Nu
Horizons Reports Financial and Operating Results for the
Third Quarter of Fiscal Year 2003
MELVILLE,
NY, January 10, 2003 --- Nu Horizons Electronics Corp.
(Nasdaq/NM: NUHC), a leading distributor of active and
passive electronic components today reported financial
and operating results for the third quarter and nine months
ended November 30, 2002.
Net sales from continuing operations for the third quarter
increased to $75.8 million from $58.2 million for the
comparable period last year. Net loss from continuing
operations for the quarter was $998,000 or $0.06 per share
on 16,663,817 shares outstanding, compared with a net
loss of $1,382,000 or $0.08 per share on 16,580,927 shares
outstanding in the same period last year.
For
the nine months ended November 30, 2002, net sales from
continuing operations increased to $231.2 million from
$217.9 million in the comparable period last year. Net
loss from continuing operations for the first three quarters
of fiscal 2003 was $736,000 or $0.04 per share on 16,649,037
shares outstanding, compared to a net loss of $503,000,
or $0.03 per share on 16,563,547 shares outstanding in
the year-earlier period.
On
August 23, 2001, the Company sold its contract-manufacturing
subsidiary, located in Springfield, Mass. Earnings for
the reported periods and the gain on the sale of these
operations are reported separately as discontinued operations
for the periods ended August 31, 2001. The sale of the
Company's contract-manufacturing facility resulted in
an approximate after-tax gain of $4.2 million. There was
no net income from discontinued operations for the third
quarter or nine month period ended November 30, 2002 and
for the quarter ended November 30, 2001. Net income from
the discontinued operation was $799,000 or $0.05 per basic
and diluted share for the nine month period ended November
30,2001
Arthur
Nadata, President and Chief Executive Officer, commented,
"Our operating loss for the quarter is a direct result
of a sequential reduction in sales volume coupled with
continued margin pressures in the marketplace."
Nadata
concluded, "Our entire industry is continuing to
experience difficult market and economic conditions. The
combination of our strong financial condition, continued
focus on 'design in' component sales strategies, ongoing
efforts and investments to expand our global capabilities
in the Asian marketplace and a measured but determined
approach to cost containment, should leave us well positioned
to profit from an eventual market recovery. We believe
this market recovery may begin gradually in the second
half of calendar 2003."
A conference call to further discuss earnings will be
held today at 4:15 PM ET. The call can be accessed by
dialing (800) 915-4836, (international, dial 1-973-317-5319).
A rebroadcast of the call will be available beginning
at 7:00 pm ET at (800)-428-6051 confirmation code 278462
(international, dial 1- 973-709-2089). A webcast of the
call will also be available, online (both live and after
the call), at http://www.nuhorizons.com.
Nu
Horizons is a national distributor of high technology
electronic components, which provide innovative, total
semiconductor and passive component solutions through
products and technologies that are faster, smaller and
lower powered. Nu Horizons was established in 1982 and
currently has 29 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.
Click
here for table
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.
|
