Picked up some NUHC, 2 for 3 split coming and the earnings are in and great :
9/21/00 - Nu Horizons Reports Record Earnings and Record Sales Results for the Second Quarter of Fiscal Year 2001
MELVILLE, N.Y., Sep 21, 2000 (BUSINESS WIRE) --
Sales increased 102 percent to $179 million for the quarter and
100 percent to $326 million for the six month period
Earnings per share increased 268 percent to 92 cents per share
for the quarter and 290 percent to $1.64 per share
for the six month period
Nu Horizons Electronics Corp. (Nasdaq/NM:NUHC), a leading distributor of active and passive electronic components and provider of industrial manufacturing services, today reported operating results for the second quarter and six months ended August 31, 2000.
Net sales for the second quarter increased 102% to a record $179,145,177 from $88,871,395 for the prior year's period. Net income for the quarter was $10,036,675 or $0.92 per share on 10,853,156 basic shares outstanding ($0.81 per share on 12,378,362 diluted shares) a 268% increase, as compared to $2,209,749 or $0.25 per share on 8,753,076 basic shares outstanding ($0.20 per share on 11,492,359 diluted shares) in the same period last year.
For the first six months ended August 31, 2000, net sales increased 100% to a record $326,684,476 from $163,013,007 in the comparable prior period. Net income for the first half of fiscal 2001 was $17,461,482 or $1.64 per share on 10,616,205 basic shares outstanding ($1.41 per share on 12,378,362 diluted shares) a 290% increase, compared to $3,736,596, or $0.42 per share on 8,753,076 basic shares outstanding ($0.34 per share on 11,492,359 diluted shares) in the year earlier period.
Operating expenses for the six months ended August 31, 2000 were approximately $39,000,000 compared with $26,000,000 in the year ago period. As a percentage of sales, operating expenses fell to 12.0 percent for the first six months of fiscal year 2001. This compares with 15.7 percent in the corresponding six months a year ago.
Arthur Nadata, Chief Executive Officer and President, commented "We are extremely gratified with the financial and operational results achieved over the last six months and the sequential improvements over the prior year. We were especially pleased to see that the doubling of first half revenues continues to be broadly driven by strong demand in multiple sectors of our customer base, including; telecom, datacom, internet accessing equipment, and consumer electronics. This balance of customer demand contributed to our dramatic growth in sales and earnings. Nu Horizon's sales of semiconductors continues to benefit from the combination of a robust electronics industry and the successful execution of our strategy of expanding our markets through an engineering focus on niche technology products. At the same time, our NIC Components subsidiary continues to increase sales of passive components, such as capacitors, resistors and magnetics, to an expanding base of high profile customers. Our subsidiaries in the United Kingdom and Singapore have penetrated their respective markets establishing Nu Horizons as a true global supplier."
Nadata concluded, "Based on our record bookings and industry forecasts for sustained growth, we feel confident that we are well positioned to continue to capture additional market share for active and passive electronic components. Furthermore, our operating expenses, as a percentage of sales, have continued to decline, enhancing our ability to deliver increased bottom line performance. As a result, we are optimistic that our current strategies and marketplace conditions will allow us to continue to post sales and earnings growth for the balance of this fiscal year, which ends on February 28, 2001."
Nu Horizons is a national distributor of high technology electronic components which provide innovative, total semiconductor solutions through products and technologies that are faster, smaller and lower powered. Nu Horizons was established in 1982 and currently has 25 branch and subsidiary offices located in the U.S., Asia and Europe. For more information, visit the Nu Horizons' home page at nuhorizons.com.
Except for historical information contained herein, the matters set forth in this news release are forward looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Potential risks and uncertainties include such factors as the level of business and consumer spending for electronic products, the amount of sales of the Company's products, the competitive environment within the electronic industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts and the financial strength of the Company's customers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.
*T NU HORIZONS ELECTRONICS CORP. Financial Highlights (Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
8/31/00 8/31/99 8/31/00 8/31/99
Net Sales $179,145,177 $ 88,871,395 $326,684,476 $163,013,007
Costs and
expenses: Cost of
sales 140,272,953 70,907,363 255,458,867 130,074,835 Operating
Expenses 19,811,809 13,628,989 39,243,418 25,617,773
Operating
income 19,060,415 4,335,043 31,982,191 7,320,399
Interest
expense 1,029,409 589,707 1,890,837 1,007,780
Income
before
provision
for income
taxes and
minority
interests 18,031,006 3,745,336 30,091,354 6,312,619
Provision
for income
taxes 7,901,231 1,535,587 12,382,876 2,576,023
Income
before
minority
interests 10,129,775 2,209,749 17,708,478 3,736,596
Minority
interest
in
earnings of
subsidiary 93,100 -- 246,996 --
Net income $ 10,036,675 $ 2,209,749 $ 17,461,482 $ 3,736,596
Earnings
per share: Basic $.92 $.25 $1.64 $.42 Diluted $.81 $.20 $1.41 $.34
Average
shares
outstanding: Basic 10,853,156 8,753,076 10,616,205 8,753,076 Diluted 12,378,362 11,492,359 12,378,362 11,492,359 *T
CONTACT: Nu Horizons Electronics Corp., Melville
Paul Durando, 631/396-5000 |
