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Non-Tech : Ingram Micro -- Ignore unavailable to you. Want to Upgrade?

To: Doug Fowler who wrote (181)	10/30/1997 12:31:00 AM
From: Doug Fowler	Read Replies (1) \| Respond to of 576

Great earnings report by Ingram. Net of $0.31 per share versus consensus of $0.28 per share. Ingram Micro Net Income Increased 64 Percent For Third Quarter 1997; Company Reports Revolving Credit Facilities Increase To $1.65 Billion SANTA ANA, Calif.--Ingram Micro Inc. (NYSE:IM) today announced its financial results for the third quarter ended September 27, 1997. Net income for the quarter was $44.3 million, exceeding net income in the previous year's quarter by 64 percent. Earnings per share increased 36 percent, growing from $0.22 per share to $0.30 per share. The earnings per share comparison is based on 20 percent more shares outstanding in the third quarter of 1997 than the third quarter of 1996, largely as a result of the company's initial public offering in November 1996. In both the 1997 and 1996 third quarters, Ingram Micro's results include a noncash compensation charge related to the vested portion of previously granted stock options converted to Ingram Micro stock options. These charges were $1.5 million and $0.6 million, net of tax, in the third quarters of 1997 and 1996, respectively. Excluding these charges, net income for the third quarter of 1997 grew 66 percent to $45.8 million and earnings per share grew 35 percent to $0.31. The company posted record net sales in the third quarter of 1997 of $4.09 billion, growing 39 percent over the $2.93 billion achieved in the same quarter last year. For the first three quarters of 1997, net income was $124.6 million, exceeding net income for the same period in 1996 by 61 percent, and earnings per share increased 33 percent, reaching $0.85 per share. Year-to-date, through the third quarter of 1997, the total noncash compensation charge related to stock options was $4.4 million, net of tax, as compared to $5.4 million for the same period in 1996. Excluding these charges, net income for the period grew 56 percent over last year to $129.1 million and earnings per share grew 28 percent to $0.88. For the first three quarters of 1997, net sales for the company grew 35 percent to $11.45 billion. In addition, the company has added two new multi-year, multi-currency revolving credit facilities totaling $650 million, providing the company total committed revolving credit facilities of $1.65 billion. The primary purpose of these new facilities will be to provide additional capital for our operations throughout Europe and Canada. About Ingram Micro Inc. "Copyright(c) 1997, Business Wire" "Provided by Dow Jones & Company, Inc."