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Ingram Micro Reaffirms Fourth Quarter Guidance, Says Profit Enhancement Program Is "On Track"SANTA ANA, Calif., Feb. 10, 2003 -- The chairman and chief executive officer of Ingram Micro Inc. (NYSE: IM) today reaffirmed the company's guidance for the fourth quarter (ended Dec. 28, 2002) and expressed confidence in the company's previously announced profit-enhancement program, which is expected to generate $160 million in annualized operating income improvements by the first quarter of 2004.Kent B. Foster's comments were made in advance of the company's appearances at two investor conferences tomorrow: the Banc of America Securities Technology Conference in San Francisco and the CSFB Fixed Income Technology conference in New York City. "Our profit-enhancement program is on track," said Foster. "Our progress in building gross margins and reducing operating expenses is expected to continue, and we plan to deliver $125 million in annualized operating income improvements in 2003, as we announced on Sept. 18, 2002. We are determined to be the profit leader in the IT distribution industry." Foster added that the company "expects to meet or exceed consensus earnings estimates for the fourth quarter of 2002" as reported by Thomson/First Call. "Although November was a bit softer than we originally expected, December's sales performance drove fourth quarter revenues to the high end of the range of guidance we issued in late October," he said. Ingram Micro will release fourth quarter 2002 results on Feb. 20, followed by a conference call scheduled at 5 p.m. ET. Interested parties may listen to the call by dialing (888) 455-0750 in the U.S. and Canada, and (630) 395-0024 from other countries.
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