ScanSource, Inc., an 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 second quarter ended December 31, 2008.
| Quarter End 12/31/08 capsule: |
| Net sales $477 million |
| Net income $13.5 million |
| Diluted EPS $0.51 per share |
“Customers in all our business segments experienced less demand for their products and services due to the global economic crisis,†said Mike Baur, CEO, ScanSource, Inc. “In spite of these lower sales results, we achieved higher profitability than expected.â€
For the quarter ended December 31, 2008, net sales decreased 14% to $477 million compared to $553 million for the quarter ended December 31, 2007. Quarterly operating income decreased 27.7% to $18.4 million from $25.4 million for the comparable prior year quarter. Our effective tax rate for the quarter was 34.8%, compared to 37.7% for the prior year quarter. Net income decreased 12.5% to $13.5 million for the quarter ended December 31, 2008 versus $15.5 million for the quarter ended December 31, 2007. It should be noted that during the current quarter, the Company settled a legal claim against a former service provider, which resulted in a $3.5 million recovery ($2.2 million after tax or $0.08 per diluted share) that was recorded as Other Income in the accompanying condensed consolidated income statement.
via ScanSource
