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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, 2013.
Quarter ended September 30, 2013:
Net sales         $731.9 million
Net income $19.4 million
Diluted EPS $0.69 per share

“Our quarterly sales results were led by solid year-over-year growth for our North America Communications and Security business units,” said Mike Baur, CEO, ScanSource, Inc. “Our teams executed well in a slower growth environment, especially internationally where Europe and Brazil achieved better operating results than a year ago.”

For the quarter ended September 30, 2013, net sales totaled $731.9 million. This represents a 2.7% increase from the prior quarter’s sales of $712.7 million and a slight decrease from net sales of $733.6 million for the quarter ended September 30, 2012. Operating income increased 7.7% to $28.2 million from $26.2 million in the comparable prior year quarter. Net income for the quarter ended September 30, 2013 was $19.4 million, or $0.69 per diluted share, compared with net income of $17.6 million, or $0.63 per diluted share, for the prior year quarter.

Forecast for Next Quarter and Sales Release Update

The Company announced its current expectations for the second quarter of fiscal 2014. ScanSource expects that net sales for the quarter ending December 31, 2013 could range from $740 million to $760 million, and diluted earnings per share could be in the range of $0.62 to $0.64 per share. Starting with the quarter ending December 31, 2013, the Company will no longer provide a sales release in the first week following the quarter end.

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