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SED International Holdings Reports Fiscal Year 2012 And Fourth Quarter Financial Results

Stocks in this article: SED

- Tables Follow -

SED INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
 
June 30,
2012       2011  
 
ASSETS
 
Current assets:
Cash and cash equivalents $ 4,710 $ 4,751

Trade accounts receivable, less allowance for doubtful accounts of $853 and $783, respectively

54,030

64,335
Inventories 61,785 63,359
Deferred tax assets, net 632 443
Other current assets 8,123   6,617  
Total current assets 129,280 139,505
Property and equipment, net 3,549 1,928
Intangible assets, net 264   0  
Total assets $ 133,093   $ 141,433  
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
Current liabilities:
Trade accounts payable $ 63,084 $ 70,681
Accrued and other current liabilities 8,716 9,581
Revolving credit facilities 36,880   38,430  
Total current liabilities 108,680   118,692  
 
Commitments and contingencies:
 
Shareholders’ equity:
Preferred stock, $1.00 par value; 129,500 shares
authorized, none issued 0 0
Common stock, $.01 par value; 100,000,000 shares authorized, 7,112,995
shares issued and 4,979,159 shares outstanding at June 30, 2012 and 6,979,161 shares
issued and 4,867,697 shares outstanding at June 30, 2011 70 70
Additional paid-in capital 71,013 70,648
Accumulated deficit (28,692 ) (30,112 )
Accumulated other comprehensive loss (3,187 ) (3,171 )
Treasury stock, 2,133,836 shares and 2,111,464 shares, at cost (14,791 ) (14,694 )
Total shareholders’ equity 24,413   22,741  
Total liabilities and shareholders’ equity $ 133,093   $ 141,433  
 
 
SED INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
 
Three Months Ended Years Ended
June 30, June 30,
2012     2011   2012     2011  
 
Net sales $ 131,835 $ 152,624 $ 577,274 $ 606,983
Cost of sales 124,965   145,384   540,650   575,330  
Gross profit 6,870   7,240   36,624   31,653  
 
Selling, general and administrative expenses 8,428 6,514 33,147 26,688
Depreciation and amortization expense 208 111 725 440
Foreign currency transaction (gain) loss (18 ) (318 ) 620 (285 )
Acquisition-related costs 0   0   370   0  
Total operating expenses 8,618   6,307   34,862   26,843  
Operating (loss) income (1,748 ) 933 1,762 4,810
 
Interest expense, net (282 ) (236 ) (1,226 ) (926 )
Gain on acquisition 0   0   1,262   0  
(Loss) income before income taxes (2,030 ) 697 1,798 3,884
Income tax (benefit) expense (65 ) 254   378   767  
Net (loss) income $ (1,965 ) $ 443   $ 1,420   $ 3,117  
 
Basic (loss) income per common share: $ (.41 ) $ .10   $ .29   $ .68  
Diluted (loss) income per common share: $ (.41 ) $ .09   $ .29   $ .63  
Weighted average number of common shares outstanding:
Basic 4,790,000 4,480,000 4,835,000 4,591,000
Diluted 4,790,000 4,724,000 4,906,000 4,936,000
 
 
SED INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
 
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1)
(In thousands, except share data)
 
Three Months Ended   Years Ended
June 30 June 30
  2012       2011   2012       2011
Reconciliation of GAAP net income to Non-GAAP adjusted EBITDA is as follows:
GAAP net (loss) income $ (1,965 ) $ 443 $ 1,420 $ 3,117
Depreciation and amortization 208 111 725 440
Stock awards amortization (2) 68 100 365 367
Interest expense, net 282 236 1,226 926
Income tax (benefit) expense (65 ) 254 378 767
Gain on acquisition (3)   0     0   (1,262 )   0
Non-GAAP adjusted EBITDA $ (1,472 ) $ 1,144 $ 2,852   $ 5,617
 
(1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered as a substitute for comparable GAAP measures and should be read only in conjunction with our financial statements prepared in accordance with GAAP and our press release, which explains our use of non-GAAP measures.
(2) Stock award amortization related to non-cash charges for stock awards.
(3) Gain on the acquisition of the Lehrhoff assets recorded as a bargain purchase under ASC 805.




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