SYNNEX Corporation Reports Fiscal 2012 First Quarter

SYNNEX Corporation (NYSE: SNX), a leading business process services company, today announced financial results for the fiscal first quarter ended February 29, 2012.
    Q1 FY12   Q1 FY11  

Net Change
Revenue ($M)   $2,461   $2,501   -1.6%
Operating income ($M) (1)   $64.0   $50.9   25.8%
Operating margin   2.60%   2.03%   57 bp
Net income attributable to SYNNEX Corporation ($M) (2)   $38.2   $29.7   28.6%
Diluted EPS   $1.02   $0.80   27.5%

The fiscal 2011 first quarter income before non-operating items, income taxes and noncontrolling interest includes $729 thousand for direct acquisition and integration expenses.
2. The fiscal 2011 first quarter net income attributable to SYNNEX Corporation includes direct acquisition and integration expenses of $474 thousand, net of tax.

“We are pleased with our strong profitability in the fiscal first quarter and the overall stability in our core commercial IT distribution business,” stated Kevin Murai, President and Chief Executive Officer. “Our distribution business mix continued to shift towards higher margin value added products and services. We also had a solid quarter for signing new contracts in our GBS division. We expect these new business wins will ramp up in the coming quarters and are then expected to contribute to margin expansion in the GBS division.”

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