SYNNEX Corporation (NYSE: SNX), a leading business process services company, today announced financial results for the fiscal first quarter ended February 28, 2013.
|Q1 FY13||Q1 FY12||Net Change|
|Operating income ($M)||$55.9||$64.0||-12.6%|
|Net income attributable to SYNNEX Corporation ($M)||$33.4||$38.2||-12.7%|
Fiscal 2013 First Quarter Highlights:
- Distribution: Revenue was $2.42 billion, essentially flat from the prior fiscal year quarter. Distribution income before non-operating items, income taxes and noncontrolling interest was $52.1 million, or 2.15% of distribution revenue compared with $62.4 million, or 2.57% in the prior fiscal year quarter.
- Global Business Services (GBS): Revenue was $52.5 million, an increase of 16.5% over the prior fiscal year first quarter. GBS income before non-operating items, income taxes and non-controlling interest was $3.9 million, or 7.43% of GBS revenue compared with $2.0 million, or 4.42% in the prior fiscal year quarter.
- Trailing fiscal four quarters ROIC was 10.1% for the fiscal first quarter of 2013, compared to 11.4% in the prior year fiscal first quarter.
- The cash conversion cycle was 43 days, down two days from the prior fiscal year quarter.
- The debt to capitalization ratio was 18%.
- Depreciation and amortization were $4.3 million and $2.0 million, respectively.
- Revenue is expected to be in the range of $2.425 billion to $2.525 billion.
- Net income is expected to be in the range of $29.8 million to $31.0 million.
- Diluted earnings per share are expected to be in the range of $0.78 to $0.82.
Copyright 2013 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, CONCENTRIX and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX, the SYNNEX Logo and CONCENTRIX Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.SNX-F
|Consolidated Balance Sheets|
|(currency in thousands)|
|February 28,||November 30,|
|Cash and cash equivalents||$||232,074||$||163,699|
|Accounts receivable, net||1,196,077||1,401,087|
|Receivable from affiliates||328||285|
|Current deferred tax assets||23,400||23,390|
|Other current assets||59,585||52,727|
|Total current assets||2,443,399||2,580,461|
|Property and equipment, net||120,423||122,923|
|Intangible assets, net||25,905||29,049|
|Deferred tax assets||648||619|
|LIABILITIES AND EQUITY|
|Borrowings under securitization, term loans and lines of credit||$||82,283||$||52,698|
|Income taxes payable||14,271||7,470|
|Total current liabilities||1,332,376||1,494,707|
|Deferred tax liabilities||8,212||9,265|
|SYNNEX Corporation stockholders' equity:|
|Additional paid-in capital||328,365||324,292|
|Accumulated other comprehensive income||24,690||35,405|
|Total SYNNEX Corporation stockholders' equity||1,345,547||1,319,023|
|Total liabilities and equity||$||2,813,940||$||2,963,262|
|Consolidated Statements of Operations|
|(currency and share amounts in thousands, except for per share amounts)|
|Three Months Ended|
|February 28, 2013||February 29, 2012|
|Cost of revenue||(2,304,752||)||(2,291,422||)|
|Selling, general and administrative expenses||(100,147||)||(105,284||)|
|Income before non-operating items, income taxes and noncontrolling interest||55,940||63,988|
|Interest expense and finance charges, net||(5,493||)||(6,035||)|
|Other income, net||1,261||2,099|
|Income before income taxes and noncontrolling interest||51,708||60,052|
|Provision for income taxes||(18,317||)||(20,898||)|
|Net income attributable to noncontrolling interest||(22||)||(931||)|
|Net income attributable to SYNNEX Corporation||$||33,369||$||38,223|
|Net income per share attributable to SYNNEX Corporation:|
|Weighted-average common shares outstanding:|