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
|Cash and cash equivalents||$||4,751,000||$||7,445,000|
|Trade accounts receivable, less allowance for doubtful accounts of $783,000|
|(2011) and $542,000 (2010)||64,335,000||53,893,000|
|Deferred tax assets, net||443,000||313,000|
|Other current assets||6,617,000||3,897,000|
|Total current assets||139,505,000||113,496,000|
|Property and equipment, net||1,928,000||926,000|
|LIABILITIES AND SHAREHOLDERS’ EQUITY|
|Trade accounts payable||$||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|
|Commitments and contingencies|
|Preferred stock, $1.00 par value; 129,500 shares authorized, none issued||–||–|
|Common stock, $.01 par value; 100,000,000 shares authorized,|
|6,979,161 (2011) and 6,739,031 (2010) shares issued, 4,867,697 (2011)|
|and 5,044,540 (2010) shares outstanding||70,000||68,000|
|Additional paid-in capital||70,648,000||69,957,000|
|Accumulated other comprehensive loss||(3,171,000||)||(3,668,000||)|
|Treasury stock, 2,111,464 shares, at cost||(14,694,000||)||(13,087,000||)|
|Total shareholders’ equity||22,741,000||20,041,000|
|Total liabilities and shareholders’ equity||$||141,433,000||$||114,422,000|
SED INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|Three Months Ended June 30,||Year Ended June 30,|
|Cost of sales||145,384,000||126,032,000||575,330,000||513,210,000|
|Selling, general and administrative expenses,|
|excluding employment contract settlement expense|
|and depreciation and amortization expense||6,513,000||5,939,000||26,624,000||24,674,000|
|Employment contract settlement expense||—||—||—||1,600,000|
|Depreciation and amortization expense||111,000||89,000||440,000||380,000|
|Foreign currency transactions loss (gain)||(318,000||)||95,000||(285,000||)||(201,000||)|
|Income before income taxes||696,000||786,000||3,948,000||752,000|
|Income tax expense||254,000||123,000||831,000||450,000|
|Basic income per common share||$||0.10||$||0.15||$||0.68||$||0.07|
|Diluted income per common share||$||0.09||$||0.14||$||0.63||$||0.06|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV