Nu
Horizons Reports Record Earnings and Record Sales Results
for the First Quarter of Fiscal Year 2001
Sales
increased 100 percent to $147.5 million for the quarter
Earnings
increased 386 percent to 72 cents per share for the quarter
MELVILLE,
NY - (June 21, 2000) --- Nu Horizons Electronics Corp.
(Nasdaq/NM:NUHC), a leading distributor of active and
passive electronic components and provider of contract
manufacturing services, today reported results for the
first quarter of fiscal year 2001, reflecting the period
ended May 31, 2000.
Net
sales for the quarter increased $73,397,687 to $147,539,299
as compared to $74,141,612 for the prior year's fiscal
period, an increase of 100 percent. Net income for the
first quarter was $7,424,807or $0.72 per share on 10,379,254
average basic shares outstanding ($0.60 per share on 12,378,362
diluted shares) as compared to $1,526,847, or $0.17 per
share on 8,753,076 average basic shares outstanding ($0.14
per share on 11,462,359 diluted shares) in the corresponding
year ago period, an increase of 386 percent.
Sequentially,
sales increased $32,136,401 to $147,539,299 for the quarter
ended May 31, 2000 up from $115,402,898 for the quarter
ended February 29, 2000, an increase of 28 percent. Net
income increased $2,839,067 sequentially to $7,424,807
for the quarter ended May 31, 2000 compared to $4,585,740
for the quarter ended February 29, 2000, an increase of
62 percent.
Operating
expenses for the first quarter, ending May 31, 2000 were
approximately $19,585,000 compared with $11,990,000 in
the year ago period. As a percentage of sales, operating
expenses fell to 13.3 percent for the first quarter of
the fiscal year 2001. This compares with 16.2 percent
in the corresponding first quarter a year ago and 14.1
percent in the sequential fourth quarter ending February
29, 2000.
Arthur
Nadata, Chief Executive Officer and President, commented
"We are extremely gratified with the financial and
operational results achieved over the last quarter and
the sequential improvements over the prior year. We were
especially pleased to see that the doubling of first quarter
revenue was broadly driven by strong demand in multiple
sectors of our customer base, including; telecom, datacom,
internet accessing equipment, PC's and peripherals and
consumer electronics. This balance of customer demand
contributed to our dramatic growth in sales and earnings.
Nu Horizon's sales of semiconductors benefited from the
combination of a robust electronics industry and the successful
execution on our strategy of expanding our markets through
an engineering focus on niche technology products. At
the same time, our NIC Components subsidiary increased
sales of passive components, such as capacitors, resistors
and magnetics, to an expanding base of high profile customers.
Our subsidiaries in the United Kingdom and Singapore have
penetrated their respective markets establishing Nu Horizons
as a true global supplier".
Nadata
concluded, "Based on our record bookings and industry
forecasts for sustained growth, we feel confident that
we are well positioned to capture additional market share
for active and passive electronic components. Furthermore,
our operating expenses, as a percentage of sales, have
continued to decline, enhancing our ability to deliver
increased bottom line performance. As a result, we are
optimistic that our current strategies and marketplace
conditions will allow us to continue to post sales and
earnings growth for the balance of this fiscal year, which
ends on February 28, 2001."
Nu
Horizons is a national distributor of high technology
electronic components which provide innovative, semiconductor
solutions through products and technologies that are faster,
smaller and lower powered. Nu Horizons was established
in 1982 and currently has 25 branch and subsidiary offices
located in the U.S. and Europe. For more information,
visit the Nu Horizons' home page at http://www.nuhorizons.com.
Except
for historical information contained herein, the matters
set forth in this news release are forward looking statements
that 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 electronic
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.
Financial
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