TEMPE, Ariz., May 1, 2013 (GLOBE NEWSWIRE) -- Insight Enterprises, Inc. (Nasdaq:NSIT) (the "Company") today reported results of operations for the quarter ended March 31, 2013.
First Quarter Highlights
For the first quarter of 2013 compared to the first quarter of 2012:
- Net sales decreased 5% to $1.2 billion.
- Gross profit declined 7% to $158.1 million, or 13.4% of net sales.
- Earnings from operations were down 44% to $14.4 million, or 1.2% of net sales.
- Net earnings and diluted earnings per share were $9.1 million and $0.20, respectively, in the first quarter of 2013, at an effective tax rate of 27.8%.
- Excluding severance and restructuring expenses, net earnings and diluted earnings per share on a non-GAAP basis were $10.9 million and $0.24, respectively, in the first quarter of 2013.*
- The Company generated $16.3 million of cash from operations in the first quarter of 2013, compared to using $20.4 million during the first quarter of 2012.
- The Company paid down debt by $19.0 million during the first quarter of 2013, ending the quarter with $61.0 million of long-term debt outstanding.
- The Company repurchased approximately 345,000 shares of its common stock for $6.9 million.
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