Ingram Micro Inc, Santa Ana, California-based computer products distributor, has reported second-quarter net income down 9.5% at $50.3m on revenue up 37.3% at $6.8bn. Earnings per share for the quarter dipped 8.1% to $0.34. Excluding a $2.1m restructuring charge, EPS came in at $0.35, a penny better than the consensus estimate of analysts surveyed by First Call.
Operating income improved 20% sequentially in the quarter on a similar level of sales, which the company attributes to organizational streamlining and a reduction of operating expenses to 3.79% of sales. Ingram recently announced a letter of intent with CompUSA Inc on a contract estimated to be worth $10bn over five years.
For the six-month period, net income fell 17.4% to $92.6m on revenue up 33.9% at $13.53bn, while EPS declined 16% to $0.63. Six-month results include restructuring charges of $8.3m and a $3.8m one-time gain on the repurchase of debentures. Excluding the one-time items, EPS was $0.64.
