Tech Data Reports Record Fourth Quarter And Fiscal Year Results
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share amounts)
Three months ended
January 31, Year ended January 31,
1999 1998 1999 1998
Net sales $3,852,971 $2,113,174 $11,528,999 $7,056,619
Cost and expenses:
Cost of products
sold 3,622,708 1,975,925 10,801,126 6,590,873
Selling, general and
administrative
expenses 159,228 87,170 492,542 293,108
3,781,936 2,063,095 11,293,668 6,883,981
Operating profit 71,035 50,079 235,331 172,638
Interest expense 16,223 9,264 44,988 29,908
Gain on sale of
Macrotron AG 3,200 --- 15,700 ---
Income before income
taxes 58,012 40,815 206,043 142,730
Provision for income
taxes 21,238 14,260 76,215 52,816
Income before minority
interest 36,774 26,555 129,828 89,914
Minority interest 294 429 876 429
Net income $ 36,480 $ 26,126 $ 128,952 $ 89,485
Net income per common
share:
Basic $ .71 $ .55 $ 2.59 $ 2.00
Diluted $ .67 $ .53 $ 2.47 $ 1.92
Weighted average common
shares outstanding:
Basic 51,075 47,632 49,727 44,715
Diluted 57,856 49,666 54,161 46,610
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In thousands) January 31, January 31,
1999 1998
ASSETS
Current assets:
Cash and cash equivalents $ 8,615 $ 2,749
Accounts receivable, net 1,796,045 909,426
Inventories 1,369,351 1,028,367
Prepaid and other assets 113,952 65,843
Total current assets 3,287,963 2,006,385
Property and equipment, net 126,537 100,562
Excess of cost over acquired
net assets, net 345,326 55,460
Other assets, net 85,161 22,976
$3,844,987 $2,185,383
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Revolving credit loans $ 817,870 $ 540,177
Accounts payable 1,503,866 850,866
Accrued expenses 241,170 77,961
Total current liabilities 2,562,906 1,469,004
Long-term debt 308,521 8,683
2,871,427 1,477,687
Minority interest 6,269 5,108
Total shareholders' equity 967,291 702,588
Total liabilities and
shareholders' equity $3,844,987 $2,185,383
SOURCE: Tech Data Corporation
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