INGRAM MICRO ANNOUNCES THIRD QUARTER RESULTS
BusinessWire, Wednesday, November 06, 1996 at 06:13
SANTA ANA, Calif.--(BUSINESS WIRE)--Nov. 6, 1996--Ingram Micro
Inc. (NYSE:IM) today announced net earnings income increased 30
percent to $26.9 million for the third quarter ended September 28,
1996, compared with $20.8 million for the same period a year ago.
Excluding a non-cash compensation charge related to stock options,
net income increased 33 percent on a year-over-year basis to $27.6
million.
Worldwide sales revenue advanced 26 percent to $2.93 billion
compared with $2.33 billion in the third quarter of 1995. Sales
figures for the third quarter of 1995 were significantly affected by
the introduction of Microsoft Windows 95. Worldwide sales revenue,
excluding the effect of Windows 95 revenue, would have increased 44
percent from an adjusted base of $2.04 billion in the 1995 third
quarter.
For the first nine months of 1996, net income was $77.6 million,
an increase of 38 percent compared with $56.2 million for the same
period in 1995. Excluding the cumulative non-cash compensation
charge for the nine months, net income would have increased 47
percent to $83.0 million.
Worldwide sales revenue for the first nine months of 1996
increased 40 percent to $8.47 billion compared with $6.07 billion
for the same period in 1995. Excluding the effect of Windows 95,
worldwide sales revenue would have increased 47 percent from an
adjusted base of $5.78 billion for the first three quarters of 1995.
Ingram Micro Inc., headquartered in Santa Ana, Calif., is the
world's largest wholesale distributor of technology products and
services, with 1995 sales of $8.62 billion. The company operates in
19 countries and distributes more than 36,000 products to over
100,000 resellers in 120 countries.
*T
INGRAM MICRO INC.
CONSOLIDATED BALANCE SHEET
(Dollars in thousands)
September 28, December 30,
1996 1995
(Unaudited)
ASSETS
Current assets:
Cash $ 43,196 $ 56,916
Trade accounts receivable (less allowances
of $38,069 in 1996 and $30,791
in 1995) 1,127,937 1,071,275
Inventories 1,382,122 1,582,922
Other current assets 115,243 88,503
Total current assets 2,668,498 2,799,616
Property and equipment, net 127,984 89,126
Goodwill, net 27,785 29,871
Other 19,445 22,285
Total assets $ 2,843,712 $ 2,940,898
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Accounts payable $ 1,670,358 $ 1,652,073
Accrued expenses 153,598 121,572
Current maturities of long-term debt 16,458 6,332
Total current liabilities 1,840,414 1,779,977
Long-term debt 128,855 170,424
Due to Ingram Industries 479,703 673,792
Other 8,572 5,697
Total liabilities 2,457,544 2,629,890
Minority interest 2,956 213
Commitments and Contingencies
Redeemable Class B Common Stock 17,223
Stockholder's equity:
Preferred stock, $0.01 par value,
1,000,000 shares authorized, no
shares issued and outstanding
Class A Common Stock, $0.01 par value
265,000,000 shares authorized, no
shares issued and outstanding
Class B Common Stock, $0.01 par value,
135,000,000 shares authorized;
109,813,762 shares issued and
outstanding (including 2,460,400
redeemable shares) 1,074 1,073
Additional paid in capital 23,140 22,427
Retained earnings 339,689 282,122
Cumulative translation adjustment 2,680 5,173
Unearned compensation (594) 0
Total stockholder's equity 365,989 310,795
Total liabilities and
stockholder's equity $ 2,843,712 $ 2,940,898
INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in thousands)
Thirty-nine Weeks Ended
Sept. 28, Sept. 28,
1996 1995
(Unaudited) (Unaudited)
Cash provided (used) by operating activities:
Net income $ 77,567 $ 56,280
Adjustments to reconcile net income
to cash provided by operating activities:
Depreciation and amortization 25,253 17,829
Deferred income taxes (3,144) (8,475)
Minority interest 383 (2,986)
Non-cash compensation charge 8,859 -
Changes in operating assets and liabilities,
Trade accounts receivable (63,799) (151,854)
Inventories 194,288 (481,072)
Other current assets (16,280) (20,929)
Accounts payable 25,890 612,038
Accrued expenses 24,235 11,651
Cash provided by operating
activities 273,252 32,482
Cash provided (used) by investing activities:
Purchase of property & equipment (62,503) (37,219)
Other (2,034) 1,124
Cash used by investing activities (64,537) (36,095)
Cash provided (used) by financing activities:
Proceeds from sale of Class B
Common Stock 17,223 -
Decrease in borrowings from
Ingram Industries (194,090) (36,196)
Proceeds (repayment) of debt 2,481 97
Net (repayments) borrowings under
revolving credit facility (29,612) 19,039
Distribution to Ingram Industries (20,000) -
Minority interest investment 2,400 -
Cash used by financing activities (221,598) (17,060)
Effect of exchange rate changes on cash (837) 399
Decrease in cash (13,720) (20,274)
Cash, beginning of year 56,916 58,369
Cash, end of period $ 43,196 $ 38,095
Supplemental disclosure of cash flow
information:
Cash payments during the period:
Interest $ 41,814 $ 31,006
Income taxes 60,090 38,843
Cash payments include payments made to Ingram Industries for
interest and U.S. income taxes.
INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF INCOME
(Dollars in thousands, except per share data)
Thirteen Weeks Ended Thirty-nine Weeks Ended
Sept. 28, Sept. 28, Sept. 28, Sept. 28,
1996 1995 1996 1995
(Unaudited) (Unaudited)
Net sales $2,931,543 $2,331,577 $8,474,710 $6,070,722
Cost of sales 2,734,089 2,180,372 7,900,223 5,648,210
Gross profit 197,454 151,205 574,487 422,512
Expenses:
Selling, general and
administrative 133,840 105,155 386,492 296,079
Charges allocated from
Ingram Industries 1,116 883 3,259 2,561
Non-cash compensation
charge 1,057 0 8,859 -
136,013 106,038 398,610 298,640
Income from operations 61,441 45,167 175,877 123,872
Other (income) expense:
Interest income (427) (624) (1,188) (3,049)
Interest expense 3,082 2,894 10,608 8,918
Interest expense
charged by
Ingram Industries 9,740 8,102 30,912 22,977
Net foreign currency
exchange loss 55 1,974 447 6,572
Other 79 (1,007) 1,689 405
12,529 11,339 42,468 35,823
Income before income taxes
and minority interest 48,912 33,828 133,409 88,049
Provision for income
taxes 21,603 13,353 55,459 34,755
Income before
minority interest 27,309 20,475 77,950 53,294
Minority interest 382 (285) 383 (2,986)
Net income $ 26,927 $ 20,760 $ 77,567 $ 56,280
Earnings per share
(unaudited) $ 0.22 $ 0.17 $ 0.64 $ 0.46
*T
CONTACT: Kirsten Frosh
Media Relations
Ingram Micro Inc.
(714) 566-1000 ext. 2727
or
Kim Strohm
Investor Relations
Ingram Micro Inc.
(714) 566-1000 ext. 5219
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