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Ingram Micro Q2 U.S. Sales Drop 24%

8/01/2001 11:38:00 AM Eastern

Santa Ana, Calif. - With second-quarter sales negatively affected by the sluggish demand for technology items, computer products distributor Ingram Micro reported a 24 percent decline in net sales in the United States, to $3.39 billion, compared with the same three months last year. The U.S. sales figure was 57 percent of the company's worldwide total.

Overall Ingram Micro net sales hit $6 billion in the second quarter, down 17.5 percent from the $7.3 billion recorded in the second quarter of 2000.

The demand slump during the second three months also affected second-quarter operating income. Income from operations in the United States was off 65 percent to $22.4 million in the three months ended June 30. Overall, company income from operations before reorganization costs dropped 69 percent to $23.9 million, down from $76.4 million in the year-ago three months.

For the six months, Ingram Micro net sales declined 12.5 percent to $13.2 billion, compared with $15.1 million in the same period in 2000. Regional six-month sales were $7.3 billion in the United States. Overall six-month income from operations before reorganization costs was $94.3 million, down from $146.9 million in the first half of last year.

According to the company's forecast for the third quarter ending Sept. 29, sales are expected to range from $5.7 billion to $6 billion, with net income before any non-recurring items expected to range from break-even to $6 million.

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