Print
Email
Ingram Micro Inc. (IM) filed Quarterly Report for the period ended 2010-07-03.
Ingram Micro Inc. has a market cap of $2.79 billion; its shares were traded at around $16.95 with a P/E ratio of 9.9 and P/S ratio of 0.1. Ingram Micro Inc. had an annual average earning growth of 7.3% over the past 10 years.
This is the annual revenues and earnings per share of IM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IM.
Highlight of Business Operations:
Our income from operations for the twenty-six weeks ended July 3, 2010 includes $2,380 from the gain on the sale of land and a building in EMEA. Our income from operations for the thirteen and twenty-six weeks ended July 4, 2009 included net charges of $7,353 and $21,577, respectively, comprised of $5,275 and $11,470, respectively, of net charges in North America, $1,493 and $7,605, respectively, of net charges in EMEA, $531 and $2,266, respectively, of charges in Asia Pacific and $54 and $236, respectively, of charges in Latin America related to our reorganization and expense-reduction programs (see Note 9 to our consolidated financial statements). In addition, the thirteen and twenty-six-week periods ended July 4, 2009 include a goodwill impairment charge of $2,490 in Asia Pacific as discussed in Note 8 to our consolidated financial statements.
Our consolidated net sales increased 24.0% to $8,156,328 for the thirteen weeks ended July 3, 2010, or second quarter of 2010, from $6,578,598 for the thirteen weeks ended July 4, 2009, or second quarter of 2009. Net sales from our North American operations increased 29.7% to $3,558,789 in the second quarter of 2010 from $2,743,815 in the second quarter of 2009. Net sales from our EMEA operations increased 17.9% to $2,371,505 in the second quarter of 2010 from $2,011,605 in the second quarter of 2009. Net sales from our Asia Pacific operations increased 24.3% to $1,866,141 in the second quarter of 2010 from $1,501,178 in the second quarter of 2009. Net sales from our Latin American operations increased 11.8% to $359,893 in the second quarter of 2010 from $322,000 in the second quarter of 2009. The significant year-over-year increase in our consolidated net sales, as well as our regional net sales, was primarily due to the overall improvement in demand for technology products and services in substantially all of our operating units worldwide. The translation impact of strengthening Asia Pacific and Latin American currencies relative to the U.S. dollar contributed approximately seven and six percentage points of the year-over-year increase in the respective region’s net sales, while the translation impact of relatively weaker European currencies had a negative effect on EMEA’s net sales of approximately seven percentage points. The combined translation impacts of these foreign currencies essentially offset and were therefore not material to our consolidated net sales. Our acquisition of CCD contributed approximately two percentage points of growth in EMEA and our acquisitions of VAD and Vantex contributed approximately one percentage point of growth in Asia Pacific. These acquisitions combined to contribute approximately one percentage point of growth to consolidated net sales. Our disposition of certain of our Nordic operations during 2009 resulted in a reduction in our EMEA net sales by approximately two percentage points and a reduction of consolidated net sales by one percentage point.
In the second quarter of 2009, we incurred reorganization costs of $6,334, or 10 basis points of consolidated net sales, associated with various actions we were taking as part of our cost reduction initiatives in each of our regions as follows: $4,456 or 16 basis points of regional net sales in North America, $1,293 or six basis points of regional net sales in EMEA, $531 or four basis points of regional net sales in Asia Pacific, and $54 or two basis points of regional net sales in Latin America. In connection with these actions, we also incurred $1,019, or two basis points of consolidated net sales, ($819 or three basis points of regional net sales in North America, and $200 or one basis point of regional net sales in EMEA) in program costs such as retention costs and consulting expenses, which are recorded in SG&A expenses (see Note 9 to our consolidated financial statements).
Our consolidated net sales increased 22.0% to $16,252,282 for the twenty-six weeks ended July 3, 2010, or first six months of 2010, from $13,323,682 for the twenty-six weeks ended July 4, 2009, or first six months of 2009. Net sales from our North American operations increased 24.2% to $6,850,775 in the first six months of 2010 from $5,516,621 in the first six months of 2009. Net sales from our EMEA operations increased 17.7% to $5,036,915 in the first six months of 2010 from $4,277,774 in the first six months of 2009. Net sales from our Asia Pacific operations increased 25.9% to $3,634,540 in the first six months of 2010 from $2,885,824 in the first six months of 2009. Net sales from our Latin American operations increased 13.5% to $730,052 in the first six months of 2010 from $643,463 in the first six months of 2009. The translation impact of strengthening EMEA, Asia Pacific and Latin American currencies relative to the U.S. dollar contributed approximately one, eleven and nine percentage points of the year-over-year increase in the respective region’s net sales. The combined translation impacts of these foreign currencies contributed approximately three percentage points of the year-over-year increase in our consolidated net sales. Beyond these currency impacts, the increases in consolidated and regional net sales were primarily attributable to the same factors discussed above for the second quarter of 2010 compared to 2009.
Total SG&A expenses increased 1.6% to $669,008 in the first six months of 2010 from $658,260 in the first six months of 2009, but improved by 82 basis points, as percentage of consolidated net sales, to 4.12% in the first six months of 2010 from 4.94% in the first six months of 2009. The year-over-year increase in SG&A dollars was mostly due to incremental variable costs on the higher sales volume, additional expenses of $6,000 resulting from our acquired businesses, and an increase in stock-based compensation expense of $3,207 associated with our long-term incentive plans, partially offset by savings from our expense-reduction initiatives implemented since the second half of 2008, savings of approximately $9,000 from our exit of the broad line distribution business in EMEA’s Nordic region during the second quarter of 2009 and a benefit of $2,380 related to the gain on the sale of land and a building in EMEA. The translation impacts of foreign currencies contributed approximately two percentage points to the year-over-year increase in our SG&A expenses. The modest increase in SG&A dollars, while significantly out growing revenues, generated the 82 basis point year-over-year reduction in SG&A as a percentage of net sales.
Net cash used by financing activities was $167,921 for the first six months of 2010 compared to $113,947 for the first six months of 2009. The net cash used by financing activities in the first six months of 2010 primarily reflects our repurchase of $152,285 of Class A Common Stock and the net repayments of $29,904 on our revolving credit facilities and unsecured term loan, partially offset by $12,654 in proceeds from t
Subscribe RSS
