Eric,
I saw the following press release on VITECH:
Tuesday December 24 11:02 AM EDT
Vitech Receives Major $7.5 Million Order -- Large Brazilian Retailer Places Additional Orders
For Early 1997 --
MIAMI--(BUSINESS WIRE)--Dec. 24, 1996--Vitech America, Inc. (NASDAQ : VTCH), a vertically integrated computer and networking equipment
manufacturer and distributor, today announced that it received additional product orders from Casas Bahia of Sao Paulo, Brazil totaling $7.5 million. These new
orders are expected to be shipped during the first half of 1997.
"Casas Bahia is the fastest growing major retail chain in Brazil," stated William St. Laurent, President of Vitech America, Inc. "These new orders will increase the
visibility of VitechUs products throughout the nation. Importantly, the orders not only give our sales revenues an unexpected boost, but also further cement our
long-term relationship with Casas Bahia," explained Mr. St. Laurent.
Casas Bahia, a consumer electronics retailer, has annual sales in excess of $2.7 billion. With over 230 stores in Brazil, it is the country's second largest retail chain.
For the nine month period ended September 30, 1996, Vitech announced an increase in sales of 60% to almost $44 million, and an increase in net income to $4.8
million, or $0.56 per share, from $477,275, or $0.06 per share.
Vitech America, Inc., headquartered in Miami, assembles and offers its own brand name personal computers, business systems integration and network equipment,
and related products in Brazil under the names: Vitech Vision(TM), EasyNet(TM), and MultiShow(TM). Vitech's strategy includes selling directly to the retail
customer, thereby controlling its pricing, creating brand loyalty, and creating a distribution network for the delivery new products.
The Brazilian computer market is expected to grow at about 30% annually for the next eight to ten years. In addition to serving Sao Paulo and Rio De Janeiro,
Vitech focuses on the smaller Brazilian cities, with populations of two to four million. These smaller urban centers and rural areas comprise the fastest growing sector
of the Brazilian PC market and have less distribution competition. |
