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ScanSource Reports First Quarter Results

ScanSource, Inc. (NASDAQ:SCSC), the leading international value-added distributor of specialty technology products, today announced complete financial results for its first quarter ended September 30, 2012.
Quarter ended September 30, 2012:
Net sales   $733.6 million
Net income $17.6 million
Diluted EPS $0.63 per share

“Challenging market conditions contributed to a sales decline versus last year,” said Mike Baur, CEO, ScanSource, Inc. “However, we were pleased with the record quarterly sales performance of our North America Security business unit. In addition, our North America Communications as well as our Miami and Mexico-based operations achieved solid year-over-year sales growth.”

For the quarter ended September 30, 2012, net sales decreased 4.8% to $733.6 million, compared with $770.3 million for the quarter ended September 30, 2011. Excluding the translation impact of foreign currencies, net sales decreased 1.6% year-over-year. Operating income decreased 17.1% to $26.2 million from $31.6 million in the comparable prior year quarter. The effective tax rate decreased to 34.0% in the current quarter from 34.5% in the prior year quarter. Net income for the quarter ended September 30, 2012 was $17.6 million, or $0.63 per diluted share, compared with net income of $18.4 million, or $0.67 per diluted share, for the prior year quarter.

Forecast for Next Quarter

The Company announced its current expectations for the second quarter of fiscal 2013. ScanSource expects that net sales for the quarter ending December 31, 2012 could range from $745 million to $765 million, and diluted earnings per share could be in the range of $0.61 to $0.63 per share.

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