ScanSource, Inc. (NASDAQ:SCSC), a leading international distributor of AIDC (automatic identification and data capture), point of sale, communications, and electronic security products for the reseller market, today announced complete financial results for its first quarter ended September 30, 2009.
Quarter Ended September 30, 2009
Net Sales $488 million
Net Income $10.9 million
Diluted EPS $0.41 per share
“We are pleased that our sales results exceeded our expectations,” said Mike Baur, CEO, ScanSource, Inc. “We believe that our business units gained market share across all geographies.”
For the quarter ended September 30, 2009, net sales decreased 9.5% to $488 million compared to $540 million for the quarter ended September 30, 2008. Quarterly operating income also decreased 14.3% to $17.7 million from $20.6 million for the comparable prior year quarter. Net income decreased 12.0% to $10.9 million for the quarter ended September 30, 2009 versus $12.4 million for the quarter ended September 30, 2008. The effective tax rate for the quarter was 37.4%, compared to 38.2% for the prior year quarter. Diluted earnings per share decreased 12.8% to $0.41 compared to $0.47 in the prior year quarter.
Forecast for Next Quarter
The Company announced its revenue forecast for the second quarter of fiscal 2010. ScanSource expects net revenues for the December 2009 quarter could range from $475 million to $495 million.
Safe Harbor Statement
This press release contains comments that are “forward looking” statements that involve risks and uncertainties; these statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Any number of important factors could cause actual results to differ materially from anticipated results, including, but not limited to macroeconomic circumstances that could impact our business, such as currency fluctuations, continued adverse capital and credit market conditions and a prolonged economic downturn. For more information concerning factors that could cause actual results to differ from anticipated results, see the Company’s annual report on Form 10-K for the year ended June 30, 2009 filed with the Securities and Exchange Commission.
About ScanSource, Inc.
ScanSource, Inc. (NASDAQ:SCSC) is a leading international distributor of specialty technology products, consisting of seven sales units in North America, Latin America and Europe.
ScanSource POS and Barcoding in North America, Latin America and Europe delivers AIDC and POS solutions; Catalyst Telecom in the U.S. and ScanSource Communications in North America and Europe, provide voice, video and converged communications equipment; and ScanSource Security in North America offers physical security solutions. Founded in 1992, the company ranks #854 on the Fortune 1000. For more information, call the toll-free sales telephone number at 800.944.2432 or visit www.scansourceinc.com.