Just keeps chugging along:
Miami Computer Supply Corporation and Electronic Image Systems, Inc. Announce Definitive Merger Agreement
DAYTON, Ohio, June 4 /PRNewswire/ -- Miami Computer Supply Corporation (Nasdaq: MCSC), a leading supplier of computer supplies and projection presentation products, today announced that it has signed a definitive merger agreement with Electronic Image Systems, Inc., an $11.0 million (annual revenues) distributor and integrator of audio visual presentation systems and products, headquartered in Bellevue, Washington. The price was not disclosed.
"We are pleased to add Electronic Image Systems, Inc., an earnings per share accretive transaction, to Miami Computer Supply. We continue to expand our geographic reach through consolidation of the presentation products and computer supply channels, while also remaining focused on our operations and continued internal growth. As a result of this transaction, MCSC will gain the combined 34 years of industry expertise of Michael Richardson and Michael Clark who will be valuable additions to the Miami Computer Supply management bench," said Michael E. Peppel, President and Chief Executive Officer of Miami Computer Supply Corporation.
"We are excited to team our audio visual presentation systems integration capabilities with the strong distribution expertise of Miami Computer Supply," said Michael Richardson, Chief Executive Officer of Electronic Image Systems.
"We approach this new era in Electronic Image Systems' evolution with confidence and optimism. The combination of MCSC's size, reputation and market strength with our audio visual presentation systems integration expertise will provide our entire customer base a superior level of products and services," said Michael Clark, President of EIS.
Miami Computer Supply Corporation went public in November of 1996. Since the IPO, Miami Computer Supply has increased the number of its sales personnel from 53 to 215 and its annual sales from $107.4 million as of December 31, 1997 to a proforma annualized 12 month run rate of over $223 million (not including this transaction). |
