ScanSource, a leading international distributor of AIDC (automatic identification and data capture), point of sale, communications, and electronic security products for the reseller market, has announced complete financial results for its third quarter ended March 31, 2010.
Quarter ended March 31, 2010
Net sales $496 million
Net income $12.0 million
Diluted EPS $0.45 per share
âWe were pleased with the improving widespread demand in our POS/AIDC business; however, revenues were less than expected due to product shortages,â said Mike Baur, CEO, ScanSource, Inc. âAlthough our Communications business had significant year over year revenue growth, the March quarter demand was weaker than expected.â
For the quarter ended March 31, 2010, net sales increased 27.3% to $496 million compared to $390 million for the quarter ended March 31, 2009. Operating income also increased by 25.5% to $19.0 million from $15.1 million in the comparable prior year quarter. Net income increased 30.2% to $12.0 million for the quarter ended March 31, 2010 versus $9.2 million for the quarter ended March 31, 2009. The effective tax rate for the quarter was 36.5%, compared to 37.6% for the prior year quarter. Diluted earnings per share increased 28.6% to $0.45 in the current quarter compared to $0.35 in the prior year quarter.
Outlook for Next Quarter
The Company announced its net revenue outlook for the fourth quarter of fiscal 2010. ScanSource expects net revenues for the June 2010 quarter could range from $530 million to $550 million.
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.