Ingram Micro Q4 Sales Fall 25%

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Santa Ana, Calif. - Global wholesale provider of technology products Ingram Micro - buoyed by sales and net income, before reorganization costs and special items, hitting the top of the company's guidance range issued this past October - reported sales of $6.1 billion in the fourth quarter.

This was down 25 percent from $8.1 billion in the year-ago period.

Net income, before reorganization costs and special items, reached $14.4 million in the fourth quarter ended Dec. 29, compared with a net income of $57.9 million in the same three months in 2000. Including restructuring costs and special items, which aggregate $14.1 million before taxes, net income was $5.7 million.

Ingram Micro said sales for sequential quarters increased 5 percent in the fourth quarter, while net income, before costs and special items, nearly tripled sequentially during the same three-month period.

Income from operations, before reorganization costs and special items reached $37.4 million in the fourth quarter, compared with $119.4 million year over year, but up 47 percent sequentially.

Comparisons with the year-ago quarter were affected by the overall weak demand for technology products experienced throughout the world in 2001, said the company.

For the 12 months, Ingram Micro sales declined 18 percent, to $25.2 billion, down from $30.7 billion in 2000. Full-year sales were $13.5 billion in the United States in 2001.

Net income for the 12 months reached $48.9 million, excluding restructuring costs and special items, compared with $154.4 million in 2000.

Reorganization costs for 2001 were $41.4 million, pre-tax, with expected annualized savings of $55 million to $70 million. Special items in 2001 were $22.9 million, pre-tax.

Looking ahead to the first quarter of 2002, Ingram Micro expects sales to range between $5.55 billion and $5.70 billion. Net income, before costs and special items, should range between $6 million and $12 million.

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