This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SED International Holdings Reports First Quarter Fiscal Year 2012 Financial Results

SED International Holdings, Inc. (Amex: SED), a multinational supply chain management provider and distributor of leading computer technology, consumer electronics, small appliances, housewares and personal care products, today announced financial results for the first quarter of fiscal year 2012 ended September 30, 2011.
Summary First Quarter Fiscal 2012 Financial Results
(In thousands, except share and per share amounts)
(Unaudited)
 
             
SED Consolidated Non-GAAP SED Excluding Lehrhoff
Three months Ended September 30 Three months Ended September 30
2011 2010 2011 2010
Net sales $ 155,839 $ 141,678 $ 155,110 $ 141,678
Gross profit 7,519 4.8 % 7,159 5.1 % 7,446 4.8 % 7,159 5.1 %
SG&A, depreciation and amortization 8,040 5.2 % 6,460 4.6 % 7,432 4.8 % 6,460 4.6 %
Foreign currency transaction loss (gain) 651 0.4 % (447 ) -0.3 % 651 (447 )
Acquisition-related costs   370     -     -     -  
GAAP operating (loss) income (1,542 ) -1.0 % 1,146 0.8 % (637 ) -0.4 % 1,146 0.8 %
Interest (net) and income taxes 286 408 286 408
Gain on acquisition   (998 )   -     -     -  
GAAP Net (loss) income $ (830 ) -0.5 % $ 738   0.5 % $ (923 ) -0.6 % $ 738   0.5 %
 
Foreign currency translation, restructuring and other charges:
GAAP operating (loss) income $ (1,542 ) $ 1,146 $ (637 ) $ 1,146
Foreign currency transaction loss (gain) 651 (447 ) 651 (447 )
Acquisition-related costs 370 - - -
Severance, restructuring, and other charges   350     -     350     -  
Pro forma operating (loss) income - Non GAAP (171 ) -0.1 % 699 0.5 % 364 0.2 % 699 0.5 %
 
Interest (net) and income taxes   286     408     286     408  
Pro forma net (loss) income - Non GAAP $ (457 ) -0.3 % $ 291   0.2 % $ 78   0.1 % $ 291   0.2 %
 

“We achieved sales growth in the first quarter, but faced a number of challenges that resulted in a net loss for the period,” said Jonathan Elster, President and Chief Executive Officer of SED International. “Our product mix was weighted more heavily toward lower margin products, including hard drives, and our higher margin consumer electronics sales were down 13.5%, reflecting continued weak demand for televisions. This softness translated to our bottom line, which was further effected by approximately $1.0 million of unfavorable foreign currency transaction losses in Latin America and one-time severance and relocation fees.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,093.32 -4.72 -0.22%
NASDAQ 5,105.5460 -9.8360 -0.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs