Heres a pre-earning announcement for the followers of SEMI:
COMTEX) B: All American Semiconductor Announces Record Quarterly Rev
B: All American Semiconductor Announces Record Quarterly Revenues; Over $70
Million in Sales; An 11% Increase Over Last Year
MIAMI (April 7) BUSINESS WIRE -April 7, 1999--All American
Semiconductor, Inc. (Nasdaq:SEMI), a leading national distributor of
electronic components, today announced that unaudited sales for the
first quarter of 1999 reached a new record at over $70 million, up over
11% from the first quarter of 1998 when sales were approximately $63
million.
Commenting on the sales figures, Bruce M. Goldberg, President and Chief
Executive Officer of All American, stated that, "We are pleased with
the way our organization has responded in refocusing our efforts on
internal growth. In addition to reaching new heights in sales, we did
achieve strong bookings in excess of our shipments for the quarter.
While we are excited to have set a new quarterly sales record, we also
experienced downward pressures on our gross profit margins. Thus, while
we expect to show a profit for the first quarter, our profitability was
impacted by a decline in our margins as well as an increase in our
selling, general and administrative expenses associated with our
increased infrastructure relating to our efforts to once again drive
expansion and internal growth after the negative impact from the failed
merger in 1998. Even though we are seeing positive signs in the
marketplace, we remain cautiously optimistic about the balance of the
year."
Sales information remains subject to adjustments in connection to the
preparation of the Company's Form 10-Q for the first quarter of 1999.
All American is recognized as the nation's 7th largest distributor of
semiconductors and the 14th largest electronic components distributor
overall. The Company has offices in 32 strategic locations throughout
North America.
To the extent that this press release discusses financial projections,
future performance, expectations, beliefs or intentions about our
bookings, markets, 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, without limitation, the amount and timing of shipments of
previously booked customer orders, the effectiveness of the Company's
business and marketing strategies, timing of delivery of products from
suppliers, price increases from suppliers that cannot be passed on to
the Company's customers at the same rate, the product mix sold by the
Company, the Company's development of new customers, existing customer
demand as well as the level of demand for products of its customers,
utilization by the Company of excess capacity, availability of products
from and the establishment and maintenance of relationships with
suppliers, price erosion in and price competition for products sold by
the Company, management of growth and expenses, the Company's ability
to collect accounts receivable, price decreases on inventory that is
not price protected, gross profit margins, including decreasing margins
relating to the Company being required to have aggressive pricing
programs, increased competition from third party logistics companies
and e-brokers through the use of the Internet as well as from its
traditional competitors, availability and terms of financing to fund
capital needs, the continued enhancement of telecommunication, computer
and information systems, the achievement by the Company and its vendors
and customers and other third parties with which the Company has a
business relationship of Year 2000 compliance in a timely and cost
efficient manner, the continued and anticipated growth of the
electronics industry and electronic components distribution industry,
the impact on certain of the Company's suppliers and customers of
economic or financial turbulence in off-shore economies and/or
financial markets, change in government tariffs or duties, currency
fluctuations, a change in interest rates, the state of the general
economy, the success of the Company in avoiding the delisting of its
common stock from The Nasdaq Stock Market, and the other risks and
factors detailed in the Company's reports on Forms 10-K and Forms 10-Q.
These risks and uncertainties are beyond the ability of the Company to
control. In many cases, the Company cannot predict the risks and
uncertainties that could cause actual results to differ materially from
those indicated by the forward-looking statements.
-0- cp/mi*
CONTACT: All American Semiconductor, Inc.
Bruce M. Goldberg, CEO
Howard L. Flanders, CFO
(305) 621-8282 x1417
KEYWORD: FLORIDA
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