News Release from: Nu Horizons Electronics Corp
Edited by the Electronicstalk Editorial Team on 23 May 2005
Nu Horizons boosts revenue by 35%
Nu Horizons Electronics Corp has reported financial and operating results for the fourth quarter and year ended 28th February 2005.
Note: Readers of the Editor’s free email newsletter will have read this news when it was announced. . It’s free!
Nu Horizons Electronics Corp has reported financial and operating results for the fourth quarter and year ended 28th February 2005. For the fiscal year ended 28th February 2005, net sales from continuing operations increased to $467.8 million from $345.9 million in the comparable period last year, an increase of 35%. Net income for fiscal 2005 was $3.0 million or $0.18 per share on 16,877,147 basic shares outstanding, ($0.17 per share on 17,768,649 diluted shares outstanding) compared with a net loss of $848,000, or $0.05 per share on 16,729,163 shares outstanding in the year-earlier period.
Net sales for the fourth quarter increased to $114.20 million from $102.0 million for the comparable period last year, an increase of 12%.
Net income for the current quarter was $116,000 or $0.01 per share on 16,891,647 basic shares outstanding ($0.01 per share on 17,689,764 diluted shares outstanding), compared with a net income of $409,000 or $0.02 per share on 16,859,766 basic shares outstanding ($0.02 per share on 17,928,342 diluted shares outstanding) in the same period last year.
Arthur Nadata, Chairman of the Board and Chief Executive Officer of Nu Horizons states: 'We are pleased to report a 35% increase in revenue year over year'.
'Strong team execution across all major business units continues to penetrate new markets, resulting in design wins and transfer business to production sites around the world'.
'Although the electronics industry appears to have flattened out, we remain optimistic that our design creation model will increase our customer base globally'.
Nadata continued: 'We continue to experience margin pressure, and, are taking the appropriate steps to mitigate this ongoing challenge'.
'Our strategy of maintaining reasonable inventory levels and expanding into new territories, combined with continually improving our line card, support our continuous effort to increase shareholder value'.
'We are quite pleased by the escalated global awareness and appeal for our business model and we believe our long term strategy is firmly on track'.
'Management remains committed to managing the company to achieve long term growth objectives and we will not overreact to transient events, either positive or negative, that could veer us from this path'.
Nadata concluded: 'I remain optimistic about our future growth prospects'.
'We have made excellent progress in developing and executing on our Asian initiatives this past year'.
'Sales in Asia increased to $100.9 million as compared with $59.3 million for the prior year's fiscal period, an increase of 70%'.
'We believe Nu Horizons Asia is gaining traction with our suppliers and our multi-national and local customers'.
'The Nu Horizons enhanced value, design creation model is being well accepted in the Asian market and we anticipate steady progress in this dynamic growth region'.
• Nu Horizons Electronics Corp: contact details and other news
• Other news in Microprocessors, Microcontrollers and DSPs
• Email this news to a colleague
•
• RSS news feed for Nu Horizons Electronics Corp
• RSS news feed for Microprocessors, Microcontrollers and DSPs
• Electronicstalk Home Page
Copyright © 2000-2006 Pro-Talk Ltd, UK. Based on news supplied by Nu Horizons Electronics Corp