ScanSource Reports Second Quarter Results

ScanSource, Inc. (NASDAQ:SCSC), the leading international value-added distributor of specialty technology products, today announced complete financial results for its second quarter ended December 31, 2012.
Quarter ended December 31, 2012:
 
Net sales $747.7 million
GAAP net income $16.4 million
Adjusted net income (1) $17.8 million
GAAP diluted EPS $0.59 per share
Adjusted diluted EPS (1) $0.64 per share

(1) A reconciliation of non-GAAP financial information to GAAP financial information is presented

in the following Supplementary Information table.

“Our sales teams delivered results within our planned range, including record quarterly sales for POS & Barcode and Security products worldwide,” said Mike Baur, CEO, ScanSource, Inc. “In addition, our North America Communications team achieved record sales results for the quarter.”

For the quarter ended December 31, 2012, net sales decreased 4.5% to $747.7 million, compared with $782.7 million for the quarter ended December 31, 2011. Excluding the translation impact of foreign currencies, net sales decreased 3.1% year-over-year. Operating income decreased to $24.4 million from $32.1 million in the comparable prior year quarter. The effective tax rate decreased to 34.0% in the current quarter from 34.7% in the prior year quarter. Net income for the quarter ended December 31, 2012 was $16.4 million, or $0.59 per diluted share, compared with net income of $21.4 million, or $0.77 per diluted share, for the prior year quarter.

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