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Ingram Micro Posts Double-Digit Q1 Gains

Santa Ana, Calif. – Ingram Micro reported double-digit
increases in sales and profits for the first quarter, ended April 3.

Worldwide sales for the first quarter were $8.10 billion, an
increase of 20 percent compared with sales of $6.75 billion in the prior-year
first quarter. The translation of relatively stronger foreign currencies had a
positive effect of approximately 6 percentage points.

Net income grew at greater rate than sales, reaching $70.3
million compared.  Net income in the
prior-year quarter was $27.5 million-reduction programs.

“We’re pleased to be back in growth mode,” said Gregory
Spierkel, CEO, Ingram Micro. “We’re even happier to generate strong
operating leverage, with the increase in operating income significantly
outpacing sales growth. Our initiatives to re-energize sales and diligently
manage expenses, combined with a better demand environment, drove our results
this quarter.’

Spierkel added, “Every region contributed to the company’s strong
performance. North America’s operating income
more than doubled on 19 percent sales growth, while EMEA produced its highest
first-quarter operating margin since 2005 with 18 percent sales growth.
Asia-Pacific sales grew 28 percent, the highest of the regions, and Latin America delivered the highest operating margin. The
improvements we made during the recessionary months are paying off and should
continue to deliver benefits throughout the year.”

North America
sales were $3.29 billion (41 percent of total sales), an increase of 19 percent
vs. $2.77 billion reported in the year-ago quarter.

North America operating income was $41.9 million or 1.27 percent
of North America sales, compared with $12.8 million or 0.46 percent of sales in
the year-ago quarter, which included $6.2 million (0.22 percent of North America sales) in costs related to the company’s
expense-reductions programs.