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INGRAM MICRO NET INCOME INCREASED 69 PERCENT FOR FIRST QUARTER 1997 Company reports record sales of $3.65 billion for the quarterSANTA ANA, Calif., April 23, 1997 Net income for the period was $40.4 million, exceeding net income in the previous year's quarter by 69 percent. Earnings per share increased 40 percent, growing from $0.20 per share to $0.28 per share. The earnings per share comparison is based on 20 percent more shares outstanding in the first quarter of 1997 than the first quarter of 1996, largely as a result of the company's recent initial public offering. In both the 1997 and 1996 first quarters, Ingram Micro's results include a noncash compensation charge related to the vested portion of previously granted stock options converted to Ingram Micro stock options. These charges were $1.5 million and $4.1 million, net of tax, in the first quarter of 1997 and the first quarter of 1996 respectively. Excluding these charges, net income for first quarter of 1997 grew 50 percent to $41.8 million and earnings per share grew 26 percent to $0.29. The company posted record net sales in the first quarter of 1997 of $3.65 billion, growing 33 percent over the prior period's $2.75 billion. For more information about Ingram Micro's first-quarter earnings, see the Consolidated Balance Sheet, Consolidated Statement of Income and Consolidated Statement of Cash Flows. You'll need Adobe Acrobat to view these documents. Ingram Micro Inc., headquartered in Santa Ana, Calif., is the world's largest distributor of technology products and services, with 1996 sales of $12 billion. The company operates in 19 countries and distributes more than 36,000 products to over 100,000 resellers in 120 countries. |
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Kimmerly
W. Strohm Kirsten
Frosh |