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Strategies & Market Trends : Technical analysis for shorts & longs

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Dec 12 4:00 PM EST

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To: Johnny Canuck who wrote (34668)	10/7/2001 3:41:51 AM
From: Johnny Canuck	Read Replies (1) of 69031

Avnet says 1Q sales fell short Semiconductor Business News (10/04/01, 10:38:42 AM EST) PHOENIX--Electronics distributor Avnet Inc. here today said its sales and earnings were below expectations in the company's fiscal first quarter, ended Sept. 28. Avnet's preliminary estimates show sales declining 13% sequentially to $2.2 billion in the quarter from the prior three-month period instead of an expected 5-to-10% drop. Avnet said it expects to report a loss in the range of 17 cents to 20 cents per diluted share from continuing operations. The distribution giant attributed the earnings shortfall primarily to a more significant than expected decline in revenues at its Electronics Marketing (EM) group. Sales in that group are expected to be down 44% as compared with the same quarter last year and down 20% on a sequential basis from the prior three-month period. "We have substantially reduced our cost structure and asset base in the last nine months as we respond to the most severe downturn in the history of the electronics industry and prepare for the future," said Roy Vallee, chairman and CEO of Avnet. Last month, Avnet announced it was laying off 4% of its North American workforce. The cuts amounted to about 400 employees across all of the company's divisions "As we look at the December quarter, which is typically a seasonally strong quarter in our computer business, we expect to see an increase in sales at CM [Computer Marketing] and AC [Applied Computing]. On the component side of our business, we continue to see positive signs that business may have bottomed, but the strength and timing of the recovery cannot yet be predicted." ebnews.com

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