Nu
Horizons Reports Sales and Earnings Results for the First
Quarter Fiscal 2003
MELVILLE,
NY, June 28, 2002 --- Nu Horizons Electronics Corp.
(Nasdaq/NM: NUHC), a leading distributor of active and
passive components and a provider of industrial manufacturing
services, today announced its financial results for the
first quarter of fiscal 2003, reflecting the period ended
May 31, 2002.
Net
sales from continuing operations for the quarter decreased
to $75.0 million as compared to $89.7 million for the
prior year's fiscal period. Net income from continuing
operations for the first quarter was $7,705 or $0.00 per
share on 16,636,447 average basic shares outstanding as
compared to net income of $442,000, or $0.03 per share
on 16,547,130 average basic shares outstanding ($0.03
per share on 17,475,061 diluted shares) in the corresponding
year ago period.
On
August 23, 2001, the Company sold its contract manufacturing
subsidiary. Earnings for the reported periods are reported
separately as discontinued operations. Net income from
discontinued operations for the prior year quarter ended
May 31, 2001 was $542,000 or $0.03 per basic and diluted
share as compared to no income or loss for the current
quarter ended May 31, 2002.
Arthur
Nadata, president and chief executive officer of Nu Horizons,
said, "We are encouraged by the sequential improvement
in our earnings results for the second consecutive quarter.
Sales volume has improved, we continue to experience a
positive book to bill ratio and have returned to a break-even
after a net loss in our immediate prior quarter. We are
continuing to invest in our infrastructure with a heavy
emphasis on "design in" proprietary products
and believe we are increasing market share within our
major product lines.
The
component marketplace remains sluggish with near term
visibility remaining unclear and will probably continue
in this mode for the balance of 2002 and the early part
of 2003. Our strategy is to continue to gain market share
in our franchised product lines domestically and increase
our efforts to expand our global capabilities with a special
focus on the Asian marketplace. These efforts should allow
us to achieve sales growth in this challenging environment,"
concluded Nadata.
A
conference call to further discuss earnings will be held
today at 4:15 PM EDT. This call can be accessed by dialing
1(800) 360-9865, (international, dial 1-973-694-6836).
A webcast of the call will also be available online (both
live and after the call beginning at 7:00 PM EDT) at www.nuhorizons.com
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
component 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.
Company
Contact:
Paul Durando
VP Finance
Nu Horizons Electronics Corp.
631-396-5000
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