SANTA ANA, Calif., April 26 /PRNewswire/ -- Ingram Micro Inc. (NYSE:IM)
, the world's largest wholesale provider of technology products and services, today announced financial results for its first quarter ended April 1, 2000. Net income for the period was $96.1 million or $0.65 per share compared to net income in the 1999 first quarter of $42.3 million or $0.29 per share. Net income for the 2000 first quarter includes gains from the sale of securities and from the repurchase of company debentures. Net income for the first quarter of 2000, excluding these gains, was $24.7 million or $0.17 per share.
Net sales for the first quarter of 2000 grew 16 percent to $7.80 billion. For the same period, net sales in the U.S. region grew 11 percent to $4.59 billion. Net sales in the European region grew 17 percent to $2.04 billion and grew more than 30 percent in local currencies. For geographic regions outside the United States and Europe, net sales increased 38 percent to $1.16 billion.
"Again this quarter, Ingram Micro demonstrated solid execution for our customers around the world as the clear market leader in our industry," said Kent B. Foster, chief executive officer and president, Ingram Micro Inc. "We are in a prime position to leverage our core capabilities and take advantage of significant opportunities in the evolution of logistics for the technology market. We intend to stay clearly focused on opportunities that enhance our financial performance and deliver results."
During the 2000 first quarter, the company recognized a gain of $69.3 million, net of tax, or $0.47 per share from the sale of shares of SOFTBANK Corp. common stock and an extraordinary gain of $2.1 million, net of tax, or $0.01 per share from the repurchase of company debentures.
At the end of the first quarter of 2000, Ingram Micro's capital position improved, based on good asset utilization and contributions to equity from earnings. Total inventory decreased 22 percent from 1999 year-end to $2.72 billion at the end of the first quarter 2000 on comparable sales. Balance sheet debt declined $303 million from the end of fiscal 1999 to $1.05 billion, resulting in a balance sheet debt to capitalization ratio of 35%.
About Ingram Micro
Operating in 34 countries, Ingram Micro Inc. (NYSE:IM)
is the world's largest wholesale provider of technology products and services, with sales exceeding $29 billion for the past four reported quarters. Ingram Micro's key business units deliver fulfillment and distribution, product acquisition and selection, supply-chain automation and programs, as well as eProcurement to more than 175,000 technology solution providers, manufacturers and businesses located in more than 100 countries. Ingram Micro is driving the evolution of wholesale distribution for the information technology industry and is the operations engine behind leading global e-businesses today. Ingram Micro can be found at 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)
(Unaudited)
April 1, January 1,
2000 2000
ASSETS
Current assets:
Cash $106,507 $128,152
Investment in available-for-sale
securities -- 142,338
Accounts receivable, including
retained interests in securitized
receivables, net 2,735,095 2,853,509
Inventories 2,720,125 3,471,565
Other current assets 390,350 373,365
Total current assets 5,952,077 6,968,929
Investment in available-for-sale
securities 440,190 474,525
Property and equipment, net 332,605 316,643
Goodwill, net 445,690 455,473
Other 76,592 56,357
Total assets $7,247,154 $8,271,927
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,635,126 $4,322,303
Accrued expenses 243,502 317,283
Current maturities of long-term debt 46,379 31,020
Total current liabilities 3,925,007 4,670,606
Convertible debentures 398,033 440,943
Other long-term debt 600,940 876,172
Other 364,580 317,361
Total liabilities 5,288,560 6,305,082
Stockholders' equity 1,958,594 1,966,845
Total liabilities and
stockholders' equity $7,247,154 $8,271,927
INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF INCOME
(Dollars in 000s, except per share data)
(Unaudited)
Thirteen Weeks Ended
April 1, April 3,
2000 1999
Net sales $7,796,350 $6,725,275
Cost of sales 7,430,154 6,366,021
Gross profit 366,196 359,254
Selling, general and administrative
expenses 295,665 267,509
Income from operations before
reorganization costs 70,531 91,745
Reorganization costs -- 6,234
Income from operations 70,531 85,511
Interest and other (income) expenses (81,449) 24,364
Income before income taxes 151,980 61,147
Provision for income taxes 57,976 22,671
Income before extraordinary items 94,004 38,476
Extraordinary gain on repurchase
of debentures (net of $1,295 and $2,405
in income taxes in 2000 and 1999) 2,129 3,778
Net income $96,133 $42,254
Diluted earnings per share $0.65 $0.29
Diluted weighted average
shares outstanding 147,336,222 148,185,470
Source: Ingram Micro Inc.
Contact: Media Relations, Jennifer Baier Marchetta, 714-382-2692,
jennifer.marchetta@ingrammicro.com; or Investor Relations, Kim Strohm,
714-382-4400, kim.strohm@ingrammicro.com, both of Ingram Micro Inc.
Website: http://www.ingrammicro.com/