Ingram Micro Net Sales Increase 31%, Exceeding $6.7

Ingram Micro Inc. (NYSE: IM) today announced its financial results for the first quarter ended April 3, 1999. The company posted record net sales in the first quarter of 1999 of $6.73 billion, growing 31 percent over the prior period's $5.15 billion. Net income for the period was $42.3 million, or $0.29 per share, declining 25 percent compared to the 1998 first quarter. These results include $6.2 million in costs incurred during the period for the company's reorganization announced on March 11, 1999 and an extraordinary pre-tax gain of $6.2 million on the repurchase of debentures. Net income, excluding these one-time costs and gains, was $42.4 million, or $0.29 per share. About Ingram Micro Inc. Ingram Micro Inc. (NYSE: IM), headquartered in Santa Ana, Calif., is the world's largest wholesale distributor of technology products and services, and is a leading provider of assembly and integration services with sales of $23.6 billion for the past four reported quarters. The company and its subsidiaries operate in 31 countries and distribute more than 200,000 products to more than 140,000 resellers in 130 countries. Ingram Micro can be found at Ingram Micro is a trademark used under license by Ingram Micro Inc. All other logos, brand names and product names are trademarks of their respective companies.



(Dollars in 000s, except per share data)


April 3, January 2,

1999 1999


Current assets:

Cash $100,612 $96,682

Trade accounts receivable 2,620,447 2,562,050

Inventories 2,873,321 3,094,227

Other current assets 295,822 278,591

Total current assets 5,890,202 6,031,550

Property and equipment, net 264,728 254,718

Goodwill, net 435,377 232,112

Other 216,642 215,024

Total assets $6,806,949 $6,733,404


Current liabilities:

Accounts payable $3,539,480 $3,306,045

Accrued expenses 269,661 254,627

Current maturities of

long-term debt 58,974 38,978

Total current liabilities 3,868,115 3,599,650

Convertible debentures 422,966 473,475

Other long-term debt 943,809 1,208,003

Other 58,526 53,019

Total liabilities 5,293,416 5,334,147

Stockholders' equity 1,513,533 1,399,257

Total liabilities and

stockholders' equity $6,806,949 $6,733,404



(Dollars in 000s, except per share data)


Thirteen Weeks Ended

April 3, April 4,

1999 1998

Net sales $6,725,275$5,150,088

Cost of sales 6,366,021 4,820,178

Gross profit 359,254 329,910

Selling, general and

administration expenses 267,509 213,786

Income from operations

before reorganization costs 91,745 116,124

Reorganization costs 6,234 --

Income from operations 85,511 116,124

Interest and other expense 24,364 22,114

Income before income taxes 61,147 94,010

Provision for income taxes 22,671 37,474

Income before extraordinary items 38,476 56,536

Extraordinary gain on repurchase

of debentures ($6,183, net of

$2,405 in income taxes) 3,778 --

Net income $42,254 $56,536

Diluted earnings per share $0.29 $0.38

Diluted weighted average

shares outstanding 148,185,470 149,061,829 ots Original Text Service: Ingram Micro Inc. Internet: Contact: Kimmerly W. Strohm, Investor Relations, 714-382-4400, or Kathleen Janson, Media Relations, 714-382-2046, both of Ingram Micro Inc. Web site:


Prague, Central Bohemia region and Czech Republic


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