Tuesday April 20, 9:03 am Eastern Time
Company Press Release
SOURCE: Miami Computer Supply Corporation
Miami Computer Supply Corporation Announces First Quarter
179% Sales Increase and 50% Earnings Per Share Growth
DAYTON, Ohio, April 20 /PRNewswire/ -- Miami Computer Supply
Corporation (Nasdaq: MCSC - news) today reported record sales
and earnings per share for the first quarter ended March 31, 1999.
For the three months ended March 31, 1999:
* Earnings per share (basic and diluted) for the first quarter
rose 50%,
to $0.21 compared to $0.14 a year ago.
* Net sales for the first quarter of 1999 rose 179%, to $153.9
million
versus $55.2 million for the same period in the prior year.
* Operating income for the first quarter increased 191% to $6.54
million
compared to $2.25 million for the same period in the prior
year.
''We are pleased about yet another record quarter in revenue and
earnings. During the first quarter we closed the Central Audio Visual
transaction. Central Audio Visual is a $26 million Fort Lauderdale,
Florida based integrator of audio visual presentation products. We
were also able to maintain our core internal growth rate of 20% and
added eighteen sales professionals. Our people continue to fuel our
growth through consultative selling to our middle market customer
base,'' said Michael E. Peppel, President and Chief Executive
Officer.
''We experienced increased interest and activity relating to our
internet initiatives. Total internet generated revenue was
approximately
$2 million in the first quarter -- about five times our fourth
quarter internet revenue,'' added Ira H. Stanley, Vice President,
Chief
Financial Officer.
Miami Computer Supply Corporation is a distributor of computer and
office automation supplies and accessories and of audio-visual
presentation products throughout the United States, Canada and in
certain foreign countries. Miami Computer Supply Corporation
distributes over 1,800 core products primarily to middle-market and
smaller companies and to governmental, educational, and
institutional customers, including federal, state and local
governmental agencies, universities and hospitals and, to a lesser
extent, to
computer supply dealers. MCSC sells primarily nationally known,
name-brand products manufactured by approximately 500 original
equipment manufacturers, including Hewlett-Packard, Lexmark, Imation
and Canon for computer supplies, and Sharp, Epson, Proxima,
Infocus and Sony for audio-visual presentation products. Additional
information regarding MCSC can be obtained at
mcsinet.com.
The matters discussed in this press release which are not historical
facts contain forward-looking information with respect to plans,
projections or future performance of MCSC, the occurrence of which
involve risks and uncertainties which include, but are not limited
to, general economic conditions, industry trends, functionality of
hardware and software, actions of competitors, MCSC's ability to
manage its growth, factors relating to its acquisition/merger
strategy, actions of regulatory authorities, restrictions imposed by
its debt
arrangements, dependence upon key personnel, dependence upon key
suppliers, customer demand, risks relating to international
operations, dependence on its computer systems and other factors. A
complete description of those factors, as well as other factors which
could affect MCSC's business, is set forth in MCSC's Form 10-K for
the year ended December 31, 1998, and Form 10-Q for the 9
months ended September 30, 1998.
Miami Computer Supply Corporation
Consolidated Statement of Operations
(Dollars in thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
1999 1998
Net sales $153,869 $55,164
Cost of sales 124,842 42,653
Gross profit 29,027 12,511
Selling, general and
administrative expenses 22,490 10,263
Operating income 6,537 2,248
Interest expense (2,130)
(426)
Other (expense)/income 108 124
Income before income taxes 4,515 1,946
Provision for income taxes 2,095 860
Net income $2,420 $1,086
Earnings per share of common
stock (basic and diluted) $0.21 $0.14
Weighted number of common
shares outstanding -- basic 11,491,697 7,779,377
Weighted number of common
shares outstanding
-- diluted 11,726,844 7,941,116
SOURCE: Miami Computer Supply Corporation
More Quotes and News:
Miami Computer Supply Corp (Nasdaq:MCSC - news)
Related News Categories: computers, earnings
Help
Copyright © 1999 PRNewswire. All rights reserved. Republication or
redistribution of PRNewswire content is expressly prohibited without
the prior written
consent of PRNewswire. PRNewswire shall not be liable for any
errors or delays in the content, or for any actions taken in reliance
thereon.
See our Important Disclaimers and Legal
Information.
Questions or Comments?
|
