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SED Reports Higher Quarterly Sales, Profits

5/12/2011 09:58:52 AM Eastern

Tucker,
Ga. - SED International Holdings, a multinational distributor of computers, CE,
small appliances and cellular products, reported higher net income and sales in
its fiscal third quarter ended March 31.

Net
income was $1.1 million in the quarter compared with net income of $600,000 in
2010. Net sales increased 11.1 percent to $155.7 million.

Microcomputer
product sales, including handling revenue, increased 14.2 percent to $139.7
million.

CE
sales were $16.1 million, compared with $17.9 million in the third quarter of
fiscal 2010.

U.S. domestic
sales, including exports after eliminations, increased 9.9 percent to $119.5
million. Latin American sales increased 14.9 percent to $36.2 million.

Operating
income improved to $1.6 million compared to $1.1 million in the third quarter
of fiscal 2010, representing growth of 41.5 percent.

"Our third quarter results reflect the continued execution
of our growth strategy with notable improvement across our operation," said
Jonathan Elster, SED's president/CEO in a prepared statement. "Domestic
revenues continued to show significant growth driven by strong sales among our
e-commerce customers and a 14 percent year-over-year rise in microcomputer
product sales. Our Latin American business reported a particularly impressive
quarter with record revenues of $36.2 million. This market presents a significant
growth opportunity for SED."