Nu
Horizons Reports Record Earnings and Record Sales Results
for the Second Quarter of Fiscal Year 2001
Sales
increased 102 percent to $179 million for the quarter
and 100 percent to $326 million for the six month period
Earnings
per share increased 268 percent to 92 cents per share
for the quarter and 290 percent to $1.64 per share for
the six month period
MELVILLE,
NY - (September 21, 2000) --- Nu Horizons Electronics
Corp. (Nasdaq/NM:NUHC), a leading distributor of active
and passive electronic components and provider of industrial
manufacturing services, today reported operating results
for the second quarter and six months ended August 31,
2000.
Net
sales for the second quarter increased 102% to a record
$179,145,177 from $88,871,395 for the prior year’s
period. Net income for the quarter was $10,036,675 or
$0.92 per share on 10,853,156 basic shares outstanding
($0.81 per share on 12,378,362 diluted shares) a 268%
increase, as compared to $2,209,749 or $0.25 per share
on 8,753,076 basic shares outstanding ($0.20 per share
on 11,492,359 diluted shares) in the same period last
year.
For
the first six months ended August 31, 2000, net sales
increased 100% to a record $326,684,476 from $163,013,007
in the comparable prior period. Net income for the first
half of fiscal 2001 was $17,461,482 or $1.64 per share
on 10,616,205 basic shares outstanding ($1.41 per share
on 12,378,362 diluted shares) a 290% increase, compared
to $3,736,596, or $0.42 per share on 8,753,076 basic shares
outstanding ($0.34 per share on 11,492,359 diluted shares)
in the year earlier period.
Operating
expenses for the six months ended August 31, 2000 were
approximately $39,000,000 compared with $26,000,000 in
the year ago period. As a percentage of sales, operating
expenses fell to 12.0 percent for the first six months
of fiscal year 2001. This compares with 15.7 percent in
the corresponding six months a year ago.
Arthur
Nadata, Chief Executive Officer and President, commented
“We are extremely gratified with the financial and
operational results achieved over the last six months
and the sequential improvements over the prior year. We
were especially pleased to see that the doubling of first
half revenues continues to be broadly driven by strong
demand in multiple sectors of our customer base, including;
telecom, datacom, internet accessing equipment, and consumer
electronics. This balance of customer demand contributed
to our dramatic growth in sales and earnings. Nu Horizon’s
sales of semiconductors continues to benefit from the
combination of a robust electronics industry and the successful
execution of our strategy of expanding our markets through
an engineering focus on niche technology products. At
the same time, our NIC Components subsidiary continues
to increase 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 continue 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, total
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., Asia 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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