Miami Computer Supply Reports Fourth Quarter and Record Year End Results
PR Newswire, Wednesday, February 19, 1997 at 10:43
DAYTON, Ohio, Feb. 19 /PRNewswire/ -- Miami Computer Supply Corporation
(Nasdaq: MCSC) today reported that net income for the fourth quarter ended
December 31, 1996, totaled $204,552 or $0.07 per share after a one-time non-
cash charge of $279,726 or $0.06 per share, compared with $268,340 or $0.11
per share, in the previous year. Without the one-time non-cash compensation
charge for stock awards for certain members of management, net income for the
fourth quarter would have been $0.13 per share. Net sales for the quarter
rose 73.7% to $19.4 million, versus $11.1 million for the prior year, an
increase due largely to the 1996 acquisition of Diversified Data Products,
Inc.
Twelve Month Results
For the year ended December 31, 1996, net income advanced to $1,117,231,
from $792,873. Earnings per share advanced 33.3% to $0.44 per share, from
$0.33 per share, in 1995. Net sales increased 46.4% to $63.4 million from the
$43.3 million reported in the prior year. Operating income increased 41.2% to
$2.2 million in the twelve months of 1996 compared with $1.6 million a year
ago.
Albert L. Schwarz, president stated, "The twelve month period resulted in
record sales growth along with a substantial increase in operating income. We
continue to add value to the products we distribute for manufacturers through
our knowledgeable sales force, while maintaining customer loyalty by
supporting our customers with technical support and product knowledge."
Michael E. Peppel, Vice President, Chief Financial Officer stated, "Our
relocation in the fourth quarter, to a new state-of-the-art building housing
our main distribution center and corporate offices will enable us to leverage
our current cost structure which should enhance our performance and create
shareholder value." |
