Nu
Horizons Reports Fiscal Year End 2006 and Fourth Quarter
Fiscal 2006 Earnings
MELVILLE,
NY, May 9, 2006 --- Nu Horizons Electronics Corp.
(Nasdaq/NM: NUHC), a leading distributor of active and
passive electronic components today reported financial
and operating results for the fourth quarter and year
ended February 28, 2006.
For the fiscal year ended February 28, 2006, net sales
from continuing operations increased to $561.3 million
from $467.8 million in the comparable period last year,
an increase of 20%. Net income for fiscal 2006 was $4.9
million or $.28 per diluted share compared with a net
income of $3.1million or $.17 per diluted share in the
year-earlier period.
Net
sales for the fourth quarter increased to $164.1 million
from $114.2 million for the comparable period last year,
an increase of 44%. Net income for the current quarter
was $2.1 million or $.11 per diluted share, compared with
a net income of $116,000 or $.01 per diluted shares in
the same period last year.
Arthur
Nadata, Chairman of the Board and Chief Executive Officer
of Nu Horizons states, "We are pleased to report
a significant increase in top line revenues and improved
earnings. Our worldwide investments in adding and upgrading
sales and engineering personnel have greatly contributed
to this growth. We now have seventeen sales offices in
Asia, including new facilities in Thailand and Australia
as well as additional branches in mainland China. In addition,
our new and geographically expanded franchised semiconductor
lines are fueling sales increases and new customer penetration.
Design activity continues to be robust and we believe
our customers continue to see the value of our design
creation model."
Mr.
Nadata concluded, "As the semiconductor distribution
industry and its customers continue to respond to the
rapid consolidation experienced over the last ten years,
Nu Horizons has benefited from increased visibility, a
focus on high technology semiconductor products and engineering
expertise."
A
conference call to further discuss earnings will be held
today at 4:15 pm ET. The call can be accessed by dialing
1-888-208-1812, (international, dial 1-719-457-2654).
A rebroadcast of the call will be available beginning
at 7:00 pm ET at (888)-203-1112 (international, dial 1-
719-457-0820) Please refer to confirmation code 1227493.
A webcast of the call will also be available, online (both
live and after the call), at www.nuhorizons.com.
Table
of Results (PDF)
About
Nu Horizons Electronics Corp.
Nu
Horizons Electronics Corp. is a leading global distributor
of advanced technology active components and systems to
a wide variety of commercial original equipment manufacturers
(OEMs) and Electronic Manufacturing Services providers
(EMS). With sales facilities in 47 locations across North
America, Europe and Asia and regional logistics centers
throughout the globe, Nu Horizons partners with a limited
number of best-in-class suppliers to provide in-depth
product development, custom logistics and life-cycle support
to its customers. Information on Nu Horizons and its services
is available at http://www.nuhorizons.com.
Except
for historical information contained herein, the matters
set forth in this news release are forward looking statements.
When used in this press release, words such as "anticipate,"
"believe," "estimate," "expect,"
"intend" and similar expressions, as they relate
to Nu Horizons or its management, identify forward-looking
statements. Such forward-looking statements are based
on the current beliefs of Nu Horizons' management, as
well as assumptions made by and information currently
available to its management. Forward-looking statements
involve certain risks and uncertainties that could cause
actual results to differ from those in the forward looking-statements.
Potential risks and uncertainties include such factors
as the level of business and consumer spending for electronic
products, the amount of sales of the Company's products,
the competitive environment within the electronics industry,
the ability of the Company to continue to expand its operations,
the level of costs incurred in connection with the Company's
expansion efforts and the financial strength of the Company's
customers and suppliers. Investors are also directed to
consider other risks and uncertainties discussed in documents
filed by the Company with the Securities and Exchange
Commission. Such statements reflect our current view with
respect to the future and are subject to these and other
risks, uncertainties and assumptions relating to Nu Horizons'
financial condition, results of operations, growth strategy
and liquidity. The Company does not undertake any obligation
to update its forward-looking statements.
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