ScanSource Reports Fourth Quarter and Full Year Results

ScanSource, Inc. announced complete financial results for its fourth quarter and fiscal year ended June 30, 2012.

Quarter ended June 30, 2012:
Net sales $ 754.5 million
Net income $ 19.8 million
Diluted EPS $ 0.71 per share

Fiscal Year ended June 30, 2012:
Net sales $ 3,015.3 million
Net income $ 74.3 million
Diluted EPS $ 2.68 per share

“We achieved record quarterly sales for our North America Communications and Security business units,” said Mike Baur, CEO, ScanSource, Inc. “These results contributed to stronger performance in North America, where each of our business units had positive sequential quarter growth. Our international segment was weaker, particularly in our European businesses. Certain international markets, such as our Brazil business unit, had strong year-over-year sales growth as measured in the local currency.”

For the quarter ended June 30, 2012, net sales increased 2.7% to $754.5 million, compared with $734.9 million for the quarter ended June 30, 2011. Operating income decreased 3.2% to $28.3 million from $29.2 million in the comparable prior year quarter. The effective tax rate decreased to 30.9% in the current quarter from 31.7% in the prior year quarter. Net income for the quarter ended June 30, 2012 was $19.8 million, or $0.71 per diluted share, compared with net income of $19.7 million, or $0.71 per diluted share, for the prior year quarter. The June 2012 quarter EPS of $0.71 includes a $0.03 benefit for the change in the fair value of contingent consideration for the Brazilian acquisition earn-out.

For fiscal year ended June 30, 2012, net sales increased $349 million, or 13.1%, to $3.0 billion from $2.7 billion for the prior year ended June 30, 2011. Fiscal year operating income increased 0.4% to $113.5 million from $113.1 million for the prior year. The effective tax rate for the year was 33.2%, compared with 34.3% for the prior fiscal year. Net income for fiscal year 2012 was $74.3 million, or $2.68 per diluted share, compared with net income of $73.5 million, or $2.70 per diluted share, for the prior fiscal year. The change in fair value of contingent consideration had no impact on the fiscal year 2012 EPS of $2.68.

Forecast for Next Quarter

The Company announced its current expectations for the first quarter of fiscal 2013. ScanSource expects that net sales for the quarter ending September 30, 2012 could range from $740 million to $760 million, and diluted earnings per share could be in the range of $0.58 to $0.60 per share.

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