Nu
Horizons Reports Financial and Operating Results for the Third Quarter of Fiscal
Year 2005
MELVILLE,
NY, January 6, 2005 --- 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, 2004.
Net sales for the third quarter ended November 30, 2004 increased
to $116.2 million from $91.1 million for the comparable period last year. Net
income for the current quarter was $585,000 or $.03 per share on 16,891,647 basic
shares outstanding ($.03 per share on 17,506,975 diluted shares), compared with
a net income of $197,000 or $.01 per share on 16,700,700 basic shares outstanding
($.01per share on 17,641,150 diluted shares) in the same period last year.
For
the nine months ended November 30, 2004, net sales increased to $353.6 million
from $243.8 million in the comparable period last year. Net income for the first
three quarters of fiscal 2005 was $2,957,000 or $.18 per share on 16,886,647 basic
shares outstanding ($.17 per share on 17,816,056 diluted shares), compared to
a net loss of $1,257,000 or $.08 per share on 16,685,628 shares outstanding in
the year-earlier period.
Arthur
Nadata, Chairman of the Board and Chief Executive Officer of Nu Horizons, said,
"Sales for the quarter were up 27% versus last year's third quarter. While
the U.S. economy and end markets are continuing to show modest signs of improvement,
Nu Horizons has positioned itself for strong growth in Asia. Our sales in Asia
for the first nine months of fiscal 2005 increased 100% as compared to the same
period last year."
Nadata
continued, "The additions to our line card throughout 2004 have improved
and strengthened our demand creation model. More importantly, we are considering
adding new suppliers, which we expect to compliment our current line card and
result in increased market share throughout Asia."
Nadata
concluded, "Our primary focus and commitment is on market penetration and
service excellence. The combination of our strong financial condition, strategic
positioning and long-term fundamentals leave us well-positioned for gaining market
share and improving overall results."
A conference call to further discuss earnings will be held today at 4:15 pm ET.
The call can be accessed by dialing (800) 210-9006, (international, dial 1-719-457-2621).
A rebroadcast of the call will be available beginning at 7:00 pm ET at (888)-203-1112
confirmation code 299454 (international, dial 1- 719-457-0820). A webcast of the
call will also be available, online (both live and after the call), at www.nuhorizons.com.
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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
http://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 electronics 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.
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