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ScanSource Reports Record Quarterly Sales

Stocks in this article: SCSC

ScanSource, Inc. (NASDAQ:SCSC), the leading international distributor of AIDC (automatic identification and data capture), point of sale, communications, and physical security products for the reseller market, today announced complete financial results for its second quarter ended December 31, 2011.

Quarter ended December 31, 2011:
Net sales $782.7 million
Net income $21.4 million
Diluted EPS $0.77 per share

“Our excellent quarterly results were led by record sales in each of our POS/Barcoding business units in all geographies,” said Mike Baur, CEO, ScanSource, Inc. “In addition, we achieved record sales results in our ScanSource Communications business unit in North America.”

For the quarter ended December 31, 2011, net sales increased 14.5% to $782.7 million compared to $683.6 million in the prior year quarter. Operating income decreased by 4.3% to $32.1 million from $33.5 million in the same period last year. Net income decreased 1.2% to $21.4 million for the quarter ended December 31, 2011 versus $21.6 million in the prior year. The effective tax rate for the quarter decreased to 34.7% in the current quarter from 35.7% in the prior year quarter. Diluted earnings per share decreased 3.8% to $0.77 in the current quarter compared to $0.80 in the prior year quarter.

As previously disclosed, the prior year quarter ending December 31, 2010 included the favorable impact of proceeds from a legal settlement against a former service provider representing reimbursement of expenses. The $3.1 million recovery ($2.0 million after tax or $0.07 per diluted share) was recorded as a reduction of selling, general and administrative expenses in the December 2010 quarter. The December 2011 quarter EPS of $0.77 includes a $0.02 benefit for the change in fair value of contingent consideration.

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