Nu
Horizons Reports Fourth Quarter and Fiscal Year End 2004 Earnings
MELVILLE,
NY, May 5, 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 fourth quarter and year ended February 29, 2004.
Net sales for the fourth quarter increased to $102.0 million from $70.9
million for the comparable period last year, an increase of 45%. Net income for
the current quarter was $409,000 or $0.02 per share on 16,859,766 basic shares
outstanding ($.02 per share on 17,928,342 diluted shares outstanding), compared
with a net loss of $1.8 million or $0.11 per share on 16,683,817 shares outstanding
in the same period last year.
For
the fiscal year ended February 29, 2004, net sales from continuing operations
increased to $345.9 million from $302.1 million in the comparable period last
year. Net loss for fiscal 2004 was $848,000 or $0.05 per share on 16,729,163 shares
outstanding, compared with a net loss of $2.5 million, or $.15 per share on 16,663,817
shares outstanding in the year-earlier period.
Arthur
Nadata, president and chief executive officer of Nu Horizons, said, "We have
now reported four sequential quarters of sales growth, with the fiscal 2004 fourth
quarter experiencing a 12% sequential increase in sales over the fiscal 2004 year's
third quarter. We believe that our industry is in full recovery mode and that
Nu Horizons should continue to participate in the benefits of this increased demand.
Nadata
continued, "Our strategy of maintaining our infrastructure and investing
during the electronic industry's severe downturn is now beginning to see positive
results. Our sales in Asia increased almost 200% from fiscal 2003 to 2004 and
our book to bill ratio, company wide, remains positive. Key to our Asia initiative
has been our ability to transfer American design wins into Asian sales when those
designs become production orders offshore. With investments stabilizing and sales
continuing to grow we look forward to increasing bottom line results. Our industry
continues to show robust growth and we are maintaining our positioning to maximize
the benefits of this growth. Year over year and quarter over quarter we have increased
market share with all of our major suppliers. This is true for both our semiconductor
and passive component businesses."
Nadata
concluded, "The second half of calendar 2003 appears to have been the break
out period the industry has long been expecting. This was evidenced by industry
wide double digit sequential and year over year increases in sales dollar volume,
albeit accompanied by continued downward margin pressures. We believe this improvement
in the components market worldwide should continue."
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),
refer to NuHorizons call. A webcast of the call will also be available online
after the call at www.nuhorizons.com and a transcript of the webcast will remain
available on that website for a period of twelve months after the call. In connection
with the conference call, Nu Horizons has posted on its website certain information
regarding its fourth quarter and fiscal year financial results.
Click
here for table (PDF)
About
Nu Horizons Electronics Corp.
Nu
Horizons is a leading distributor of high technology active components, including
analog, communications, discretes, optical, logic & peripherals, memory, microcontrollers,
system on chip (SOC), board level and computer system products to a wide variety
of commercial original equipment manufacturers (OEMs). With sales facilities in
thirty-three locations across North America and Asia, and logistics centers in
centralized locations throughout the globe, Nu Horizons partners with a limited
number of best-in-class suppliers to provide in-depth product and solutions expertise
to its customers. Information on Nu Horizons and its services is available at
www.nuhorizons.com. The Company does not undertake any obligation to update its
forward-looking statements.
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. |
