PMRY numbers:
Wednesday May 12, 8:03 am Eastern Time
Company Press Release
Pomeroy Computer Announces First Quarter Results
HEBRON, Ky.--(BUSINESS WIRE)--May 12, 1999--Pomeroy Computer Resources (Nasdaq:PMRY - news), today
announced results for the quarter ended April 5, 1999. For the quarter, revenues of $163.9 million represent a 21.2% increase
from the comparable period in 1998. Net income rose 18.6% to $5.1 million from $4.3 million in the first quarter of 1998. Diluted
earnings per common share rose 16.2% to $0.43 from $0.37 a year ago.
CEO David B. Pomeroy, II states, ''We have started 1999 on a highly positive note. Our recent acquisitions have posted very strong numbers and our services
growth has continued. We believe that this performance is a direct result of our commitment to correctly identify and expediently fulfill the needs of our customers.''
This press release contains certain forward-looking statements regarding certain business trends based on assumptions and information currently available to
management. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from the results discussed herein.
Pomeroy Computer Resources is one of the country's five largest network integrators, as calculated by Network VAR magazine, and has 30 regional facilities in
Alabama, Florida, Georgia, Indiana, Iowa, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia. For the year
ended January 5, 1999, the Company reported revenues in excess of $627 million.
POMEROY COMPUTER RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
( In thousands )
April 5, January 5,
1999 1999
-------- --------
ASSETS
Current assets:
Cash $1,806 $3,962
Accounts and note receivable 162,460 164,991
Inventories 38,965 33,333
Other 2,786 2,084
-------- --------
Total current assets 206,017 204,370
-------- --------
Equipment and leasehold improvements 23,552 23,796
Less accumulated depreciation 10,475 10,323
-------- --------
Net equipment and leasehold improvements 13,077 13,473
Other assets 38,113 36,383
-------- --------
Total assets $257,207 $254,226
-------- --------
-------- --------
LIABILITIES AND EQUITY
Current liabilities:
Notes payable $4,996 $5,028
Accounts payable 71,905 78,817
Bank notes payable 43,118 39,629
Other current liabilities 12,494 9,532
-------- --------
Total current liabilities 132,513 133,006
-------- --------
Notes payable 6,502 8,231
Equity:
Preferred stock (no shares issued or
outstanding) - -
Common stock (11,707 and 11,751 shares
issued and Outstanding at January 5
and April 5, 1999, respectively) 117 117
Paid-in capital 63,488 64,394
Retained earnings 54,909 48,800
-------- --------
118,514 113,311
Less treasury stock, at cost (31 shares at
January 5 And April 5, 1999, respectively) 322 322
-------- --------
Total equity 118,192 112,989
-------- --------
Total liabilities and
equity $257,207 $254,226
-------- --------
-------- --------
POMEROY COMPUTER RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
( In thousands, except per share amounts)
Quarter Ended
--------------------
April April
5, 5,
1999 1998
-------- --------
Net sales and revenues $163,924 $135,198
Cost of sales and service 141,065 117,435
-------- --------
Gross profit 22,859 17,763
Operating expenses:
Selling, general and administrative 11,363 8,851
Rent 706 562
Depreciation 1,095 852
Amortization 623 309
-------- --------
Total operating expenses 13,787 10,574
-------- --------
Income from operations 9,072 7,189
Interest expense 785 423
Other income (expense) 29 23
-------- --------
Income before income tax 8,316 6,789
Income tax expense 3,248 2,512
-------- --------
Net income $5,068 $4,277
-------- --------
-------- --------
Weighted average shares outstanding
Basic 11,692 11,392
Diluted 11,858 11,711
Earnings per common share
Basic $0.44 $0.38
Diluted $0.43 $0.37
Note: Fiscal 1998 results have been restated to reflect the
reclassification of certain payroll costs to cost of goods sold.
Contact:
Pomeroy Computer Resources
Addie W. Rosenthal, 606/586-0600 X 1424
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