''We expect record net sales for the first quarter of 1999 despite a market that has changed dramatically throughout the first quarter,'' said Jerre L. Stead, chairman and chief executive officer of Ingram Micro Inc. ''Many near-term factors, including Year 2000 fears and continuing economic issues, are creating cautious buying trends in Europe, Latin America and Asia. In addition, there is intense margin pressure, primarily in the United States, which is related directly to increased price competition and not related to changes in the way computers are brought to market,'' Stead continued. ''As the leader in technology distribution, Ingram Micro is adapting to these changes swiftly to further leverage emerging business trends, including electronic commerce and logistics services for our vendor partners.''
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Based on analysis of quarter-to-date results and current business conditions, Ingram Micro expects net sales for the 1999 first quarter to be between $6.5 and $6.7 billion, growing 26 to 30 percent over the same period last year. The company expects net income for the quarter to range from $40 to $45 million or $0.27 to $0.30 per share prior to any one-time costs for reductions in work force.
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