(Tables Follows)
NU HORIZONS ELECTRONICS CORP. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
For The Three Months Ended
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May May
31, 2005 31, 2004
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NET SALES $121,420,035 $118,176,077
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COSTS AND EXPENSES:
Cost of sales 102,007,196 98,560,638
Operating expenses 17,954,097 17,184,078
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119,961,293 115,744,716
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OPERATING INCOME 1,458,742 2,431,361
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OTHER (INCOME) EXPENSE:
Interest (income) (61,116) -
Interest expense 661,483 328,964
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600,367 328,964
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INCOME BEFORE PROVISION FOR INCOME TAXES
AND MINORITY INTERESTS 858,375 2,102,397
Provision for income taxes 329,769 790,768
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INCOME BEFORE MINORITY INTERESTS 528,606 1,311,629
Minority interest in earnings of
subsidiaries 54,059 125,711
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NET INCOME $474,547 $1,185,918
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NET INCOME PER COMMON SHARE
Basic $.03 $.07
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Diluted $.03 $.07
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WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic 16,907,397 16,884,147
Diluted 17,449,570 18,045,308
NU HORIZONS ELECTRONICS CORP.
CONSOLIDATED CONDENSED BALANCE SHEETS
May 31, February 28,
2005 2005
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(unaudited)
- ASSETS -
CURRENT ASSETS:
Cash $15,614,650 $7,024,203
Accounts receivable - net of allowance for
doubtful accounts of $4,726,885 and
$4,581,812 for May 31, 2005 and February
28, 2005, respectively 76,492,867 79,679,565
Inventories 95,984,589 81,696,415
Prepaid expenses and other current assets 2,882,830 1,782,872
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TOTAL CURRENT ASSETS 190,974,936 170,183,055
PROPERTY, PLANT AND EQUIPMENT - NET 3,882,093 3,928,058
OTHER ASSETS:
Subordinated note receivable 2,000,000 2,000,000
Other assets 1,600,646 1,688,187
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$198,457,675 $177,799,300
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- LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
Accounts payable $20,610,569 $20,251,746
Accrued expenses 4,409,015 4,446,226
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TOTAL CURRENT LIABILITIES 25,019,584 24,697,972
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LONG TERM LIABILITIES
Revolving credit line 42,500,000 22,800,000
Deferred income taxes 1,199,766 1,168,766
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TOTAL LONG TERM LIABILITIES 43,699,766 23,968,766
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MINORITY INTEREST IN SUBSIDIARIES 1,253,714 1,199,655
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COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Preferred stock, $1 par value, 1,000,000
shares authorized; none issued or
outstanding - -
Common stock, $.0066 par value, 50,000,000
shares authorized; 16,907,397 and
16,891,647 shares issued and outstanding
for May 31, 2005 and February 28, 2005,
respectively 111,589 111,485
Additional paid-in capital 44,173,810 44,089,809
Retained earnings 84,198,716 83,724,169
Other accumulated comprehensive income 496 7,444
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TOTAL SHAREHOLDERS' EQUITY 128,484,611 127,932,907
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$198,457,675 $177,799,300
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