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ScanSource Reports Third Quarter Results

ScanSource, Inc. (NASDAQ:SCSC), the leading international value-added distributor of specialty technology products, today announced financial results for the third quarter fiscal year 2014 for the period ended March 31, 2014.
Quarter ended March 31, 2014:
Net sales $683.0   million
Net income $16.9 million
Diluted EPS $0.59 per share

"We had excellent bottom line results for the quarter, including double-digit growth in operating income and earnings per share," said Mike Baur, CEO, ScanSource, Inc. "Sales for our Worldwide Barcode & Security segment increased 4% year-over-year, driven by strong performance from Brazil and Europe. However, our Worldwide Communications & Services segment had a weaker than expected sales quarter."

For the quarter ended March 31, 2014, net sales totaled $683.0 million, which are unchanged from net sales for the prior year quarter. Operating income for the quarter ended March 31, 2014 increased to $25.7 million from $20.8 million in the prior year quarter. The effective tax rate increased to 34.8% in the current quarter from 34% in the prior year quarter. Net income for the quarter ended March 31, 2014 increased to $16.9 million, or $0.59 per diluted share, compared with net income of $14.0 million, or $0.50 per diluted share, for the prior year quarter.

Forecast for Next Quarter

The Company announced its current expectations for the fourth quarter fiscal year 2014. ScanSource expects net sales for the quarter ending June 30, 2014 to range from $715 million to $745 million and diluted earnings per share to range from $0.55 to $0.58 per share.

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