SED International Holdings' CEO Discusses F4Q 2011 Results - Earnings Conference Call
These factors include adverse economic conditions, entry of new and stronger competitors and adequate capital, unexpected cost, 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 today's call and webcast 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 Form 10-K for the fiscal year ended June 30, 2011 and periodic filings on Form 10-Q.
These reports are available by visiting the Investor Relations section of the company's website at www.sedonline.com as well as on the SEC website at www.sec.gov.With that said, I would now like to turn the call over to Stan Baumgartner, Chief Financial Officer of SED. Good afternoon, Stan.Stan BaumgartnerThanks, Brandi. Good afternoon, everyone, and, again, thank you for joining our call today. I'll provide a brief review of our financial results for the fourth quarter and a full review of the fiscal year 2011 results ended June 30, 2011.Net sales for the fourth quarter increased 14.6% to $152.6 million compared with $133.1 million reported in the fourth quarter last fiscal year. In terms of revenue by product category, Microcomputer product sales increased by $20.7 million or 17.9% to $136.4 million driven mainly by increases in hard drive products and software sales.Consumer electronic sales declined 7.1% to $16.2 million compared with $17.4 million in fiscal 2010. the decline was primarily due to a decrease in lower average selling prices year-over-year and the discontinuance of a consumer electronics product line we were carrying.Looking at the fourth quarter revenues by geography, both our domestic and Latin America businesses posted strong gains in the fourth quarter of fiscal 2011. Domestic revenues, including export sales after eliminations increased 13.8% to $119.2 million. The increase was driven by computer-related sales including specifically hard drives and software product items.
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