Fremont, Calif. - Synnex, the parent company of New Age Electronics, reported higher net revenue but lower net income for its fiscal first quarter, ended Feb. 28.
Revenue was $2.5 billion in the quarter, up 29.2 percent from the prior year's $1.94 billion. Net income was $29.7 million in the quarter, down from the prior year's $34.6 million.
In its distribution segment, revenue from continuing operations was $2.47 billion, an increase of 28.9 percent over the prior fiscal year quarter. The acquisition of Infotec in Japan added $301 million, and sales growth remained strong in both the U.S. and Canada, the company said.
Distribution income from continuing operations before non-operating items, income taxes and non-controlling interest was $47.2 million, or 1.91 percent of distribution revenue, compared with $36 million, or 1.88 percent in the prior fiscal year quarter.
Kevin Murai, president and CEO, commented on the effects of the Japanese earthquake and tsunami. "We are very pleased to report that all of our employees are safe and unharmed," Murai noted. "Synnex Infotec suffered nominal inventory and facility damage, and we expect that the demand environment in Japan will be somewhat affected in the coming months. We believe that demand will remain solid in our base distribution and GBS business segments, and we will continue to outperform the market."