Tucker, Ga. - SED International Holdings, a multinational supply-chain management provider and distributor, reported a profit and higher sales in its fiscal second quarter, ended Dec. 31, 2010.
Net income was $884,000, compared with a $1.37 million loss in the prior year's fiscal second quarter.
Net sales increased 11.8 percent to $156.9 million from the prior year's $140.4 million.
Microcomputer product sales, including handling revenue, increased 19.5 percent to $138.1 million. CE sales were $18.9 million, compared with $24.8 million in the first quarter of fiscal 2010.
U.S. domestic sales, including exports after eliminations, increased 8.6 percent to $123.1 million. Latin American sales increased 25.1 percent to $33.9 million, after translation into U.S. dollars. When measured in local currencies, Latin American sales increased 18.9 percent.
Operating income improved to $1.2 million, compared with a loss of $1.2 million in the second quarter of fiscal 2010, which included a $1.6 million employment settlement charge related to the early retirement of a senior executive.
For the six months ending Dec. 31, 2010, net sales increased 11.3 percent to $298.6 million, and net income was $1.6 million, compared with a net loss of $920,000 in the prior year's fiscal first half.