NSIT-breaks out. CREE looks good all day both up and down. This is a tough market.
NSIT NEWS-
(COMTEX) B: Insight Enterprises Inc. Reports Record Sales and Earning
B: Insight Enterprises Inc. Reports Record Sales and Earnings
TEMPE, Ariz., Apr 26, 2000 (BUSINESS WIRE) --
First Quarter Highlights:
-- Nineteenth consecutive quarter of sequential sales and
earnings growth
-- 53 percent growth in U.S. core Direct business
-- 38 percent growth in overall sales
-- 81 percent increase in net earnings
-- 73 percent increase in diluted earnings per share to $0.45 per
share
-- Increased annualized inventory turns to 84 times for the
quarter
-- Increased number of account executives by 144, net, for the
quarter to 1,682
-- 412,450 shares repurchased under announced stock repurchase
plan
-- Debuted as No. 851 on Fortune 1000 List
"Each of our operating units had an outstanding quarter. The Direct business
continues to both grow rapidly and increase profitability, while Outsourcing's
(COMTEX) B: Insight Enterprises Inc. Reports Record Sales and Earning
B: Insight Enterprises Inc. Reports Record Sales and Earnings
TEMPE, Ariz., Apr 26, 2000 (BUSINESS WIRE) --
First Quarter Highlights:
-- Nineteenth consecutive quarter of sequential sales and
earnings growth
-- 53 percent growth in U.S. core Direct business
-- 38 percent growth in overall sales
-- 81 percent increase in net earnings
-- 73 percent increase in diluted earnings per share to $0.45 per
share
-- Increased annualized inventory turns to 84 times for the
quarter
-- Increased number of account executives by 144, net, for the
quarter to 1,682
-- 412,450 shares repurchased under announced stock repurchase
plan
-- Debuted as No. 851 on Fortune 1000 List
"Each of our operating units had an outstanding quarter. The Direct business
continues to both grow rapidly and increase profitability, while Outsourcing's
1999 investment in new programs is being rewarded with exceptional earnings." --
Timothy A. Crown, co-chief executive officer
Financial and Operating Data Summary Table
Three Months Ended
March 31,
-----------------------------
Financial Data: 2000 1999 % change
--------------- ---- ---- --------
Net sales (000's) $ 467,303 $ 338,136 38%
Earnings from operations (000's) $ 20,322 $ 11,558 76%
Net earnings (000's) $ 12,326 $ 6,807 81%
Basic earnings per share $ 0.46 $ 0.27 70%
Diluted earnings per share $ 0.45 $ 0.26 73%
Shares used in earnings
per share calculation (000's):
Basic 26,733 25,482 5%
Diluted 27,554 26,672 3%
Operating Data:
Insight Direct Worldwide:
Number of account executives 1,437 943 52%
Average order size $ 1,124 $ 824 36%
Percent of sales to businesses 94% 87% 54%(a)
Percent unassisted web sales 10.6% 8.9% 82%(a)
Direct Alliance Corporation:
Number of account executives 245 119 106%
Percent e-commerce orders 55% 30% 128%
(a) Based on net sales dollars
Insight Enterprises Inc. (Nasdaq: NSIT) (the "company"), the holding company of
Insight Direct Worldwide Inc. ("Insight") and Direct Alliance Corp. ("Direct
Alliance"), Wednesday announced record sales, net earnings and earnings per
share for the three months ended March 31, 2000. This marks the company's 19th
consecutive quarter of sequential sales and net earnings growth.
"The company enjoyed another great quarter thanks to outstanding contributions
from each of its operating units," commented Crown.
Net sales, from all operating units, for the quarter ended March 31, 2000
increased 38 percent to $467.3 million from $338.1 million in the same period in
1999. Net earnings for the quarter increased 81 percent to $12.3 million from
$6.8 million in the first quarter of 1999. Diluted earnings per share rose 73
percent to $0.45 in the first quarter compared to $0.26 in the same period in
1999.
Sales from the company's global direct marketing subsidiary, Insight,
represented 96 percent of net sales, with the remaining 4 percent from Direct
Alliance, the company's global outsourcing provider.
Insight's net sales and net earnings increased 41 percent to $447.5 million and
72 percent to $10.7 million, respectively, compared to net sales of $317.0
million and net earnings of $6.2 million in the first quarter of 1999. Insight
ended the quarter with 1,437 account executives, adding a net of 164 since Dec.
31, 1999. 1,274 of Insight's account executives were located in North America
and 163 were located in Europe.
Insight's North American sales for the first quarter represented 91 percent of
its net sales, with the remaining 9 percent occurring in Europe, down from 11
percent in the fourth quarter of 1999. This compares with 87 percent of net
sales in North America and 13 percent in Europe in the first quarter of 1999.
Insight's target customer, the small- to medium-sized business (including
education and government), represented 94 percent of sales in the first quarter
of 2000, compared to 87 percent in 1999.
"Insight's U.S. core Direct business grew 53 percent year over year which tells
us that our model, which we are transporting to Canada, the United Kingdom and
Germany, works," said Crown. "As our non-U.S. models mature, we believe their
growth rates should approach that of the U.S." |
