Nu
Horizons Announces Comments on Expected Results for the
First Quarter Fiscal 2002
MELVILLE,
NY, - (June 4, 2001) --- Nu Horizons Electronics Corp.
(Nasdaq/NM: NUHC), a leading distributor of active and
passive components and a provider of industrial manufacturing
services, today announced that it expects to report operating
results below Wall Street estimates for the first quarter
of fiscal 2002. The Company expects to release final financial
results for the first quarter ended May 31, 2001 on Thursday,
June 28,2001.
Paul
Durando, chief financial officer of Nu Horizons, indicated
that continued industry-wide softness in demand will result
in a sequential decline in revenues from the fourth quarter
of fiscal 2001. "Based on current indications, we
expect revenues in the first quarter of fiscal 2002 to
be in the range of $100-$105 million," said Durando.
"The visibility of our industry's prospects for the
next three to six months continues to be low, but we believe
that we are close to the bottom and that the industry
will turn," concluded Durando.
Arthur
Nadata, president and chief executive officer of Nu Horizons,
said, "Despite the shortfall in our operating results,
this downturn has presented us with a number of significant
opportunities. Throughout this downturn, we are continuing
to invest in our operating infrastructure and intellectual
capital. This continuing expansion of our talent pool
is designed to enable us to maintain sufficient market
reach to readily capitalize on an industry turnaround.
We are maintaining our focus on bolstering our base of
proprietary designs which we believe positions us to continue
to lead our industry in revenue growth and operating margins.
We are confident that because of these investments, we
will emerge from this downturn stronger and more capable
than before."
About Nu Horizons
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 29 branch offices
located in the U.S. 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.
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