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News Release from: Nu Horizons Electronics Corp
Edited by the Electronicstalk Editorial Team on 8 July 2005

Modest growth for Nu Horizons

Nu Horizons Electronics Corp has reported financial and operating results for the first quarter of fiscal 2006, reflecting the period ended 31st May 2005.

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Nu Horizons Electronics Corp has reported financial and operating results for the first quarter of fiscal 2006, reflecting the period ended 31st May 2005. Net sales for the quarter ended 31st May 2005 increased to $121.4 million as compared with $118.2 million for the prior year's fiscal period. Net income for the quarter was $475,000 or $0.03 per share on 16,907,397 average basic shares outstanding ($0.03 per share on 17,449,570 diluted shares) as compared with a net income of $1,186,000 or $0.07 per share on 16,884,147 average basic shares outstanding ($0.07 per share on 18, 045,308 diluted shares) for the first quarter of the prior year.

Sequentially, net sales for the quarter ended 31st May 2005 increased $7.2 million from $114.2 million or 6.3% and net income increased from $117,000 to $475,000.

Arthur Nadata, Chairman of the Board and Chief Executive Officer states: 'I am encouraged by the progress we have made and continue to explore opportunities to apply more resources to our more promising areas and to further strengthen our financial position'.

'We are considering numerous business initiatives in the US and Asian marketplaces'.

'We believe we have in place the platform to continue to strengthen and grow our business across our business units'.

'In particular, we are actively working to expand the line card in Asia and to increase the demand creation business'.

Nadata concluded: 'Our first quarter accomplishment of modest growth in revenue is a sign that our strategy to grow faster than the industry and gain market share is working'.

'Unfortunately, we had lower earnings per share due to increased expenses and continuing lower margins'.

'Nevertheless, I believe the diversified market segments we serve will allow us to improve operating results and minimise the impact of a negative business environment'.

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