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 added.