Ingram Micro Net Income Increased 40% For First Quarter 1998;
Company Reports Record Sales of $5.15 Billion For The Quarter
SANTA ANA, Calif., April 28 /PRNewswire/ -- Ingram Micro Inc. (NYSE: IM - news) today announced its financial results
for the first quarter ended April 4, 1998.
Net income for the period was $56.5 million, exceeding net income in the previous year's quarter by 40 percent. Diluted
earnings per share increased 36 percent, growing from $0.28 per share to $0.38 per share.
In both the 1998 and 1997 first 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 $0.9 million and
$1.4 million, net of tax, in the first quarter of 1998 and the first quarter of 1997, respectively. Excluding these charges, net
income for first quarter of 1997 grew 37 percent to $57.5 million and diluted earnings per share grew 34 percent to $0.39.
The company posted record net sales in the first quarter of 1998 of $5.15 billion, growing 41 percent over the prior period's
$3.65 billion.
Ingram Micro Inc. (NYSE: IM - news), headquartered in Santa Ana, Calif., is the world's leading wholesale distributor of
technology products and services, and a leading provider of assembly and integration services, with 1997 sales of more than
$16.5 billion. The company and its affiliates operate in 31 countries, distributing more than 145,000 products to more than
100,000 resellers in 120 countries. Ingram Micro can be found at www.ingrammicro.com.
Ingram Micro is a trademark used under license by Ingram Micro. Inc. All other logos, brand names and product names are
trademarks of their respective companies.
INGRAM MICRO INC.
CONSOLIDATED BALANCE SHEET
(Dollars in 000s, except per share data)
April 4, January 3,
1998 1998
(Unaudited)
ASSETS
Current assets:
Cash $103,694 $92,212
Trade accounts receivable (less allowances of
$52,254 in 1998 and $48,541 in 1997) 1,791,934 1,635,728
Inventories 2,278,665 2,492,646
Other current assets 202,447 225,408
Total current assets 4,376,740 4,445,994
Property and equipment, net 228,726 215,148
Goodwill, net 141,690 142,478
Other 128,273 128,531
Total assets $4,875,429 $4,932,151
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,282,210 $2,415,001
Accrued expenses 280,372 292,515
Current maturities of long-term debt 28,638 21,869
Total current liabilities 2,591,220 2,729,385
Long-term debt 1,126,986 1,119,262
Other 30,896 23,843
Total liabilities 3,749,102 3,872,490
Minority interest 4,890 4,862
Commitments and contingencies
Redeemable Class B Common Stock 8,129 16,593
Stockholders' equity:
Preferred Stock, $0.01 par value, 1,000,000 shares
authorized; no shares issued and outstanding -- --
Class A Common Stock, $0.01 par value,
265,000,000 shares authorized; 38,271,346
and 37,366,389 shares issued and outstanding
in 1998 and 1997, respectively 383 374
Class B Common Stock, $0.01 par value,
135,000,000 shares authorized; 99,664,302
and 99,714,672 shares issued and outstanding
in 1998 and 1997 (including redeemable
shares of 1,161,250 and 2,370,400 in 1998
and 1997, respectively) 985 973
Additional paid in capital 505,822 484,912
Retained earnings 622,977 566,441
Cumulative translation adjustment (16,643) (14,236)
Unearned compensation (216) (258)
Total stockholders' equity 1,113,308 1,038,206
Total liabilities and stockholders' equity $4,875,429 $4,932,151
Fiscal 1997 ended on January 3, 1998.
INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF INCOME
(Dollars in 000s, except per share data)
(Unaudited)
Thirteen Weeks Ended
April 4, March 29,
1998 1997
Net sales $5,150,088 $3,649,978
Cost of sales 4,820,178 3,415,270
Gross profit 329,910 234,708
Operating expenses excluding
noncash compensation charge (a) 212,611 154,145
Income from operations before
noncash compensation charge 117,299 80,563
Interest and other expense 22,114 9,705
Income before income taxes, minority interest
and noncash compensation charge 95,185 70,858
Provision for income taxes 37,702 28,821
Income before minority interest and
noncash compensation charge 57,483 42,037
Minority interest 27 215
Net income before noncash compensation charge 57,456 41,822
Noncash compensation charge, net of tax 920 1,445
Net income $56,536 $40,377
Diluted earnings per share:
Before noncash compensation charge (b) $0.39 $0.29
After noncash compensation charge $0.38 $0.28
Diluted weighted average shares outstanding 149,061,829 145,369,321
(a)Operating expenses exclude noncash compensation charges of $1,148 for
the thirteen weeks ended April 4, 1998 and $1,813 for the thirteen
weeks ended March 29, 1997.
(b)Pro forma diluted earnings per share excludes noncash compensation
charges of $920, net of tax, for the thirteen weeks ended April 4, 1998
and $1,445, net of tax, for the thirteen weeks ended March 29, 1997.
SOURCE: Ingram Micro Inc.
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