ScanSource Reports Strong Third Quarter Sales
27 4월 2007 - 5:05AM
Business Wire
ScanSource, Inc. (NASDAQ:SCSC), a leading international distributor
of AIDC (automatic identification and data capture), point of sale,
communications and electronic security products for the reseller
market, today announced selected financial results for its quarter
ended March 31, 2007. Net sales ���$492.7 million Gross margin
��51.0 million �Our results were again led by the excellent growth
in our AIDC business across all geographies,� said Mike Baur,
President and CEO of ScanSource. �In addition, our investments are
paying off with record results from T2 Supply and ScanSource
Security.� For the quarter ended March 31, 2007, net sales
increased 21% to $492.7 million compared to $405.6 million for the
quarter ended March 31, 2006. Quarterly gross margin increased to
$51.0 million or 10.4% of revenues compared to $41.3 million or
10.2% for the same quarter in 2006. On April 20, 2007, the Company
announced that it had completed its accounting analysis of the
Special Committee findings regarding the Company�s stock option
grant practices and reached a determination that, under applicable
accounting principles, the appropriate measurement dates for
certain stock options differed from the recorded measurement dates
for certain stock option grants. Accordingly, on April�20, 2007,
the Company announced that its Board of Directors had determined
that the Company�s previously issued financial statements included
in its Annual Report on Form 10-K for the year ended June�30, 2006,
and perhaps financial statements for earlier periods, including
other historical financial information, related disclosures and
applicable reports of its independent registered public accounting
firm, should no longer be relied upon and that the Company will
restate previously issued financial statements as necessary. The
Company intends to file with the SEC any consolidated financial
statements required to be restated and its Quarterly Reports on
Form 10�Q for the quarters ended September�30, 2006 and
December�31, 2006, as soon as practicable. The Company will not be
in a position to report net income or diluted EPS for the quarter
ended March 31, 2007 or other periods until the above-referenced
restatement and filing of quarterly reports for the first two
quarters of the Company�s 2007 fiscal year are complete. Forecast
for Next Quarter The Company announced its revenue forecast for the
fourth quarter of fiscal 2007. ScanSource expects net revenues for
the June 2007 quarter could range from $512 million to $532
million. Safe Harbor Statement This news release contains comments
that are �forward looking� statements that involve risks and
uncertainties; these statements are subject to the safe harbor
created by the Private Securities Litigation Reform Act of 1995.
Any number of important factors could cause actual results to
differ materially from anticipated results. Results of the review
of the Special Committee will have an impact on reported financial
results for this quarter, as well as previously reported results.
For more information concerning factors that could cause actual
results to differ from anticipated results, see the Company�s
annual report on Form 10K filed with the Securities and Exchange
Commission. About ScanSource ScanSource, Inc. is a leading
international distributor of specialty technology products. The
Company markets specialty technologies through five sales units:
ScanSource [automatic identification and data capture (AIDC) and
point-of-sale (POS) products]; Catalyst Telecom (Avaya
communications products); Paracon (communications products); T2
Supply (video conferencing and telephone products); and ScanSource
Security Distribution (electronic security products). The Company
serves the North America marketplace and has an international
segment which sells AIDC and POS products in Latin America and
Europe. Founded in 1992, the Company ranks #982 on the Fortune
1000. For more information, call the toll-free sales telephone
number at 800.944.2432 or visit www.scansource.com. SCANSOURCE,
INC. AND SUBSIDIARIES SELECTED BALANCE SHEET DATA (In thousands) �
March 31, Dec. 31, Sept. 30, June 30, 2007� 2006� 2006� 2006�
(unaudited) (unaudited) (unaudited) (unaudited) Selected Assets �
Cash and cash equivalents $ 3,036� $ 2,730� $3,130� $ 3,831� Trade
& notes receivable, net 331,823� 315,172� 344,451� 297,740�
Inventories 291,332� 274,723� 246,905� 244,005� Property and
equipment, net 25,767� 26,347� 26,174� 27,098� � � Selected
Liabilities � Trade accounts payable 250,054� 286,306� 271,580�
271,519� Debt and other borrowings 132,891� 78,568� 107,007�
32,185� SCANSOURCE, INC. AND SUBSIDIARIES SELECTED CONSOLIDATED
INCOME STATEMENT DATA (UNAUDITED) (In thousands) � Quarter ended
Nine months ended March 31, March 31, 2007� 2006� 2007� 2006� � Net
sales $ 492,678� $ 405,592� $ 1,462,642� $ 1,204,456� Cost of goods
sold 441,641� 364,332� 1,306,990� 1,081,033� Gross profit 51,037�
41,260� 155,652� 123,423� 10.4% 10.2% 10.6% 10.2% � Interest
expense 1,939� 633� 5,464� 1,598� Interest income (246) (243) (529)
(547)
ScanSource (NASDAQ:SCSC)
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