SANTA ANA, Calif., April 28 /PRNewswire/ -- Ingram Micro Inc. (NYSE:IM)
today announced its financial results for the first quarter ended April 4, 1998.
Net income for the period was $56.5 million, exceeding net income in the previous year's quarter by 40 percent. Diluted earnings per share increased 36 percent, growing from $0.28 per share to $0.38 per share.
In both the 1998 and 1997 first 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 $0.9 million and $1.4 million, net of tax, in the first quarter of 1998 and the first quarter of 1997, respectively. Excluding these charges, net income for first quarter of 1997 grew 37 percent to $57.5 million and diluted earnings per share grew 34 percent to $0.39.
The company posted record net sales in the first quarter of 1998 of $5.15 billion, growing 41 percent over the prior period's $3.65 billion.
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, 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/.
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.
INGRAM MICRO INC. CONSOLIDATED BALANCE SHEET (Dollars in 000s, except per share data) April 4, January 3, 1998 1998 (Unaudited) ASSETS Current assets: Cash $103,694 $92,212 Trade accounts receivable (less allowances of $52,254 in 1998 and $48,541 in 1997) 1,791,934 1,635,728 Inventories 2,278,665 2,492,646 Other current assets 202,447 225,408 Total current assets 4,376,740 4,445,994 Property and equipment, net 228,726 215,148 Goodwill, net 141,690 142,478 Other 128,273 128,531 Total assets $4,875,429 $4,932,151 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $2,282,210 $2,415,001 Accrued expenses 280,372 292,515 Current maturities of long-term debt 28,638 21,869 Total current liabilities 2,591,220 2,729,385 Long-term debt 1,126,986 1,119,262 Other 30,896 23,843 Total liabilities 3,749,102 3,872,490 Minority interest 4,890 4,862 Commitments and contingencies Redeemable Class B Common Stock 8,129 16,593 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; 38,271,346 and 37,366,389 shares issued and outstanding in 1998 and 1997, respectively 383 374 Class B Common Stock, $0.01 par value, 135,000,000 shares authorized; 99,664,302 and 99,714,672 shares issued and outstanding in 1998 and 1997 (including redeemable shares of 1,161,250 and 2,370,400 in 1998 and 1997, respectively) 985 973 Additional paid in capital 505,822 484,912 Retained earnings 622,977 566,441 Cumulative translation adjustment (16,643) (14,236) Unearned compensation (216) (258) Total stockholders' equity 1,113,308 1,038,206 Total liabilities and stockholders' equity $4,875,429 $4,932,151 Fiscal 1997 ended on January 3, 1998. INGRAM MICRO INC. CONSOLIDATED STATEMENT OF INCOME (Dollars in 000s, except per share data) (Unaudited) Thirteen Weeks Ended April 4, March 29, 1998 1997 Net sales $5,150,088 $3,649,978 Cost of sales 4,820,178 3,415,270 Gross profit 329,910 234,708 Operating expenses excluding noncash compensation charge (a) 212,611 154,145 Income from operations before noncash compensation charge 117,299 80,563 Interest and other expense 22,114 9,705 Income before income taxes, minority interest and noncash compensation charge 95,185 70,858 Provision for income taxes 37,702 28,821 Income before minority interest and noncash compensation charge 57,483 42,037 Minority interest 27 215 Net income before noncash compensation charge 57,456 41,822 Noncash compensation charge, net of tax 920 1,445 Net income $56,536 $40,377 Diluted earnings per share: Before noncash compensation charge (b) $0.39 $0.29 After noncash compensation charge $0.38 $0.28 Diluted weighted average shares outstanding 149,061,829 145,369,321 (a)Operating expenses exclude noncash compensation charges of $1,148 for the thirteen weeks ended April 4, 1998 and $1,813 for the thirteen weeks ended March 29, 1997. (b)Pro forma diluted earnings per share excludes noncash compensation charges of $920, net of tax, for the thirteen weeks ended April 4, 1998 and $1,445, net of tax, for the thirteen weeks ended March 29, 1997.
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/