Earnings out...
Seems to be inline with expectations, but the stock is still down today.
Pomeroy Computer Resources Reports Earnings for the Fourth Quarter
and Year
HEBRON, Ky.--(BUSINESS WIRE)--Feb. 8, 1998--Pomeroy Computer Resources (NASDAQ: PMRY - news) today
released its operating results for the fourth quarter and year ended Jan. 5, 1998.
For the quarter, total net sales and revenues increased approximately 39% to $142.1 million from $102.3 million in the fourth
quarter 1996. For the 1997 fiscal year, total net sales and revenues increased approximately 46% to $491.4 million from
$336.4 million in fiscal 1996.
Net income for the fourth quarter increased approximately 56% to $4.8 million, or $0.41 per diluted share from $3.1 million or
$0.31 per diluted share in the comparable period of 1996. For the 1997 fiscal year, net income increased approximately 162%
to $16.3 million, or $1.44 per diluted share from $6.2 million, or $0.77 per diluted share in fiscal 1996. Fiscal 1996 results
include an after tax charge of $2.6 million or $0.32 per share associated with the settlement and related costs arising from the
Vanstar litigation.
Chief Executive Officer David B. Pomeroy II noted, ''The company has enjoyed profitable growth this year by understanding
our customers' needs and exceeding their expectations. Our close ties to the industry's leading manufacturers have further
enabled us to provide a level of service excellence that supports our customer base and their technology initiatives. We have
continued our growth in the technical services area, and therefore, both our top and bottom line results have exceeded the
expectations of the marketplace. We believe that the continued execution of this strategy in 1998 will increase the company's
value to its customers, employees and shareholders.''
This press release contains certain forward-looking statements regarding revenues, margin, earnings, growth rates and certain
business trends based on certain assumptions and information currently available to management. Such statements are subject
to risks and uncertainties that could cause actual results to differ materially from the results discussed herein.
Pomeroy Computer Resources is one of the country's five largest network integrators, as calculated by Network VAR
magazine, and has more than 20 regional facilities in Kentucky, Iowa, Tennessee, Florida, Alabama, Indiana, North Carolina,
Ohio, West Virginia and South Carolina.
SELECTED FINANCIAL DATA
(in thousands, except per share data)
QUARTER ENDED
Jan. 5, Jan. 5,
1998 1997
Revenues $142,136 $102,323
Net income $ 4,846 $ 3,115
Weighted shares(2):
Basic 11,359 9,639
Diluted 11,704 9,980
Net income per common share(2):
Basic $ 0.43 $ 0.32
Diluted $ 0.41 $ 0.31
YEAR ENDED
Jan. 5, Jan. 5,
1998 1997
Revenues $491,448 $336,358
Net income $ 16,313 $ 6,232
Weighted shares(1)(2):
Basic 11,052 7,834
Diluted 11,367 8,106
Net income per common share(1)(2):
Basic $ 1.48 $ 0.80
Diluted $ 1.44 $ 0.77
(1) Fiscal 1996 results include an after tax charge of $2,613 ($0.32 per share) for the settlement and related costs arising from
the Vanstar litigation.
(2) 1996 restated for a 3 for 2 stock split effected as a stock dividend on Oct. 6, 1997 and to reflect the adoption of Statement
of Financial Accounting Standards No. 128 ''Earnings Per Share'' which was adopted in the fourth quarter of 1997.
Contact:
Pomeroy Computer Resources
Addie W. Rosenthal, 606/586-0600, ext. 1424 |
