Good news - the kind that makes you want to hold onto your shares as they move....up!
Tuesday November 4 8:17 AM EST
Company Press Release
Tech Data Announces Preliminary Third Quarter Results Sales And Net
Income Reach Record Levels
CLEARWATER, Fla., Nov. 4 /PRNewswire/ -- Tech Data Corporation (Nasdaq:TECD) announced today that sales for the
third quarter ended October 31, 1997 exceeded $2 billion, up more than 61% over prior year third quarter sales of $1.24
billion. As a result of the strong sales growth, the Company estimates net income for the quarter ended October 31, 1997 of
approximately $23 million, or $.50 per share, compared with prior year third quarter net income of $16.7 million, or $.38 per
share. The Company attributed the growth in its sales to market share gains in its core U.S. distribution business, which grew
approximately 40% year-over-year in the third quarter, combined with growth in its international business. In addition, the third
quarter results include a full quarter of estimated results for the Company's German subsidiary, Macrotron AG, in which the
Company acquired a controlling interest in July 1997. Final results for the third quarter will be released in early December.
Steven A. Raymund, Chairman and Chief Executive Officer, said, ''Despite the slow start in the third quarter due to the UPS
strike in the first half of August, we experienced an acceleration in sales growth during September and October in our U.S.
business. We experienced solid growth across all product divisions during the third quarter.''
Tech Data Corporation is a leading full-line distributor of personal computer products serving more than 70,000 value-added
resellers, retailers and direct marketers throughout the United States, Canada, Latin America, Germany, France, Switzerland
and Austria. The Fortune 500 company generated sales of $4.6 billion in its most recent fiscal year, which ended January 31,
1997. Tech Data offers comprehensive product lines in software, networking and communications, mass storage, peripherals
and computer systems. In addition to distributing more than 45,000 products from over 900 manufacturers and publishers,
Tech Data provides extensive pre-sale and post-sale training, service and support.
SOURCE Tech Data Corporation |
