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To: M. Dion who wrote (1793)	2/26/1999 12:17:00 AM
From: SteveG	Respond to of 2782

"CHS Electronics gets zapped" Wall Street jolts shares on lower-than-expected outlook By Cecily Fraser, CBS MarketWatch Last Update: 4:51 PM ET Feb 25, 1999 Movers & Shakers NewsWatch MIAMI (CBS.MW) -- Investors cut the juice to CHS Electronics after the computer equipment distributor posted preliminary fourth-quarter earnings 19 cents shy of Wall Street estimates. The Miami, Fla.-based company's (HS) stock tumbled 2 3/8 to 7 13/16. CHS said its preliminary net income was $26.2 million, or 47 cents a share. Analysts surveyed by First Call Corp. expected a fourth-quarter profit of 66 cents. A year ago, the company posted a profit of $23.8 million, or 45 cents. In a press release, CHS said it's in the process of analyzing vendor incentives that were due in late 1998. The company said it recently discovered discrepancies related to the amount of incentives recorded. As a result, CHS said the current figures may be higher when the company issues its final report the week of March 15. The company said preliminary net earnings for the fiscal year were $1.61 per share, 20 cents below the First Call consensus estimate of $1.81, but up from $1.32 last year. Fourth-quarter sales totaled $2.9 billion from $1.8 billion a year ago, while fiscal 1998 sales were $8.5 billion, up from $4.6 billion, according to the company. Chief Executive Officer Claudio Osorio said CHS has taken "swift and appropriate measures" to resolve these issues as soon as possible. cbs.marketwatch.com