The Company’s EMEA operating segment reported net sales of $459.7 million for the second quarter of 2012, up 14% in U.S. dollars compared to the second quarter of 2011. Excluding the effects of foreign currency movements, net sales increased 24% year over year. Results for the second quarter of 2012 include Inmac, which the Company acquired effective February 1, 2012. Net sales of hardware, software and services were up 31%, 8% and 13%, respectively, year over year, all in U.S. dollars. Excluding the effects of foreign currency movements, hardware, software and services sales increased 35%, 20% and 22%, respectively, compared to the second quarter of 2011. Gross profit of $59.2 million was down 1% in U.S. dollars, but increased 7% excluding the effects of foreign currency movements, while gross margin decreased to 12.9% for the second quarter of 2012 from 14.9% in the second quarter of 2011. Selling and administrative expenses in EMEA in the second quarter of 2012 were up 5%, or $2.3 million, compared to the second quarter of 2011 in U.S. dollars and, excluding the effects of foreign currency movements, were up 14% year over year. During the second quarter of 2012, EMEA recorded $1.5 million, $1.0 million net of tax, of severance and restructuring expenses compared to $2.3 million, $1.6 million net of tax, for the second quarter of 2011. As a result, earnings from operations in EMEA were $10.8 million, or 2.4% of net sales, in the second quarter of 2012 compared to $13.0 million, or 3.2% of net sales, in the second quarter of 2011.

The Company’s APAC operating segment reported net sales of $76.5 million for the second quarter of 2012, remaining flat compared to the second quarter of 2011 in U.S. dollars, but increased 5% excluding the effects of foreign currency movements. Gross profit was $11.7 million, a decrease of 4% year to year in U.S. dollars, but an increase of 1% excluding the effects of foreign currency movements, while gross margin decreased to 15.3% for the second quarter of 2012 from 15.9% in the second quarter of 2011. Selling and administrative expenses in APAC decreased $459,000, or 7%, year to year in U.S. dollars. Excluding the effects of foreign currency movements, selling and administrative expenses decreased 3% year to year. As a result, earnings from operations in APAC were $5.4 million, or 7.0% of net sales, in the second quarter of both 2012 and 2011.

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