ScanSource, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Provides Earnings Guidance for the Third Quarter Ending March 31, 2014
January 30, 2014 at 04:05 pm
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ScanSource, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported net sales of $740,618,000 compared to $747,716,000 a year ago. The net impact of currency change fluctuations on the year-over-year change was minor, with higher sales from the strengthening of euro offsetting lower sales and the weakening of Brazilian real. Operating income was $27,461,000 compared to $24,425,000 a year ago. Income before income taxes was $27,809,000 compared to $24,774,000 a year ago. Net income was $18,298,000 or $0.64 diluted per share compared to $16,357,000 or $0.59 basic and diluted per share a year ago. Return on invested capital (ROIC), annualized was 15.9% compared to 15.2% a year ago. EBITDA (numerator for ROIC) was $29,822,000 compared to $27,179,000 a year ago.
For the six months, the company reported net sales of $1,472,522,000 compared to $1,481,320,000 a year ago. Operating income was $55,682,000 compared to $50,640,000 a year ago. Income before income taxes was $56,248,000 compared to $51,513,000 a year ago. Net income was $37,735,000 or $1.33 diluted per share compared to $33,999,000 or $1.22 diluted per share a year ago. For the trailing 12-month period, the company had generated $140 million in cash from operating activities.
The company announced its current expectations for the third quarter of fiscal year 2014. The company expects that net sales for the quarter ending March 31, 2014 could range from $700 million to $720 million, and diluted earnings per share could be in the range of $0.53 to $0.55 per share.
ScanSource, Inc. is a hybrid distributor connecting devices to partners across hardware, software-as-a-service (SaaS), connectivity and cloud. The Company provides technology solutions and services from suppliers of mobility, barcode, point-of-sale (POS), payments, physical security and networking, communications and collaboration, connectivity and cloud services. It segments include Specialty Technology Solutions and Modern Communications & Cloud. Its Specialty Technology Solutions segment includes enterprise mobile computing, data capture, barcode printing, POS, payments, networking, electronic physical security, cyber security and other technologies. Its Modern Communications & Cloud segment includes communications technologies and services for voice, video conferencing, wireless, data networking, cyber security, cable, unified communications and collaboration, cloud and technology services. Its segments operate in the United States, Canada, Brazil and the United Kingdom.
ScanSource, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Provides Earnings Guidance for the Third Quarter Ending March 31, 2014