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SED International Holdings Reports Fiscal Year 2011 And Fourth Quarter Financial Results

Conference Call

SED’s CEO and CFO will host a teleconference and webcast on Wednesday, September 14, beginning at 4:30 p.m. Eastern Daylight Time to discuss the Company’s financial results and recent developments. Interested parties may participate in the conference call by dialing 1-877-941-1427 in the United States and Canada, and 1-480-629-9664 internationally. The call also will be available as a live, listen-only webcast on the “Investor Relations” section of the Company’s website at http://www.sedonline.com. An audio replay of the call will be available beginning approximately one hour following the conclusion of the live call through September 28, 2011. The audio replay can be accessed by dialing 1-800-406-7325 from the United States and Canada, or 1-303-590-3030 internationally, and entering access ID Number 4469260. Following the live webcast, an online archive will be available for 90 days.For more detailed information on the Company’s financial results, please refer to SED’s related Form 10-Q filed with the U.S. Securities & Exchange Commission, which will be accessible online at www.sec.gov or www.SEDonline.com.

ABOUT SED INTERNATIONAL HOLDINGS, INC.

Founded in 1980, SED International Holdings, Inc. is a multinational, preferred distributor of leading computer technology, consumer electronics and small appliances. The company also offers custom-tailored supply chain management services ideally suited to meet the priorities and distribution requirements of the e-commerce, Business-to-Business and Business-to-Consumer markets. Headquartered near Atlanta, Georgia with business operations in California; Florida; Georgia; Texas; Bogota, Colombia and Buenos Aires, Argentina, SED serves a customer base of over 10,000 channel partners and retailers in the US and Latin America. To learn more, please visit www.SEDonline.com; or follow us on Twitter @SEDIntl.

Statements made in this Press Release that are not historical or current facts are "forward-looking statements.” These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond the control of the Company that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital, unexpected costs, failure to gain product approval in foreign countries and failure to capitalize upon access to new markets. The Company disclaims any obligation to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. These factors and others are discussed in the “Management's Discussion and Analysis" section of the Company's Reports on Forms 10-K and 10-Q available at www.sec.gov .

SED INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 
June 30,
  2011       2010  
 
ASSETS
 
Current assets:
Cash and cash equivalents $ 4,751,000 $ 7,445,000
Trade accounts receivable, less allowance for doubtful accounts of $783,000
(2011) and $542,000 (2010) 64,335,000 53,893,000
Inventories 63,359,000 47,948,000
Deferred tax assets, net 443,000 313,000
Other current assets   6,617,000     3,897,000  
Total current assets 139,505,000 113,496,000
Property and equipment, net 1,928,000 926,000
Total assets $ 141,433,000   $ 114,422,000  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
Current liabilities:
Trade accounts payable $ 70,681,000 $ 61,955,000
Accrued and other current liabilities 9,581,000 10,129,000
Revolving credit facilities   38,430,000     22,297,000  
Total liabilities   118,692,000     94,381,000  
 
Commitments and contingencies
 
Shareholders’ equity:
Preferred stock, $1.00 par value; 129,500 shares authorized, none issued
Common stock, $.01 par value; 100,000,000 shares authorized,
6,979,161 (2011) and 6,739,031 (2010) shares issued, 4,867,697 (2011)
and 5,044,540 (2010) shares outstanding 70,000 68,000
Additional paid-in capital 70,648,000 69,957,000
Accumulated deficit (30,112,000 ) (33,229,000 )
Accumulated other comprehensive loss (3,171,000 ) (3,668,000 )
Treasury stock, 2,111,464 shares, at cost   (14,694,000 )   (13,087,000 )
Total shareholders’ equity   22,741,000     20,041,000  
Total liabilities and shareholders’ equity $ 141,433,000   $ 114,422,000  
 
 

SED INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 
Three Months Ended June 30, Year Ended June 30,
  2011       2010     2011       2010  
 
Net sales $ 152,623,000 $ 133,148,000 $ 606,983,000 $ 541,663,000
Cost of sales   145,384,000     126,032,000     575,330,000     513,210,000  
Gross profit   7,239,000     7,116,000     31,653,000     28,453,000  
Selling, general and administrative expenses,
excluding employment contract settlement expense
and depreciation and amortization expense 6,513,000 5,939,000 26,624,000 24,674,000
Employment contract settlement expense 1,600,000
Depreciation and amortization expense 111,000 89,000 440,000 380,000
Foreign currency transactions loss (gain)   (318,000 )   95,000     (285,000 )   (201,000 )
Operating income 933,000 993,000 4,874,000 2,000,000
Interest income (16,000 ) (20,000 ) (53,000 ) (93,000 )
Interest expense   252,000     227,000     979,000     1,341,000  
Income before income taxes 696,000 786,000 3,948,000 752,000
Income tax expense   254,000     123,000     831,000     450,000  
Net income $ 443,000   $ 663,000   $ 3,117,000   $ 302,000  
 
 
Basic income per common share $ 0.10   $ 0.15   $ 0.68   $ 0.07  
Diluted income per common share $ 0.09   $ 0.14   $ 0.63   $ 0.06  




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