Tokyo has a buy this baby.....
TokyoMex has post SEMI as a buy (CONFIRMED)
AS follows:
I'm buying SEMI 1.50
this looks like 2.50+
Wednesday February 18, 7:59 am Eastern Time
Company Press Release
All American Semiconductor Reports Fourth Quarter and Year-End 1997 Results
Record Earnings Reported
Earnings per share $.17 for year
$.06 for quarter
MIAMI--(BUSINESS WIRE)--Feb. 18, 1998--All American Semiconductor, Inc. (The Nasdaq Stock
Market:SEMI), a leading national distributor of electronic components, today announced record results for the
quarter and year ended December 31, 1997.
Net sales for 1997 reached a new record of $265.6 million, a $27.8 million or 12% increase over 1996 sales of
$237.8 million. Income from continuing operations also reached a new company record in 1997 of $10.2
million, compared to a loss of $(4.1) million for 1996. Net income increased significantly to a record level of
$3.3 million or $.17 per share for 1997, compared to a net loss of $(9.9) million, or $(.50) per share for 1996.
Net sales for the fourth quarter of 1997 was $65.5 million, a 16% increase over sales of $56.6 million for the
same period of 1996. Income from continuing operations was $3.0 million for the fourth quarter of 1997
compared to $658,000 for the same period of 1996. Net income reached a record quarterly level of $1.2 million
or $.06 per share for the quarter ended December 31, 1997, compared to a net loss of $(2.2) million or $(.11)
per share for the 1996 period.
Included in the 1996 periods were restructuring and nonrecurring expenses and losses from discontinued
operations which aggregated $179,000 and $8.3 million on an after-tax basis for the quarter and year ended
December 31, 1996, respectively.
Bruce M. Goldberg, President and Chief Executive Officer of All American, stated, ''We are extremely pleased
with our 1997 record performance which reflects increased sales in most territories and was accomplished
without acquisitions or new branch openings. We are excited to have reached new records in sales, operating
income and in our net income. The outstanding results of 1997 were achieved, in part, through the successful
execution of the strategies implemented during the latter part of 1996 including our heightened focus on our core
competencies as well as our cost control programs. Despite the recent turmoil in offshore markets, many
industry analysts forecast continued growth for electronics for the years ahead. We have high expectations for
additional contributions from our many new product offerings and our expanded service capabilities. We
believe we are strategically well positioned within our industry and are optimistic that we will achieve more
positive results in the future.''
To the extent that this press release discusses financial projections, future performance, expectations, beliefs or
intentions about our products, markets or operating results, or otherwise makes statements about our industry's
or the Company's future the statements are forward looking and are subject to a number of risks and
uncertainties that could cause actual results, performance or achievements to differ materially from the
statements made. Factors that could adversely affect the Company's future results, performance or
achievements include the timing of delivery of products from suppliers, the product mix sold by the Company,
customer demand, availability of products from and relationships with suppliers, price competition for products
sold by the Company, interest rates, management of expenses, the Company's ability to collect accounts
receivable, price decreases on inventory that is not price protected, gross profit margins, growth of the
electronics industry and/or electronics distribution and the other risks and factors detailed in the Company's
reports on Forms 10-K and Forms 10-Q.
All American is ranked as the nation's 8th largest distributor of semiconductors and the 15th largest electronic
components distributor overall. The Company now has offices in 30 strategic locations throughout North
America, including All American's ISO certified distribution and programming center in Fremont, California.
ALL AMERICAN SEMICONDUCTOR, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands
except per share amounts)
Quarters Twelve Months
Periods Ended Dec. 31, 1997 1996 1997 1996
Net Sales $ 65,499 $ 56,627 $ 265,640 $ 237,846
Income (Loss)
from Continuing
Operations (1) $ 2,956 $ 658 $ 10,209 $ (4,138)
Net Income
(Loss) (2) $ 1,199 $ (2,208) $ 3,250 $ (9,920)
Earnings (Loss)
Per Share:
Basic $.06 $(.11) $.17 $(.50)
Diluted $.06 $(.11) $.16 $(.49)
Average Shares:
Basic 19,677,513 19,733,111 19,672,559 19,742,849
Diluted 20,225,421 19,843,949 19,784,837 20,105,761
(1) Included in 1996 were restructuring and nonrecurring expenses of
$492,000 and $6.9 million, for the quarter and year end periods,
respectively.
(2) Included in 1996 were restructuring and nonrecurring expenses
and losses from discontinued operations aggregating $179,000 and
$8.3 million on an after-tax basis, for the quarter and year end
periods, respectively.
--------------------------------------------------------------------------------
Contact:
All American Semiconductor, Inc., Miami
Bruce M. Goldberg, CEO
Howard L. Flanders, CFO
305/621-8282 x1417 |
