Plexus (PLXS) announced that its first quarter 2008 fiscal results ending December 29, 2007 were at $458M with diluted GAAP EPS of $0.58, including $0.04 per share of stock-based compensation expense.

Return on investment capital (ROIC) for the first quarter was 25.9%, which was influenced positively by a favorable mix of programs in the quarter. The company defines quarterly ROIC as tax-effected operating income, including restructuring costs, divided by average capital employed over a rolling two quarter period. Cash flow provided by operations was approximately $16.6M for the quarter. The top 10 customers comprised 63% of revenue during the quarter, down 2 percentage points from the previous quarter.

According to Dean Foate, president and chief executive officer of Plexus, the company’s ROIC of 25.9% for the first quarter is a positive start for the fiscal year 2008. The increase in revenue, up 7.7% sequentially to $458M, was in line with the company’s expectations.

Ginger Jones, chief financial officer, added, “Our gross margins for Q1 were 12.1%, consistent with our Q1 guidance. Because fiscal 2008 US income is expected to be higher than previously anticipated, we are now expecting our tax rate this year to be approximately 18% rather than the 15% rate used when we established our Q1 guidance last quarter. Consequently, our EPS in Q1 was $0.02 lower than we would have anticipated with revenue near the high-end of our guidance range. “

Plexus, headquartered in Neenah, Wisconsin, is an award-winning participant in the Electronics Manufacturing Services (EMS) industry, providing product design, supply chain and materials management, manufacturing, test, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.

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