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Tech Data Reports Q3
Net sales of $5.9B reach third-quarter record
November 28, 2007
2 Min Read
CLEARWATER, Fla. -- Tech Data Corporation (NASDAQ:TECD), a leading distributor of IT products, today announced results for the fiscal 2008 third quarter ended October 31, 2007.
Table 1: Results At A Glance (1)
($ in millions, except per share amounts) | Three months ended October 31, 2007 | Three months ended October 31, 2006 |
Net sales | $5,923.8 | $5,431.3 |
Operating income (GAAP) | $59.5 | $32.1 |
Operating income (Non-GAAP) | $59.5 | $41.0 |
Net income (GAAP) | $40.9 | $9.6 |
Net income (Non-GAAP) | $40.9 | $18.0 |
Net income per diluted share (GAAP) | $.73 | $.18 |
Net income per diluted share (Non-GAAP) | $.73 | $.33 |
This information is also available on the Investor Relations section of Tech Datas website at www.techdata.com.
Net sales for the three-month period ended October 31, 2007 reached a third-quarter record of $5.9 billion, an increase of 9.1 percent from $5.4 billion in the prior-year period.Third quarter net income totaled $40.9 million, or $.73 per diluted share compared to net income of $9.6 million, or $.18 per diluted share for the prior-year period. Results for the comparable third quarter of fiscal 2007 included $6.1 million of restructuring charges and $2.8 million of consulting costs related to the company’s European restructuring program which was completed in October 2006. Excluding these charges and costs, non-GAAP net income for the prior-year quarter ended October 31, 2006 totaled $18.0 million, or $.33 per diluted share.
“Steady market conditions during the quarter, coupled with Tech Data’s sales execution, SMB focus, and product and inventory management efforts, drove record third-quarter net sales and a significant improvement in operating income year-over-year. Our European operations continue to strengthen and gain traction in the marketplace, delivering a 47 basis point operating margin improvement over last year on a non-GAAP basis,” said Robert M. Dutkowsky, Chief Executive Officer, Tech Data Corporation. “While there is still work to do as we improve upon our execution and profitability, we are pleased to see our European operations performing at or ahead of our expectations and delivering stronger working capital metrics. The third quarter was solid and I thank the entire Tech Data team for their continued diligence towards enhancing our profitability worldwide.”
Tech Data Corp.
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