Tuesday February 22, 9:18 am Eastern Time
Company Press Release
Miami Computer Supply Corporation Announces Fourth Quarter 66% Sales Increase and 35% Earnings Per Share Growth
DAYTON, Ohio--(BUSINESS WIRE)--Feb. 22, 2000--Miami Computer Supply Corporation (Nasdaq:MCSC - news) today reported record sales and earnings per share for the fourth quarter and year ended December 31, 1999.
For the three months ended December 31, 1999:
Earnings per share (diluted) for the fourth quarter rose 35%, to $0.27 compared to $0.20 a year ago.
Net sales for the fourth quarter of 1999 rose 66%, to $192.6 million versus $116.0 million for the same period in the prior year.
Operating income for the fourth quarter increased 39% to $5,512,000 compared to $3,954,000 for the same period in the prior year.
For the year ended December 31, 1999:
Earnings per share (diluted) increased 43%, to $0.93 from $0.65 per share for the comparable period last year.
Net sales increased 119%, to $686.7 million from $313.8 million for the year ended December 31, 1998.
Operating income increased 109%, to $28.6 million from $13.7 million for the year ended December 31, 1998.
``We are very excited about our outstanding 1999 performance and the tremendous amount of momentum MCSC has moving into 2000. We continue to execute our business model and our team is committed to EPS growth. Our people continue to differentiate MCSC in the marketplace, in this time of video, voice and data convergence. Our technical resources team of over 400 individuals along with our 600 sales representatives provide innovative and dependable answers for the computer technology and visual communication needs of businesses across North America,' said Michael E. Peppel, Chairman, President and Chief Executive Officer.
``For the thirteenth consecutive quarter since our 1996 IPO, our people have executed record sales and earnings per share growth. Based on our current annualized revenues, we are now the largest advanced systems integrator of visual communication products and services in the United States and Canada, which is driving our expanding gross margins,' added Ira H. Stanley, Vice President and Chief Financial Officer.
Miami Computer Supply Corporation is a reseller of computer products and accessories and a reseller and integrator of audio-visual products and systems throughout the United States, Canada and in certain foreign countries. Miami Computer Supply Corporation resells over 1,800 core products primarily to corporations, governmental, educational, and institutional customers, including federal, state and local governmental agencies, universities and hospitals and, to a lesser extent, to computer supply dealers. MCSC primarily sells nationally known, name-brand products manufactured by approximately 500 original equipment manufacturers, including Sharp, Epson, Infocus, Sony and Proxima for audio-visual products and Hewlett-Packard, Lexmark, Imation and Canon for computer supplies. Additional information regarding MCSC can be obtained at www.mcsinet.com (but is not part of this release).
The matters discussed in this press release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of MCSC, the occurrence of which involve risks and uncertainties which include, but are not limited to, general economic conditions, industry trends, functionality of hardware and software, actions of competitors, MCSC's ability to manage its growth, factors relating to its acquisition/merger strategy, actions of regulatory authorities, restrictions imposed by its debt arrangements, dependence upon key personnel, dependence upon key suppliers, customer demand, risks relating to international operations, dependence on its computer systems and other factors. A complete description of those factors, as well as other factors which could affect MCSC's business, is set forth in MCSC's Form 10-K for the year ended December 31, 1998, and its Form 10-Q, as amended, for the nine months ended September 30, 1999.
Miami Computer Supply Corporation
Consolidated Statement of Operations
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
December 31,
1999 1998
---- ----
Net sales $ 192,583 $ 115,965
Cost of sales 149,028 92,373
------------ ------------
Gross profit 43,555 23,592
Selling, general and
administrative expenses 35,801 18,729
------------ ------------
Operating income 7,754 4,863
Interest expense (2,600) (1,018)
Other income 358 109
------------ ------------
Income before income taxes 5,512 3,954
Provision for income taxes 2,086 1,734
------------ ------------
Net income $ 3,426 $ 2,220
------------ ------------
------------ ------------
Earnings per share of
common stock (basic) $ 0.28 $ 0.20
------------ ------------
------------ ------------
Earnings per share of
common stock (diluted) $ 0.27 $ 0.20
------------ ------------
------------ ------------
Weighted number of common
shares outstanding 11,738,027 11,151,490
------------ ------------
------------ ------------
Weighted number of common
shares outstanding -
assuming dilution 11,993,013 11,356,915
------------ ------------
------------ ------------
Miami Computer Supply Corporation
Consolidated Statement of Operations
(Unaudited)
(Dollars in thousands, except per share data)
Twelve Months Ended
December 31,
1999 1998
---- ----
Net sales $ 686,749 $ 313,762
Cost of sales 546,618 246,670
------------ ------------
Gross profit 140,131 67,092
Selling, general and
administrative expenses 111,537 53,390
------------ ------------
Operating income 28,594 13,702
Interest expense (9,773) (2,610)
Other income 710 227
------------ ------------
Income before income taxes 19,531 11,319
Provision for income taxes 8,393 4,994
------------ ------------
Net income $ 11,138 $ 6,325
------------ ------------
------------ ------------
Earnings per share of
common stock - basic $ 0.95 $ 0.66
------------ ------------
------------ ------------
Earnings per share of
common stock - diluted $ 0.93 $ 0.65
------------ ------------
------------ ------------
Weighted number of common
shares outstanding 11,548,589 9,536,957
------------ ------------
------------ ------------
Weighted number of common
shares outstanding -
assuming dilution 11,732,355 9,677,285
---- |
