In March, Dataflux's subsidiary Genetec signed an exclusive distribution agreement with Syquest SYQT to be the sole distributor of their products in Mexico. Syquest develops and manufactures hard drives that increases the memory of personal computers. Syquest products have a capacity that is ten times greater than a ZIP drive, or 1 Giga Byte of memory.
Also in March, the Company plans to invest US $2.5 million over the next three to four years to purchase an office tower in which it will relocate its headquarters. The office tower will be called Dataflux Tower and will have 43 floors, making it the tallest in Monterrey.
Mr. Salinas said, "The outlook for the remainder of 1998 is very encouraging. We estimate that the computer industry in Mexico will continue on a steep growth curve through the decade. Our complete array of products and wide network will assist us to continue to create substantial shareholder value for all of our investors."
Grupo Dataflux is positioned to become a Top Tier player in the Latin American wholesale and value-added markets for computers and peripherals, where it sees huge potential for growth. The Company also maintains a careful balance between its expansion strategy and financial strength. Dataflux is the third largest IT hardware distributor in Mexico and is the number one distributor in Colombia. The Company plans to be a major player throughout Latin America by the end of the year. Dataflux consistently reports outstanding financial results and surpassing its competition in the local market.
DATACAPITAL, S.A. DE C.V. AND ITS SUBSIDIARIES Quarterly Income Statement In Thousands of Pesos
1Q97 1Q98 Growth %
Sales 335,833 424,930 27% Cost of Goods Sold (299,213) (361,242) -- Gross Income 36,620 63,688 74% Operating Expenses (20,970) (42,491) -- Operating Income 15,650 21,197 -- EBITDA 17,053 24,736 45% Financial Expenses (income), net (2,560) (5,502) 115% FX Income, net (639) (4,560) 614% Monetary Position Gain, net 11,057 5,249 -53% 7,858 (4,813) --
Special Items -- (2,027) -- Earnings After Financial Entries 23,508 14,357 -- Other income (expenses), net (2,627) (3,551) 35% Taxes (1,654) (1,728) 4% Extraordinary Expenses -- -- -- Net Income for the Quarter 19,227 9,078 -53% Minority Interest -- (823) --
DATACAPITAL, S.A. DE C.V. AND ITS SUBSIDIARIES INCOME STATEMENT In Thousands of Pesos
As of Mar 97 As of Mar 98 Growth %
Sales 335,833 424,930 27% Cost of Goods Sold (299,213) (361,242) -- Gross Income 36,620 63,688 74% Operating Expenses (20,970) (42,491) -- Operating Income 15,650 21,197 -- EBITDA 17,053 24,736 45% Financial Expenses, net (2,560) (5,502) 115% FX Income, net (639) (4,560) 614% Monetary Position Gain, net 11,057 5,249 -53% CIF 7,858 (4,813) -- Special items -- (2,027) -- Earnings After Financial Entries 23,508 14,357 -- Other income (expenses), net (2,627) (3,551) 35% Taxes (1,654) (1,728) 4% Extraordinary items -- -- -- Net Income 19,227 9,078 -57% Minority Interest -- (823) -- DATACAPITAL, S.A. DE C.V. AND ITS SUBSIDIARIES Balance Sheet As of March 31st 1998 In Thousands of Pesos
Assets 1Q96 1Q97 Growth %
Current Assets: Cash $50,176 133,256 -- Accounts Receivable 310,534 377,140 -- Inventories 184,358 251,311 -- Other Accounts Receivable 11,791 29,338 -- Taxes Receivable 6,384 2,632 -- Affiliated Companies 6,336 -- -- Current Assets $569,579 793,677 39%
Fixed Assets, Net 57,069 80,350 -- Deferred Assets 19,684 183,789 -- Total Assets 646,332 1,057,816 64%
Liabilities and Equity Short Term Liabilities: Short Term Liabilities:
Bank Loans $13,806 38,333 178% Accounts Payable 441,636 455,095 -- Other Accounts Payable 14,637 113,722 -- Taxes and Ints. Payable 0 0 -- Deferred Liabilities 3,195 2,589 -- Short Term Liabilities $473,274 609,739 29%
Long Term Liabilities $44,071 30,034 -32%
Total Liabilities $517,345 639,773 24%
Equity $1,305 44,873 -- Equity Inflationary Adjustment 523 32,317 -- Retained Earnings (6,076) 65,232 -- Deficit on Inf. Adjustment 114,007 25,964 -- Premium on Shares Subscription 0 230,136 -- Reserve for Buy Back Program 0 6,000 -- Buy Back Stocks 0 (4,837) -- Net Income 19,228 9,078 -- Total Equity $128,987 408,763 217%
Minority Interest $0 9,280 -- Total Liabilities and Equity 646,332 1,057,816 64%
SOURCE Dataflux, S.A. de C.V.
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