News Release from: Nu Horizons Electronics Corp
Edited by the Electronicstalk Editorial Team on 14 January 2004
Distributor optimistic about market recovery
Nu Horizons Electronics Corp has reported financial and operating results for the third quarter and nine months ended 30th November 2003.
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Nu Horizons Electronics Corp has reported financial and operating results for the third quarter and nine months ended 30th November 2003. Net sales for the third quarter ended 30th November 2003 increased to $91.1 million from $75.8 million for the comparable period last year. Net income for the current quarter was $197,000 or $0.01 per share on 16,700,700 basic shares outstanding ($0.01 per share on 17,641,150 diluted shares), compared with a net loss of $998,000 or $0.06 per share on 16,663,817 shares outstanding in the same period in 2002.
For the nine months ended 30th November 2003, net sales increased to $243.8 million from $231.2 million in the comparable period in 2002.
Net loss for the first three quarters of fiscal 2003 was $1,257,000 or $0.08 per share on 16,685,628 shares outstanding, compared to a net loss of $736,000 or $0.04 per share on 16,649,037 shares outstanding in the year-earlier period.
Arthur Nadata, President and Chief Executive Officer of Nu Horizons, said: "Sales for the quarter were up 20% versus last year's third quarter.
More importantly, we have now reported three sequential quarters of sales growth, with the current quarter experiencing a 13.8% sequential increase in sales over this year's second quarter.
While we hesitate to be overly optimistic following the difficult market conditions of the recent past, we are encouraged by what we believe to be the beginnings of a modest recovery".
Nadata concluded: "Our entire industry continues to experience uncertain market and economic conditions.
The combination of our strong financial condition, continued focus on 'design in' component sales strategies along with our ongoing efforts to expand our global capabilities in the Asian marketplace, should leave us well positioned to profit from an eventual market recovery.
We believe this market recovery has begun and should continue into calendar 2004".
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