In LAW050, Ingram Micro Named Nation's #1 Wholesaler by Fortune Magazine, moved Wednesday, April 8, the third graph, sixth line should read "April 7, 1998" rather than "April 7, 1997" as originally issued. Complete corrected text follows:
Ingram Micro Named Nation's #1 Wholesaler by Fortune Magazine; Ingram Micro Ranked 79 in Fortune 500 and 74 in Forbes 500/Sales
SANTA ANA, Calif., April 8 /PRNewswire/ -- Ingram Micro Inc. (NYSE:IM)
has been named the largest U.S. company in the wholesale industry by Fortune Magazine. The distributor of technology products and services outperformed wholesalers in all business categories including consumer goods, automotive and healthcare. Ingram Micro garnered a ranking of 79 in the overall Fortune 500 listing, a move up from its 1996 ranking of 110, and was also listed Number 74 in Sales Rankings in the April 20th Forbes Magazine's Forbes 500 issue.
"The technology distribution channel provides vendors with greater efficiencies and scope, providing a more complete service for customers," said Jerre L. Stead, chairman and CEO of Ingram Micro. "Global customer and vendor needs are driving the ongoing consolidation in the technology distribution area, providing leaders with continued opportunity for profitable growth."
Ingram Micro's revenues in 1997 were in excess of $16.5 billion, a 37.9 percent change from 1996. Its profits in 1997 were $194 million, a 75 percent change from 1996. Fortune Magazine estimated a market value of $5.4 billion as of March 18, 1998. The company completed an initial public offering on November 1, 1996 at $18 per share, and its stock price has more than doubled by April 7, 1998, closing at $37.75.
About Ingram Micro Inc.
Ingram Micro Inc., headquartered in Santa Ana, Calif., is the world's leading wholesale distributor of technology products and services, and a leading provider of assembly and integration services, with 1997 sales of more than $16.5 billion. The company and its affiliates operate in 31 countries, distributing more than 145,000 products to more than 100,000 resellers in 120 countries. Ingram Micro can be found at http://www.ingrammicro.com/.
* Fortune Magazine will be available on newsstands on 4/13/98 and is available now on the Fortune web site at http://www.fortune/com/fortune500. Forbes Magazine is now available on newsstands and at the Forbes web site at http://www.forbes.com/.
Ingram Micro Inc. All rights reserved. Ingram Micro is a trademark used under license by Ingram Micro. Inc. All other logos, brand names and product names are trademarks of their respective companies.
Source: Ingram Micro Inc.
Contact: Kathleen Janson, Media Relations for Ingram Micro Inc.,
714-566-1000, ext. 22046, email@example.com