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Non-Tech : Ingram Micro
IM 38.890.0%Dec 13 4:00 PM EST
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To: Ben who wrote (127)4/23/1997 5:54:00 PM
From: Ben   of 576
 
Ingram Micro Net Income Increased 69 Percent For First Quarter 1997; Company Reports
Record Sales Of $3.65 Billion For The Quarter



SANTA ANA, Calif.--(BUSINESS WIRE)--April 23, 1997--Ingram Micro
Inc. (NYSE:IM) today announced its financial results for the first
quarter ended March 29, 1997.
Net income for the period was $40.4 million, exceeding net
income in the previous year's quarter by 69 percent. Earnings per
share increased 40 percent, growing from $0.20 per share to $0.28
per share. The earnings per share comparison is based on 20 percent
more shares outstanding in the first quarter of 1997 than the first
quarter of 1996, largely as a result of the company's recent initial
public offering.
In both the 1997 and 1996 first quarters, Ingram Micro's results
include a noncash compensation charge related to the vested portion
of previously granted stock options converted to Ingram Micro stock
options. These charges were $1.5 million and $4.1 million, net of
tax, in the first quarter of 1997 and the first quarter of 1996
respectively. Excluding these charges, net income for first quarter
of 1997 grew 50 percent to $41.8 million and earnings per share grew
26 percent to $0.29.
The company posted record net sales in the first quarter of
1997 of $3.65 billion, growing 33 percent over the prior period's
$2.75 billion.
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