Beat the street by a penny
Miami Computer Supply Corporation Announces First Quarter 173 Percent Sales Increase and 62 Percent Earnings Per Share Growth
DAYTON, Ohio, April 20 /PRNewswire/ -- Miami Computer Supply Corporation (Nasdaq: MCSC) today reported record sales and earnings per share for the first quarter ended March 31, 1998.
For the three months ended March 31, 1998:
* Earnings per share (basic and diluted) for the first quarter rose 62%,
to $0.21 compared to $0.13 a year ago.
* The weighted average number of common shares outstanding (basic)
increased by 47% to 5,186,251 at March 31, 1998, from 3,538,000 last
year, due to the Company's eight mergers.
* Net sales for the first quarter of 1998 rose 173%, to $55.2 million
versus $20.2 million for the same period in the prior year.
* Operating income for the first quarter increased 194% to $2.25 million
compared to $0.76 million for the same period in the prior year.
"We are excited about another record quarter in revenue and earnings. While our eight successful mergers increased the weighted average shares outstanding by over 47%, earnings per share grew by 62%," said Michael E. Peppel, President and Chief Executive Officer.
"Our people continue to execute our business model in the computer supply and presentation products marketplace. MCSC's gross margin percentage expansion and increase in operating income percentage results primarily from the addition of Minnesota Western, which provides its customers a complete presentation products system solution. Similarly, MCSC's core computer supply gross margins remain firm as our expanded sales force continues to differentiate MCSC in the marketplace with product knowledge and exceptional customer service," added Peppel.
Mr. Peppel also stated, "During the first quarter we also increased our team of seasoned professionals with the addition of Mr. Ira H. Stanley as Vice President of Finance. Mr. Stanley has an MBA from the University of Dayton and worked for over eight years as the Vice President of Finance of Gosiger, Inc. a national machine tool distributor with headquarters in Dayton, Ohio."
"We have also been joined by Mr. Louis T. Lipinski, CPA, as a Mergers and Acquisitions Analyst. Mr. Lipinski received his MBA from the University of Chicago," said Peppel.
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