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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
June 13, 2001
INGRAM MICRO INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-12203 62-1644402
(State of incorporation (Commission File Number) (I.R.S. Employer
or organization) Identification No.)
1600 E. St. Andrew Place
Santa Ana, CA 92799-5125
(Address, including zip code of Registrant's principal executive offices)
Registrant's telephone number, including area code: (714) 566-1000
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Item 7. Financial Statements and Exhibits
Exhibit No. Description
99.1 Press Release dated June 13, 2001
Item 9. Regulation FD Disclosure
On June 13, 2001, Ingram Micro Inc. (the "Registrant") issued a press
release announcing an adjustment in its outlook for the second quarter of 2001.
A copy of the press release is attached hereto as Exhibit 99.1, the text of
which is incorporated by reference herein.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INGRAM MICRO INC.
By: /s/ Michael J. Grainger
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Name: Michael J. Grainger
Title: President, Chief Operating
Officer and Chief Financial
Officer
Date: June 13, 2001
EXHIBIT 99.1
Media Information:
Chandler Hayes or Marie Meoli Jennifer Marchetta
Benjamin Group/BSMG Worldwide Ingram Micro Inc.
(949) 260-1300, Ext. 228 or 229 (714) 382-1403
chandler_hayes@benjamingroup.com jennifer.marchetta@ingrammicro.com
marie_meoli@benjamingroup.com
Investor Information:
Ria Marie Carlson
Ingram Micro, Inc.
(714) 328-4400
ria.carlson@ingrammicro.com
INGRAM MICRO ADJUSTS SECOND QUARTER OUTLOOK
SANTA ANA, Calif., June 13, 2001-- Ingram Micro Inc. (NYSE: IM), the largest
global wholesale provider of technology products and supply chain management
services, today presented a revised financial outlook for the second quarter
ending June 30, 2001.
"Until recently, the dramatic softening of demand for information
technology products had been limited primarily to the United States," said Kent
B. Foster, chairman and chief executive officer, Ingram Micro Inc. "As many
leading technology companies reported in the last few weeks, the decline in IT
spending has spread to Europe and other parts of the globe. We are adjusting
our guidance to reflect a further reduction of U.S. revenues and the
international sales slow-down."
Revenues are expected to range from $5.8 billion to $6.0 billion. Income
before taxes and non-recurring items is expected to range from break-even to a
loss of $10 million. In addition, the company has completed the cash repurchase
of approximately $225 million of its convertible debentures, at the option of
the holders, which will result in an extraordinary loss, net of tax, of
approximately $3.0 million in the second quarter.
As announced last week, the company has implemented a cost-reduction plan
in the United States, which is expected to save $30 to $40 million on an annual
basis and will result in a restructuring charge that is not expected to exceed
$15 million in the second quarter. The plan is a result of a company-wide
business process improvement program, which continues to identify opportunities
for
- more -
operating efficiencies and revenue enhancements in the entire organization. The
further development of this program throughout the year is expected to result
in additional savings, as well as non-recurring charges.
"We remain as diligent about cost-reduction today as we were with
increasing gross margins in 2000, although we will not take actions that
sacrifice customer service or inhibit profitable growth," said Michael J.
Grainger, president, chief operating officer and chief financial officer,
Ingram Micro Inc. "Last year, we made quarter-by-quarter advancements in the
gross margin, and we will make similar, step-by-step improvements in our cost
structure this year."
Foster continued: "Ingram Micro has the management expertise, financial
strength and proven commitment to lead our industry through this economic
down-cycle. Although the demand environment has reduced our revenues, we are
making significant operational improvements in nearly every area of the
organization. Our customer and vendor relationships are strong. Ingram Micro
has the best balance sheet in the business. With our cost-efficiency plans
underway, we are confident that we will emerge stronger than ever when demand
returns."
Information in this news release will be discussed in a conference call
today at 4:30 p.m. Eastern daylight time (1:30 p.m. Pacific daylight time).
Interested parties may listen to the live call by dialing (888) 455-0056 within
the United States or (415) 228-3898 outside the United States, and mentioning
Ingram Micro as the password; or, visiting the investor relations section of
the Ingram Micro Web site at www.ingrammicro.com/corp, where the call will be
archived for one week. A replay of the call will be available at (800) 678-3180
within the United States and (402) 220-3063 outside the United States.
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, including,
without limitation: intense competition; continued pricing and margin
pressures; failure to adjust costs in response to a sudden decrease in demand;
the potential for continued restrictive vendor terms and conditions; the
potential decline as well as seasonal variations in demand for Ingram Micro's
products and services; unavailability of adequate capital; management of
growth; reliability of information systems; interest rate and foreign currency
fluctuations; impact of governmental controls and political or economic
instability on foreign operations; changes in local, regional, and global
economic conditions and practices; dependency on key individuals; product
supply shortages; the potential termination of a supply agreement with a major
supplier; acquisitions; rapid product improvement and technological change and
resulting obsolescence risks; risk of credit loss; dependency on independent
shipping companies; and the changes in terms of subsidized floor plan
financing.
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 these and
other 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 fiscal year ended December
30, 2000; other risks or uncertainties may be detailed from time to time in
Ingram Micro's future SEC filings.
--more--
About Ingram Micro Inc.
Ingram Micro Inc. is the largest global wholesale provider of technology
products and supply chain management services. The company operates in 36
countries with sales of $30.7 billion for the fiscal year 2000. Ingram Micro's
global regions provide the distribution of technology products and services,
marketing development and supply chain management services to more than 175,000
technology solution providers and 1,700 manufacturers. The company is focused
on maximizing shareowner value and achieving customer satisfaction through
innovation in the information technology supply chain. Visit
www.ingrammicro.com/corp.
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(C) 2001 Ingram Micro Inc. All rights reserved. Ingram Micro and the registered
Ingram Micro logo are trademarks used under license by Ingram Micro Inc. All
other trademarks are the property of their respective companies.