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."