EXTON, Pa., May 5 /PRNewswire/ -- Intelligent Electronics, Inc. (NASDAQ:INEL)
today reported fourth quarter and year end results. Consolidated net revenues for the 1996 year ended February 1, 1997, were $3.3 billion, compared with $3.6 billion for fiscal 1995, ended February 3, 1996. Consolidated net revenues for the fourth quarter were $740 million, compared with $935 million for the fourth quarter 1995. The company reported a fourth quarter net loss of $5.2 million, or $.14 per common share, and a net loss of $104.2 million, or $2.98 per common share, for the year. The company said that the most significant items (aggregating $93.1 million) affecting the 1996 loss were $61.6 million of impairment losses, $9.8 million for branch closures, and $21.7 million of other charges, all in the third quarter. Excluding these third quarter items, the net loss for the year was $15.6 million, or $.45 per common share.
On April 30, Intelligent Electronics announced that it has signed a definitive agreement with Ingram Micro Inc. (NYSE:IM)
, headquartered in Santa Ana, California, to acquire Intelligent's indirect business, the Reseller Network Division, for approximately $78 million, subject to reductions under certain circumstances.
After the sale of its indirect business, Intelligent Electronics will be entirely focused on selling technology services and products directly to large and medium-sized businesses and organizations.