ScanSource Reports First Quarter Results
24 10월 2008 - 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 complete financial results for its first
quarter ended September 30, 2008. QE 9/30/08 capsule: � � Net sales
$539.8 million Net income $12.4 million Diluted EPS $0.47 per share
�As expected, our first quarter results were negatively impacted by
specific vendor issues in our Catalyst Telecom business unit,� said
Mike Baur, CEO, ScanSource, Inc. �In addition, we experienced
overall slower revenue growth in most of our business units.
While�this is disappointing, ScanSource continues to deliver strong
profits and cash flow in this challenging economic environment. Our
proven business model and strong balance sheet will allow us to
continue investing in specific growth areas.� For the quarter ended
September 30, 2008, net sales decreased 3% to $539.8 million
compared to $553.7 million for the quarter ended September 30,
2007. Quarterly operating income decreased 19% to $20.6 million
from $25.4 million for the comparable prior year quarter. Our
effective tax rate for the quarter was 38.2% compared to 38.0% for
the prior year quarter. Net income decreased 15% to $12.4 million
for the quarter ended September 30, 2008 versus $14.7 million for
the quarter ended September 30, 2007. Diluted earnings per share
decreased 16% to $0.47 per share compared to $0.56 per share in the
prior year quarter. Forecast for Next Quarter The Company announced
its revenue forecast for the second quarter of fiscal 2009.
ScanSource expects net revenues for the December 2008 quarter could
range from $515 million to $535 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. For more information concerning factors that could cause
actual results to differ from anticipated results, see the
Company�s annual report on Form 10-K for the year ended June 30,
2008 filed with the Securities and Exchange Commission. About
ScanSource ScanSource, Inc. (NASDAQ:SCSC) is a leading
international distributor of specialty technology products,
consisting of seven sales units in North America, Latin America and
Europe. ScanSource POS and Barcoding in North America, Latin
America and Europe delivers AIDC and POS solutions; Catalyst
Telecom in the U.S. and ScanSource Communications in North America
and Europe, provide voice, video and converged communications
equipment; and ScanSource Security in North America offers
electronic security solutions. Founded in 1992, the company ranks
#901 on the Fortune 1000. For more information, call the toll-free
sales telephone number at 800.944.2432 or visit
www.scansourceinc.com. SCANSOURCE, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands) � September 30, 2008
June 30, (unaudited) 2008/a Assets Current Assets Cash and cash
equivalents $ 16,208 $ 15,224 Trade & notes receivable, net
344,115 360,154 Other receivables 9,378 8,052 Inventories 283,960
280,077 Prepaid expenses and other assets 6,463 5,556 Deferred
income taxes � 11,746 � 11,428 Total current assets 671,870 680,491
� Property and equipment, net 23,473 22,420 Goodwill 34,852 36,121
Other assets, including identifiable intangible assets � 32,362 �
33,174 Total assets $ 762,557 $ 772,206 � Liabilities and
Shareholders' Equity � Current Liabilities Current portion of
long-term debt $ - $ - Short-term borrowings 2,043 7,649 Trade
accounts payable 279,399 265,284 Accrued expenses and other
liabilities � 35,701 � 38,922 Total current liabilities 317,143
311,855 � Long-term debt 30,369 29,576 Borrowings under revolving
credit facility - 27,047 Other long-term liabilities � 8,342 �
7,975 Total liabilities � 355,854 � 376,453 � Shareholders' Equity
Common stock 99,372 96,097 Retained earnings 302,564 290,134
Accumulated other comprehensive income � 4,767 � 9,522 Total
shareholders' equity � 406,703 � 395,753 Total liabilities and
shareholders' equity $ 762,557 $ 772,206 � /a: Derived from audited
financial statements at June 30, 2008. SCANSOURCE, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
(In thousands, except per share data) � � � Quarter ended September
30, � 2008 � � 2007 � � Net sales $ 539,825 $ 553,691 Cost of goods
sold � 484,323 � � 495,567 � Gross profit � 55,502 � � 58,124 � �
Selling, general and administrative expenses � 34,874 � � � 32,771
� Operating income 20,628 25,353 � Other expense (income): Interest
expense 579 2,125 Interest income (351 ) (303 ) Other expense
(income) � 277 � � (152 ) Other expense, net � 505 � � 1,670 �
Income before income taxes and minority interest 20,123 23,683 �
Provision for income taxes � 7,693 � � 8,997 � Net income $ 12,430
� $ 14,686 � � Per share data: Net income per common share, basic $
0.47 � $ 0.57 � � Weighted-average shares outstanding, basic �
26,364 � � 25,866 � � Net income per common share, assuming
dilution $ 0.47 � $ 0.56 � � Weighted-average shares outstanding,
assuming dilution � 26,611 � � 26,276 �
ScanSource (NASDAQ:SCSC)
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ScanSource (NASDAQ:SCSC)
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