are made to lease and other contractual
    obligations to reflect incremental cancellation fees paid for terminating
    certain facility leases and to reflect changes in the accruals for other
    leases due to delays in the timing of sublease recoveries, changes in
    estimated sublease rates, or changes in use, relating principally to
    facilities in the Americas. We expect our long-term lease and other
    contractual obligations to be paid out over the remaining lease terms
    through 2015. Our restructuring liability is recorded in accrued
    liabilities.

    Details of the 2009 activity are as follows:

                                  Lease
                                   and
                                  other   Facility
                        Employee  contr-    exit     Total
                          termi-  actual    costs   accrued   2009
                         nation   oblig-    and      liab-  non-cash   2009
                          costs   ations    other    ility   charge   charge
                        -------- -------- -------- -------- -------- --------
    December 31, 2008    $ 18.7   $ 26.7   $  0.2   $ 45.6   $    -   $    -
    Cash payments         (14.6)    (2.2)    (0.1)   (16.9)       -        -
    Charges/adjustments    10.4     (4.5)     0.2      6.1      0.6      6.7
                        -------- -------- -------- -------- -------- --------
    March 31, 2009       $ 14.5   $ 20.0   $  0.3   $ 34.8   $  0.6   $  6.7
                        -------- -------- -------- -------- -------- --------
                        -------- -------- -------- -------- -------- --------

    As of March 31, 2009, we have approximately $22 in assets that are held-
    for-sale, primarily land and buildings, as a result of the restructuring
    actions we have implemented. We have programs underway to sell these
    assets.

    5.  Segment information:

    The accounting standards establish the criteria for the disclosure of
    certain information in the interim and annual financial statements
    regarding operating segments, products and services and major customers.
    Operating segments are defined as components of an enterprise for which
    separate financial information is available that is regularly evaluated
    by the chief operating decision maker in deciding how to allocate
    resources and in assessing performance. Our operating segment is
    comprised of our electronics manufacturing services business. Our chief
    operating decision maker is our Chief Executive Officer.

    (i)  The following table indicates revenue by end market as a percentage
         of total revenue. Our revenue fluctuates from period to period
         depending on numerous factors, including but not limited to:
         seasonality of business; the level of business from new, existing
         and disengaging customers; the level of program wins or losses; the
         phasing in or out of programs; and changes in customer demand.

                                                       Three months ended
                                                            March 31
                                                       2008          2009
                                                   ------------  ------------

         Consumer.................................         19%           29%
         Enterprise communications................         27%           21%
         Telecommunications.......................         15%           18%
         Servers..................................         18%           13%
         Industrial, aerospace and defense,
          and other...............................         10%           11%
         Storage..................................         11%            8%

    (ii) For the first quarter of 2009, two customers individually
         represented more than 10% of total revenue (first quarter of 2008 -
         no customer represented more than 10% of total revenue).

    6.  Supplemental cash flow information:

                                                       Three months ended
                                                            March 31
        Paid (recovered) during the period:            2008          2009
                                                   ------------  ------------

        Interest(a)...............................  $     32.6    $     28.9
        Taxes(b)..................................  $     (1.1)   $      5.1


        (a) This includes interest paid on the Notes. Interest on these Notes
            is payable in January and July of each year until maturity. The
            interest paid on the 2011 Notes reflect the amounts received or
            paid relating to the interest rate swap agreements. In February
            2009, we terminated these swap agreements. Future interest costs
            on the 2011 Notes are based on a fixed interest rate. See notes
            3 (b) and (c).

        (b) Cash taxes paid is net of any income taxes recovered.


        Cash and cash equivalents are              December 31     March 31
         comprised of the following:                   2008          2009
                                                   ------------  ------------

        Cash(i)...................................  $    406.2    $    325.1
        Cash equivalents(i).......................       794.8         756.2
                                                   ------------  ------------
                                                    $  1,201.0    $  1,081.3
                                                   ------------  ------------
                                                   ------------  ------------

        (i) Our current portfolio consists of certificates of deposit and
            certain money market funds that are secured exclusively by U.S.
            government securities. The majority of our cash and cash
            equivalents are held with financial institutions each of which
            had at March 31, 2009 a Standard and Poor's rating of A-1 or
            above.

    7.  Derivative financial instruments:

    (i)  We enter into foreign currency contracts to hedge foreign currency
         risks primarily relating to cash flows. At March 31, 2009, we had
         forward exchange contracts covering various currencies in an
         aggregate notional amount of $432.1. All derivative financial
         instruments are recorded at fair value on our consolidated balance
         sheet. The fair value of our foreign currency contracts at March 31,
         2009 was a net unrealized loss of $27.9 (December 31, 2008 - net
         unrealized loss of $38.9). This is comprised of $1.5 of derivative
         assets recorded in prepaid and other assets and $29.4 of derivative
         liabilities recorded in accrued liabilities. The unrealized losses
         are a result of fluctuations in foreign exchange rates between the
         time the currency forward contracts were entered into and the
         valuation date at period end. The decrease in the net unrealized
         loss of our foreign currency contracts is due primarily to the
         settlement of contracts with significant losses in the first quarter
         of 2009.

         At March 31, 2009, we had forward exchange contracts to trade U.S.
         dollars in exchange for the following currencies:

                                           Weighted
                                           average
                                           exchange
                                Amount       rate       Maximum
                                of U.S.     of U.S.      period   Fair value
    Currency                    dollars     dollars    in months  gain/(loss)
    ------------------------- ----------- ----------- ----------- -----------
    Canadian dollar..........  $   165.8   $    0.88          12   $   (14.6)
    Mexican peso.............       59.5        0.08           9        (6.0)
    Thai baht................       49.7        0.03           9        (2.2)
    Malaysian ringgit........       40.7        0.30           9        (2.8)
    British pound sterling...       68.5        1.43           4         0.5
    Singapore dollar.........       16.0        0.70           9        (1.0)
    Czech koruna.............       14.6        0.06           4        (2.4)
    Euro.....................       12.7        1.40           9         0.7
    Brazilian real...........        4.6        0.42           1        (0.1)
                              -----------                         -----------
    Total                      $   432.1                           $   (27.9)
                              -----------                         -----------
                              -----------                         -----------

    (ii) In connection with the issuance of our 2011 Notes in June 2004, we
         entered into agreements to swap the fixed rate of interest for a
         variable interest rate. The notional amount of the agreements was
         $500.0. The fair value of the interest rate swap agreements at
         December 31, 2008 was an unrealized gain of $17.3, which we recorded
         in other long-term assets. In connection with the debt repurchase
         (see notes 3(c) and (d)), we terminated our swap agreements. We
         received $14.7 in February 2009 representing the fair value of the
         swap agreements, excluding accrued interest, prior to termination.
         Notes 3(d) and (e) summarize the impact of our mark-to-market
         adjustments and our fair value hedge accounting.

         Fair value hedge ineffectiveness arose when the change in the fair
         values of our swap agreements, our hedged debt obligation and its
         embedded derivatives, and the amortization of the related basis
         adjustments, did not offset each other during a reporting period.
         The fair value hedge ineffectiveness for our 2011 Notes was recorded
         in interest expense on long-term debt and amounted to a loss of $1.4
         for the first quarter of 2009 (gain of $1.0 for first quarter of
         2008). This fair value hedge ineffectiveness was driven primarily by
         the difference in the credit risk used to value our hedged debt
         obligation as compared to the credit risk used to value our interest
         rate swaps. As a result of discontinuing our fair value hedge on our
         2011 Notes in February 2009, no further related fair value hedge
         ineffectiveness will occur in subsequent quarters with respect to
         the 2011 Notes.

    8.  Shareholders' equity:

                                Capital               Contributed
                                 stock      Warrants    surplus     Deficit
                              ----------- ----------- ----------- -----------
        Balance -
         December 31, 2007...  $ 3,585.2   $     3.1   $   190.3   $(1,716.3)
        Stock-based
         compensation
         costs...............          -           -         4.6           -
        Other................          -           -         0.3           -
        Net earnings for
         the first quarter
         of 2008.............          -           -           -        29.8
                              ----------- ----------- ----------- -----------
        Balance -
         March 31, 2008......  $ 3,585.2   $     3.1   $   195.2   $(1,686.5)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

        Balance -
         December 31, 2008...  $ 3,588.5   $       -   $   204.4   $(2,436.8)
        Stock-based
         compensation
         costs...............          -           -         6.4           -
        Other................          -           -         0.5           -
        Net earnings for
         the first quarter
         of 2009.............          -           -           -        19.2
                              ----------- ----------- ----------- -----------
        Balance -
         March 31, 2009......  $ 3,588.5   $       -   $   211.3   $(2,417.6)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------


                                                                 Three months
                                                    Year ended      ended
        Accumulated other comprehensive income,     December 31    March 31
         net of tax:                                   2008          2009
                                                   ------------  ------------

        Opening balance of foreign currency
         translation account......................  $     35.2    $     46.7
        Foreign currency translation gain (loss)..        11.5          (9.1)
                                                   ------------  ------------
        Closing balance...........................        46.7          37.6

        Opening balance of unrealized net gain
         (loss) on cash flow hedges...............  $     20.7    $    (37.3)
        Net loss on cash flow hedges(1)...........       (53.1)        (12.7)
        Net loss (gain) on cash flow hedges
         reclassified to operations(2)............        (4.9)         23.2
                                                   ------------  ------------
        Closing balance(3)........................       (37.3)        (26.8)
                                                   ------------  ------------

        Accumulated other comprehensive income....  $      9.4    $     10.8
                                                   ------------  ------------
                                                   ------------  ------------

    (1) Net of income tax benefit of $0.3 for the three months ended
        March 31, 2009 ($0.8 income tax benefit for 2008).
    (2) Net of income tax expense of $0.3 for the three months ended
        March 31, 2009 ($0.2 income tax expense for 2008).
    (3) Net of income tax benefit of $0.4 as of March 31, 2009 ($0.4 income
        tax benefit as of December 31, 2008).

    We expect that the majority of the losses on cash flow hedges reported in
    accumulated other comprehensive income at March 31, 2009 will be
    reclassified to operations during the next 12 months.

    9.  Guarantees and contingencies:

    We have contingent liabilities in the form of letters of credit, letters
    of guarantee, and surety and performance bonds which we have provided to
    various third parties. These guarantees cover various payments, including
    customs and excise taxes, utility commitments and certain bank
    guarantees. At March 31, 2009, these contingent liabilities amounted to
    $51.8 (December 31, 2008 - $55.4).

    In addition to the above guarantees, we have also provided routine
    indemnifications, the terms of which range in duration and often are not
    explicitly defined. These may include indemnifications against adverse
    impacts due to changes in tax laws and patent infringements by third
    parties. We have also provided indemnifications in connection with the
    sale of certain businesses and real property. The maximum potential
    liability from these indemnifications cannot be reasonably estimated. In
    some cases, we have recourse against other parties to mitigate our risk
    of loss from these indemnifications. Historically, we have not made
    significant payments relating to these types of indemnifications.

    Litigation:

    In the normal course of our operations, we are subject to litigation and
    claims from time to time. We may also be subject to lawsuits,
    investigations and other claims, including environmental, labor, product,
    customer disputes and other matters. Management believes that adequate
    provisions have been recorded in the accounts where required. Although it
    is not possible to estimate the extent of potential costs, if any,
    management believes that the ultimate resolution of such contingencies
    will not have a material adverse impact on our results of operations,
    financial position or liquidity.

    In 2007, securities class action lawsuits were commenced against us and
    our former Chief Executive and Chief Financial Officers, in the United
    States District Court of the Southern District of New York by certain
    individuals, on behalf of themselves and other unnamed purchasers of our
    stock, claiming that they were purchasers of our stock during the period
    January 27, 2005 through January 30, 2007. The plaintiffs allege
    violations of United States federal securities laws and seek unspecified
    damages. They allege that during the purported class period we made
    statements concerning our actual and anticipated future financial results
    that failed to disclose certain purportedly material adverse information
    with respect to demand and inventory in our Mexican operations and our
    information technology and communications divisions. In an amended
    complaint, the plaintiffs have added one of our directors and Onex
    Corporation as defendants. All defendants have filed motions to dismiss
    the amended complaint. These motions are pending. A parallel class
    proceeding has also been issued against us and our former Chief Executive
    and Chief Financial Officers in the Ontario Superior Court of Justice,
    but neither leave nor certification of the action has been granted by
    that court. We believe that the allegations in these claims are without
    merit and we intend to defend against them vigorously. However, there can
    be no assurance that the outcome of the litigation will be favorable to
    us or will not have a material adverse impact on our financial position
    or liquidity. In addition, we may incur substantial litigation expenses
    in defending these claims. We have liability insurance coverage that may
    cover some of our litigation expenses, potential judgments or settlement
    costs.

    Income taxes:

    We are subject to tax audits by local tax authorities. Tax authorities
    could challenge the validity of our inter-company transactions, including
    financing and transfer pricing policies which generally involve
    subjective areas of taxation and a significant degree of judgment. If any
    of these tax authorities are successful in challenging our inter-company
    transactions, our income tax expense may be adversely affected and we
    could also be subject to interest and penalty charges.

    In connection with ongoing tax audits in Canada, tax authorities have
    taken the position that income reported by one of our Canadian
    subsidiaries in 2001 and 2002 should have been materially higher as a
    result of certain inter-company transactions. The successful pursuit of
    that assertion could result in that subsidiary owing significant amounts
    of tax, interest and possibly penalties. We believe we have substantial
    defenses to the asserted position and have adequately accrued for any
    probable potential adverse tax impact. However, there can be no assurance
    as to the final resolution of this claim and any resulting proceedings,
    and if this claim and any ensuing proceedings are determined adversely to
    us, the amounts we may be required to pay could be material.

    10. Financial instruments - financial risks:

    We have exposures to the following financial risks arising from financial
    instruments: market risk, credit risk and liquidity risk. Market risk is
    the risk that results in changes to market prices, such as foreign
    exchange rates and interest rates, that could affect our operations or
    the value of our financial instruments.

     (a) Currency risk: Due to the nature of our international operations, we
    are exposed to exchange rate fluctuations on our financial instruments
    denominated in various foreign currencies. We manage our currency risk
    through our cash flow hedging program. Our major currency exposures, as
    of March 31, 2009, are summarized in U.S. dollar equivalents in the
    following table. For purposes of this table, we have excluded items such
    as pension, post-employment benefits and income taxes, in accordance with
    the financial instruments standards. The local currency amounts have been
    converted to U.S. dollar equivalents using the spot rates as of March 31,
    2009.

                                Chinese    Brazilian    Canadian    Mexican
                                renminbi      real       dollar       peso
                              ----------- ----------- ----------- -----------
    Cash and cash
     equivalents.............  $    19.8   $     3.8   $    42.4   $     0.9
    Accounts receivable......       38.8        11.3           -           -
    Other financial assets...        0.5         7.2           -         0.3
    Accounts payable and
     accrued liabilities.....      (24.1)       (4.5)      (30.0)      (12.3)
                              ----------- ----------- ----------- -----------
    Net financial assets
     (liabilities)...........  $    35.0   $    17.8   $    12.4   $   (11.1)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    At March 31, 2009, a one-percentage point strengthening or weakening of
    the following currencies against the U.S. dollar for our financial
    instruments denominated in non-functional currencies has the following
    impact:

                                Chinese    Brazilian    Canadian    Mexican
                                renminbi      real       dollar       peso
                              ----------- ----------- ----------- -----------
                                            Increase (decrease)
    1% Strengthening
      Net earnings...........  $     0.4   $     0.1   $     0.3   $     0.1
      Other comprehensive
       income................          -           -         1.3         0.3
    1% Weakening
      Net earnings...........       (0.3)       (0.1)       (0.3)       (0.1)
      Other comprehensive
       income................          -           -        (1.3)       (0.3)


    (b) Interest rate risk: We are exposed to interest rate risks as we have
    significant cash balances invested at floating rates. Borrowings under
    our revolving credit facility bear interest at LIBOR plus a margin. If we
    borrow under this facility, we will be exposed to interest rate risks due
    to fluctuations in the LIBOR rate.

    (c) Credit risk: Credit risk refers to the risk that a counterparty may
    default on its contractual obligations resulting in a financial loss to
    us. To mitigate the risk of financial loss from defaults under our
    foreign currency forward contracts, these counterparty financial
    institutions each had a Standard and Poor's rating of A or above at
    March 31, 2009. The financial institution with which we have an accounts
    receivable sales program had a Standard and Poor's rating of A+ at
    March 31, 2009. See notes 14(c) and 18 to the 2008 annual consolidated
    financial statements.

    We also provide credit to our customers in the normal course of business.
    The carrying amount of financial assets recorded in the financial
    statements, net of any allowances or reserves for losses, represents our
    estimate of maximum exposure to this credit risk. As of March 31, 2009,
    less than 1% of our gross accounts receivable are over 90 days past due.
    Accounts receivable are net of an allowance for doubtful accounts of
    $14.7 at March 31, 2009 (December 31, 2008 - $13.7).

    (d) Liquidity risk: Liquidity risk is the risk that we may not have cash
    available to satisfy our financial obligations as they come due. The
    majority of our financial liabilities recorded in accounts payable and
    accrued liabilities are due within 90 days. The repayment schedule of our
    long-term debt obligations is in 2011 and 2013. Management believes that
    cash flow from operations, together with cash on hand, cash from the sale
    of accounts receivable, and borrowings available under our credit
    facility will be sufficient to support our financial obligations. See
    note 14(d) to the 2008 annual consolidated financial statements.

    11. Comparative information:

    We have reclassified certain prior period information to conform to the
    current period's presentation.
    

    %SEDAR: 00010284E




For further information:

For further information: Laurie Flanagan, Celestica Global
Communications, (416) 448-2200, media@celestica.com; Paul Carpino, Celestica
Investor Relations, (416) 448-2211, clsir@celestica.com

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