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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.

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