Mr. Craig Muhlhauser reports

CELESTICA ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

Celestica Inc. has released its financial results for the first quarter ended March 31, 2012. All currency figures in this release are expressed in United States dollars unless otherwise indicated.

"Celestica delivered a solid first quarter with strong operational execution and cash performance, despite an overall weak demand environment," said Craig Muhlhauser, president and chief executive officer, Celestica. "Consistent with our strategy, we continued to invest to support the growth of existing and new customers and we made further progress on our revenue diversification. We also returned value to shareholders through our share repurchase program. Although visibility remains limited, customer demand is stabilizing. Our focus continues to be on delivering innovative supply chain solutions to our customers while delivering strong and consistent financial returns for our shareholders."

First quarter 2012 highlights

Revenue:  $1.69-billion, at the high end of guidance of $1.60-billion to $1.70-billion (announced Jan. 26, 2012)

IFRS (international financial reporting standards) EPS (earnings per share):  20 cents per share, up 43 per cent from the same period last year

Adjusted net EPS (non-IFRS):  25 cents per share, above the high end of guidance of 18 cents to 24 cents per share (announced Jan. 26, 2012)

Free cash flow (non-IFRS):  $44.4-million, compared with a negative free cash flow of $51.8-million for the same period last year

Diversified end markets:  19 per cent of total revenue, up from 11 per cent of total revenue for the same period last year

Normal course issuer bid:  Repurchased six million subordinate voting shares for cancellation as part of normal course issuer bid (NCIB)

Celestica share repurchase plan

During the first quarter of 2012, the company paid $56.4-million to repurchase for cancellation six million subordinate voting shares. The share repurchases were part of the company's NCIB accepted by the Toronto Stock Exchange in February, 2012. The NCIB allows the company to repurchase, until the earlier of Feb. 8, 2013, or the completion of purchases under the bid, up to approximately 16.2 million subordinate voting shares (representing approximately 7.5 per cent of the company's total subordinate voting and multiple voting shares outstanding) in the open market or as otherwise permitted, subject to the normal terms and limitations of such bids. The maximum number of subordinate voting shares the company is permitted to repurchase for cancellation under the NCIB is reduced by the number of subordinate voting shares the company purchases for equity-based compensation plans. At March 31, 2012, the company can repurchase up to an additional 9.9 million subordinate voting shares under the NCIB.

Second quarter 2012 outlook

For the second quarter ending June 30, 2012, the company anticipates revenue to be in the range of $1.65-billion to $1.75-billion, and adjusted net earnings per share to be in the range of 20 cents to 26 cents. The company expects a negative-four-cent-to-six-cent-per-share (pretax) aggregate impact on an IFRS basis for the following items: stock-based compensation and amortization of intangible assets (excluding computer software).

First quarter webcast and annual shareholder meeting webcast

Management will host its first quarter results conference call today at 8 a.m. Eastern Daylight Time. The company's annual meeting of shareholders will be held today at 9 a.m. Eastern Daylight Time at the TMX Broadcast Centre, the Exchange Tower, 130 King St. West, Toronto, Ont. Both webcasts can be accessed at the company's website.

Supplementary information

In addition to disclosing detailed results in accordance with IFRS, Celestica provides supplementary non-IFRS measures to consider in evaluating the company's operating performance.

Management uses adjusted net earnings and other non-IFRS measures to assess operating performance and the effective use and allocation of resources; to provide more meaningful period-to-period comparisons of operating results; to enhance investor understanding of the core operating results of Celestica's business; and to set management incentive targets.

               CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
              (In millions of dollars, except per share amounts)   
        
                                                        Three months ended March 31,        
                                                           2011                 2012     
   
Revenue                                                $1,800.1             $1,690.9
Cost of sales                                           1,683.2              1,578.8
Gross profit                                              116.9                112.1
Selling, general and administrative expenses (SG&A)        70.3                 60.0
Research and development                                    2.2                  3.2
Amortization of intangible assets                           3.8                  2.5
Other charges (recoveries)                                  5.9                 (1.1)
Earnings from operations                                   34.7                 47.5
Finance costs                                               1.4                  0.8
Earnings before income taxes                               33.3                 46.7
Income tax expense (recovery)
Current                                                     4.8                  3.5
Deferred (recovery)                                        (1.5)                   -
                                                            3.3                  3.5
Net earnings for the period                                30.0                 43.2
Basic earnings per share                                   0.14                 0.20
Diluted earnings per share                                 0.14                 0.20

We seek Safe Harbor.