NU
HORIZONS REPORTS SALES AND EARNINGS RESULTS FOR THE FIRST QUARTER FISCAL 2005
MELVILLE,
NY, July 1, 2004 --- Nu Horizons Electronics Corp. (Nasdaq/NM: NUHC), a leading
distributor of active and passive components, today announced its financial results
for the first quarter of fiscal 2005, reflecting the period ended May 31, 2004.
Net
sales for the quarter increased to $118.2 million as compared to $72.8 million
for the prior year's fiscal period, an increase of 62%. Net income for the quarter
was $1,186,000 or $0.07 per share on 16,884,147 average basic shares outstanding
($0.07 per share on 18,045,308 diluted shares) as compared to a net loss for the
first quarter of the prior year of $831,000 or $0.05 per share on 16,675,040 average
basic shares outstanding.
Arthur
Nadata, chairman of the board and chief executive officer of Nu Horizons, said,
"We have now reported five sequential quarters of sales growth, with the
first quarter of fiscal 2005 experiencing a 16% increase in sales over the fourth
quarter of fiscal 2004. We believe that our industry is in recovery mode and that
Nu Horizons will continue to participate in the benefits of this increased demand."
Nadata
continued, "We have experienced a modest improvement in gross margins and
believe that margins have stabilized due to our demand creation model and our
targeted product mix. Our Asia initiative continues to produce positive results,
providing 20% of our global consolidated sales for the first quarter of fiscal
2005."
Nadata
concluded, "We believe that the balance of calendar 2004 should result in
a continuation of the stronger demand the industry has experienced since the second
half of calendar 2003. We are cautiously optimistic that demand will remain strong
into the first half of calendar 2005, although no assurances can be given in this
regard."
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) 915-4836, (international, dial 1-973-317-5319)
and refer to the Nu Horizons call. 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.
A transcript of the webcast will remain available on the 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 first quarter 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 When used in this press release, words
such as "anticipate," "believe," "estimate," "expect,"
"intend" and similar expressions, as they relate to Nu Horizons or its
management, identify forward-looking statements. Such forward-looking statements
are based on the current beliefs of Nu Horizons' management, as well as assumptions
made by and information currently available to its management. Forward-looking
statements 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. Such statements
reflect our current view with respect to the future and are subject to these and
other risks, uncertainties and assumptions relating to Nu Horizons' financial
condition, results of operations, growth strategy and liquidity. The Company does
not undertake any obligation to update its forward-looking statements. |
