Great results
Miami Computer Supply Corporation Announces Fourth Quarter 87 Percent Sales Increase and 143 Percent Earnings Per Share Growth
DAYTON, Ohio, Feb. 23 /PRNewswire/ -- Miami Computer Supply Corporation (Nasdaq: MCSC) today reported record sales and earnings per share for the fourth quarter and year ended December 31, 1997.
For the three months ended December 31, 1997:
* Earnings per share (basic and diluted) for the fourth quarter rose 143%,
to $0.17 compared to $0.07 a year ago.
* The weighted average number of common shares outstanding increased by
37% to 4,070,885 at December 31, 1997, from 2,962,457 due to the
Company's acquisitions of NTI headquartered in Manchester, New
Hampshire, Britco headquartered in Houston, Texas and TBS Printware
headquartered in Fremont, California.
* Net sales for the fourth quarter of 1997 rose 87%, to $36.1 million
versus $19.4 million for the same period in the prior year.
* Operating income for the fourth quarter increased 202% to $1,241,757
compared to $410,551 for the same period in the prior year.
For the year ended December 31, 1997:
* Net sales increased 69%, to $107.5 million from $63.4 million for the
year ended December 31, 1996.
* Operating income increased 76%, to $3.9 million from $2.2 million for
the year ended December 31, 1996.
* Net income increased 98%, to $2,211,609 from $1,117,231 for the same
period last year.
* Earnings per share (basic and diluted) increased 31.8%, to $0.58 from
0.44 per share for the comparable period last year.
"We are excited about our outstanding 1997 performance and the tremendous amount of momentum MCSC has moving into 1998. In 1997 we exceeded our goals in every area including EPS growth of over 30%. MCSC increased the number of sales offices from 20 to 63 and grew annual sales from $63 million to $107 million. We also increased our direct sales force from 55 professionals in 1996 to nearly 190. While the company has experienced significant growth, our people still remain the most important asset at Miami Computer Supply," said Michael E. Peppel, President and Chief Executive Officer.
"Since our Initial Public Offering in November 1996 we have joined forces with seven of the finest companies in the computer supply and presentation products channels. If the operating philosophy along with our financial objectives are not met, we will pass on a potential acquisition candidate, as we did with five potential transactions in 1997. MCSC is an operator and will continue to look for opportunities to consolidate the computer supply and presentation products channels. However, acquisitions are not the sole source of earnings growth since we are also effective operators with a deep bench of seasoned professionals from the computer supply and presentation products channel," added Peppel.
"In 1998, MCSC's focus is on strong EPS growth derived from accretive acquisitions and internal growth," stated Peppel. |
