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SED Reports Lower Sales, Earnings

Lawrenceville, Ga.
– SED International Holdings, a distributor of CE, PC and other consumer
products, reported slightly lower sales and net income in its third quarter,
ended March 31.

Quarterly net revenue
was $138.7 million compared to. $155.7 million in last year’s comparable period
due primarily to an industrywide hard disk-drive shortage due to flooding in
Thailand, the company said.

Net income was $400,000,
compared with net income of $1.1 million in the comparable period last year

 “We maintained our profitability despite a
challenging economic environment in which we experienced a softer than
anticipated top-line and continued to invest in strategic growth initiatives,” said
Jonathan Elster, president/CEO of SED International.

“The residual
effects of the hard-drive shortage due to the flooding in Thailand continued to
affect availability of certain hard drives, accounting for nearly all of the
decline in our revenues and resulting in higher overall gross margins,” he