Company Executives to Participate in Investor Conferences in December
SANTA ANA, Calif., Dec. 1 /PRNewswire-FirstCall/ -- Ingram Micro Inc. (NYSE: IM), the world's leading provider of wholesale technology products and services, today confirmed its guidance for the fourth quarter of fiscal year 2003, ending Jan. 3, 2004.
As previously disclosed on Oct. 30, 2003, sales are expected to range from $5.70 billion to $5.90 billion, while net income (excluding any major-program costs and other special items) is expected to range from $32 million to $37 million, or $0.21 to $0.24 per diluted share. The company's net income, required to be reported based on GAAP, will likely differ significantly from this forecast because of major-program costs related to the profit-enhancement program, announced on Sept. 18, 2002, and other actions that may be implemented. The company's major-program costs and other actions, if any, and therefore GAAP earnings, in any one quarter cannot be reasonably estimated.
"Customer activity and economic reports have been promising, which gives us greater confidence in generating sales around the top of the guidance range," said Kent B. Foster, chairman and chief executive officer, Ingram Micro Inc. "Our guidance also reflects improvements in net income compared to last year, driven by the success of our profit-enhancement program."
In addition, company executives are scheduled to present at two upcoming investor conferences, as follows:
* Wednesday, Dec. 3, 2003
Credit Suisse First Boston Technology Conference
The Phoenician Resort, Scottsdale, Ariz.
Kent Foster, chairman and chief executive officer
11 a.m. ET (9 a.m. MT)
* Thursday, Dec. 11, 2003
Raymond James IT Supply Chain Conference
InterContinental The Barclay, New York, N.Y.
Kent Foster, chairman and chief executive officer, Michael Grainger,
president and chief operating officer, and Thomas Madden, executive
vice president and chief financial officer
9:30 a.m. ET (6:30 a.m. PT)
To access the live audio webcasts of these presentations, visit the Investor Relations page of the Ingram Micro Web site located at www.ingrammicro.com/corp . The archived versions will be available for approximately one week following the events.
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, including but not limited to statements about future sales levels, margins, restructuring charges, major-program costs, cost savings, operating efficiencies, and profitability, 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: (1) the company's failure to achieve the objectives of its profit enhancement program as announced in September 2002 or other process or organizational changes, in whole or in part, or delays in implementing components of the program; (2) intense competition, regionally and internationally, including competition from alternative business models, such as manufacturer-to-end-user selling, which may lead to reduced prices, lower sales or reduced sales growth, lower gross margins, extended payment terms with customers, increased capital investment and interest costs, bad debt risks and product supply shortages; (3) termination of a supply or services agreement with a major supplier or customer or a significant change in supplier terms or conditions of sale; (4) failure of information systems and/or failure to successfully transition certain components of the company's IT infrastructure to its third-party provider which could result in significant disruption to business or additional cost, or may not generate the intended level of cost savings; (5) disruptions in business operations due to reorganization activities; (6) 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; (7) losses resulting from significant credit exposure to reseller customers and negative trends in their businesses; (8) rapid product improvement and technological change and resulting obsolescence risks; (9) possible disruption in commercial activities caused by terrorist activity or armed conflict, including changes in logistics and security arrangements as a result thereof, and reduced customer demand; (10) dependence on key individuals and inability to retain personnel; (11) reductions in credit ratings and/or unavailability of adequate capital; (12) interest rate and foreign currency fluctuations; (13) adverse impact of governmental controls and actions or political or economic instability which could adversely affect foreign operations; (14) failure to attract new sources of business from expansion of products or services or entry into new markets; (15) inability to manage future adverse industry trends; (16) difficulties and risks associated with integrating operations and personnel in acquisitions; (17) future periodic assessments required by current or new accounting standards which may result in additional charges; and (18) 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 28, 2002; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings. Ingram Micro disclaims any duty to update any forward-looking statements.
About Ingram Micro Inc.
As a vital link in the technology value chain, Ingram Micro creates sales and profitability opportunities for vendors and resellers through unique marketing programs, outsourced logistics services, technical support, financial services, and product aggregation and distribution. The company serves 100 countries and is the only global IT distributor with operations in Asia. Ranked 76 on the Fortune 500, Ingram Micro generated $22.5 billion in revenues for fiscal year 2002. Visit www.ingrammicro.com/corp .
(C) 2003 Ingram Micro Inc. All rights reserved. Ingram Micro and the registered Ingram Micro logo are trademarks used under license by Ingram Micro Inc.
SOURCE Ingram Micro Inc.