News Release from: Nu Horizons Electronics Corp
Edited by the Electronicstalk Editorial Team on 10 October 2005

Sales growth continues at Nu Horizons

Nu Horizons Electronics Corp has reported financial and operating results for the second quarter and six months ended 31st August 2005.

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Nu Horizons Electronics Corp has reported financial and operating results for the second quarter and six months ended 31st August 2005. Net sales for the quarter ended 31st August 2005 increased to $128.2 million as compared with $119.2 million for the comparable period last year. Net income for the quarter was $820,000 or $0.05 per share on 16,907,397 average basic shares outstanding ($0.05 per share on 17,367,115 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 17,663,839 diluted shares) for the second quarter of the prior year.

Sequentially, net sales for the quarter ended 31st August 2005 increased $6.8 million from $121.4 million or 5% and net income increased from $475,000 to $820,000.

For the six months ended 31st August 2005, net sales increased to $249.6 million from $237.4 million in the comparable period last year, an increase of 5%.

Net income for the first half of fiscal 2006 was $1,294,975 or $0.08 per share on 16,907,397 basic shares outstanding ($0.07 per share on 17,429,854 diluted shares), compared with a net income of $2,371,955 or $0.14 per share on 16,884,147 basic shares outstanding ($0.13 per share on 17,875,443 diluted shares) in the same period last year.

Arthur Nadata, Chairman of the Board and Chief Executive Officer states: 'Notwithstanding our decline in earnings compared with the prior comparable period, our second quarter results reflect organic sales growth stemming in part from our global initiatives'.

'The steps we took to enhance our line card, combined with our investments in additional personnel to support expanded supplier relationships, have improved and strengthened our position in the distribution channel'.

'We anticipate the recent additions to our line card and the expansion of certain partnership agreements in Asia will broaden our customer base and make it possible for us to enter new market segments'.

Nadata concluded: 'We continue to see business opportunities primarily resulting from the industry trend to design in North America with production in Asia'.

'We expect this business trend to continue to grow and we believe our ability to capitalise on it is one of our key competitive advantages'.

'Our sales in Asia for the first six months of fiscal 2006 increased to $59 million as compared with $49 million for the prior year's fiscal period, an increase of 20%'.

'Overseas sales continue to produce positive results, providing 27% of our global consolidated sales for the first six months of fiscal 2006'.

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