- Net sales for the fiscal year ended June 30, 2012 was $577.3 million, compared to $607.0 million for the fiscal year ended June 30, 2011, the decrease was due in large part to weakened technology and consumer electronics demand and an industry-wide disk drive shortage related to flooding in Thailand.
- Gross margin increased to 6.3%, compared to 5.2% in the prior year. The increased gross profit percent is attributable to higher than normal sales prices on hard drives due to inventory supply constraints and an increase in higher margin housewares, small appliances and personal care sales.
- Operating income was $1.8 million compared to $4.8 million for the prior year period. Total operating expenses were $34.9 million for the fiscal year ended June 30, 2012 compared to $26.8 million for the fiscal year ended June 30, 2011. Net income was $1.4 million or $0.29 income per basic and diluted share, compared to net income of $3.1 million, or $0.68 per basic and $0.63 per fully diluted share in the prior year period. Items impacting net income included: approximately $1.2 million in net loss related to the acquisition costs of certain Lehrhoff & Co. assets and its related operating loss; devaluation of approximately $0.6 million for foreign exchange losses related to Latin America; and employee separation costs of approximately $0.4 million.
- EBITDA was $2.9 million compared to $5.6 million in the prior year.
- The Company generated $8.0 million in operating cash flow for fiscal 2012, compared to cash used by operations of $16.3 million in the prior year period. Cash and cash equivalents were $4.7 million for fiscal year end 2012 and $4.8 million for 2011. Borrowings outstanding under SED’s revolving credit lines were $36.9 million at year ended June 30, 2012 compared with $38.4 million as of June 30, 2011.
- Return on Invested Capital, or “ROIC”, for the 2012 fiscal year was 3.2%, compared with 6.6% in the 2011 fiscal year. SED’s ROIC metric is calculated on an annualized basis using operating income divided by an average of quarter-end stockholder’s equity and debt, net of cash.
- Shareholders’ equity at the end of the year was $24.4 million, or $4.98 per diluted share.
SED International Holdings Reports Fiscal Year 2012 And Fourth Quarter Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.