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Ingram Micro Q3 N.A. Sales Off 12%

Santa Ana, Calif. – Ingram Micro’s North American sales dropped 12.1 percent in the third quarter, to $3.1 billion, down from $3.5 billion in the year-ago period.

North American operating income for the third quarter, excluding major-program costs, increased 35 percent, to $41.7 million, up from $30.8 million in the same three months last year. North American sales account for 55 percent of Ingram’s total sales.

Including major-program costs, North American operating income hit $7.4 million in the third quarter, ended Sept. 28, compared with $8.7 million in the year-ago third quarter. The quarter’s major-program costs of $45.1 million, include $22.8 million in reorganization expenses.

Nine-month sales for North America reached $9.2 billion, with operating income before major-program costs at $93 million, and at $55.1 million when including major-program costs.

Consolidated sales for the three months ended Sept. 28 totaled $5.6 billion, down 4 percent from the $5.8 billion registered in the year-ago third quarter.

Including major-program costs, Ingram Micro posted a net loss of $8.3 million in the three months, compared with a net loss of $13.3 million the previous year. Excluding these costs, net income was $20.1 million in the third quarter, compared with $5.4 million year-on-year.

For the nine months, net sales declined 13 percent, to $16.6 billion, compared with $19 billion in the same nine months in 2001. The company reported a net loss of $264.9 million in the period, compared with $1 million in income for the year-ago nine months. Pro forma, net income came in at $45.8 million in the nine months, up from a pro forma $34.5 million the previous year.

Sales are expected to range from $5.8 billion to $5.9 billion in the fourth quarter, with net income before any major-program expenses and other special items ranging from $26 million to $29 million.