Nu
Horizons Reports Record Sales and an Increase in Earnings
Per Share to 17 Cents Per Share for the First Quarter
of Fiscal Year 2007
MELVILLE,
NY, July 6, 2006--- Nu Horizons Electronics Corp.
(Nasdaq/NM: NUHC), a leading distributor of active and
passive electronic components today reported financial
and operating results for the first quarter of fiscal
2007, reflecting the period ended May 31, 2006.
Net
sales for the quarter ended May 31, 2006 increased to
$187.8 million as compared to $121.4 million for the prior
year's fiscal period, an increase of 55%. Net income for
the quarter was $3,175,000 or $.17 per diluted share as
compared to net income of $475,000 or $.03 per diluted
share for the first quarter of the prior year. Sequentially,
net sales for the quarter ended May 31, 2006 increased
$23.7 million or 14% from $164.1 million and earnings
increased to $.17 per diluted share from $.11 per diluted
share.
Arthur
Nadata, Chairman of the Board and Chief Executive Officer
states, "We are pleased with our continued significant
increase in top line revenue and improved earnings. Operating
income as a percentage of sales increased to 3.3% from
1.2% in the year ago quarter and 2.4% in the fourth quarter
of fiscal 2006. The decrease in selling general and administrative
expenses as a percentage of sales to 11.8% from 14.8%
notwithstanding the decrease in gross profit margins to
15.1% from 16.0% in the year ago period resulted in improved
operating results for the first quarter."
Mr. Nadata concluded, "We are encouraged that we
are beginning to produce the financial results that we
expected from our worldwide investments in personnel and
infrastructure during the last several years and particularly
over the last twelve months. We believe that we should
experience continued improvement in revenues and earnings."
A
conference call to further discuss earnings will be held
today at 4:15 pm ET. The call can be accessed by dialing
1-800-500-0311, (international, dial 1-719-457-2698).
A rebroadcast of the call will be available beginning
at 7:00 pm ET at (888)-203-1112 (international, dial 1-
719-457-0820) Please refer to confirmation code 4358969.
A webcast of the call will also be available, online (both
live and after the call), at www.nuhorizons.com.
Table
of Results (PDF)
About
Nu Horizons Electronics Corp.
Nu
Horizons Electronics Corp. is a leading global distributor
of advanced technology semiconductor, display and system
solutions to a wide variety of commercial original equipment
manufacturers (OEMs) and Electronic Manufacturing Services
providers (EMS). With sales facilities in 47 locations
across North America, Europe and Asia and regional logistics
centers throughout the globe, Nu Horizons partners with
a limited number of best-in-class suppliers to provide
in-depth product development, custom logistics and life-cycle
support to its customers. Information on Nu Horizons and
its services is available at http://www.nuhorizons.com.
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 including with respect to
financial condition, results of operations, growth strategy
and liquidity. 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. The Company does not undertake any obligation
to update its forward-looking statements.
|
