NU
HORIZONS REPORTS IMPROVED FINANCIAL AND OPERATING RESULTS FOR THE THIRD QUARTER
OF FISCAL YEAR 2004
MELVILLE,
NY, January 8, 2004 --- 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, 2003.
Net sales for the third quarter ended November 30, 2003 increased
to $91.1 million from $75.8 million for the comparable period last year. Net income
for the current quarter was $197,000 or $0.01 per share on 16,700,700 basic shares
outstanding ($0.01 per share on 17,641,150 diluted shares), compared with a net
loss of $998,000 or $0.06 per share on 16,663,817 shares outstanding in the same
period last year.
For
the nine months ended November 30, 2003, net sales increased to $243.8 million
from $231.2 million in the comparable period last year. Net loss for the first
three quarters of fiscal 2003 was $1,257,000 or $0.08 per share on 16,685,628
shares outstanding, compared to a net loss of $736,000 or $0.04 per share on 16,649,037
shares outstanding in the year-earlier period.
Arthur
Nadata, president and chief executive officer of Nu Horizons, said, “Sales
for the quarter were up 20% versus last year’s third quarter. More importantly,
we have now reported three sequential quarters of sales growth, with the current
quarter experiencing a 13.8% sequential increase in sales over this year’s
second quarter. While we hesitate to be overly optimistic following the difficult
market conditions of the recent past, we are encouraged by what we believe to
be the beginnings of a modest recovery.”
Nadata
concluded, “Our entire industry continues to experience uncertain market
and economic conditions. The combination of our strong financial condition, continued
focus on ‘design in’ component sales strategies along with our ongoing
efforts to expand our global capabilities in the Asian marketplace, should leave
us well positioned to profit from an eventual market recovery. We believe this
market recovery has begun and should continue into calendar 2004.”
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 322906 (international, dial 1- 973-709-2089). A webcast of the
call will also be available, online (both live and after the call), at 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 Nu Horizons’ home page at http://www.nuhorizons.com.
Click
here for table (PDF)
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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