INGRAM MICRO NET INCOME INCREASED 39 PERCENT FOR SECOND QUARTER 1998
Company reports sales exceeding $4.9 billion for the quarter

SANTA ANA, Calif., July 29, 1998
Ingram Micro Inc. (NYSE:IM) today announced its financial results for the second quarter ended July 4, 1998.

Net income for the quarter was $55.6 million, or $0.37 earnings per share, exceeding net income in the previous year's quarter by 39 percent. 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 $0.9 million and $1.4 million, net of tax, in the second quarters of 1998 and 1997, respectively. Excluding these charges, net income for the second quarter of 1998 grew 37 percent to $56.5 million or $0.38 per share. The company's net sales for the second quarter of 1998 were $4.96 billion, growing 33 percent over the $3.72 billion recorded in the same quarter last year. For the first six months of 1998, net income was $112.2 million, or $0.75 per share, exceeding net income for the same period in 1997 by 40 percent. For the first six months of 1998 and 1997, the total noncash compensation charges related to stock options were $1.8 million and $2.9 million, net of tax, respectively. Excluding these charges, net income for the first half of 1998 grew 37 percent to $114 million or $0.77 per share. The company's net sales in the first half of 1998 grew 37 percent to $10.11 billion.

For more information about Ingram Micro's second-quarter earnings, see the Consolidated Balance Sheet and Consolidated Statement Of Income; you'll need Adobe Acrobat Reader to view these documents.