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SED International Announces Second Quarter 2012 Financial Results

Stocks in this article: SED

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 Company’s second quarter and the first six months of fiscal year 2012, which ended December 31, 2011.

Second Fiscal Quarter 2012 Financial Highlights

  • Quarterly net revenue decreased 3.8% to $150.9 million from $157 million in last year's comparable period due primarily to an industry-wide disk drive shortage related to flooding in Thailand, the location of major suppliers of disk drive and drive components.
  • Gross profit percent increased to 9.0%, an increase of 55.2%, to $13.6 million compared to 5.8% or $9.1 million in the comparable period last year.
  • Operating income increased 246% to $4.3 million compared to operating income of $1.2 million in the comparable period last year; net income increased 326% to $3.8 million compared to net income of $0.9 million in the comparable period last year.
  • EBITDA grew 229% year-over-year to a record $4.6 million compared to $1.4 million. As of December 31, 2011 cash and cash equivalents were $7.5 million, net trade receivables were $58.5 million, net inventories were $55.7 million and working capital was $21.3 million
  • SED’s Return on Invested Capital, or ROIC, for the second quarter of fiscal 2012 was 19.4%.

“SED delivered strong bottom-line results, due primarily to robust holiday sales and a favorable product mix,” said Jonathan Elster, president and chief executive officer of SED International. “The e-commerce segment, where we have made considerable investments, was a major driver of our holiday sales strength and our results benefitted from a more favorable product mix. While an industry-wide shortage of hard drives from a tragic natural disaster in Thailand resulted in lower revenues, margins improved due to the scarce supply and our careful management of the supply chain. I am proud of our success in continuing to deliver product to a broad base of customers in this tough environment by closely managing our inventory on hand and working with our vendor partners to secure incremental supply. We experienced solid growth in the housewares, small appliances, and personal care categories, both at the top- and bottom-lines, as a result of our ability to integrate and execute an important and strategic acquisition.”

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