In the news release, Ingram Micro Reaffirms Fourth Quarter Guidance, Says Profit Enhancement Program is 'On Track', issued earlier today by Ingram Micro Inc. over PR Newswire, we are advised by a representative of the company that the following safe harbor statement should follow the release:
"Cautionary Statement for the Purpose of the Safe Harbor Provisions
of the Private Securities Litigation Reform Act of 1995
"The matters in this press release that are forward-looking statements are based on current management expectations that involve certain risks which if realized, in whole or in part, could have a material adverse effect on Ingram Micro's business, financial condition and results of operations, including, without limitation: the Company's failure to achieve intended cost reductions or profit improvement objectives under its recently announced profit enhancement program; disruptions in business operations due to reorganization activities; potential material decline in net sales if major suppliers significantly increase the level of business they transact directly with end- users and/or resellers in different product categories, customer segments, and/or geographies; potential decline in net sales and/or gross margins if the Company is not able to pass through to customers the impact of adverse changes in sales terms and conditions with major suppliers; potential termination of a supply or services agreement with a major supplier or customer; dependence on key individuals and inability to retain personnel; the continuation or worsening of the severe downturn in economic conditions (particularly purchases of technology products) and failure to adjust costs in a timely fashion in response to a sudden decrease in demand; losses resulting from significant credit exposure to reseller customers and negative trends in their businesses; continued pricing and margin pressures and intense competition within regional markets and internationally; future terrorist or military actions; reductions in credit ratings and/or unavailability of adequate capital; inability to manage future adverse industry trends; failure of information systems; interest rate and foreign currency fluctuations; adverse impact of governmental controls and actions and political or economic instability on foreign operations; product supply shortages; difficulties and risks associated with integrating operations and personnel in acquisitions; rapid product improvement and technological change and resulting obsolescence risks; and dependence on independent shipping companies.
Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Exhibit 99.01 of Ingram Micro's Annual Report on Form 10-K for the year ended December 29, 2001; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings."
Complete corrected release follows:
Ingram Micro Reaffirms Fourth Quarter Guidance, Says Profit Enhancement
Program is 'On Track'
SANTA ANA, Calif., Feb. 10 /PRNewswire-FirstCall/ -- The chairman and chief executive officer of Ingram Micro Inc. (NYSE: IM) today reaffirmed the company's guidance for the fourth quarter (ended Dec. 28, 2002) and expressed confidence in the company's previously announced profit-enhancement program, which is expected to generate $160 million in annualized operating income improvements by the first quarter of 2004.
Kent B. Foster's comments were made in advance of the company's appearances at two investor conferences tomorrow: the Banc of America Securities Technology Conference in San Francisco and the CSFB Fixed Income Technology Conference in New York City.
"Our profit-enhancement program is on track," said Foster. "Our progress in building gross margins and reducing operating expenses is expected to continue, and we plan to deliver $125 million in annualized operating income improvements in 2003, as we announced on Sept. 18, 2002. We are determined to be the profit leader in the IT distribution industry."
Foster added that the company "expects to meet or exceed consensus earnings estimates for the fourth quarter of 2002" as reported by Thomson/First Call. "Although November was a bit softer than we originally expected, December's sales performance drove fourth quarter revenues to the high end of the range of guidance we issued in late October," he said.
Ingram Micro will release fourth quarter 2002 results on Feb. 20, followed by a conference call scheduled at 5 p.m. EST. Interested parties may listen to the call by dialing (888) 455-0750 in the U.S. and Canada, and (630) 395-0024 from other countries.
Cautionary Statement for the Purpose of the Safe Harbor Provisions
of the Private Securities Litigation Reform Act of 1995
The matters in this press release that are forward-looking statements are based on current management expectations that involve certain risks which if realized, in whole or in part, could have a material adverse effect on Ingram Micro's business, financial condition and results of operations, including, without limitation: the Company's failure to achieve intended cost reductions or profit improvement objectives under its recently announced profit enhancement program; disruptions in business operations due to reorganization activities; potential material decline in net sales if major suppliers significantly increase the level of business they transact directly with end- users and/or resellers in different product categories, customer segments, and/or geographies; potential decline in net sales and/or gross margins if the Company is not able to pass through to customers the impact of adverse changes in sales terms and conditions with major suppliers; potential termination of a supply or services agreement with a major supplier or customer; dependence on key individuals and inability to retain personnel; the continuation or worsening of the severe downturn in economic conditions (particularly purchases of technology products) and failure to adjust costs in a timely fashion in response to a sudden decrease in demand; losses resulting from significant credit exposure to reseller customers and negative trends in their businesses; continued pricing and margin pressures and intense competition within regional markets and internationally; future terrorist or military actions; reductions in credit ratings and/or unavailability of adequate capital; inability to manage future adverse industry trends; failure of information systems; interest rate and foreign currency fluctuations; adverse impact of governmental controls and actions and political or economic instability on foreign operations; product supply shortages; difficulties and risks associated with integrating operations and personnel in acquisitions; rapid product improvement and technological change and resulting obsolescence risks; and dependence on independent shipping companies.
Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Exhibit 99.01 of Ingram Micro's Annual Report on Form 10-K for the year ended December 29, 2001; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings.
About Ingram Micro
As the world's largest provider of technology products and supply chain services, Ingram Micro is the best way to get technology from the people who make it to the people who use it. For more information, visit www.ingrammicro.com .
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SOURCE Ingram Micro Inc.