Quarter End 3/31/09 capsule:
Net sales $390 million
Net income $9.2 million
Diluted EPS $0.35 per share
“Although we are disappointed in the weak sales results across all of our businesses,” said Mike Baur, CEO, ScanSource, Inc., “we are satisfied with our overall operating results.”
For the quarter ended March 31, 2009, net sales decreased 24.2% to $390 million compared to $514 million for the quarter ended March 31, 2008. Quarterly operating income decreased 20.4% to $15.1 million from $19.0 million for the comparable prior year quarter. The effective tax rate for the quarter was 37.6%, compared to 38.8% for the prior year quarter. Net income decreased 16.3% to $9.2 million for the quarter ended March 31, 2009 versus $11.0 million for the quarter ended March 31, 2008.
Forecast for Next Quarter
The Company announced its revenue forecast for the fourth quarter of fiscal 2009. ScanSource expects net revenues for the June 2009 quarter could range from $ 390 million to $ 430 million.
Safe Harbor Statement
This news release contains comments that are “forward looking” statements that involve risks and uncertainties; these statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Any number of important factors could cause actual results to differ materially from anticipated results including but not limited to macroeconomic circumstances that could impact our business, such as currency fluctuations, continued adverse capital and credit market conditions and a prolonged economic downturn. For more information concerning factors that could cause actual results to differ from anticipated results, see the Company’s annual report on Form 10-K for the year ended June 30, 2008 filed with the Securities and Exchange Commission.
About ScanSource, Inc.
ScanSource, Inc. (NASDAQ:SCSC) is a leading international distributor of specialty technology products, consisting of seven sales units in North America, Latin America and Europe.
ScanSource POS and Barcoding in North America, Latin America and Europe delivers AIDC and POS solutions; Catalyst Telecom in the U.S., and ScanSource Communications in North America and Europe, provide voice, video and converged communications equipment; and ScanSource Security in North America offers physical security solutions. Founded in 1992, the company ranks #854 on the Fortune 1000. For more information, call the toll-free sales telephone number at 800.944.2432 or visit www.scansourceinc.com.