SANTA ANA, Calif., Feb. 18 /PRNewswire/ -- Ingram Micro Inc. (NYSE:IM)
today announced its financial results for the fourth quarter and fiscal year ended January 3, 1998. Net income for the quarter was $69.0 million, exceeding net income in the previous year's fourth quarter by 108 percent. Diluted earnings per share increased 96 percent, growing from $0.24 per share to $0.47 per share.
In the 1997 and 1996 fourth quarters, Ingram Micro's results include a noncash compensation charge related to the vested portion of previously granted stock options converted to Ingram Micro stock options. These charges were $1.5 million and $14.1 million, net of tax, in the fourth quarters of 1997 and 1996, respectively. Excluding these charges, net income for the fourth quarter of 1997 grew 49 percent to $70.5 million and diluted earnings per share grew 37 percent to $0.48.
The company posted record net sales in the fourth quarter of 1997 of $5.13 billion, growing 44 percent over the $3.55 billion achieved in the same quarter last year.
For the fiscal year 1997, net income was $193.6 million, exceeding net income for 1996 by 75 percent, and diluted earnings per share increased 50 percent, reaching $1.32 per share.
For all of 1997, the total noncash compensation charge related to stock options was $5.9 million, net of tax, as compared to $19.5 million for 1996. Excluding these charges, net income for 1997 grew 53 percent over last year to $199.6 million and diluted earnings per share grew 31 percent to $1.36. Net sales for 1997 grew 38 percent to $16.58 billion.
About Ingram Micro Inc.
Ingram Micro Inc. (NYSE:IM)
, 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 and distribute more than 145,000 products to more than 100,000 resellers in 120 countries. Ingram Micro can be found at http://www.ingrammicro.com/.
INGRAM MICRO INC.
Consolidated Statement of Income
(Dollars in 000s, except per share data)
(Unaudited)
Quarter Ended Year Ended
January 3, December 28, January 3, December 28,
1998 1996 1998 1996
Net sales $5,127,400 $3,548,741 $16,581,539 $12,023,451
Cost of sales 4,782,667 3,310,844 15,495,850 11,211,067
Gross profit 344,733 237,897 1,085,689 812,384
Operating expenses
excluding noncash
compensation charge(a)210,007 151,775 701,958 541,526
Income from operations
before noncash
compensation charge 134,726 86,122 383,731 270,858
Interest and other
expense 19,126 8,283 50,090 50,751
Income before income
taxes, minority
interest and noncash
compensation charge 115,600 77,839 333,641 220,107
Provision for income
taxes 44,653 29,842 132,700 88,756
Income before minority
interest and noncash
compensation charge 70,947 47,997 200,941 131,351
Minority interest 455 806 1,386 1,189
Net income before
noncash compensation
charge 70,492 47,191 199,555 130,162
Noncash compensation
charge, net of tax 1,489 14,079 5,915 19,483
Net income $69,003 $33,112 $193,640 $110,679
Diluted earnings per share:
Before noncash
compensation charge (b) $0.48 $0.35 $1.36 $1.04
After noncash
compensation charge $0.47 $0.24 $1.32 $0.88
Diluted weighted
average shares
outstanding 147,227,174 136,683,642 146,307,532 125,436,376
(a) Operating expenses exclude noncash compensation charges of $1,780 and $14,491 for the quarters ended January 3, 1998 and December 28, 1996, respectively, and $7,152 and $23,350 for the years ended January 3, 1998 and December 28, 1996, respectively.
(b) Pro forma diluted earnings per share excludes noncash compensation charges of $1,489 and $14,079, net of tax, for the quarters ended January 3, 1998 and December 28, 1996, respectively, and $5,915 and $19,483, net of tax, for the years ended January 3, 1998 and December 28, 1996, respectively.
INGRAM MICRO INC.
CONSOLIDATED BALANCE SHEET
(dollars in 000s, except per share data)
Fiscal Period End
1997 1996
(Unaudited)
ASSETS
Current assets:
Cash $92,212 $48,279
Trade accounts receivable
(less allowances of $48,541
in 1997 and $38,622 in
1996) 1,635,728 1,143,028
Inventories 2,492,646 1,818,047
Other current assets 225,408 145,964
Total current assets 4,445,994 3,155,318
Property and equipment, net 215,148 161,172
Goodwill, net 142,478 25,918
Other 128,531 24,539
Total assets $4,932,151 $3,366,947
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,415,001 $2,047,988
Accrued expenses 292,515 162,887
Current maturities of
long-term debt 21,869 23,899
Total current liabilities 2,729,385 2,234,774
Long-term debt 1,119,262 280,134
Other 23,843 6,190
Total liabilities 3,872,490 2,521,098
Minority interest 4,862 3,476
Commitments and contingencies -- --
Redeemable Class B Common Stock 16,593 17,223
Stockholders' equity:
Preferred Stock, $0.01 par value,
1,000,000 shares authorized; no shares
issued and outstanding -- --
Class A Common Stock, $0.01 par value,
265,000,000 shares authorized; 37,366,389
and 25,047,696 shares issued and outstanding
in 1997 and 1996, respectively 374 250
Class B Common Stock, $0.01 par value,
135,000,000 shares authorized; 99,714,672
and 109,043,762 shares issued and outstanding
in 1997 and 1996 (including redeemable
shares of 2,370,400 and 2,460,400 in 1997
and 1996) 973 1,066
Additional paid in capital 484,911 449,657
Retained earnings 566,442 372,801
Cumulative translation adjustment (14,236) 1,910
Unearned compensation (258) (534)
Total stockholders' equity 1,038,206 825,150
Total liabilities and stockholders'
equity $4,932,151 $3,366,947
*Fiscal 1997 and 1996 ended on January 3, 1998 and December 28, 1996,
respectively.
(C) 1998 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: Kimmerly W. Strohm, Investor Relations, 714-382-4400, or
Kathleen Janson, Media Relations, 714-382-2046, both of Ingram Micro Inc.
Website: http://www.ingrammicro.com/